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Waterfall Foundation INC FY2023 filing

Tax-deductible

Atlanta, GA501(c)(3)Foundations & GrantmakersEIN 58-2442068Revenue $2.0M in FY2023

On file with the IRSPo Box 422223, 30342-9223 · Atlanta, GATax-exempt since Jun 2000Supporting organization — 509(a)(3)

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To serve as a supporting organization for other charitable organizations.

501(c)(3) charity; gifts are tax-deductible.
74¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 6
filings with a surplus
Average deficit $3.5M a year · 103% of revenue · last 6 filings
Concern: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
74%
of spending
Fine: 74% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
18 mo
of spending, in cash
Looks good: 18.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $26K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.0M
-83% vs prior year
Spent
$4.5M
To programs
74%
Net assets
$23.8M
By yearFY2020–FY2025
Revenue
$2.0M
FY2023▼ -83%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.0M
FY2021$467K
FY2022$12.2M
FY2023$2.0M
FY2024$1.9M
FY2025$1.0M
Expenses
$4.5M
FY2023▲ +15%
Tap a bar for its year
Expenses by fiscal year
FY2020$3.6M
FY2021$3.4M
FY2022$3.9M
FY2023$4.5M
FY2024$4.2M
FY2025$22.0M
Net assets
$23.8M
FY2023▼ -10%
Tap a bar for its year
Net assets by fiscal year
FY2020$21.0M
FY2021$17.8M
FY2022$26.4M
FY2023$23.8M
FY2024$21.5M
FY2025−$969K

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

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

74 cents of each dollar spent went to programs.

Program services 74% · $3.4M Management & general 26% · $1.2M

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 (FY2022); the FY2023 filing did not itemize Part VII
Erin Drury
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
Joe Smith
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
$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.

Questions for Waterfall Foundation INC

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Provided by the organization

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1 program · $3.4M · in their own filed words · FY2022
01

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

$3.4Mprogram 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 FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.0M
Ln 12
Investment incomeLn 3$1.8M
Other incomeLn 4–11$202K
Money outPt IX
$4.5M
Ln 25
Programscol B$3.4M
Managementcol C$1.2M
Owns and owesPt X
$23.8M
net assets · Ln 32
Cash and savingsLn 1–2$6.9M
Total assetsLn 16$23.8M
LiabilitiesLn 26$0
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$1.8M
Other incomeLn 4–11$202K
Gains on assetsLn 7$1.3M
Total revenueLn 12$2.0M
Assets in detailPt X, end of year
SavingsLn 2$6.9M
Cash and savings togetherLn 1–2$6.9M
Other assetsLn 15$15.6M
Total assetsLn 16$23.8M
LiabilitiesLn 26$0
Net assetsLn 32$23.8M
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
LineStart FY23End FY23
Cash and savingsLn 1–2$2.6M$6.9M
Total assetsLn 16$26.4M$23.8M
LiabilitiesLn 26$0$0
Net assetsLn 32$26.4M$23.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$3.4M$3.4M
Legal feesLn 11b$2K$2K
Accounting feesLn 11c$9K$9K
Investment management feesLn 11f$569K$569K
Other expenses (24a–d)Ln 24$595K$595K
Total functional expensesLn 25$4.5M$3.4M$1.2M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.0M$22.0M−$20.9M−$969K 990 PDF
FY2024 $1.9M$4.2M−$2.4M$21.5M 990 PDF
FY2023 Viewing $2.0M$4.5M−$2.5M$23.8M 990 PDF
FY2022 $12.2M$3.9M$8.2M$26.4M 990 PDF
FY2021 $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 FY2023 990 (6 parts)
Part I · Summary $2,016,518 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $12,614,591$1,814,515
I-11 Other revenuePrior year −$436,569$202,003
I-12 Total revenuePrior year $12,178,022$2,016,518
I-13 Grants and similar amounts paidPrior year $3,200,000$3,353,000
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 $742,238$1,174,433
I-18 Total expensesPrior year $3,942,238$4,527,433
I-19 Revenue less expensesPrior year $8,235,784−$2,510,915
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 $2,016,518 across 5 lines filed
VIII-3 Investment incomeExcluded from tax $477,074$477,074
VIII-5 RoyaltiesExcluded from tax $37,241$37,241
VIII-7 Net gain or loss on sales of assetsUnrelated business $181,374 · Excluded from tax $1,156,067$1,337,441
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business −$81,031 · Excluded from tax $245,793$164,762
VIII-12 Total revenueRelated to mission $0 · Unrelated business $100,343 · Excluded from tax $1,916,175$2,016,518
Part IX · Statement of functional expenses $4,527,433 across 5 lines filed
IX-1 Grants to domestic organizationsPrograms $3,353,000$3,353,000
IX-11b Legal feesManagement $1,603$1,603
IX-11c Accounting feesManagement $8,515$8,515
IX-11f Investment management feesManagement $568,919$568,919
IX-24 Other expenses (24a–d)Management $595,396$595,396
IX-25 Total functional expensesPrograms $3,353,000 · Management $1,174,433 · Fundraising $0$4,527,433
Part X · Balance sheet $23,841,129 assets, 8 lines filed
X-2 Savings and temporary cash investmentsStart of year $2,635,232$6,852,113
X-4 Accounts receivableStart of year $1,500,000$1,386,699
X-15 Other assetsStart of year $22,216,812$15,602,317
X-16 Total assetsStart of year $26,352,044$23,841,129
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $26,352,044$23,841,129
X-32 Total net assets or fund balancesStart of year $26,352,044$23,841,129
X-33 Total liabilities and net assetsStart of year $26,352,044$23,841,129
Part XI · Reconciliation of net assets $23,841,129 net assets at year end
XI-1 Total revenue$2,016,518
XI-2 Total expenses$4,527,433
XI-3 Revenue less expenses−$2,510,915
XI-4 Net assets at start of year$26,352,044
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$23,841,129

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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