High Speed Rail Alliance

Nonprofit profile at a glance

EIN
363874078
IRS 990 coverage
2019–2025
Forms available
Form 990 2025
Location
Chicago, IL, USA
Phone
7733346758
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$530,604
Expenses
$660,932
Assets
$68,464
Liabilities
$53,594

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • MAURICE BALL (BOARD PRESIDENT)
  • RICHARD HARNISH (EXECUTIVE DIRECTOR)

Highest reported compensation

  • RICHARD HARNISH (EXECUTIVE DIRECTOR): $84,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To study existing passenger rail technologies worldwide and assess the potential of applying these to intercity challenges. To inform business and political leadership, the media, and public about the utility of rail as a transportation and economic development tool.

What it reported doing in 2025

Studying existing and projecting passenger rail technologies worldwide and assessing the potential of applying one or more of these to the intercity transportation challenges of the region. Informing the business and political leadership, mass-communications media and the general public about the utility of rail as a transportation and economic development tool. Promoting the speedy and appropriate development of rail as an essential component of a modern regional economy and an environmentally judicious way to enhance the effectiveness of the entire regional transportation system, and facilitating the development of a diverse and informed constituency to support the public/private development of a midwest rail system.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 92
  • Accountability: 100
  • Sustainability: 8
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 95.8%; rating input score 96
  • Program expense ratio: 76.9%; rating input score 77
  • Fundraising efficiency: $8 raised per $1 spent on fundraising; rating input score 28; 28th 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; 64th percentile among comparable filings
  • Governance controls: 8 of 8 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: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -24.6%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 0.1; rating input score 6; 6th percentile among comparable filings
  • Liabilities to assets ratio: 0.78; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 12.7%; rating input score 30; 30th percentile among comparable filings

Growth

  • Program expense growth: 17% per year; rating input score 100; 75th percentile among comparable filings
  • Revenue growth: 11.8% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: 6.2% per year; rating input score 100; 41st percentile among comparable filings

Details

  • Where the money goes: 95.8% of revenue deployed · 76.9% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $508K in reported program spending
  • Leadership: top reported pay $84K · 8 people listed
  • Consistency: 26 of 27 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 6 filing years from 2019 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Financial Efficiency: Fundraising efficiency scored 28/100.
  • High — Sustainability: Operating margin scored 5/100.
  • High — Sustainability: Total-asset coverage ratio scored 6/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • Moderate — Sustainability: Officer compensation ratio scored 30/100.