Waterfall Foundation INC: FY2021 Nonprofit Profile & Form 990 (EIN 58-2442068)

Revenue by fiscal year
FY2020	$3.0M
FY2021	$467K
FY2022	$12.2M
FY2023	$2.0M
FY2024	$1.9M
FY2025	$1.0M

Expenses by fiscal year
FY2020	$3.6M
FY2021	$3.4M
FY2022	$3.9M
FY2023	$4.5M
FY2024	$4.2M
FY2025	$22.0M

Net assets by fiscal year
FY2020	$21.0M
FY2021	$17.8M
FY2022	$26.4M
FY2023	$23.8M
FY2024	$21.5M
FY2025	−$969K

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 2000.

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

Where the money goes

88 cents of each dollar spent went to programs.

88%

12%

Program services 88% · $3.0M Management & general 12% · $418K

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.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII

Erin Drury

Trustee

$0Pt VII · Sec A

Wendy Moore

Trustee

$0Pt VII · Sec A

Joe Smith

Trustee

$0Pt VII · Sec A

Michael Masters

Trustee

$0Pt VII · Sec A

Suzanne Masters

Chairman

$0Pt VII · Sec A

See Waterfall Foundation 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 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides direct grants to 501(c)(3) nonprofits to support and advance their charitable missions.

Provided by the organization

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1 program · $3.0M · in their own filed words · FY2020

01

Direct grants to 501(c)(3) organizations which achieve charitable purposes.

$3.0Mprogram 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 · FY2023

Clearpath INCFY2023$26K

Total grants receivedfrom 1 funder$26K

Grants paid · 248 grants · $37.3M · 2019–2024

Fidelity Investments Charitable Gift FundMA · FY2024$20,930,045

St Croix Mission Outreach INCVI · FY2024$100,000

Inner-City Muslim Action NetworkIL · FY2024$50,000

Community Friendship INCGA · FY2024$50,000

Candler Park ConservancyGA · FY2024$50,000

The Trust for Public LandCA · FY2023$350,000

Chattahoochee Nature Center INCGA · FY2023$250,000

Chastain Park Conservancy INCGA · FY2023$200,000

St Croix Mission Outreach INCVI · FY2023$150,000

Mustard Seed Communities INCMA · FY2023$150,000

Girl Scouts of Greater Atlanta INCGA · FY2023$150,000

Catholic Relief ServicesMD · FY2023$150,000

Buckhead Christian Ministry INCGA · FY2023$100,000

Atlanta Beltline Partnership INCGA · FY2023$100,000

Childspring International INCGA · FY2023$80,000

Southern Environmental Law CenterVA · FY2023$75,000

The Sandwich Project INCGA · FY2023$75,000

Visiting Nurse Health System INCGA · FY2023$50,000

See all 248 grants →

By the numbers

The FY2021 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$467K

Ln 12

Gifts and grantsLn 1h$500K

Investment incomeLn 3$361K

Money outPt IX

$3.4M

Ln 25

Programscol B$3.0M

Managementcol C$418K

Owns and owesPt X

$17.8M

net assets · Ln 32

Cash and savingsLn 1–2$1.0M

Total assetsLn 16$17.8M

LiabilitiesLn 26$0

PeoplePt VI, VII

5

listed · VII A

PaidVII A0

Voting boardVI 1a5

IndependentVI 1b5

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$500K

Investment incomeLn 3$361K

Gains on assetsLn 7−$393K

Total revenueLn 12$467K

Assets in detailPt X, end of year

SavingsLn 2$1.0M

Cash and savings togetherLn 1–2$1.0M

Other assetsLn 15$16.8M

Total assetsLn 16$17.8M

LiabilitiesLn 26$0

Net assetsLn 32$17.8M

OperationsPt I, VI

EmployeesI 50

VolunteersI 65

Fiscal year endsHeaderJune

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

Line	Start FY21	End FY21
Cash and savingsLn 1–2	$204K	$1.0M
Total assetsLn 16	$21.0M	$17.8M
LiabilitiesLn 26	$0	$0
Net assetsLn 32	$21.0M	$17.8M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$3.0M	$3.0M
Accounting feesLn 11c	$12K		$12K
Investment management feesLn 11f	$358K		$358K
InterestLn 20	$37K		$37K
Other expenses (24a–d)Ln 24	$10K		$10K
Total functional expensesLn 25	$3.4M	$3.0M	$418K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$1.0M	$22.0M	−$20.9M	−$969K	990 PDF
FY2024	$1.9M	$4.2M	−$2.4M	$21.5M	990 PDF
FY2023	$2.0M	$4.5M	−$2.5M	$23.8M	990 PDF
FY2022	$12.2M	$3.9M	$8.2M	$26.4M	990 PDF
FY2021 Viewing	$467K	$3.4M	−$3.0M	$17.8M	990 PDF
FY2020	$3.0M	$3.6M	−$651K	$21.0M	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 FY2021 990 (6 parts)

Part I · Summary $467,284 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $2,025,000$500,000

I-9 Program service revenuePrior year $0$0

I-10 Investment incomePrior year $963,792−$32,716

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $2,988,792$467,284

I-13 Grants and similar amounts paidPrior year $3,606,900$3,030,000

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $0$0

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $32,743$417,661

I-18 Total expensesPrior year $3,639,643$3,447,661

I-19 Revenue less expensesPrior year −$650,851−$2,980,377

Part VI · Governance 5 of 5 board members independent, 5 to look at

VI-1a Voting members of the governing body5

VI-1b Independent voting members5

VI-2 Family or business relationship among officers or directorsYes

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

Part VIII · Statement of revenue $467,284 across 5 lines filed

VIII-1f All other contributions, gifts and grants$500,000

VIII-1h Total contributions, gifts and grants$500,000

VIII-3 Investment incomeExcluded from tax $360,573$360,573

VIII-7 Net gain or loss on sales of assetsExcluded from tax −$393,289−$393,289

VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax −$32,716$467,284

Part IX · Statement of functional expenses $3,447,661 across 5 lines filed

IX-1 Grants to domestic organizationsPrograms $3,030,000$3,030,000

IX-11c Accounting feesManagement $12,326$12,326

IX-11f Investment management feesManagement $357,697$357,697

IX-20 InterestManagement $37,317$37,317

IX-24 Other expenses (24a–d)Management $10,321$10,321

IX-25 Total functional expensesPrograms $3,030,000 · Management $417,661 · Fundraising $0$3,447,661

Part X · Balance sheet $17,781,141 assets, 7 lines filed

X-2 Savings and temporary cash investmentsStart of year $204,209$1,028,604

X-15 Other assetsStart of year $20,817,220$16,752,537

X-16 Total assetsStart of year $21,021,429$17,781,141

X-26 Total liabilitiesStart of year $0$0

X-27 Net assets without donor restrictionsStart of year $21,021,429$17,781,141

X-32 Total net assets or fund balancesStart of year $21,021,429$17,781,141

X-33 Total liabilities and net assetsStart of year $21,021,429$17,781,141

Part XI · Reconciliation of net assets $17,781,141 net assets at year end

XI-1 Total revenue$467,284

XI-2 Total expenses$3,447,661

XI-3 Revenue less expenses−$2,980,377

XI-4 Net assets at start of year$21,021,429

XI-5 Net unrealized gains (losses) on investments−$259,911

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$17,781,141

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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Waterfall Foundation INC FY2021 filing

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV