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False Profit INC FY2020 filing

Tax-deductible

San Francisco, CA501(c)(3)Arts & CultureEIN 46-5723196

On file with the IRSpricelessfestival.org584 Castro Street 2293, 94114-2512 · San Francisco, CATax-exempt since Dec 2015Publicly supported — 509(a)(2)

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To provide cultural advancements through art, music, and education.

501(c)(3) charity; gifts are tax-deductible.
71¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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
2 of 3
filings with a surplus
Average surplus $20K a year · 9% of revenue · last 3 filings
Fine: a surplus in 2 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
71%
of spending
Fine: 71% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
21 mo
of spending, in cash
Looks good: 21.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $151K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$81
0.1% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$0
Spent
$44K
To programs
71%
Net assets
$78K
By yearFY2020–FY2024
Revenue
$0
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$0
FY2021$40K
FY2022$149K
FY2023$273K
FY2024$363K
Expenses
$44K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$44K
FY2021Not on file
FY2022Not on file
FY2023$235K
FY2024$297K
Net assets
$78K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$78K
FY2021$70K
FY2022$76K
FY2023$113K
FY2024$179K

From the FY2020 Form 990 · 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 Dec 2015.

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

Where the money goes

71 cents of each dollar spent went to programs.

Program services 71% · $31K Management & general 29% · $13K

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

3 people listed on the 990.

Part VII, Section A · reportable compensation
Sasha Yee
Treasurer
$0Pt VII · Sec A
Jef Pearlman
Secretary
$0Pt VII · Sec A
Carrie Brown
President
$0Pt VII · Sec A
See False Profit 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

Promotes cultural growth via art, music, and education.

Questions for False Profit INC

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Provided by the organization

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1 program · $31K · in their own filed words · FY2020
01

2020 Festival operations were temporarily suspended due to the COVID-19 pandemic. The charitable grant program continued throughout 2020 and resulted in $26,237 of contributions made to charitable organizations.

$31Kprogram 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
Donor Advised Charitable Giving INCFY2024$151K
Total grants receivedfrom 1 funder$151K
Grants paid · 1 grant · $26K · 2020–2020
Phage INCCA · FY2020$26,040

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$0
Ln 12
Money outPt IX
$44K
Ln 25
Programscol B$31K
Managementcol C$13K
Owns and owesPt X
$78K
net assets · Ln 32
Cash and savingsLn 1–2$78K
Total assetsLn 16$78K
LiabilitiesLn 26$81
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Total revenueLn 12$0
Assets in detailPt X, end of year
CashLn 1$78K
Cash and savings togetherLn 1–2$78K
Total assetsLn 16$78K
LiabilitiesLn 26$81
Net assetsLn 32$78K
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
Fiscal year endsHeaderDecember
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 FY20End FY20
Cash and savingsLn 1–2$124K$78K
Total assetsLn 16$124K$78K
LiabilitiesLn 26$81$81
Net assetsLn 32$124K$78K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$26K$26K
Accounting feesLn 11c$1K$1K
Other fees for servicesLn 11g$428$428
Advertising and promotionLn 12$666$666
OccupancyLn 16$9K$2K$7K
InsuranceLn 23$3K$3K
Other expenses (24a–d)Ln 24$3K$2K$1K
Total functional expensesLn 25$44K$31K$13K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $363K$297K$66K$179K 990 PDF
FY2023 $273K$235K$38K$113K 990 PDF
FY2022 $149K$76K 990 PDF
FY2021 $40K$70K 990 PDF
FY2020 Viewing $0$44K−$44K$78K 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 $0 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $12,551$0
I-9 Program service revenuePrior year $267,346$0
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenuePrior year $279,897$0
I-13 Grants and similar amounts paidPrior year $12,020$26,237
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $240,423$17,697
I-18 Total expensesPrior year $252,443$43,934
I-19 Revenue less expensesPrior year $27,454−$43,934
Part VI · Governance 3 of 3 board members independent, 3 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
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
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $0 across 1 lines filed
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
Part IX · Statement of functional expenses $43,934 across 7 lines filed
IX-1 Grants to domestic organizationsPrograms $26,237$26,237
IX-11c Accounting feesManagement $1,333$1,333
IX-11g Other fees for servicesPrograms $428$428
IX-12 Advertising and promotionPrograms $666$666
IX-16 OccupancyPrograms $2,000 · Management $6,900$8,900
IX-23 InsuranceManagement $3,334$3,334
IX-24 Other expenses (24a–d)Programs $1,945 · Management $1,091$3,036
IX-25 Total functional expensesPrograms $31,276 · Management $12,658 · Fundraising $0$43,934
Part X · Balance sheet $77,938 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $124,470$77,938
X-16 Total assetsStart of year $124,470$77,938
X-25 Other liabilitiesStart of year $81$81
X-26 Total liabilitiesStart of year $81$81
X-32 Total net assets or fund balancesStart of year $124,389$77,857
X-33 Total liabilities and net assetsStart of year $124,470$77,938
Part XI · Reconciliation of net assets $77,857 net assets at year end
XI-1 Total revenue$0
XI-2 Total expenses$43,934
XI-3 Revenue less expenses−$43,934
XI-4 Net assets at start of year$124,389
XI-8 Prior period adjustments−$2,598
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$77,857

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

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