Cycle Connect INC FY2024 filing

Tax-deductible

New York, NY501(c)(3)Since 2009InternationalEIN 27-1175814Revenue $671K in FY2024

On file with the IRS244 Fifth Avenue D222, 10001-7604 · New York, NYTax-exempt since Jan 2013Publicly supported charity — 170(b)(1)(A)(vi)

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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.
84¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
84%
of spending
Looks good: 84% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
5 mo
of spending, in cash
Looks good: 5.2 months of spending in cash; 3 or more.
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
$151K
37% of total assets
Looks good: liabilities are 37% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$671K
+26% vs prior year
Spent
$363K
To programs
84%
Net assets
$258K
By yearFY2021–FY2024
Revenue
$671K
FY2024▲ +26%
Tap a bar for its year
Revenue by fiscal year
FY2021$497K
FY2022$468K
FY2023$533K
FY2024$671K
FY2024$133K
Expenses
$363K
FY2024▼ -53%
Tap a bar for its year
Expenses by fiscal year
FY2021$476K
FY2022$708K
FY2023$777K
FY2024$363K
FY2024$658K
Net assets
$258K
FY2024▲ +610%
Tap a bar for its year
Net assets by fiscal year
FY2021$916K
FY2022$193K
FY2023−$51K
FY2024$258K
FY2024−$267K

From the FY2024 Form 990 (year ending June 2024) · see the original

Form 990 (PDF) Claim
You’re viewing the FY2024 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

84 cents of each dollar spent went to programs.

Program services 84% · $305K Management & general 10% · $38K Fundraising 6% · $21K

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.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Board Chair
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
Director
$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 · $305K · in their own filed words · FY2023
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.

$305Kprogram 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 · FY2024
See all 7 funders →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$671K
Ln 12
Gifts and grantsLn 1h$671K
Money outPt IX
$363K
Ln 25
Programscol B$305K
Managementcol C$38K
Fundraisingcol D$21K
Owns and owesPt X
$258K
net assets · Ln 32
Cash and savingsLn 1–2$156K
Total assetsLn 16$408K
LiabilitiesLn 26$151K
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$671K
Total revenueLn 12$671K
Assets in detailPt X, end of year
CashLn 1$156K
Cash and savings togetherLn 1–2$156K
Land, buildings, equipmentLn 10c$745
Other assetsLn 15$2K
Total assetsLn 16$408K
LiabilitiesLn 26$151K
Net assetsLn 32$258K
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 FY24End FY24
Cash and savingsLn 1–2$168K$156K
Land, buildings, equipmentLn 10c$745$745
Total assetsLn 16$279K$408K
LiabilitiesLn 26$330K$151K
Net assetsLn 32−$51K$258K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants and assistance to foreign recipientsLn 3$295K$295K
Legal feesLn 11b$95$95
Accounting feesLn 11c$17K$17K
Other fees for servicesLn 11g$22K$14K$8K
Advertising and promotionLn 12$3K$3K
Office expensesLn 13$3K$1K$511$771
OccupancyLn 16$1K$1K
TravelLn 17$712$712
InterestLn 20$6K$6K
Other expenses (24a–d)Ln 24$15K$2K$2K$11K
Total functional expensesLn 25$363K$305K$38K$21K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Viewing $671K$363K$308K$258K 990 PDF
FY2023 $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 FY2024 990 (6 parts)
Part I · Summary $671,360 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $532,819$671,360
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $532,819$671,360
I-13 Grants and similar amounts paidPrior year $434,730$295,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $18,067$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $323,996$68,001
I-18 Total expensesPrior year $776,793$363,001
I-19 Revenue less expensesPrior year −$243,974$308,359
Part VI · Governance 9 of 9 board members independent, 2 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-13 Written whistleblower policyNo
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-15a Process for setting top official's payYes
Part VIII · Statement of revenue $671,360 across 3 lines filed
VIII-1f All other contributions, gifts and grants$671,360
VIII-1h Total contributions, gifts and grants$671,360
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$671,360
Part IX · Statement of functional expenses $363,001 across 10 lines filed
IX-3 Grants and assistance to foreign recipientsPrograms $295,000$295,000
IX-11b Legal feesManagement $95$95
IX-11c Accounting feesManagement $16,940$16,940
IX-11g Other fees for servicesManagement $13,795 · Fundraising $8,409$22,204
IX-12 Advertising and promotionManagement $2,594$2,594
IX-13 Office expensesPrograms $1,341 · Management $511 · Fundraising $771$2,623
IX-16 OccupancyManagement $1,452$1,452
IX-17 TravelManagement $712$712
IX-20 InterestPrograms $6,286$6,286
IX-24 Other expenses (24a–d)Programs $1,926 · Management $1,809 · Fundraising $11,360$15,095
IX-25 Total functional expensesPrograms $304,553 · Management $37,908 · Fundraising $20,540$363,001
Part X · Balance sheet $408,378 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $167,964$156,078
X-3 Pledges and grants receivableStart of year $100,000$250,000
X-10c Land, buildings and equipment, netStart of year $745$745
X-15 Other assetsStart of year $10,678$1,555
X-16 Total assetsStart of year $279,387$408,378
X-17 Accounts payable and accrued expensesStart of year $2,404$6,090
X-24 Unsecured notes and loans payableStart of year $327,540$144,486
X-26 Total liabilitiesStart of year $329,944$150,576
X-27 Net assets without donor restrictionsStart of year −$50,557$257,802
X-32 Total net assets or fund balancesStart of year −$50,557$257,802
X-33 Total liabilities and net assetsStart of year $279,387$408,378
Part XI · Reconciliation of net assets $257,802 net assets at year end
XI-1 Total revenue$671,360
XI-2 Total expenses$363,001
XI-3 Revenue less expenses$308,359
XI-4 Net assets at start of year−$50,557
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$257,802

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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