First Draft News INC FY2022 filing

New York, NY · Unknown exempt organization

Revenue
$501K
-74% vs prior year
Spent
$1.5M
To programs
76%
Net assets
$725K
By yearFY2020–FY2023
Revenue
$501K
FY2022▼ -74%
Revenue by fiscal year
FY2020$3.8M
FY2021$1.9M
FY2022$501K
FY2023$0
Expenses
$1.5M
FY2022▼ -37%
Expenses by fiscal year
FY2020$2.2M
FY2021$2.3M
FY2022$1.5M
FY2023Not on file
Net assets
$725K
FY2022▼ -57%
Net assets by fiscal year
FY2020$2.1M
FY2021$1.7M
FY2022$725K
FY2023$0

From the FY2022 Form 990 · see the original

You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2023) →

Status and standing

Is it real, and can you give to it?

Tax-deductible?
Not on file
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Last filed FY2023 — 3 yrs ago
Legal name (IRS)Hdr · item CFirst Draft News INC
EINHdr · item D83-3554102
Exempt statusHdr · item I501(c)(3) · active
Latest filingForm 990FY2023 · Form 990
Principal addressHdr · item CNew York, NY
NTEE classificationIRS BMFNonprofit
WebsiteHdr · item Jwww.firstdraftnews.org

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.76 Management & general $0.23 Fundraising $0.01
Program services76%$1.1M
Management & general23%$339K
Fundraising1%$17K
Total functional expensesLn 25$1.5M

Financial health

Is it on solid ground?

Surplus margin
-194%
revenue over expenses, this year
Program spending
76%
of expenses reach programs

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Total assets
$731K
FY2022▼ -60%
Total assets by fiscal year
FY2020$2.1M
FY2021$1.8M
FY2022$731K
FY2023Not on file
Total liabilities
$6K
FY2022▼ -96%
Total liabilities by fiscal year
FY2020$30K
FY2021$151K
FY2022$6K
FY2023Not on file
Revenue less expensesPt I · Ln 19−$972K
Total assetsPt X · Ln 16$731K
Program-expense ratioPt IX · col B76%
Voting members of governing bodyPt I · Ln 35
Independent voting membersPt I · Ln 45

Balance Sheet

Part X · end of year
CashLn 1$706K
Total assetsLn 16$731K
Total liabilitiesLn 26$6K
Total net assetsLn 32$725K
Months of cash on handcomputed5.8

Statement of Revenue

Part VIII
Program service revenue$425K · 85%
Contributions & grants$75K · 15%
Program service revenue85%$425K
Contributions & grants15%$75K
Investment income$468
Total revenueLn 12$501K

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $706K · Operating expenses/yr $1.5M
5.8 months
Where the money goes
Program services
Program services $1.1M · Total expenses $1.5M
76%
Management & General
Management & general $339K · Total expenses $1.5M
23%
Fundraising
Fundraising $17K · Total expenses $1.5M
1%
Cost to raise $1
Fundraising expense (3-yr avg) $88K · Solicited contributions (3-yr avg) $1.6M
$0.05 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $75K · Total revenue $501K
15%
Government reliance
Government grants — · Total revenue $501K
—
Earned-income share
Program service revenue $425K · Total revenue $501K
85%
Investment reliance
Investment income $468 · Total revenue $501K
+0.09%
Program self-sufficiency
Program service revenue $425K · Total expenses $1.5M
29%
Growth & trend
Revenue growth (YoY)
This year $501K · Prior year $1.9M
-74%
Net-asset trend (YoY)
End of year $725K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $501K · Expenses $1.5M
-194%
Liabilities-to-Assets
Total liabilities — · Total assets $731K
—
Net-asset ratio
Net assets $725K · Total assets $731K
99%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $731K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Justin Ross · Reported title OPS. DIRECTOR, SECRETARY · Highest reported compensation $159K · Total expenses $1.5M
11%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $514K · Total expenses $1.5M
35%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 76%——
Overhead ratio 23%——
Fundraising cost ratio 23%——
Revenue growth -74%——
Legal fee ratio 1%——
Accounting fee ratio 2%——

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.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Ops. Director, Secretary
$159,248Pt VII · Sec A
Executive Director Thru 12/2022
$109,492Pt VII · Sec A
$7,500Pt VII · Sec A
Director
$5,000Pt VII · Sec A
$2,500Pt VII · Sec A
Director Thru 11/2022
$2,500Pt VII · Sec A
$2,500Pt VII · Sec A
Director
$0Pt VII · Sec A

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

NameFY2023FY2022FY2021FY2020
Justin Ross—$159,248$124,530—
Claire Wardle$7,500$109,492$157,490$149,237
Aimee Rinehart———$121,200
Justin Ross Treas Secret Op D$96,725———
Angela Matusik—$7,500$2,500—
Anusha Alikhan—$2,500$7,500—
Daniel Bramatti—$2,500$7,500—
Arnold Brown—$2,500$7,500—

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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Governance & Policies

Part VI
  • 5Voting board membersPt VI · Ln 1a
  • 5Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aYes
  • Whistleblower policyPt VI · Ln 13Yes
  • Document retention policyPt VI · Ln 14Yes
  • Top official’s pay independently reviewedPt VI · Ln 15aYes
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Fights harmful misinformation and empowers people to identify false information.

Provided by the organization

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Mission & Programs · Part III

Where the work happens

2 program services account for $1.1M of program spending, described in the organization's own filed words · FY2022.
01

Research and insights- first draft produced research and insights on misinformation affecting the news cycle and provided updates to journalists through an online community. First draft also produced resource guides and longer-form research on misinformation narratives, posted on the organization's website and through social media.

$863Kprogram expense
02

Trainings

First draft held virtual training events, garnering views from attendees around the world including journalists, academics, researchers, health organizations, and others to provide training on information verification techniques. Many of first draft's training videos are available to the general public on youtube.

$253Kprogram expense

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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 · FY2022
Ford FoundationFY2022$200K
Total grants receivedfrom 1 funder$200K
Grants paid · 1 grant · $50K · 2022–2022

Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2023 Latest $0—-100% 990 PDF
FY2022 Viewing $501K$1.5M-74% 990 PDF
FY2021 $1.9M$2.3M-49% 990 PDF
FY2020 $3.8M$2.2M 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

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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