Project Adventure INC FY2020 filing

Tax-deductible

Beverly, MA501(c)(3)EIN 04-2749823Revenue $1.9M in FY2020

On file with the IRSpa.org719 Cabot St, 01915-1027 · Beverly, MATax-exempt since Feb 1982Publicly supported — 509(a)(2)

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Develop and disseminate model adventure based programs for both therapeutic organizations and corporate training programs throughout the world.

501(c)(3) charity; gifts are tax-deductible.
81¢ of each $1 spent went to programs.
$150K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $499K a year · 14% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
81%
of spending
Looks good: 81% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$150K
to officers and key staff · 7% of spending
Looks good: pay to officers and key staff is 7% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.7 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $5K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$3.8M
157% of total assets
Concern: liabilities are 157% of assets; over 80%.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.9M
Spent
$2.1M
To programs
81%
Net assets
−$1.4M
By yearFY2020–FY2024
Revenue
$1.9M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$1.9M
FY2021$4.7M
FY2022$3.9M
FY2023$3.7M
FY2024$4.2M
Expenses
$2.1M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$2.1M
FY2021$2.5M
FY2022$3.4M
FY2023$3.7M
FY2024$4.1M
Net assets
−$1.4M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020−$1.4M
FY2021$781K
FY2022$1.2M
FY2023$1.2M
FY2024$1.3M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 1982.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

81 cents of each dollar spent went to programs.

Program services 81% · $1.7M Management & general 19% · $411K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

10 people listed on the 990; $150K paid to officers and key staff.

Part VII, Section A · reportable compensation
$78,249Pt VII · Sec A
$71,923Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Caitlin McCormick Small$112,769$140,000$122,250$102,596$71,923
Elizabeth Neu$119,326$108,973$110,028——
Elizabeth Norris Neu———$97,334$78,249

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II2 listed

Programs and updates

Develops adventure programs for therapy and corporate training globally.

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Provided by the organization

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1 program · $1.7M · in their own filed words · FY2020
01

Program Services

Consulting, Instruction and workshops presenting the adventure programming and tools to implement programs in schools and other educational institutions.

$1.7Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2025
Total grants receivedfrom 1 funder$5K

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$1.9M
Ln 12
Fees for servicesLn 2g$1.7M
Gifts and grantsLn 1h$167K
Investment incomeLn 3$1K
Money outPt IX
$2.1M
Ln 25
Programscol B$1.7M
Managementcol C$411K
Owns and owesPt X
−$1.4M
net assets · Ln 32
Cash and savingsLn 1–2$125K
Total assetsLn 16$2.4M
LiabilitiesLn 26$3.8M
PeoplePt VI, VII
10
listed · VII A
PaidVII A2
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$167K
Fees for servicesLn 2g$1.7M
Investment incomeLn 3$1K
Gains on assetsLn 7$800
Total revenueLn 12$1.9M
Assets in detailPt X, end of year
CashLn 1$125K
Cash and savings togetherLn 1–2$125K
InvestmentsLn 11–13$65K
Land, buildings, equipmentLn 10c$1.9M
Total assetsLn 16$2.4M
LiabilitiesLn 26$3.8M
Net assetsLn 32−$1.4M
OperationsPt I, VI
EmployeesI 5100
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$94K$125K
InvestmentsLn 11–13$65K$65K
Land, buildings, equipmentLn 10c$2.0M$1.9M
Total assetsLn 16$2.4M$2.4M
LiabilitiesLn 26$3.6M$3.8M
Net assetsLn 32−$1.2M−$1.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$1.0M$871K$139K
Pension plan contributionsLn 8$255K$220K$35K
Payroll taxesLn 10$74K$64K$10K
OccupancyLn 16$24K$13K$11K
TravelLn 17$82K$82K
InterestLn 20$134K$134K
Depreciation, depletion and amortizationLn 22$64K$64K
InsuranceLn 23$140K$120K$20K
Other expenses (24a–d)Ln 24$258K$184K$74K
All other expensesLn 24e$93K$36K$57K
Total functional expensesLn 25$2.1M$1.7M$411K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $4.2M$4.1M$88K$1.3M 990 PDF
FY2023 $3.7M$3.7M$29K$1.2M 990 PDF
FY2022 $3.9M$3.4M$438K$1.2M 990 PDF
FY2021 $4.7M$2.5M$2.2M$781K 990 PDF
FY2020 Viewing $1.9M$2.1M−$218K−$1.4M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $1,916,399 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $80,489$167,275
I-9 Program service revenuePrior year $3,101,336$1,748,049
I-10 Investment incomePrior year $113$1,075
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $3,181,938$1,916,399
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $2,110,259$1,338,532
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,256,596$795,495
I-18 Total expensesPrior year $3,366,855$2,134,027
I-19 Revenue less expensesPrior year −$184,917−$217,628
Part VI · Governance 10 of 10 board members independent, 1 to look at
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $1,916,399 across 6 lines filed
VIII-1f All other contributions, gifts and grants$167,275
VIII-1h Total contributions, gifts and grants$167,275
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,748,049$1,748,049
VIII-3 Investment incomeRelated to mission $275$275
VIII-7 Net gain or loss on sales of assetsRelated to mission $800$800
VIII-12 Total revenueRelated to mission $1,749,124 · Unrelated business $0 · Excluded from tax $0$1,916,399
Part IX · Statement of functional expenses $2,134,027 across 10 lines filed
IX-7 Other salaries and wagesPrograms $870,917 · Management $139,185$1,010,102
IX-8 Pension plan contributionsPrograms $219,520 · Management $35,082$254,602
IX-10 Payroll taxesPrograms $63,655 · Management $10,173$73,828
IX-16 OccupancyPrograms $13,496 · Management $10,788$24,284
IX-17 TravelPrograms $81,752$81,752
IX-20 InterestPrograms $133,562$133,562
IX-22 Depreciation, depletion and amortizationManagement $64,450$64,450
IX-23 InsurancePrograms $120,153 · Management $20,032$140,185
IX-24 Other expenses (24a–d)Programs $183,513 · Management $74,408$257,921
IX-24e All other expensesPrograms $36,088 · Management $57,253$93,341
IX-25 Total functional expensesPrograms $1,722,656 · Management $411,371 · Fundraising $0$2,134,027
Part X · Balance sheet $2,418,209 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $94,184$125,177
X-4 Accounts receivableStart of year $106,486$148,758
X-8 Inventories for sale or useStart of year $32,063$45,336
X-9 Prepaid expenses and deferred chargesStart of year $106,307$90,756
X-10c Land, buildings and equipment, netStart of year $1,999,381$1,943,065
X-13 Program-related investmentsStart of year $65,117$65,117
X-16 Total assetsStart of year $2,407,663$2,418,209
X-17 Accounts payable and accrued expensesStart of year $1,266,596$1,401,699
X-24 Unsecured notes and loans payableStart of year $342,698$263,731
X-26 Total liabilitiesStart of year $3,564,177$3,792,351
X-27 Net assets without donor restrictionsStart of year −$1,156,514−$1,374,142
X-32 Total net assets or fund balancesStart of year −$1,156,514−$1,374,142
X-33 Total liabilities and net assetsStart of year $2,407,663$2,418,209
Part XI · Reconciliation of net assets −$1,374,142 net assets at year end
XI-1 Total revenue$1,916,399
XI-2 Total expenses$2,134,027
XI-3 Revenue less expenses−$217,628
XI-4 Net assets at start of year−$1,156,514
XI-9 Other changes in net assets−$1
XI-10 Net assets at end of year−$1,374,142

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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