Boardsource EIN 52-1681375

Boardsource FY2023 filing

EIN  52-1681375 Public charity (501(c)(3)) Washington, DC Founded 1990
Form 990 (PDF)
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →
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Verified accurate 8/26/26 · see original filing: IRS
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Size
$1–10M
What they do
Empowering nonprofit leaders to govern with justice and purpose.
Leadership
Monika Kalra Varma · President & CEO · $320K
Money in and out
$4.1M revenue, $4.7M expenses
Bottom line
68% program efficiency

Empowering nonprofit leaders to govern with justice and purpose. For fiscal year 2023 it reported $4.1M in revenue, $4.7M in expenses, and $7.9M in net assets.Pt I

Where the money goes · FY2023
Total revenue
$4.1M
Pt VIII · Ln 12
Total expenses
$4.7M
Pt IX · Ln 25
Net assets
$7.9M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$570K
Where spending went · Part IX cols B–D
Program services $0.68 Management & general $0.27 Fundraising $0.06
Program efficiency
68%
of spending reaches programs
Operating runway
20.5mo
months of highly liquid reserves at operating expense rate
Surplus margin
-14%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Revenue
$4.1M
FY2023▲ +8%
Expenses
$4.7M
FY2023▲ +17%
Total assets
$10.1M
FY2023▼ -7%
Total liabilities
$2.2M
FY2023▼ -17%
Total revenue
$4.1M
Pt VIII · Ln 12
Total expenses
$4.7M
Pt IX · Ln 25
Net assets
$7.9M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$570K
Total assetsPt X · Ln 16$10.1M
Program-expense ratioPt IX · col B68%
Voting members of governing bodyPt I · Ln 311
Independent voting membersPt I · Ln 411
Mission & Programs · Part III

Where the work happens

3 program services account for $2.9M of program spending, described in the organization's own filed words · FY2023.
01

Sector Leadership Initiatives

Boardsource's research and leadership calls attention to the importance of strong boards, creating awareness and action around challenges facing nonprofit leaders and identifying opportunities to unleash greater impact for the sector as a whole.

$1.3Mprogram expense
02

Educational Programs for Members

Boardsource supports the technical support and educational needs of nonprofit leaders, boards, and organizations through a set of membership programs designed for nonprofit organizations and individual leaders (including programs with group access to individual membership support for foundations, federated networks, and corporations).

$1.2Mprogram expense
03

Assessment Services

Boardsource's assessment services help organizations identify core issues in their board performance and development. In 2023, boardsource delivered over 1,000 board self assessments and chief executive assessments.

$453Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CBoardsource
EINHdr · item D52-1681375
Principal addressHdr · item CWashington, DC
WebsiteHdr · item Jwww.boardsource.org
Year of formationHdr · item L1990
State of legal domicileHdr · item MDC
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFArts & Culture (A33Z)
Ruling yearIRS BMFAug 1990

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a11
Independent voting membersPt VI · Ln 1b11
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President & CEO
$320,201Pt VII · Sec A
Chief of Staff
$182,599Pt VII · Sec A
Former Associate VP, Member Edu.
$165,699Pt VII · Sec A
Associate VP, Fnd Relations
$157,086Pt VII · Sec A
Dir. Governance Strategy
$127,047Pt VII · Sec A
Dir. Member Engagement & Marketing
$125,149Pt VII · Sec A
Dir. Governance Networks & Innovation
$124,995Pt VII · Sec A
VP, Finance
$121,563Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Monika Kalra Varma$378,046$329,440$320,201
Anne Wallestad$276,622$293,914$241,962
Judy Reckelhoff$209,119$209,684$182,599$171,932$136,685$120,227
Tara Huffman$191,037$156,935
Stella Ford$173,934$178,362$157,086$147,267
Andrew Davis$165,699$151,860$132,185$121,659
James Taylor$158,176$148,763
Mina Shin$138,812$125,149

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.

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Statement of Revenue

Part VIII
Program service revenue$2.8M · 69%
Contributions & grants$756K · 18%
Investment income$276K · 7%
Other revenue$263K · 6%
Program service revenue69%$2.8M
Contributions & grants18%$756K
Investment income7%$276K
Other revenue6%$263K
Total revenueLn 12$4.1M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.68 Management & general $0.27 Fundraising $0.06
Program services68%$3.2M
Management & general27%$1.2M
Fundraising6%$264K
Total functional expensesLn 25$4.7M

Balance Sheet

Part X · end of year
CashLn 1$867K
Total assetsLn 16$10.1M
Total liabilitiesLn 26$2.2M
Total net assetsLn 32$7.9M
Months of cash on handcomputed2.2

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $8.0M · Operating expenses/yr $4.7M
20.5 months
Where the money goes
Program services
Program services $3.2M · Total expenses $4.7M
68%
Management & General
Management & general $1.2M · Total expenses $4.7M
27%
Fundraising
Fundraising $264K · Total expenses $4.7M
6%
Cost to raise $1
Fundraising expense (3-yr avg) $275K · Solicited contributions (3-yr avg) $2.5M
$0.11 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $756K · Total revenue $4.1M
18%
Government reliance
Government grants — · Total revenue $4.1M
Earned-income share
Program service revenue $2.8M · Total revenue $4.1M
69%
Investment reliance
Investment income $276K · Total revenue $4.1M
+7%
Program self-sufficiency
Program service revenue $2.8M · Total expenses $4.7M
60%
Growth & trend
Revenue growth (YoY)
This year $4.1M · Prior year $3.8M
+8%
Net-asset trend (YoY)
End of year $7.9M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $4.1M · Expenses $4.7M
-14%
Liabilities-to-Assets
Total liabilities — · Total assets $10.1M
Net-asset ratio
Net assets $7.9M · Total assets $10.1M
78%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $7.2M · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $10.1M
71%
People & payroll
Highest Reported Total Compensation
Individual Monika Kalra Varma · Reported title PRESIDENT & CEO · Highest reported compensation $320K · Total expenses $4.7M
7%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $2.6M · Total expenses $4.7M
56%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 68%
Overhead ratio 27%
Fundraising cost ratio 35%
Revenue growth 8%
Investment management fee ratio 0%
Legal fee ratio 0%
Accounting fee ratio 1%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · funders on record
Grants received · FY2024
See all 9 funders →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$3.5M revenue · ⤓ 990 PDF
FY2024$4.1M revenue · ⤓ 990 PDF
FY2023$4.1M revenue · viewing · ⤓ 990 PDF
FY2022$3.8M revenue · ⤓ 990 PDF
FY2021$9.4M revenue · ⤓ 990 PDF
FY2020$3.7M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2023IRS
Classification, formation year, addressIRS Business Master File
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