Family Promise of Skagit Valley

Nonprofit profile at a glance

EIN
462556043
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-EZ 2016, Form 990-N 2013
Location
Sedro Woolley, WA, USA
Phone
3604283550
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Human Service Organizations

Reported finances

Revenue
$1,045,675
Expenses
$944,875
Assets
$417,848
Liabilities
$8,564

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

8 people listed

Highest reported compensation

  • AUDREA WOLL (EXC DIRECTOR): $94,604 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide care and shelter for homeless families in skagit valley.

What it reported doing in 2024

In 2024, we served 692 individuals, including 193 families and 411 children. Program success rates: 80% of families move into permanent housing. 96% of families avoid re-entering homelessness after receiving services. 2024 projects: an additional transitional house opened in sedro woolley that can serve 4 more families at a time. We began work on mount vernon transitional house to create a more trauma-informed space. Impact campaign we brought on a capital campaign consultant to support the future offamily promise and how we can impact our community by increasing the number of affordable housing options and further sustain our transitional house model.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% 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 a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 92
  • Accountability: 69
  • Sustainability: 47
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 68.4%; rating input score 68
  • Program expense ratio: 75.4%; rating input score 75
  • Fundraising efficiency: $16.21 raised per $1 spent on fundraising; rating input score 53; 53rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 9.6%; rating input score 61; 61st percentile among comparable filings
  • Total-asset coverage ratio: 0.44; rating input score 21; 21st percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 62; 62nd percentile among comparable filings
  • Officer compensation ratio: 10%; rating input score 37; 37th percentile among comparable filings

Growth

  • Program expense growth: 25.2% per year; rating input score 100; 87th percentile among comparable filings
  • Revenue growth: 20.1% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 14.9% per year; rating input score 100; 72nd percentile among comparable filings

Details

  • Where the money goes: 68.4% of revenue deployed · 75.4% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $713K in reported program spending
  • Leadership: top reported pay $95K · 8 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 7 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 6 of 8 not reported.
  • Review — Financial Efficiency: Fundraising efficiency scored 53/100.
  • High — Sustainability: Total-asset coverage ratio scored 21/100.
  • Moderate — Sustainability: Officer compensation ratio scored 37/100.