Seattle Industry Foundation

Nonprofit profile at a glance

EIN
203812716
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-EZ 2023, Form 990-N 2019
Location
Seattle, WA, USA
Phone
2067622470
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Adult, Continuing Education

Official website

Reported finances

Revenue
$205,838
Expenses
$201,784
Assets
$29,844
Liabilities
$0

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

Leadership & pay

2 people listed

People named in this filing

  • WARREN AAKERVIK (TREASURER)
  • JAMES D GERING (EXECUTIVE DI)

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

The seattle industry foundation exists to support transportation and education activities that help support the continued viability of industrial business operations in greater seattle. The long term health of the industrial community is threatened by the failure of government to provide adequate transportation infrastructure and inadequate public transit services. Industrial businesses also face a growing challenge in finding qualified workers because of the failure of the public school system to adequately inform students about the high-wage career opportunities that exist in industrial employment sectors. The goal of the seattle industry foundation is to raise funds to support activities that help to address these transportation and education issues.

What it reported doing in 2024

Provides students across Washington state hands-on learning and transferable skills that lead to various career pathways in aerospace, construction and maritime.

Operating model

Revenue model
Grant-funded. 92% of the money available for current operations came from government grants.
Distribution model
Grant intermediary. The nonprofit sent 97% of its reported program spending out as grants.

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: 88
  • Transparency & Controls: 94
  • Accountability: 64
  • Sustainability: 41
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 98%; rating input score 98
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th 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: 1 of 7 controls in place; rating input score 14
    • 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: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 2%; rating input score 44; 44th percentile among comparable filings
  • Total-asset coverage ratio: 0.15; rating input score 9; 9th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -29.5% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: 1.8% per year; rating input score 100; 33rd percentile among comparable filings
  • Asset growth: 1.7% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 98% of revenue deployed · 100% of spending went to programs
  • Governance: 2 of 2 board members independent · 1 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $202K in reported program spending
  • Leadership: top reported pay $0 · 2 people listed
  • Consistency: 15 of 15 current checks pass
  • Schedules: 4 filed schedules · includes major donors and grants
  • Filing history: 3 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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: 5 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 9/100.
  • Moderate — Sustainability: Operating margin scored 44/100.