Scky Foundation for Workforce Development Inc

Nonprofit profile at a glance

EIN
812957134
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-N 2021
Location
Bowlng Green, KY, USA
Phone
2707453906
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Employment Procurement Assistance

Reported finances

Revenue
$3,647,328
Expenses
$3,499,833
Assets
$797,956
Liabilities
$450,625

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

Leadership & pay

7 people listed

Executive titles in this filing

  • JON SOWARDS (CEO)

Highest reported compensation

  • JON SOWARDS (CEO): $124,235 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 scky foundation for workforce development, inc. Is to create a system to link economic development, workforce and education to focus on long term growth and skills development strategy. It sees that everyone who wants to work has a place to work and that everyone who wants to work has the training and skills to work.

Operating model

Revenue model
Grant-funded. 90% 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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 90
  • Accountability: 84
  • Sustainability: 34
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.2%; rating input score 87
  • Program expense ratio: 90.8%; rating input score 91
  • 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • 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: 4%; rating input score 48; 48th percentile among comparable filings
  • Total-asset coverage ratio: 0.23; rating input score 7; 7th percentile among comparable filings
  • Liabilities to assets ratio: 0.56; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 3.5%; rating input score 65; 65th percentile among comparable filings

Growth

  • Program expense growth: -2.1% per year; rating input score 0; 9th percentile among comparable filings
  • Revenue growth: 1.7% per year; rating input score 100; 19th percentile among comparable filings
  • Asset growth: 8.6% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 87.2% of revenue deployed · 90.8% of spending went to programs
  • Governance: 6 of 6 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $3.2M in reported program spending
  • Leadership: top reported pay $124K · 7 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 3 filing years from 2022 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: 3 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 7/100.
  • Moderate — Sustainability: Operating margin scored 48/100.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.