Puget Sound OIC Dba Puget Sound Training Center

Nonprofit profile at a glance

EIN
912036279
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Renton, WA, USA
Phone
4256565950
Rating
89
Verdict
STRONG
Rating confidence
Standard
Sector
Ethnic, Immigrant Centers

Reported finances

Revenue
$1,104,246
Expenses
$942,407
Assets
$685,144
Liabilities
$25,609

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

Leadership & pay

8 people listed

Executive titles in this filing

  • Joseph P Drake (CEO)

Highest reported compensation

  • Joseph P Drake (CEO): $129,785 total reported compensation

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

Overview

Mission

The Mission of Puget Sound Training Center is to provide customized skills training opportunities for the low income individuals in the Puget Sound Region, and to develop and provide employment opportunities at a

What it reported doing in 2024

1) The Limited English Proficiency (LEP) Program, funded by the Office of Refugee and Immigrant Assistance, serves newly arrived refugees and immigrants by providing a range of services designed to promote financial independence and long-term employment stability. The program offers career planning, comprehensive case management, cultural navigation, financial literacy education, customized job training, job placement support, and ongoing retention services for both participants and employers. In Fiscal Year 2025, the program supported 399 refugees and immigrants, empowering them to build sustainable careers and achieve greater financial security. Key Services Provided: 399 individuals received culturally competent employment support and training. Career Planning: Personalized career assessments and skill development. Financial Literacy: Workshops on budgeting, saving, and financial independence. Job Placement: Assistance with securing employment and long-term job retention support. Employer Partnerships: Collaboration with local employers to secure positions for participants and ensure workplace integration.

Operating model

Revenue model
Grant-funded. 82% of the money available for current operations came from government grants.
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. 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: 100
  • Accountability: 90
  • Sustainability: 52
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 77%; rating input score 77
  • Program expense ratio: 90.1%; rating input score 90
  • Fundraising efficiency: $125.8 raised per $1 spent on fundraising; rating input score 89; 89th 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; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • 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: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 14.7%; rating input score 69; 69th percentile among comparable filings
  • Total-asset coverage ratio: 0.73; rating input score 33; 33rd percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 56; 56th percentile among comparable filings
  • Officer compensation ratio: 13.8%; rating input score 26; 26th percentile among comparable filings

Growth

  • Program expense growth: 10.4% per year; rating input score 100; 64th percentile among comparable filings
  • Revenue growth: 5.1% per year; rating input score 100; 44th percentile among comparable filings
  • Asset growth: 16.2% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 77% of revenue deployed · 90.1% of spending went to programs
  • Governance: 7 of 7 board members independent · 6 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $850K in reported program spending
  • Leadership: top reported pay $130K · 8 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 15 filing years from 2009 to 2024
  • 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.

  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 33/100.
  • High — Sustainability: Officer compensation ratio scored 26/100.
  • Review — Sustainability: Liabilities to assets ratio scored 56/100.