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Ifb Solutions Foundation INC FY2020 filing

Winstonsalem, NCUnknown exempt organizationEIN 26-3376328Revenue $277K in FY2020

On file with the IRSifbsolutionsfoundation.org7730 North Point Drive · Winstonsalem, NC

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To operate exclusively for charitable purposes for the benefit of, to perform the functions of, and to carry out the purposes of winston-salem industries for the blind, INC., a 501(c)(3) organization.

93¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
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
1 of 5
filings with a surplus
Average deficit $139K a year · 92% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
93%
of spending
Looks good: 93% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 1.8 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$90K
0.9% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$277K
Spent
$1.1M
To programs
93%
Net assets
$10.0M
By yearFY2020–FY2024
Revenue
$277K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$277K
FY2021$293K
FY2022$50K
FY2023$125K
FY2024$8K
Expenses
$1.1M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$1.1M
FY2021$87K
FY2022$88K
FY2023$127K
FY2024$73K
Net assets
$10.0M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$10.0M
FY2021$10.1M
FY2022$9.0M
FY2023$137K
FY2024$0

From the FY2020 Form 990 (year ending September 2020) · 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 Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

93 cents of each dollar spent went to programs.

Program services 93% · $1.0M Management & general 7% · $74K

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

7 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
Jeff Clark
Secretary, Director
$0Pt VII · Sec A
John Googe
Chair, Director
$0Pt VII · Sec A
John Rowland
Vice-Chair, Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Wayne Morgan
Director
$0Pt VII · Sec A
David Horton
President
$0Pt VII · Sec A
Robert Burgess
CFO, Treasurer
$0Pt VII · Sec A
See Ifb Solutions Foundation INC executive salaries →

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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 15aNo

Programs and updates

Supports Winston-Salem Industries for the Blind, Inc.

Questions for Ifb Solutions Foundation INC

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Provided by the organization

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1 program · $1.0M · in their own filed words · FY2019
01

Operating exclusively for charitable purposes for the benefit of, performing the functions of or carrying out the purposes of winston-salem industries for the blind, inc. As a type one supporting organization.

$1.0Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2024
Southeastern Kentucky Rehabilitation Industries INCFY2024$10K
Total grants receivedfrom 1 funder$10K
Grants paid · 1 grant · $1.0M · 2019–2019
Winston-Salem Industries for the Blind INCNC · FY2019$1,000,000

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$277K
Ln 12
Investment incomeLn 3$276K
Gifts and grantsLn 1h$642
Money outPt IX
$1.1M
Ln 25
Programscol B$1.0M
Managementcol C$74K
Owns and owesPt X
$10.0M
net assets · Ln 32
Cash and savingsLn 1–2$159K
Total assetsLn 16$10.1M
LiabilitiesLn 26$90K
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$642
Investment incomeLn 3$276K
Gains on assetsLn 7−$36K
Total revenueLn 12$277K
Assets in detailPt X, end of year
CashLn 1$159K
Cash and savings togetherLn 1–2$159K
InvestmentsLn 11–13$9.9M
Total assetsLn 16$10.1M
LiabilitiesLn 26$90K
Net assetsLn 32$10.0M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderSeptember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$73K$159K
InvestmentsLn 11–13$10.5M$9.9M
Total assetsLn 16$10.6M$10.1M
LiabilitiesLn 26$25K$90K
Net assetsLn 32$10.6M$10.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$1.0M$1.0M
Management feesLn 11a$60K$60K
Accounting feesLn 11c$14K$14K
Other expenses (24a–d)Ln 24$369$369
Total functional expensesLn 25$1.1M$1.0M$74K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $8K$73K−$65K$0 990 PDF
FY2023 $125K$127K−$1K$137K 990 PDF
FY2022 $50K$88K−$38K$9.0M 990 PDF
FY2021 $293K$87K$207K$10.1M 990 PDF
FY2020 Viewing $277K$1.1M−$798K$10.0M 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 $276,639 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$642
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $293,302$275,997
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $293,302$276,639
I-13 Grants and similar amounts paidPrior year $25,000$1,000,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $73,653$74,369
I-18 Total expensesPrior year $98,653$1,074,369
I-19 Revenue less expensesPrior year $194,649−$797,730
Part VI · Governance 5 of 5 board members independent, 1 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $276,639 across 5 lines filed
VIII-1f All other contributions, gifts and grants$642
VIII-1h Total contributions, gifts and grants$642
VIII-3 Investment incomeExcluded from tax $312,042$312,042
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$36,045−$36,045
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $275,997$276,639
Part IX · Statement of functional expenses $1,074,369 across 4 lines filed
IX-1 Grants to domestic organizationsPrograms $1,000,000$1,000,000
IX-11a Management feesManagement $60,000$60,000
IX-11c Accounting feesManagement $14,000$14,000
IX-24 Other expenses (24a–d)Management $369$369
IX-25 Total functional expensesPrograms $1,000,000 · Management $74,369 · Fundraising $0$1,074,369
Part X · Balance sheet $10,058,504 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $72,705$158,776
X-3 Pledges and grants receivableStart of year $11,858$12,500
X-11 Publicly traded securitiesStart of year $10,492,152$9,887,228
X-16 Total assetsStart of year $10,576,715$10,058,504
X-17 Accounts payable and accrued expensesStart of year $25,000$89,500
X-26 Total liabilitiesStart of year $25,000$89,500
X-27 Net assets without donor restrictionsStart of year $10,539,215$9,956,504
X-28 Net assets with donor restrictionsStart of year $12,500$12,500
X-32 Total net assets or fund balancesStart of year $10,551,715$9,969,004
X-33 Total liabilities and net assetsStart of year $10,576,715$10,058,504
Part XI · Reconciliation of net assets $9,969,004 net assets at year end
XI-1 Total revenue$276,639
XI-2 Total expenses$1,074,369
XI-3 Revenue less expenses−$797,730
XI-4 Net assets at start of year$10,551,715
XI-5 Net unrealized gains (losses) on investments$215,019
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$9,969,004

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

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