Summit Economic Partnership

Nonprofit profile at a glance

EIN
874361445
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023, Form 990-N 2022
Location
Frisco, CO, USA
Phone
9703434607
Rating
58
Verdict
MIXED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$393,014
Expenses
$310,490
Assets
$86,175
Liabilities
$920

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

Leadership & pay

13 people listed

Executive titles in this filing

  • THAYER HIRSH (CEO)
  • BENJAMIN MILLER (President)
  • ERIN YOUNG (Vice President)

Highest reported compensation

  • THAYER HIRSH (CEO): $135,000 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 promote sustainable economic growth for summit county by fostering innovation, collaboratin, and community driven initiatives.

What it reported doing in 2024

The purpose of the Summit Economic Partnership is to promote workforce development, entrepreneurship, and economic diversification in Summit County, Colorado. By applying for nonprofit corporation status, the Summit Economic Partnership is positioning itself to be an eligible grant recipient and administrator, in addition to serving as a community liaison, coordinating with local governments, and spearheading projects within its core mission. Some fundraising and other financial support activity, such as grant writing, will be necessary for the sustainability of the nonprofit corporation.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
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

MIXED - The filed numbers largely add up and revenue has grown recently. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 59
  • Transparency & Controls: 92
  • Accountability: 5
  • Sustainability: 46
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 60%; rating input score 60
  • Program expense ratio: 76%; rating input score 76
  • 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: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 1 of 8 controls in place; rating input score 12
    • 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: Fail
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 21%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 0.28; rating input score 15; 15th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 45; 45th percentile among comparable filings
  • Officer compensation ratio: 43.5%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 76% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: 168.9% per year; rating input score 100; 100th percentile among comparable filings

Details

  • Where the money goes: 60% of revenue deployed · 76% of spending went to programs
  • Governance: 0 of 13 board members independent · 1 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $236K in reported program spending
  • Leadership: top reported pay $135K · 13 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • 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 — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 6 of 7 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 15/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 45/100.