Norris Penrose Legacy Foundation
Nonprofit profile at a glance
- EIN
- 863390659
- IRS 990 coverage
- 2023–2024
- Forms available
- Form 990 2024, Form 990-EZ 2022, Form 990-T 2024, Form 990-N 2021
- Location
- Colorado Springs, CO, USA
- Phone
- 7196351101
- Rating
- 55
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Community Recreational Centers
Reported finances
- Revenue
- $1,808,876
- Expenses
- $1,759,258
- Assets
- $7,146,787
- Liabilities
- $3,679,289
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
18 people listed
Executive titles in this filing
- MIKE JORGENSEN (PRESIDENT)
- RICH BENDER (VICE PRESIDENT)
Highest reported compensation
- KYLE PARK (GENERAL MANAGER): $197,310 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To acquire and continue the operation, maintenance, and capital improvements of norris penrose event center (npec), so as to continue the lessening of the burden of any local government to financially support the community events held at npec.
What it reported doing in 2024
The purpose of the corporation is to acquire and continue the operation, maintenance, and capital improvements of npec, so as to continue the lessening of the burden of any local government to financially support the community events held at npec. These events not only include the rodeos, but also include the holding of conventions, community fairs and expos, motocross events, concerts, charitable fundraising events, including charitable galas, and other community events. In addition, npec serves as an equestrian riding and boarding facility, which includes the operation of a non-profit therapeutic riding center that serves the pikes peak community.
Operating model
- Revenue model
- Earned-program. 70% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 78% for direct work, and 22% for grants.
The verdict
MIXED - 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 a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 23
- Transparency & Controls: 84
- Accountability: 74
- Sustainability: 50
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 26.5%; rating input score 26
- Program expense ratio: 27.3%; rating input score 27
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Pass
- 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; 76th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 3 of 8 controls in place; rating input score 38
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 2.7%; rating input score 44; 44th percentile among comparable filings
- Total-asset coverage ratio: 4.06; rating input score 81; 81st percentile among comparable filings
- Liabilities to assets ratio: 0.51; rating input score 15; 15th percentile among comparable filings
- Officer compensation ratio: 11.2%; rating input score 33; 33rd percentile among comparable filings
Growth
- Program expense growth: -158.3% per year; rating input score 0; 0th percentile among comparable filings
- Revenue growth: 26.1% per year; rating input score 100; 90th percentile among comparable filings
- Asset growth: 72.3% per year; rating input score 100; 98th percentile among comparable filings
Details
- Where the money goes: 26.5% of revenue deployed · 27.3% of spending went to programs
- Governance: 17 of 17 board members independent · 3 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $480K in reported program spending
- Leadership: top reported pay $197K · 18 people listed · 2 of 6 pay-setting controls reported
- Consistency: 36 of 36 current checks pass
- Schedules: 9 filed schedules · includes major donors, grants, executive pay, and related organizations
- Filing history: 2 filing years from 2023 to 2024
- Contacts: How to reach this organization
- Money network: 9 filed money-flow records
- Related organizations: 9 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 26/100.
- High — Financial Efficiency: Program expense ratio scored 27/100.
- Moderate — Accountability: Governance controls: 4 of 7 not reported.
- High — Growth: Program expense growth scored 0/100.
- Moderate — Sustainability: Operating margin scored 44/100.
- High — Sustainability: Liabilities to assets ratio scored 15/100.
- Moderate — Sustainability: Officer compensation ratio scored 33/100.