Puget Sound Restoration Fund

Nonprofit profile at a glance

EIN
911773965
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Bainbridge Island, WA, USA
Phone
2067806947
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Fund Raising and/or Fund Distribution

Official website

Reported finances

Revenue
$2,590,633
Expenses
$2,921,366
Assets
$4,131,858
Liabilities
$424,193

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

Leadership & pay

13 people listed

Executive titles in this filing

  • JODIE TOFT (EXECUTIVE DIRECTOR)
  • MOLLY ADOLFSON (VICE PRESIDENT)
  • JAY MANNING (PRESIDENT)

Highest reported compensation

  • ELIZABETH K PEABODY (DIRECTOR EMERITUS): $166,999 total reported compensation
  • JODIE TOFT (EXECUTIVE DIRECTOR): $157,000 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 restore habitat, water quality and native species in the puget sound

What it reported doing in 2024

Abalone recovery - continued managing a pinto abalone conservation breeding and program by producing and rearing genetically diverse abalone in the hatchery and then outplanting juvenile abalone at restoration sites to help recover severely depressed abalone populations in Washington state. Pinto abalone help maintain healthy subtidal rocky reef habitat and kelp forest ecosystems by grazing and clearing rock surfaces for settlement by other organisms. Through december 2024, nearly 62,000 juvenile abalone have been introduced at restoration sites in the san juan archipelago (sja) through a long-term partnership with Washington department of fish & wildlife, noaa, tribes, and universities. The goal is to use healthy, genetically diverse hatchery reared juvenile abalone to create aggregations in the wild that develop into sustainably reproducing populations. Outplant data analyzed in 2018 documented a 97% decline in the population at index stations 1994-2017.

Operating model

Revenue model
Grant-funded. 63% 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. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 95
  • Transparency & Controls: 66
  • Accountability: 82
  • Sustainability: 30
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 90.4%; rating input score 90
  • Fundraising efficiency: $67.6 raised per $1 spent on fundraising; rating input score 82; 82nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 13th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • 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: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 84.6%; rating input score 85; 17th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -12.8%; rating input score 11; 11th percentile among comparable filings
  • Total-asset coverage ratio: 1.41; rating input score 49; 49th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 58; 58th percentile among comparable filings
  • Officer compensation ratio: 11.1%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: 10.6% per year; rating input score 100; 66th percentile among comparable filings
  • Revenue growth: 11.6% per year; rating input score 100; 74th percentile among comparable filings
  • Asset growth: 14.2% per year; rating input score 100; 72nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 90.4% of spending went to programs
  • Governance: 11 of 13 board members independent · 7 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $2.6M in reported program spending
  • Leadership: top reported pay $167K · 13 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 31 of 32 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Sustainability: Operating margin scored 11/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 49/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 27/100.
  • Review — Sustainability: Liabilities to assets ratio scored 58/100.