New Horizons Foundation - a Sheet Metal Industry Initiative

What it reported doing in 2024

Workforce development best practices identification, communication and training - this multi-year project seeks to identify successful strategies used to hire, develop and retain employees in sheet metal, hvac, and mechanical construction companies. In the first phase of this project, which was initiated in december 2022, the new horizons foundation investigated and reported on the following current issues in workforce development. 1. Investigated what young workers want and need in their careers. 2. Explored characteristics unique to the next generation of workers. 3. Examined what the younger generation expects from their jobs. 4. Assessed diversity, equity, and inclusion practices in local areas. The nhf identified, met with and profiled 28 workforce development organizations (wdos) to understand their objectives, content, delivery methods, history and results, especially as they impact the above issues. In the current second phase of this project, the foundation is highlighting the top 25% of wdos through facilitated podcasts. Two of the seven recordings have been completed and are being edited for release in july. The remaining five podcasts are scheduled for completion by the 3rd quarter 2024. These wdos focus on bringing under-represented groups (women and minorities) into building trades and their successes (and struggles) are featured in the podcasts. A third project phase is underway with the following objectives identified. 1. Curate the captured wdos content into concise infographics. 2. Focus on leadership development for trade and non-trade hires and produce short videos to showcase successful practices (mentoring, shadowing, and onboarding). 3. Develop a roadmap/template for implementation by contractors and local associations (smacna chapters). 4. Continue industry presentations on project findings and continue to expand successful wdo contacts and relationships. 5. Develop a wdo media site on the nhf website and continue work to improve the search engine presence and functionality of the nhf website, particularly as it relates to workforce development issues and interests.

Financial Efficiency

• Mission deployment rate: 46.5%; rating input score 47
• Program expense ratio: 70.2%; rating input score 70
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 93.3%; rating input score 93; 26th percentile among comparable filings
• Governance controls: 7 of 7 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • 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: 35.4%; rating input score 86; 86th percentile among comparable filings
• Total-asset coverage ratio: 37.27; rating input score 98; 98th percentile among comparable filings
• Liabilities to assets ratio: 0.03; rating input score 38; 38th percentile among comparable filings
• Officer compensation ratio: 60.4%; rating input score 2; 2nd percentile among comparable filings

Growth

• Program expense growth: -0.3% per year; rating input score 0; 29th percentile among comparable filings
• Revenue growth: 6.5% per year; rating input score 100; 60th percentile among comparable filings
• Asset growth: 5.1% per year; rating input score 100; 48th percentile among comparable filings