Civic Intelligence

Puget Sound Electrical Apprenticeship and Training Trust

990 • Fiscal year 2023 • EIN 91-0844345

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 13, 2024

550 SW 7th StreetRenton, WA 98057

(425) 258-1777

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

30th percentile

0.05x

Higher debt load relative to assets than 30% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

32nd percentile

0.12x

Higher debt load relative to revenue than 32% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

47th percentile

2.8%

Higher net margin than 47% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

64th percentile

$224,891

Higher top officer pay than 64% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

31st percentile

0.4%

Faster asset growth than 31% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

42nd percentile

1.9%

Faster revenue growth than 42% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Assets

Up

$21,057,938

Up $79,779 (+0.4%) from 2022

Net Assets

Up

$19,905,443

Up $521,789 (+2.7%) from 2022

Liabilities

Down

$1,152,495

Down $442,010 (-28%) from 2022

Revenue

Up

$9,611,472

Up $176,109 (+1.9%) from 2022

Expenses

Up

$9,340,384

Up $782,854 (+9.1%) from 2022

Net Income

Down

$271,088

Down $606,745 (-69%) from 2022

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2011: $10,725,336Liabilities 2011: $117,268Net Assets 2011: $10,608,0682011Assets 2012: $10,842,872Liabilities 2012: $158,988Net Assets 2012: $10,683,8842012Assets 2013: $14,660,012Liabilities 2013: $3,434,729Net Assets 2013: $11,225,2832013Assets 2014: $14,476,114Liabilities 2014: $3,000,209Net Assets 2014: $11,475,9052014Assets 2015: $14,707,132Liabilities 2015: $2,677,697Net Assets 2015: $12,029,4352015Assets 2016: $15,942,653Liabilities 2016: $2,553,476Net Assets 2016: $13,389,1772016Assets 2017: $16,976,703Liabilities 2017: $2,398,441Net Assets 2017: $14,578,2622017Assets 2018: $17,129,441Liabilities 2018: $1,687,744Net Assets 2018: $15,441,6972018Assets 2019: $18,407,157Liabilities 2019: $1,417,261Net Assets 2019: $16,989,8962019Assets 2020: $19,250,564Liabilities 2020: $2,097,366Net Assets 2020: $17,153,1982020Assets 2021: $19,899,360Liabilities 2021: $990,767Net Assets 2021: $18,908,5932021Assets 2022: $20,978,159Liabilities 2022: $1,594,505Net Assets 2022: $19,383,6542022Assets 2023: $21,057,938Liabilities 2023: $1,152,495Net Assets 2023: $19,905,4432023Assets 2024: $26,953,215Liabilities 2024: $4,254,525Net Assets 2024: $22,698,6902024

Highlighted filing

2023

Assets$21,057,938
Liabilities$1,152,495
Net Assets$19,905,443

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0Revenue 2011: $3,359,047Expenses 2011: $3,042,318Net Income 2011: $316,7292011Revenue 2012: $3,254,752Expenses 2012: $3,187,738Net Income 2012: $67,0142012Revenue 2013: $3,630,743Expenses 2013: $3,207,040Net Income 2013: $423,7032013Revenue 2014: $3,658,888Expenses 2014: $3,556,310Net Income 2014: $102,5782014Revenue 2015: $5,211,532Expenses 2015: $4,532,954Net Income 2015: $678,5782015Revenue 2016: $6,025,251Expenses 2016: $4,892,365Net Income 2016: $1,132,8862016Revenue 2017: $6,743,301Expenses 2017: $5,622,860Net Income 2017: $1,120,4412017Revenue 2018: $7,482,497Expenses 2018: $6,340,674Net Income 2018: $1,141,8232018Revenue 2019: $8,243,066Expenses 2019: $7,063,109Net Income 2019: $1,179,9572019Revenue 2020: $7,523,557Expenses 2020: $7,422,516Net Income 2020: $101,0412020Revenue 2021: $9,666,420Expenses 2021: $7,953,947Net Income 2021: $1,712,4732021Revenue 2022: $9,435,363Expenses 2022: $8,557,530Net Income 2022: $877,8332022Revenue 2023: $9,611,472Expenses 2023: $9,340,384Net Income 2023: $271,0882023Revenue 2024: $11,903,660Expenses 2024: $9,348,240Net Income 2024: $2,555,4202024

Highlighted filing

2023

Revenue$9,611,472
Expenses$9,340,384
Net Income$271,088
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 13, 2024
Return Version
2023v5.0
Gross Receipts
$10,982,820
Mission and Program Overview

Mission

The trust provides a program for the training and education of electrical apprentices, journeymen and other appropriate personss.

The trust provides a program for the training and education of electrical apprentices, journeymen and other appropriate persons.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,440,935$7,780,701▲ $339,766
Savings and Temporary Cash Investments$5,260,094$5,869,553▲ $609,459
Investments in Publicly Traded Securities$4,957,866$5,391,865▲ $433,999
Accounts Receivable$2,011,443$1,168,814▼ $842,629
Inventories for Sale or Use$123,339$218,534▲ $95,195
Prepaid Expenses and Deferred Charges$65,869$76,801▲ $10,932
Cash and Non-Interest-Bearing Accounts$200,135$235▼ $199,900
Total Assets$20,978,159$21,057,938▲ $79,779
Other Assets Total$918,478$551,435▼ $367,043
Liabilities
Accounts Payable and Accrued Expenses$303,807$666,782▲ $362,975
Other Liabilities$844,778$485,713▼ $359,065
Unsecured Notes Loans Payable$445,920--
Total Liabilities$1,594,505$1,152,495▼ $442,010
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$18,779,280$19,385,872▲ $606,592
Net Assets With Donor Restrictions$604,374$519,571▼ $84,803
Total Net Assets Fund Balance$19,383,654$19,905,443▲ $521,789
Total Liabilities and Net Assets / Fund Balance$20,978,159$21,057,938▲ $79,779

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,388,946$5,050,792$11,439,738
Equipment$547,961$2,087,551$2,635,512
Land$843,794-$843,794
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ryan BradtTraining DirectorFT$182,712$54,179$224,891
David GordonAsst TraininFT$162,023$42,179$204,202
David GordonAsst Training Director-$162,023$54,179$204,202
Edward AdamsAcademic ManFT$149,046$42,179$191,225
Edward AdamsAcademic Manager-$149,046$54,179$191,225
Cliff HartmanAcademic COUFT$146,046$42,179$188,225
Cliff HartmanAcademic Counselor-$146,046$54,179$188,225
Laurie MyersAcademic ManFT$143,232$41,547$184,779
Laurie MyersAcademic Manager-$143,232$53,547$184,779
Jerome AustinInstructorFT$135,921$54,179$178,100
Clay TschillardTraining DirectorFT$56,200$11,960$68,160

Board Members and Trustees

NameTitle
Bryan JohnsonTrustee
Erick LeeTrustee
Jameson SchwetzTrustee
Laura RichardsonTrustee
Oilver WhiteheadTrustee
Stephanie McphersonTrustee
Geoff NewmanTrustee Chai
Sean BagsbyTrustee Secr
Revenue and Support

Revenue Composition

Contributions and Grants
$6,971,625
Program Service Revenue
$2,471,412
Investment Income
$154,534
Other Revenue
$13,901
All Other Contributions
$452,800
Change in Net Assets
$271,088

Audited Revenue Reconciliation

Revenue per Audited Statements
$9,596,709
Revenue Not Reported on Financial Statements
$14,763
Revenue Not Reported on Form 990
$250,701
Total Revenue per Audited Statements
$9,847,410
Total Revenue per Form 990
$9,611,472
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,219,267
Other Expenses$3,121,117
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,749,438$665,511-$4,414,949
Pension Plan Contributions$632,008$128,371-$760,379
Occupancy$695,730$56,344-$752,074
Depreciation Depletion$332,300$63,708-$396,008
Payroll Taxes$334,186$57,550-$391,736
Office Expenses$311,878$59,792-$371,670
Other Employee Benefits$295,067$59,933-$355,000
Current Officers, Directors, Trustees, and Key Employees$208,042$89,161-$297,203
All Other Expenses$174,473$12,094-$186,567
Fees for Services Accounting-$81,555-$81,555
Other Expenses$69,092--$69,092
Insurance$43,468$8,333-$51,801
Fees for Services Legal$26,173--$26,173
Interest$18,332$3,515-$21,847
Fees for Service Investment Mgmnt Fees-$14,763-$14,763
Advertising$4,798--$4,798
Total Functional Expenses$8,039,754$1,300,630$0$9,340,384

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$9,340,384
Expenses per Audited Statements$9,325,621
Total Expenses per Audited Statements$9,325,621
Expenses Not Reported on Financial Statements$14,763
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liabilities$485,713
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The training director reviews the form 990 to ensure there are no omissions or misstatements of material fact prior to signing and filing the tax return.

Form 990, Page 6, Part VI, Line 12C

Annually the board members sign a conflict of interest policy statement. The training director maintains those letters.

Form 990, Page 6, Part VI, Line 15A

Annually the board members review the salaries of the training director and assistant training director.

Form 990, Page 6, Part VI, Line 15B

Annually the board members review the salaries of all other employees.

Form 990, Page 6, Part VI, Line 19

Finanical information is made available upon request.

Filing and Contact Details

Filer

Filer Name
Puget Sound Electrical
EIN
91-0844345
Phone
4252581777
Address
550 SW 7TH STREET, RENTON, WA 98057

Signing Officer

Name
Ryan Bradt
Title
Training Director
Phone
4252581777
Signed
2024-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ryan Bradt
Formed
1969
Legal Domicile
Wa
Voting Board Members
8
Independent Board Members
8
Employees
74

Preparer

Firm
Minar and Northey Llp
Address
PO BOX 9845, SEATTLE, WA 98109
Preparer
Shannon Knipp
Phone
2062822666
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IRS990/Form990PartVIISectionAGrp/TitleTxt0TRAINING DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1TRAINING DIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2ASST TRAININ
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IRS990/OtherExpensesGrp/ProgramServicesAmt1352306
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IRS990/PYOtherExpensesAmt02787088
IRS990/PYOtherRevenueAmt014147
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IRS990/PYRevenuesLessExpensesAmt0877833
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IRS990/PYTotalRevenueAmt09435363
IRS990/ReconcilationRevenueExpnssAmt0271088
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt02471412
IRS990/SavingsAndTempCashInvstGrp/BOYAmt05260094
IRS990/SavingsAndTempCashInvstGrp/EOYAmt05869553
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt05050792
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt011439738
IRS990ScheduleD/EquipmentGrp/BookValueAmt0547961
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02087551
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt02635512
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt014763
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IRS990ScheduleD/InvestmentExpensesNotIncld2Amt014763
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0843794
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IRS990ScheduleD/TotalLiabilityAmt0485713
IRS990ScheduleD/TotalRevenuePerForm990Amt09611472
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt09847410
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IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0false
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0NOTIFICATION VIA THE NEWSPAPER
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0182712
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1162023
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2149046
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt4143232
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt5135921
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt042179
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt142179
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt242179
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt342179

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$27.0$4.25$22.7$11.9$9.35$2.56
2023Detailed filing. Detailed filing data is available for this year.$21.1$1.15$19.9$9.61$9.34$0.27
2022Detailed filing. Detailed filing data is available for this year.$21.0$1.59$19.4$9.44$8.56$0.88
2021Detailed filing. Detailed filing data is available for this year.$19.9$0.99$18.9$9.67$7.95$1.71
2020Detailed filing. Detailed filing data is available for this year.$19.3$2.10$17.2$7.52$7.42$0.10
2019Detailed filing. Detailed filing data is available for this year.$18.4$1.42$17.0$8.24$7.06$1.18
2018Detailed filing. Detailed filing data is available for this year.$17.1$1.69$15.4$7.48$6.34$1.14
2017Detailed filing. Detailed filing data is available for this year.$17.0$2.40$14.6$6.74$5.62$1.12
2016Detailed filing. Detailed filing data is available for this year.$15.9$2.55$13.4$6.03$4.89$1.13
2015Summary only. Only limited summary data is available for this year.$14.7$2.68$12.0$5.21$4.53$0.68
2014Summary only. Only limited summary data is available for this year.$14.5$3.00$11.5$3.66$3.56$0.10
2013Summary only. Only limited summary data is available for this year.$14.7$3.43$11.2$3.63$3.21$0.42
2012Summary only. Only limited summary data is available for this year.$10.8$0.16$10.7$3.25$3.19$0.07
2011Summary only. Only limited summary data is available for this year.$10.7$0.12$10.6$3.36$3.04$0.32
Peer Organizations

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