Forever 56 Foundation INC

Tax-deductible

Verona, WI501(c)(3)Foundations & GrantmakersEIN 82-4654890

Forever 56 foundation provides support and scholarships to youth and organizations that exemplify the spirit of eric oconnor

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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 2
filings with a surplus
Average surplus $11K a year · 19% of revenue · last 2 filings
Looks good: a surplus in 2 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
25 mo
of spending, in cash
Looks good: 24.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$56K
-7% vs prior year
Spent
$55K
To programs
100%
Net assets
$115K
By yearFY2023–FY2024
Revenue
$56K
FY2024▼ -7%
Revenue by fiscal year
FY2023$60K
FY2024$56K
Expenses
$55K
FY2024▲ +43%
Expenses by fiscal year
FY2023$39K
FY2024$55K
Net assets
$115K
FY2024▲ +2%
Net assets by fiscal year
FY2023$113K
FY2024$115K

From the FY2024 Form 990 · see the original

Is it real?

Yes. Exemption reinstated (2023-05-15). Per the IRS revocation list. Latest filing on record: FY2024. IRS ruling in Oct 2023.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $55K Management & general 0% · $225

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
President
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Forever 56 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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides support and scholarships to youth and organizations embodying a spirit of giving.

Provided by the organization

This section is blank until Forever 56 Foundation INC claims this page.

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1 program service account for $55K of program spending, described in the organization's own filed words · FY2024.
01

Giving out scholarships and supporting youth organizations that exemplify erics spirit

$55Kprogram expense

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By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$56K
Ln 12
Gifts and grantsLn 1h$49K
Other incomeLn 4–11$6K
Investment incomeLn 3$1K
Money outPt IX
$55K
Ln 25
Programscol B$55K
Managementcol C$225
Owns and owesPt X
$115K
net assets · Ln 32
Cash and savingsLn 1–2$115K
Total assetsLn 16$115K
LiabilitiesLn 26$0
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$49K
Fundraising eventsLn 1c$49K
Investment incomeLn 3$1K
Other incomeLn 4–11$6K
Total revenueLn 12$56K
Assets in detailPt X, end of year
CashLn 1$65K
SavingsLn 2$50K
Cash and savings togetherLn 1–2$115K
Total assetsLn 16$115K
LiabilitiesLn 26$0
Net assetsLn 32$115K
OperationsPt I, VI
EmployeesI 50
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$113K$115K
Total assetsLn 16$113K$115K
LiabilitiesLn 26$0$0
Net assetsLn 32$113K$115K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$210$210
Office expensesLn 13$342$327$15
Other expenses (24a–d)Ln 24$55K$55K
Total functional expensesLn 25$55K$55K$225$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $56K$55K$509$115K 990 PDF
FY2023 $60K$39K$21K$113K 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 FY2024 990 (4 parts)
Part VIII · Statement of revenue $55,855 across 5 lines filed
Lines not itemized here account for $5,959 of total revenue; see the IRS return.
VIII-1c Fundraising events$48,708
VIII-1h Total contributions, gifts and grants$48,708
VIII-3 Investment incomeRelated to mission $1,188$1,188
VIII-8 Net income from fundraising events$0
VIII-12 Total revenueRelated to mission $7,147 · Unrelated business $0 · Excluded from tax $0$55,855
Part IX · Statement of functional expenses $55,346 across 3 lines filed
IX-11c Accounting feesManagement $210$210
IX-13 Office expensesPrograms $327 · Management $15$342
IX-24 Other expenses (24a–d)Programs $54,794$54,794
IX-25 Total functional expensesPrograms $55,121 · Management $225 · Fundraising $0$55,346
Part X · Balance sheet $114,863 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $67,524$64,750
X-2 Savings and temporary cash investmentsStart of year $45,544$50,113
X-16 Total assetsStart of year $113,068$114,863
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $113,068$114,863
X-32 Total net assets or fund balancesStart of year $113,068$114,863
X-33 Total liabilities and net assetsStart of year $113,068$114,863
Part XI · Reconciliation of net assets $114,863 net assets at year end
XI-1 Total revenue$55,855
XI-2 Total expenses$55,346
XI-3 Revenue less expenses$509
XI-4 Net assets at start of year$113,068
XI-5 Net unrealized gains (losses) on investments$1,286
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$114,863

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

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