Cycle Connect INC FY2023 filing

Tax-deductible

New York, NY501(c)(3)Since 2009InternationalEIN 27-1175814

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The mission of Cycle Connect is to increase income for smallholder farmers in east africa through productive asset-financing and training.

501(c)(3) charity; gifts are tax-deductible.
82¢ of each $1 spent went to programs.
$46K 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

FY2023 · 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
2 of 4
filings with a surplus
Average deficit $39K a year · 7% of revenue · last 4 filings
Worth a look: a surplus in 2 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
82%
of spending
Looks good: 82% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$46K
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
3 mo
of spending, in cash
Fine: 2.6 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
7
named funders · $120K
Looks good: 7 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$330K
118% of total assets
Concern: liabilities are 118% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$533K
+14% vs prior year
Spent
$777K
To programs
82%
Net assets
−$51K
By yearFY2021–FY2024
Revenue
$533K
FY2023▲ +14%
Revenue by fiscal year
FY2021$497K
FY2022$468K
FY2023$533K
FY2024$671K
FY2024$133K
Expenses
$777K
FY2023▲ +10%
Expenses by fiscal year
FY2021$476K
FY2022$708K
FY2023$777K
FY2024$363K
FY2024$658K
Net assets
−$51K
FY2023▼ -126%
Net assets by fiscal year
FY2021$916K
FY2022$193K
FY2023−$51K
FY2024$258K
FY2024−$267K

From the FY2023 Form 990 (year ending June 2023) · see the original

You’re viewing the FY2023 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 Jan 2013.

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

Where the money goes

82 cents of each dollar spent went to programs.

Program services 82% · $640K Management & general 9% · $68K Fundraising 9% · $69K

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

9 people listed on the 990; $46K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Executive Director
$46,266Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Board Chair
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Molly Burke’s $46K as Executive Director is at the 43rd percentile of top reported officer pay among 1637 $100K–1M international nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2023FY2022FY2021
Molly Burke$46,266$64,800$44,437

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.

See Cycle Connect 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 15aYes

Programs and updates

Helps people invest in their futures to move themselves and their families ahead.

Provided by the organization

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1 program service account for $640K of program spending, described in the organization's own filed words · FY2022.
01

Distributing lease-to-own productive assets to smallholder farmers in uganda. In the fiscal year, we reached more than 3,200 families across northern uganda.

$640Kprogram expense

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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 · FY2024
See all 7 funders →

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$533K
Ln 12
Gifts and grantsLn 1h$533K
Money outPt IX
$777K
Ln 25
Programscol B$640K
Managementcol C$68K
Fundraisingcol D$69K
Owns and owesPt X
−$51K
net assets · Ln 32
Cash and savingsLn 1–2$168K
Total assetsLn 16$279K
LiabilitiesLn 26$330K
PeoplePt VI, VII
9
listed · VII A
PaidVII A1
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$533K
Total revenueLn 12$533K
Assets in detailPt X, end of year
CashLn 1$168K
Cash and savings togetherLn 1–2$168K
Land, buildings, equipmentLn 10c$745
Other assetsLn 15$11K
Total assetsLn 16$279K
LiabilitiesLn 26$330K
Net assetsLn 32−$51K
OperationsPt I, VI
EmployeesI 50
VolunteersI 69
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$179K$168K
Land, buildings, equipmentLn 10c$745$745
Total assetsLn 16$425K$279K
LiabilitiesLn 26$232K$330K
Net assetsLn 32$193K−$51K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants and assistance to foreign recipientsLn 3$435K$435K
Pay of current officers, directors and key staffLn 5$13K$5K$6K$2K
Other salaries and wagesLn 7$462$462
Other employee benefitsLn 9$557$215$261$81
Payroll taxesLn 10$4K$2K$2K$602
Legal feesLn 11b$95$95
Accounting feesLn 11c$51K$51K
Other fees for servicesLn 11g$2K$2K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$2K$2K$234
Information technologyLn 14$3K$2K$1K
OccupancyLn 16$1K$1K$107
TravelLn 17$922$922
InterestLn 20$11K$11K
InsuranceLn 23$125$125
Other expenses (24a–d)Ln 24$249K$182K$2K$65K
Total functional expensesLn 25$777K$640K$68K$69K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $671K$363K$308K$258K 990 PDF
FY2023 Viewing $533K$777K−$244K−$51K 990 PDF
FY2022 $468K$708K−$240K$193K 990 PDF
FY2021 $497K$476K$21K$916K 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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $532,819 across 3 lines filed
VIII-1f All other contributions, gifts and grants$532,819
VIII-1h Total contributions, gifts and grants$532,819
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$532,819
Part IX · Statement of functional expenses $776,793 across 16 lines filed
IX-3 Grants and assistance to foreign recipientsPrograms $434,730$434,730
IX-5 Pay of current officers, directors and key staffPrograms $5,157 · Management $5,802 · Fundraising $1,934$12,893
IX-7 Other salaries and wagesManagement $462$462
IX-9 Other employee benefitsPrograms $215 · Management $261 · Fundraising $81$557
IX-10 Payroll taxesPrograms $1,604 · Management $1,949 · Fundraising $602$4,155
IX-11b Legal feesManagement $95$95
IX-11c Accounting feesManagement $51,351$51,351
IX-11g Other fees for servicesManagement $2,318$2,318
IX-12 Advertising and promotionPrograms $2,435$2,435
IX-13 Office expensesPrograms $2,011 · Management $234$2,245
IX-14 Information technologyManagement $1,722 · Fundraising $1,489$3,211
IX-16 OccupancyManagement $1,385 · Fundraising $107$1,492
IX-17 TravelManagement $922$922
IX-20 InterestPrograms $11,139$11,139
IX-23 InsurancePrograms $125$125
IX-24 Other expenses (24a–d)Programs $182,440 · Management $1,650 · Fundraising $64,573$248,663
IX-25 Total functional expensesPrograms $639,856 · Management $68,151 · Fundraising $68,786$776,793
Part X · Balance sheet $279,387 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $179,383$167,964
X-3 Pledges and grants receivableStart of year $213,750$100,000
X-10c Land, buildings and equipment, netStart of year $745$745
X-15 Other assetsStart of year $31,510$10,678
X-16 Total assetsStart of year $425,388$279,387
X-17 Accounts payable and accrued expensesStart of year $3,010$2,404
X-24 Unsecured notes and loans payableStart of year $228,961$327,540
X-26 Total liabilitiesStart of year $231,971$329,944
X-27 Net assets without donor restrictionsStart of year $193,417−$50,557
X-32 Total net assets or fund balancesStart of year $193,417−$50,557
X-33 Total liabilities and net assetsStart of year $425,388$279,387
Part XI · Reconciliation of net assets −$50,557 net assets at year end
XI-1 Total revenue$532,819
XI-2 Total expenses$776,793
XI-3 Revenue less expenses−$243,974
XI-4 Net assets at start of year$193,417
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$50,557

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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