Waterford Institute Inc

Nonprofit profile at a glance

EIN
510202349
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Taylorsville, UT, USA
Phone
8015764900
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Computer Science

Reported finances

Revenue
$48,299,857
Expenses
$49,602,326
Assets
$42,686,168
Liabilities
$31,107,244

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

Leadership & pay

26 people listed

Executive titles in this filing

  • DAVID MYERS (CEO CHIEF EXECUTIVE OFFICER)
  • SHERI BLACK (VICE PRESIDENT OF SCHOOL RELATIONS)
  • CLAUDIA MINER (EXECUTIVE DIRECTOR & CO-FO)
  • EDWARD HEUSTON (EXECUTIVE DIRECTOR & CO-FO)
  • MATT HILL (CEO CHIEF EXECUTIVE OFFICER)
  • VICKIE ROSS (VICE PRESIDENT OF SOLUTIONS CONSULTING)

Highest reported compensation

  • DAVID MYERS (CEO CHIEF EXECUTIVE OFFICER): $441,259 total reported compensation
  • SHERI BLACK (VICE PRESIDENT OF SCHOOL RELATIONS): $382,706 total reported compensation
  • MICHAEL HIGHT (CHIEF TECHNOLOGY OFFICER): $365,139 total reported compensation

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

Overview

Mission

Waterford provides pre-k through 2nd-grade reading, math, and science programs that children can use wherever they learn. Our programs help children reach critical milestones by the 3rd grade, laying the foundation for their future success.

What it reported doing in 2024

Waterford supports nearly 200,000 children pre-k - 2nd grade annually through its home-based and place-based programs (upstart and waterford early learning) that teach students foundational early learning skills in reading, math, and science. Waterford has strong evidence of the impact of its programs on children's learning outcomes when implemented with fidelity, as demonstrated via multiple essa tier 1 research studies using waterford programs. On average, students advance a full year or more beyond expected growth, and those gains continue to benefit them in the long term.

Operating model

Revenue model
Earned-program. 85% of the money available for current operations came from fees and other program revenue.
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

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. The filing reports few safeguards for money sent abroad and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 58
  • Accountability: 95
  • Sustainability: 23
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.5%; rating input score 91
  • Program expense ratio: 88%; rating input score 88
  • Fundraising efficiency: $16.63 raised per $1 spent on fundraising; rating input score 52; 52nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 8th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -2.7%; rating input score 22; 22nd percentile among comparable filings
  • Total-asset coverage ratio: 0.86; rating input score 31; 31st percentile among comparable filings
  • Liabilities to assets ratio: 0.73; rating input score 16; 16th percentile among comparable filings
  • Officer compensation ratio: 11.2%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: 11.7% per year; rating input score 100; 76th percentile among comparable filings
  • Revenue growth: 9.6% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: 9.2% per year; rating input score 100; 61st percentile among comparable filings

Details

  • Where the money goes: 90.5% of revenue deployed · 88% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $43.6M in reported program spending
  • Leadership: top reported pay $441K · 26 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3M reported
  • Consistency: 30 of 31 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 19 filed money-flow records
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • Review — Financial Efficiency: Fundraising efficiency scored 52/100.
  • High — Sustainability: Operating margin scored 22/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 31/100.
  • Review — Accountability: Governance controls: Document-retention policy not reported.
  • High — Sustainability: Liabilities to assets ratio scored 16/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.