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Mind First Foundation

Tax-deductible

Weston, MA501(c)(3)Medical Research EIN 46-1357012Revenue $58K in FY2024

On file with the IRSradvac.org61 Meadowbrook Rd, 02493-2407 · Weston, MATax-exempt since Apr 2014Publicly supported charity — 170(b)(1)(A)(vi)

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To communicate scientific information and conduct community outreach activities to increase public awareness of mental illness and dysfunction, and the resulting costs; (b) to obtain and distribute funds for sponsoring, collecting, and analyzing genomic, phenotypic, and other information to identify and understand biological determinants of mental illness and dysfunction; and (c) to fund, support, and conduct research into the scientific development of therapies to address these problems. This corporation is organized exclusively for charitable, scientific and education purposes as specified in section 501(c)(3) of the internal revenue code, including for such purposes, the making of distributions to organizations that qualify as exempt organizations under section 501(c)(3) of the internal revenue code, or the corresponding section of any future federal tax code.

501(c)(3) charity; gifts are tax-deductible.
70¢ of each $1 spent went to programs.
$448K 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

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 surplus $519K a year · 58% 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
70%
of spending
Fine: 70% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$448K
to officers and key staff · 77% of spending
Top officer’s pay higher than 99% of similar orgs
Concern: pay to officers and key staff is 77% of spending; over 30%.
Pt VII · Sec A
Cash reserves
41 mo
of spending, in cash
Looks good: 40.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $304K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2K
0.1% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 4 voting members
Concern: none of 4 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$58K
+12% vs prior year
Spent
$579K
To programs
70%
Net assets
$2.0M
By yearFY2021–FY2024
Revenue
$58K
FY2024▲ +12%
Tap a bar for its year
Revenue by fiscal year
FY2021$523K
FY2022$2.9M
FY2023$52K
FY2024$58K
Expenses
$579K
FY2024▲ +18%
Tap a bar for its year
Expenses by fiscal year
FY2021$108K
FY2022$325K
FY2023$490K
FY2024$579K
Net assets
$2.0M
FY2024▼ -20%
Tap a bar for its year
Net assets by fiscal year
FY2021$465K
FY2022$3.1M
FY2023$2.5M
FY2024$2.0M

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 2014.

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

Where the money goes

70 cents of each dollar spent went to programs.

Program services 70% · $405K Management & general 30% · $174K

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

5 people listed on the 990; $448K paid to officers and key staff.

Part VII, Section A · reportable compensation
$232,667Pt VII · Sec A
$102,000Pt VII · Sec A
Shelly Estep
Financial Administrator
$65,000Pt VII · Sec A
$48,000Pt VII · Sec A
Ranjan Ahuja
Director
$0Pt VII · Sec A

Preston W Estep III’s $233K as President is at the 99th percentile of top reported officer pay among 89 <$100K medical research 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 · 5 named individuals · Part VII

NameFY2024FY2023FY2022FY2021
Preston W Estep III$232,667$198,000$208,000$88,000
Alexander P Hoekstra——$126,000—
Alexand P Hoekstra$102,000$99,500$91,000$5,250
Shelly Estep$65,000$41,208$24,000—
Brian Delaney$48,000$48,000$64,000$2,000

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 Mind First Foundation 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

Educates the public about mental illness, funds research, and supports therapy development.

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Provided by the organization

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3 programs · $405K · in their own filed words · FY2024
01

R&D funding granted for in-house R&D of open source SARS-COV2 vaccine. Research of ai model architectures and methods for rapid pandemic responses, including ai models for designing highly effective and safe vaccines and for selecting immediate-response countermeasures that are appropriate for a range of bioweapon threats.

$405Kprogram expense
02

Mind first foundation held two public events on the risks of ai. Both events were open to the public and held at microsoft new england research & development center. The event on june 29 focused on the potential risks and benefits of ai superintelligence, and a second event on november 22 focused on the work of ai safety pioneer steve…

Pt IX · col B
03

Scientific Conference Sponsorship

No funds were granted

Pt IX · col B

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 · FY2021
Effective Ventures Foundation USA INCFY2021$200K
Vanguard Charitable Endowment ProgramFY2021$104K
Total grants receivedfrom 2 funders$304K

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$58K
Ln 12
Investment incomeLn 3$58K
Gifts and grantsLn 1h$635
Money outPt IX
$579K
Ln 25
Programscol B$405K
Managementcol C$174K
Owns and owesPt X
$2.0M
net assets · Ln 32
Cash and savingsLn 1–2$2.0M
Total assetsLn 16$2.0M
LiabilitiesLn 26$2K
PeoplePt VI, VII
5
listed · VII A
PaidVII A4
Voting boardVI 1a4
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$635
Investment incomeLn 3$58K
Total revenueLn 12$58K
Assets in detailPt X, end of year
CashLn 1$2.0M
Cash and savings togetherLn 1–2$2.0M
InvestmentsLn 11–13$40K
Land, buildings, equipmentLn 10c$14K
Total assetsLn 16$2.0M
LiabilitiesLn 26$2K
Net assetsLn 32$2.0M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
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$2.5M$2.0M
InvestmentsLn 11–13$40K$40K
Land, buildings, equipmentLn 10c$13K$14K
Total assetsLn 16$2.5M$2.0M
LiabilitiesLn 26$5K$2K
Net assetsLn 32$2.5M$2.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$448K$358K$90K
Payroll taxesLn 10$32K$25K$6K
Accounting feesLn 11c$24K$24K
Office expensesLn 13$20K$16K$4K
OccupancyLn 16$44K$44K
Depreciation, depletion and amortizationLn 22$4K$4K
InsuranceLn 23$2K$1K$317
Other expenses (24a–d)Ln 24$5K$4K$970
Total functional expensesLn 25$579K$405K$174K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $58K$579K−$521K$2.0M 990 PDF
FY2023 $52K$490K−$438K$2.5M 990 PDF
FY2022 $2.9M$325K$2.6M$3.1M 990 PDF
FY2021 $523K$108K$414K$465K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $58,286 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,563$635
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $50,425$57,651
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $51,988$58,286
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 $416,492$479,482
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $73,296$99,571
I-18 Total expensesPrior year $489,788$579,053
I-19 Revenue less expensesPrior year −$437,800−$520,767
Part VI · Governance 0 of 4 board members independent, 4 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members0
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $58,286 across 4 lines filed
VIII-1f All other contributions, gifts and grants$635
VIII-1h Total contributions, gifts and grants$635
VIII-3 Investment incomeRelated to mission $57,651$57,651
VIII-12 Total revenueRelated to mission $57,651 · Unrelated business $0 · Excluded from tax $0$58,286
Part IX · Statement of functional expenses $579,053 across 8 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $358,234 · Management $89,559$447,793
IX-10 Payroll taxesPrograms $25,351 · Management $6,338$31,689
IX-11c Accounting feesManagement $24,500$24,500
IX-13 Office expensesPrograms $16,190 · Management $4,047$20,237
IX-16 OccupancyManagement $44,295$44,295
IX-22 Depreciation, depletion and amortizationManagement $4,103$4,103
IX-23 InsurancePrograms $1,268 · Management $317$1,585
IX-24 Other expenses (24a–d)Programs $3,881 · Management $970$4,851
IX-25 Total functional expensesPrograms $404,924 · Management $174,129 · Fundraising $0$579,053
Part X · Balance sheet $2,025,140 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $2,493,391$1,961,829
X-4 Accounts receivableStart of year $2,788$9,892
X-10c Land, buildings and equipment, netStart of year $12,625$13,821
X-13 Program-related investmentsStart of year $39,598$39,598
X-16 Total assetsStart of year $2,548,402$2,025,140
X-17 Accounts payable and accrued expensesStart of year $4,729$2,235
X-26 Total liabilitiesStart of year $4,729$2,235
X-27 Net assets without donor restrictionsStart of year $2,543,673$2,022,905
X-32 Total net assets or fund balancesStart of year $2,543,673$2,022,905
X-33 Total liabilities and net assetsStart of year $2,548,402$2,025,140
Part XI · Reconciliation of net assets $2,022,905 net assets at year end
XI-1 Total revenue$58,286
XI-2 Total expenses$579,053
XI-3 Revenue less expenses−$520,767
XI-4 Net assets at start of year$2,543,673
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,022,905

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

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