Elevate Quantum
Nonprofit profile at a glance
- EIN
- 931969790
- IRS 990 coverage
- 2024–2024
- Forms available
- Form 990 2024, Form 990-N 2023
- Location
- Denver, CO, USA
- Phone
- 2039845632
- Rating
- 62
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Economic Development
Reported finances
- Revenue
- $7,142,294
- Expenses
- $2,541,563
- Assets
- $6,492,958
- Liabilities
- $1,776,475
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
16 people listed
Executive titles in this filing
- ZACHARY YERUSHALMI (CHIEF EXECUTIVE OFFICER)
Highest reported compensation
- ZACHARY YERUSHALMI (CHIEF EXECUTIVE OFFICER): $225,815 total reported compensation
- JESSI OLSEN (CHIEF FINANCIAL OFFICER): $45,775 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Elevate quantum's exempt purpose is to unite Colorado, New Mexico, and Wyoming to establish the mountain west as a global leader in quantum development. Their mission focuses on enhancing u.s. Economic and national security by fostering regional collaboration and strengthening engagement among stakeholders.
What it reported doing in 2024
Advanced quantum packaging - located in albuquerque, New Mexico, the organization's advanced quantum packaging operations will focus on high-mix, low- to medium-volume production, serving the needs of quantum, quantum adjacent, and advanced photonics companies. The organization's packaging operations will be initially focused on chip and photonics-based techniques (advanced wire-bonding, ultra-low-loss, fiber-to-chip connectorization, flip chip, precision die attach, world-class metrology, and much more). Through the organization's partnership with sandia national laboratories, it will serve as the bridge between breakthrough research and highvolume foundries to de-risk, scale-up, and prepare tech for defense and commercial production.
Operating model
- Revenue model
- Grant-funded. 97% of the money available for current operations came from government grants.
- Distribution model
- Direct operator. The filing allocates 83% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and reported officer compensation is a large share of total spending, which may reflect staffing concentration.
Rating breakdown
- Financial Efficiency: 45
- Transparency & Controls: 75
- Accountability: 91
- Sustainability: 73
- Growth: NotEnoughData
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 30.1%; rating input score 30
- Program expense ratio: 84.5%; rating input score 85
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 84.6%; rating input score 85; 17th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 64.4%; rating input score 95; 95th percentile among comparable filings
- Total-asset coverage ratio: 2.55; rating input score 69; 69th percentile among comparable filings
- Liabilities to assets ratio: 0.27; rating input score 36; 36th percentile among comparable filings
- Officer compensation ratio: 10.7%; rating input score 28; 28th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: Limited
Details
- Where the money goes: 30.1% of revenue deployed · 84.5% of spending went to programs
- Governance: 11 of 13 board members independent · 9 of 9 filing controls reported
- Programs: 5 filed program accomplishments · $2.1M in reported program spending
- Leadership: top reported pay $226K · 16 people listed · 1 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $190K reported
- Consistency: 30 of 30 current checks pass
- Schedules: 7 filed schedules · includes major donors, grants, and executive pay
- Filing history: 1 filing year from 2024
- Contacts: How to reach this organization
- Money network: 4 filed money-flow records
- Related organizations: 2 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Financial Efficiency: Mission deployment rate scored 30/100.
- High — Sustainability: Officer compensation ratio scored 28/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 36/100.