Steps Inc

Nonprofit profile at a glance

EIN
541209110
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Farmville, VA, USA
Phone
4343155909
Rating
89
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$8,644,538
Expenses
$7,948,606
Assets
$5,271,394
Liabilities
$1,893,374

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

Leadership & pay

17 people listed

Executive titles in this filing

  • SHARON HARRUP (PRESIDENT & CEO)

Highest reported compensation

  • SHARON HARRUP (PRESIDENT & CEO): $157,760 total reported compensation

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

Overview

Mission

Steps, inc. (the "corporation") is an extremely diversified community action agency which delivers services to those in need. Services are delivered under four pillars of service: workforce development steps provides job training and employment opportunities to citizens living with disabilities and individuals who want to exit the welfare system; economic development - steps is a major employer in the region and in addition operates two (2) commercial lines of business: secure document shredding and operation of a regional recycling center; housing steps provides services to alleviate and/or prevent homelessness and is developing housing options for citizens at all income levels; education steps operates head start, early head start and private childcare services.

Operating model

Revenue model
Grant-funded. 79% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 90% 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. Total assets are small relative to annual expenses; liquid coverage is unknown and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 94
  • Accountability: 92
  • Sustainability: 47
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 84.5%; rating input score 84
  • Program expense ratio: 91.8%; rating input score 92
  • Fundraising efficiency: $222.06 raised per $1 spent on fundraising; rating input score 92; 92nd 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: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 94.1%; rating input score 94; 24th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: 8.1%; rating input score 58; 58th percentile among comparable filings
  • Total-asset coverage ratio: 0.66; rating input score 24; 24th percentile among comparable filings
  • Liabilities to assets ratio: 0.36; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 2%; rating input score 76; 76th percentile among comparable filings

Growth

  • Program expense growth: 8.5% per year; rating input score 100; 58th percentile among comparable filings
  • Revenue growth: 5.6% per year; rating input score 100; 46th percentile among comparable filings
  • Asset growth: 6.6% per year; rating input score 100; 43rd percentile among comparable filings

Details

  • Where the money goes: 84.5% of revenue deployed · 91.8% of spending went to programs
  • Governance: 16 of 17 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $7.3M in reported program spending
  • Leadership: top reported pay $158K · 17 people listed
  • Consistency: 33 of 33 current checks pass
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 15 filing years from 2010 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.

  • High — Sustainability: Total-asset coverage ratio scored 24/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • Review — Sustainability: Operating margin scored 58/100.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.