The Fund for Covington Inc

Nonprofit profile at a glance

EIN
461870633
IRS 990-EZ coverage
2023–2025
Forms available
Form 990 2022, Form 990-EZ 2025
Location
Covington, KY, USA
Phone
8592922334
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Physical Fitness and Community Recreational Facilities

Reported finances

Revenue
$83,566
Expenses
$29,025
Assets
$197,028
Liabilities
$4,185

Source: IRS Form 990-EZ. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

7 people listed

People named in this filing

  • Ken Smith left July 2025 (Chairman)
  • Steve Webb left March 2025 (Director)
  • Brandon Holmes (Treasurer)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990-EZ. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Expand the ability of City of Covington to serve its residents by expanding access to resources. The organization acts as a fiscal agent and partner to leverage resources for the citizentry.

What it reported doing in 2025

Read Ready Covington is a city wide early learning initiative.Read Ready offers residents and youth access to diverse resources and information to use at home and on-the-go. Read Ready also holds community events, reading competitions, and serves as the lead partner with Covington early literacy partnership network.

Operating model

Revenue model
Donor-supported. 97% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 86% of its reported program spending out as grants.

The verdict

SUPPORTED - The filed numbers largely add up and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 54
  • Transparency & Controls: 100
  • Sustainability: 79
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 32.1%; rating input score 32
  • Program expense ratio: 90.3%; rating input score 90

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 51st percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100

Sustainability

  • Operating margin: 65.3%; rating input score 94; 94th percentile among comparable filings
  • Total-asset coverage ratio: 6.79; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 22; 22nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: -19.8% per year; rating input score 0; 19th percentile among comparable filings
  • Revenue growth: -3% per year; rating input score 0; 39th percentile among comparable filings
  • Asset growth: 24.9% per year; rating input score 100; 87th percentile among comparable filings

Details

  • Where the money goes: 32.1% of revenue deployed · 90.3% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 2 filed program accomplishments · $26K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 9 of 9 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 3 filing years from 2023 to 2025
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 32/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 22/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.