Rachel Covey Foundation
- Assets
- $9.3m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 61
- Location
- Alpine, UT
- Founding
- 04/2013
- Data as of
- 12/2021
- EIN
- 46-1791738
Organization Overview
Rachel Covey Foundation, operating under the name Bridle Up Hope, is located in Alpine, UT. The organization was established in 2013. According to its NTEE Classification (E50) the organization is classified as: Rehabilitative Care, under the broad grouping of Health Care and related organizations. As of 12/2021, Bridle Up Hope employed 61 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bridle Up Hope is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Bridle Up Hope generated $5.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 43.6% each year . All expenses for the organization totaled $937.6k during the year ending 12/2021. While expenses have increased by 15.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF BRIDLE UP HOPE:THE RACHEL COVEY FOUNDATION IS TO INSPIRE HOPE, CONFIDENCE, AND RESILIENCE IN YOUNG WOMEN THROUGH EQUESTRIAN TRAINING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicole Hadlock Executive Director | Trustee | 50 | $88,269 |
Sharyl Morrison-Lewis Former Executive Director | OfficerTrustee | 40 | $77,846 |
Michael Sean Covey Board Member | OfficerTrustee | 0 | $0 |
Sean Covey Founder/chairman | Trustee | 2 | $0 |
Rebecca Covey Founder | Trustee | 25 | $0 |
Boyd Craig Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $899,295 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,961,855 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,861,150 |
| Total Program Service Revenue | $281,056 |
| Investment income | $278 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$69,291 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $12,535 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,260,162 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $260,299 |
| Compensation of current officers, directors, key employees. | $15,569 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $189,214 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $35,734 |
| Fees for services: Management | $37,500 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,235 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $51,708 |
| Advertising and promotion | $3,076 |
| Office expenses | $2,679 |
| Information technology | $761 |
| Royalties | $0 |
| Occupancy | $20,806 |
| Travel | $3,993 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,600 |
| Interest | $34,102 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $122,541 |
| Insurance | $36,700 |
| All other expenses | $1,794 |
| Total functional expenses | $937,620 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,079,231 |
| Savings and temporary cash investments | $1,415,585 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $45,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $6,341,552 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $6,918 |
| Other assets | $403,913 |
| Total assets | $9,292,199 |
| Accounts payable and accrued expenses | $32,163 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $265 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $32,428 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $9,259,771 |
| Total liabilities and net assets/fund balances | $9,292,199 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Rachel Covey Foundation has recieved totaling $307,720.
| Awarding Organization | Amount |
|---|---|
American Endowment Foundation Hudson, OH PURPOSE: YOUTH DEVELOPMENT | $152,500 |
Low Family Foundation Heber City, UT PURPOSE: SUPPORTING THE BRIDLE UP HOPE GROUP | $50,000 |
Berger North Foundation Minden, NV PURPOSE: GENERAL & UNRESTRICTED | $40,000 |
The Community Foundation Of Utah Salt Lake City, UT PURPOSE: GENERAL SUPPORT | $35,000 |
United Way Of Central And Southern Utah Provo, UT PURPOSE: SUPPORT EFFORTS | $12,120 |
Joan And Tim Fenton Family Foundation Holladay, UT PURPOSE: GENERAL SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Commission On Accreditation Of Rehabilitation Facilities Tucson, AZ | $91,577,337 | $35,038,977 |
Liferoots Inc Albuquerque, NM | $6,091,291 | $6,833,932 |
Easter Seals Colorado Lakewood, CO | $7,989,724 | $5,364,054 |
Learning Center For Families St George, UT | $1,221,943 | $4,662,873 |
South Park Inc Pocatello, ID | $1,667,215 | $4,696,845 |
Yavapai Rehabilitation Center Prescott, AZ | $1,723,337 | $3,143,660 |
Dr Dale B Hull Foundation For Neurological Rehabilitation Inc Sandy, UT | $8,737,967 | $2,730,163 |
Prompt Institute Santa Fe, NM | $1,117,438 | $2,586,464 |
Recovery Resources Snowmass, CO | $452,681 | $2,191,831 |
United Cerebral Palsy Of Nevada Sparks, NV | $1,063,772 | $2,937,008 |
Hunkapi Programs Inc Scottsdale, AZ | $1,710,023 | $2,234,674 |
New Beginning Recovery Center Llc LIttleton, CO | $161,767 | $1,593,361 |