Key Change INC: FY2021 Nonprofit Profile & Form 990 (EIN 83-3116152)

Revenue by fiscal year
FY2020	$1.2B
FY2021	$69.6M
FY2022	$46.0M
FY2023	$133.9M
FY2024	$61.7M

Expenses by fiscal year
FY2020	$15.7M
FY2021	$98.6M
FY2022	$125.6M
FY2023	$79.1M
FY2024	$95.6M

Net assets by fiscal year
FY2020	$1.3B
FY2021	$1.3B
FY2022	$1.2B
FY2023	$1.2B
FY2024	$1.2B

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 2020.

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

Where the money goes

86 cents of each dollar spent went to programs.

86%

14%

Program services 86% · $85.0M Management & general 14% · $13.6M

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

1 person listed on the 990.

Part VII, Section A · reportable compensation

C Chase Koch

Director/Pres./Sec./Treas.

$0Pt VII · Sec A

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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

Empowering people to reach their full potential through principled organizations.

Provided by the organization

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1 program · $85.0M · in their own filed words · FY2021

01

Supporting principled based organizations that empower people to realize their potential

$85.0Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking

Grants paid · 9 grants · $343.7M · 2020–2024

Stand Together C4 FundVA · FY2024$50,000,000

Movement Musick INCKS · FY2024$20,000,000

Stand Together C4 FundVA · FY2023$50,000,000

Movement Musick INCKS · FY2023$15,000,000

Stand Together C4 FundVA · FY2022$65,000,000

Music C4 INCKS · FY2022$45,000,000

Music Ecosystems and Artist Development Organization of Wichita INCKS · FY2022$1,215,000

Stand Together Chamber of Commerce INCVA · FY2021$85,000,000

National Philanthropic TrustPA · FY2020$12,500,000

By the numbers

The FY2021 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$69.6M

Ln 12

Investment incomeLn 3$40.0M

Other incomeLn 4–11$29.6M

Money outPt IX

$98.6M

Ln 25

Programscol B$85.0M

Managementcol C$13.6M

Owns and owesPt X

$1.3B

net assets · Ln 32

Cash and savingsLn 1–2$98.6M

Total assetsLn 16$1.3B

LiabilitiesLn 26$0

PeoplePt VI, VII

1

listed · VII A

PaidVII A0

Voting boardVI 1a1

IndependentVI 1b1

2In more detail

Revenue in detailPt VIII

Investment incomeLn 3$40.0M

Other incomeLn 4–11$29.6M

Gains on assetsLn 7$14.0M

Total revenueLn 12$69.6M

Assets in detailPt X, end of year

SavingsLn 2$98.6M

Cash and savings togetherLn 1–2$98.6M

InvestmentsLn 11–13$1.18B

Total assetsLn 16$1.3B

LiabilitiesLn 26$0

Net assetsLn 32$1.3B

OperationsPt I, VI

EmployeesI 50

VolunteersI 61

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY21	End FY21
Cash and savingsLn 1–2	$18.2M	$98.6M
InvestmentsLn 11–13	$1.12B	$1.18B
Total assetsLn 16	$1.26B	$1.28B
LiabilitiesLn 26	$0	$0
Net assetsLn 32	$1.26B	$1.28B

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$85.0M	$85.0M
Accounting feesLn 11c	$39K		$39K
InterestLn 20	$30K		$30K
Other expenses (24a–d)Ln 24	$13.6M		$13.6M
Total functional expensesLn 25	$98.6M	$85.0M	$13.6M	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest	$61.7M	$95.6M	−$33.8M	$1.2B	990 PDF
FY2023	$133.9M	$79.1M	$54.9M	$1.2B	990 PDF
FY2022	$46.0M	$125.6M	−$79.7M	$1.2B	990 PDF
FY2021 Viewing	$69.6M	$98.6M	−$29.1M	$1.3B	990 PDF
FY2020	$1.2B	$15.7M	$1.2B	$1.3B	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 (5 parts)

Part I · Summary $69,570,660 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $1,212,935,082$0

I-9 Program service revenuePrior year $0$0

I-10 Investment incomePrior year $30,998,896$39,955,327

I-11 Other revenuePrior year $2,451,750$29,615,333

I-12 Total revenuePrior year $1,246,385,728$69,570,660

I-13 Grants and similar amounts paidPrior year $12,500,000$85,000,000

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 $3,235,697$13,630,671

I-18 Total expensesPrior year $15,735,697$98,630,671

I-19 Revenue less expensesPrior year $1,230,650,031−$29,060,011

Part VIII · Statement of revenue $69,570,660 across 5 lines filed

VIII-3 Investment incomeExcluded from tax $25,967,834$25,967,834

VIII-6 Net rental income or lossExcluded from tax −$732,298−$732,298

VIII-7 Net gain or loss on sales of assetsUnrelated business $107,782 · Excluded from tax $13,879,711$13,987,493

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $30,347,631$30,347,631

VIII-12 Total revenueRelated to mission $0 · Unrelated business $30,455,413 · Excluded from tax $39,115,247$69,570,660

Part IX · Statement of functional expenses $98,630,671 across 4 lines filed

IX-1 Grants to domestic organizationsPrograms $85,000,000$85,000,000

IX-11c Accounting feesManagement $38,598$38,598

IX-20 InterestManagement $30,088$30,088

IX-24 Other expenses (24a–d)Management $13,561,985$13,561,985

IX-25 Total functional expensesPrograms $85,000,000 · Management $13,630,671 · Fundraising $0$98,630,671

Part X · Balance sheet $1,278,082,464 assets, 7 lines filed

X-2 Savings and temporary cash investmentsStart of year $18,182,886$98,595,578

X-12 Other securitiesStart of year $1,115,549,539$1,179,486,886

X-16 Total assetsStart of year $1,259,204,996$1,278,082,464

X-26 Total liabilitiesStart of year $0$0

X-27 Net assets without donor restrictionsStart of year $1,259,204,996$1,278,082,464

X-32 Total net assets or fund balancesStart of year $1,259,204,996$1,278,082,464

X-33 Total liabilities and net assetsStart of year $1,259,204,996$1,278,082,464

Part XI · Reconciliation of net assets $1,278,082,464 net assets at year end

XI-1 Total revenue$69,570,660

XI-2 Total expenses$98,630,671

XI-3 Revenue less expenses−$29,060,011

XI-4 Net assets at start of year$1,259,204,996

XI-5 Net unrealized gains (losses) on investments$47,937,479

XI-10 Net assets at end of year$1,278,082,464

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

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Key Change INC FY2021 filing

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