Thurston Economic Development Council Center for Business Innovation

Nonprofit profile at a glance

EIN
911561600
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Lacey, WA, USA
Phone
3607546320
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$3,156,135
Expenses
$3,071,897
Assets
$470,467
Liabilities
$303,168

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

Leadership & pay

13 people listed

Executive titles in this filing

  • DENISE SAWATZKY (VICE PRESIDENT)
  • MICHAEL CADE (EXECUTIVE DIRECTOR)
  • GRACE KENDALL (PRESIDENT)

Highest reported compensation

  • MICHAEL CADE (EXECUTIVE DIRECTOR): $176,627 total reported compensation
  • SEAN MOORE (DIRECTOR CB&I): $115,031 total reported compensation

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

Overview

Mission

Provide services that develop the entrepreneurial network of thurston county and support the entire business lifecycle from planning, launching, growing, turnaround & exit planning.

What it reported doing in 2024

Lacey makerspacelacey makerspace (lms) is an 8,000-square-foot facility that empowers makers of all ages by providing access to advanced tools and resources for hands-on learning and creativity. With over 300 active members, including hobbyists, entrepreneurs, and small business owners, lms offers a variety of workshops and classes, both in-person and online, ranging from beginner to advanced levels, with a strong focus on workforce development and innovation.in 2024, lms continues to grow as a key resource for individuals looking to enhance their skills or launch new businesses. Members gain proficiency in using high-tech equipment, including 3d printers, woodworking tools, metalworking equipment, and more. Lms provides training and resources to help members bring their ideas to life, whether for personal projects or professional ventures.lms is committed to expanding access to education and supporting the creative economy by fostering a collaborative environment for networking and growth. By connecting individuals with the tools, skills, and resources they need, lms is driving innovation and contributing to economic development across the region.

Operating model

Revenue model
Grant-funded. 92% of the money available for current operations came from government grants.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 56
  • Accountability: 90
  • Sustainability: 30
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 84.9%; rating input score 85
  • Program expense ratio: 86.6%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 17th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • 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: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 2.7%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 0.15; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 0.64; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 3.9%; rating input score 62; 62nd percentile among comparable filings

Growth

  • Program expense growth: 19.6% per year; rating input score 100; 85th percentile among comparable filings
  • Revenue growth: 17.8% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: 11.8% per year; rating input score 100; 65th percentile among comparable filings

Details

  • Where the money goes: 84.9% of revenue deployed · 86.6% of spending went to programs
  • Governance: 11 of 11 board members independent · 6 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $2.7M in reported program spending
  • Leadership: top reported pay $177K · 13 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 31 of 32 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes executive pay
  • Filing history: 9 filing years from 2014 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 4/100.
  • Moderate — Sustainability: Operating margin scored 43/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.