Project 42

Nonprofit profile at a glance

EIN
844888807
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Pacific, WA, USA
Phone
2062977500
Rating
80
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$4,328,470
Expenses
$4,002,878
Assets
$383,454
Liabilities
$0

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

Leadership & pay

2 people listed

People named in this filing

  • STEVE GORDON (CHAIR/TREASURER)
  • BRIAN HEYWOOD (VICE CHAIR/SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To support building infrastructure in Washington state around free markets, personal liberty, and public safety.

What it reported doing in 2024

Capacity groups - our approach is to build a durable conservative infrastructure that will change the status quo over time. The key components of our approach are: identify core capacities that need to be built or financed. Identify, vet and invest in the most effective organizations to build these capacities. Run those organizations like businesses - creating goals and metrics to measure outcomes. Most importantly, the work of this durable infrastructure will never stop. Project 42 will continue to build for the long-term. Capacity groups for 2024 include a female candidate recruiting and training platform, a media operations organization that focuses on accountability and public safety issues in seattle, and a news foundation organizaon that ensures stories in the news tell the taxpayers' point of view and a legal organization focused on defending the rights of wa citizens.

Operating model

Revenue model
Donor-supported. 100% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 94
  • Accountability: 58
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.8%; rating input score 91
  • Program expense ratio: 98.2%; rating input score 98
  • Fundraising efficiency: Limited

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: 99.8%; rating input score 100; 40th percentile among comparable filings
  • 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: 0 of 7 controls in place; rating input score 0
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 7.5%; rating input score 57; 57th percentile among comparable filings
  • Total-asset coverage ratio: 0.1; rating input score 3; 3rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 97; 97th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: 38% per year; rating input score 100; 95th percentile among comparable filings
  • Revenue growth: 39.6% per year; rating input score 100; 96th percentile among comparable filings
  • Asset growth: 71.9% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 90.8% of revenue deployed · 98.2% of spending went to programs
  • Governance: 2 of 2 board members independent · 0 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $3.9M in reported program spending
  • Leadership: top reported pay $0 · 2 people listed
  • Highest-paid contractors: 3 contractors listed · $1.2M reported
  • Consistency: 18 of 18 current checks pass
  • Schedules: 4 filed schedules · includes major donors and grants
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: 6 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 — Accountability: Governance controls: 6 of 6 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 3/100.
  • Review — Sustainability: Operating margin scored 57/100.