The Rachel Covey Foundation

Nonprofit profile at a glance

EIN
461791738
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Alpine, UT, USA
Phone
8017093339
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Rehabilitative Medical Services

Official website

Reported finances

Revenue
$1,440,968
Expenses
$1,337,306
Assets
$9,314,473
Liabilities
$50,215

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

Leadership & pay

8 people listed

Executive titles in this filing

  • Nicole Holgreen (Executive Director)

Highest reported compensation

  • Nicole Holgreen (Executive Director): $124,942 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 inspire hope, confidence, and resilience in girls and women through horses and habits.

What it reported doing in 2024

Bridle Up Hope is designed to provide a transformational experience for girls and women at a time when life has never been harder on them. They face relentless pressure to live up to impossible expectationsto have the perfect body, be skinny, be pretty, be popular, get perfect grades, be athletic, and so forthwhich often leads to low self-worth, anxiety, depression, and related challenges.Our unique Equine-Assisted Learning (EAL) curriculum teaches girls and women to recognize their inherent worth and potential, and to approach life with correct paradigms of themselves and others. The program combines equestrian training, life skills development, service at the barn, and self-renewal activities, with principles from The 7 Habits of Highly Effective People integrated throughout.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 89% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 62
  • Transparency & Controls: 75
  • Accountability: 90
  • Sustainability: 65
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 65%; rating input score 65
  • Program expense ratio: 69.9%; rating input score 70
  • Fundraising efficiency: $7.13 raised per $1 spent on fundraising; rating input score 27; 27th 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: 0 of 8 controls in place; rating input score 0
    • Claims monitoring procedures: Fail
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 100%; rating input score 100; 76th 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • 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: 7.2%; rating input score 55; 55th percentile among comparable filings
  • Total-asset coverage ratio: 6.97; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 73; 73rd percentile among comparable filings
  • Officer compensation ratio: 9.3%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: 13.8% per year; rating input score 100; 73rd percentile among comparable filings
  • Revenue growth: 0.9% per year; rating input score 100; 19th percentile among comparable filings
  • Asset growth: 12.2% per year; rating input score 100; 65th percentile among comparable filings

Details

  • Where the money goes: 65% of revenue deployed · 69.9% of spending went to programs
  • Governance: 7 of 7 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $935K in reported program spending
  • Leadership: top reported pay $125K · 8 people listed
  • Highest-paid contractors: 1 contractor listed · $132K reported
  • Consistency: 33 of 34 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and foreign activity
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Transparency & Controls: Foreign activity oversight: 8 of 8 not reported.
  • High — Financial Efficiency: Fundraising efficiency scored 27/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Review — Sustainability: Operating margin scored 55/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.