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← RACHEL COVEY FOUNDATION

Form 990 for tax year 2023

Filed by RACHEL COVEY FOUNDATION.

Totals

Total revenue
$1,404,952
Total expenses
$1,272,753
Contributions and grants received
$1,113,753
Grants paid
$49,150
Program service revenue
$330,990
Investment income
-$8,958
Other revenue
-$30,833
Total assets, end of year
$9,177,372
Total liabilities, end of year
$18,945
Net assets or fund balances, end of year
$9,158,427
Program services expenses (Part IX)
$1,089,176
Management and general expenses
$62,587
Fundraising expenses
$120,990
Program service expenses (Part III)
$1,089,176

Program services were 85.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $245,462

  • 1e · Government grants (contributions)

    $165,044

  • 1f · All other contributions, gifts and grants

    $703,247

  • 1g · Noncash contributions included above

    $31,332

  • 2a · Program service revenue: GIRLS PROGRAM

    total $292,914 · related or exempt $292,914

  • 2b · Program service revenue: WOMENS PROGRAM

    total $38,076 · related or exempt $38,076

  • 3 · Investment income

    total $2,141 · related or exempt $2,141

  • 7a · Gross sales of assets other than inventory

    other assets $5,500

  • 7b · Less cost or other basis and sales expenses

    other assets $16,599

  • 7c · Gain or loss

    other assets -$11,099

  • 7d · Net gain or loss

    total -$11,099 · related or exempt -$11,099

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $245,462

  • 8b · Fundraising events: direct expenses

    $34,425

  • 8c · Net income from fundraising events

    total -$34,425 · excluded -$34,425

  • 10a · Gross sales of inventory

    $8,347

  • 10b · Cost of goods sold

    $10,755

  • 10c · Net income from sales of inventory

    total -$2,408 · related or exempt -$2,408

  • 11a · Other revenue: OTHER INCOME

    total $4,500 · related or exempt $4,500

  • 11b · Other revenue: REBATES & REWARDS

    total $1,500 · related or exempt $1,500

  • 11e · Other revenue, total

    $6,000

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $49,150 · program services $49,150

  • 5 · Compensation of officers, directors and key employees

    total $120,000 · program services $96,000 · management and general $24,000

  • 7 · Other salaries and wages

    total $413,670 · program services $390,327 · management and general $23,343

  • 10 · Payroll taxes

    total $46,418 · program services $42,867 · management and general $3,551

  • 11b · Fees: legal

    total $5,500 · management and general $5,500

  • 11c · Fees: accounting

    total $12,810 · program services $12,260 · management and general $550

  • 11e · Fees: professional fundraising services

    total $120,000 · fundraising $120,000

  • 11g · Fees: other

    total $36,362 · program services $35,962 · management and general $400

  • 12 · Advertising and promotion

    total $14,902 · program services $14,902

  • 13 · Office expenses

    total $2,777 · program services $2,777

  • 14 · Information technology

    total $6,642 · program services $6,642

  • 16 · Occupancy

    total $30,108 · program services $25,134 · management and general $4,974

  • 17 · Travel

    total $13,979 · program services $13,979

  • 19 · Conferences, conventions and meetings

    total $1,276 · program services $1,204 · management and general $72

  • 22 · Depreciation, depletion and amortization

    total $157,725 · program services $156,538 · management and general $197 · fundraising $990

  • 23 · Insurance

    total $55,478 · program services $55,478

  • 24a · Other expenses: HORSE CARE & EQUIPMENT

    total $78,503 · program services $78,503

  • 24b · Other expenses: GIRLS PROGRAM SUPPLIES/

    total $54,306 · program services $54,306

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $36,703 · program services $36,703

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $13,103 · program services $13,103

  • 24e · All other expenses

    total $3,341 · program services $3,341

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $464,425 · end of year $493,807

  • 2 · Savings and temporary cash investments

    beginning of year $1,399,700 · end of year $523,598

  • 10a · Land, buildings and equipment: cost or other basis

    $8,695,617

  • 10b · Land, buildings and equipment: accumulated depreciation

    $634,119

  • 10c · Land, buildings and equipment, net

    beginning of year $7,139,239 · end of year $8,061,498

  • 11 · Investments: publicly traded securities

    end of year $66,799

  • 14 · Intangible assets

    beginning of year $6,817 · end of year $0

  • 15 · Other assets

    beginning of year $31,670 · end of year $31,670

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,623 · end of year $18,945

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $9,026,228 · end of year $9,158,427

Mission and programs · 2023

Mission

THE MISSION OF BRIDLE UP HOPE:THE RACHEL COVEY FOUNDATION IS TO INSPIRE HOPE, CONFIDENCE, AND RESILIENCE IN YOUNG WOMEN THROUGH EQUESTRIAN TRAINING.

  • THE MISSION OF BRIDLE UP HOPE:THE RACHEL COVEY FOUNDATION IS TO INSPIRE HOPE, CONFIDENCE, AND RESILIENCE IN YOUNG WOMEN THROUGH EQUESTRIAN TRAINING. WE PROVIDE A PROGRAM FOR YOUNG WOMEN THAT HAS THREE COMPONENTS: 1) LEARNING TO RIDE AND BOND WITH HORSES, 2) LEARNING LIFE SKILLS, 3) VOLUNTEERING SERVICE AT THE BARN.

    Expenses $1,089,176 · Grants $49,150 · Revenue $325,624

As filed on the 2023 return.

Listed in Part VII

  • Sean Covey

    FOUNDER/CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Rebecca Covey

    FOUNDER

    Total calculated
    $0
    Hours/week
    25

  • Michael Sean Covey

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Boyd Craig

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Travis Hansen

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Nicole Hadlock

    EXECUTIVE DIRECTOR

    Total calculated
    $120,000
    From this org
    $120,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

  • Andrea Clarke

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Karen Keller

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

  • STAND WITH UKRAINE

    $49,150

    ASSIST THOSE AFFECTED BY THE WAR IN UKRAINE

Provenance

Return type
form_990
Tax year
2023
Filed
11 November 2024
IRS schema version
2023v5.1
Source object
202443169349304759

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