Ploughshares

Legal name: Ploughshares Fund Inc

Nonprofit profile at a glance

EIN
942764520
IRS 990 coverage
2020–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
San Francisco, CA, USA
Phone
4156682244
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Official website

Reported finances

Revenue
$5,221,356
Expenses
$7,613,345
Assets
$24,433,502
Liabilities
$2,815,530

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

Leadership & pay

24 people listed

Executive titles in this filing

  • EMMA BELCHER (PRESIDENT)
  • ELIZABETH WARNER (EXECUTIVE DIRECTOR)

Highest reported compensation

  • EMMA BELCHER (PRESIDENT): $445,236 total reported compensation
  • ELIZABETH WARNER (EXECUTIVE DIRECTOR): $235,396 total reported compensation
  • SARA KUTCHESFAHANI (DIRECTOR OF PROGRAMS): $194,490 total reported compensation

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

Overview

Mission

Eliminate the threat of nuclear weapons

What it reported doing in 2024

Ploughshares advanced its mission to reduce the threat of nuclear weapons by investing in organizations, leaders, and strategies that strengthen the field. The organization provided grants and support to 46 organizations in the united states and internationally, enabling partners to respond to emerging nuclear risks, resist a renewed arms race, and advocate for policies that enhance global security. Ploughshares' field-building efforts connected advocates, fostered coordination, and supported coalitions working to prevent nuclear testing and promote de-escalation. Communications initiatives expanded public understanding of nuclear dangers through research, media engagement, and digital storytelling, elevating expert voices and informing policymakers and the public. Through these combined efforts, ploughshares helped sustain a resilient, effective network of actors dedicated to reducing nuclear threats.

Operating model

Revenue model
Donor-supported. 77% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 45% for direct work, and 55% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - 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 the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 74
  • Accountability: 96
  • Sustainability: 31
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 74.6%; rating input score 75
  • Fundraising efficiency: $3.04 raised per $1 spent on fundraising; rating input score 9; 9th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 89.5%; rating input score 89; 3rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: 4 of 8 controls in place; rating input score 50
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Pass
    • Requires financial reports: Pass
    • Conducts site visits: Fail
    • Requires grant agreements: Pass
    • May require repayment: Fail
  • Grant itemization coverage: 99.6%; rating input score 100; 39th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 94.4%; rating input score 94; 25th 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: -45.8%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 3.21; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 0.12; rating input score 56; 56th percentile among comparable filings
  • Officer compensation ratio: 19.8%; rating input score 12; 12th percentile among comparable filings

Growth

  • Program expense growth: 1.6% per year; rating input score 100; 20th percentile among comparable filings
  • Revenue growth: -6.2% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: -7.1% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • What they do: 2 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 100% of revenue deployed · 74.6% of spending went to programs
  • Governance: 17 of 18 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $5.7M in reported program spending
  • Leadership: top reported pay $445K · 24 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $117K reported
  • Consistency: 39 of 41 current checks pass · 2 findings to review
  • Schedules: 9 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 44 filed money-flow records
  • Related organizations: 37 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: Fundraising efficiency scored 9/100.
  • Review — Transparency & Controls: Foreign activity oversight: 4 of 8 not reported.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 12/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Liabilities to assets ratio scored 56/100.