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Circulate Initiative INC

Tax-deductible

New York, NY501(c)(3)Since 2018Environment EIN 83-4505154Revenue $2.1M in FY2025

On file with the IRSthecirculateinitiative.org60 E 42nd St Ste 3130, 10165-0057 · New York, NYTax-exempt since Jun 2019Publicly supported charity — 170(b)(1)(A)(vi)

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The organization's purpose is to target the reduction of ocean plastics and related environmental pollution and combating environmental deterioration by conducting activity in emerging markets in furtherance of the social and environmental impacts of reducing the amount of plastic entering the environment and creating economic value for marginalized local communities.

501(c)(3) charity; gifts are tax-deductible.
91¢ of each $1 spent went to programs.
Run by 4 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · 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 $389K a year · 14% of revenue · last 6 filings
Concern: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$340K
to officers and key staff · 14% of spending
Top officer’s pay higher than 76% of similar orgs
Looks good: pay to officers and key staff is 14% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
19 mo
of spending, in cash
Looks good: 19.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $1.3M
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$3.6M
81% of total assets
Concern: liabilities are 81% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 5 voting members
Looks good: 3 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
$2.1M
+5% vs prior year
Spent
$2.5M
To programs
91%
Net assets
$829K
By yearFY2020–FY2025
Revenue
$2.1M
FY2025▲ +5%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.2M
FY2021$3.9M
FY2022$4.1M
FY2023$1.4M
FY2024$2.0M
FY2025$2.1M
Expenses
$2.5M
FY2025+0.09%
Tap a bar for its year
Expenses by fiscal year
FY2020$4.0M
FY2021$4.0M
FY2022$4.0M
FY2023$2.0M
FY2024$2.5M
FY2025$2.5M
Net assets
$829K
FY2025▼ -35%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.4M
FY2021$2.3M
FY2022$2.4M
FY2023$1.8M
FY2024$1.3M
FY2025$829K

From the FY2025 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 2019.

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

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $2.3M Management & general 8% · $197K Fundraising 1% · $18K

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

6 people listed on the 990; $340K paid to officers and key staff.

Part VII, Section A · reportable compensation
Khunapong Khunaraksa
SR. Director, Finance & Ops
$177,209Pt VII · Sec A
Michael Sadowski
Exec Director and Board Member
$162,950Pt VII · Sec A
Robert Kaplan
Board Member/Treasurer
$0Pt VII · Sec A
Heather Canon
Board Member
$0Pt VII · Sec A
Chever Voltmer
Board Member/Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A

Khunapong Khunaraksa’s $177K as SR. Director, Finance & Ops is at the 76th percentile of top reported officer pay among 1851 $1–10M environment nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Khunapong Khunaraksa$177,209$165,293$144,300$131,369$44,600—
Michael Sadowski$162,950$141,750$155,300$91,950$81,100$3,700

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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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 15aYes

Programs and updates

Reduces ocean plastics and pollution in Southeast Asia through innovation and community support.

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Provided by the organization

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1 program · $2.3M · in their own filed words · FY2025
01

End plastic pollution while building circular equitable economies: provide decision makers, investors, and businesses with the knowledge, inspiration, networks and resources to develop and support programs that incentivize plastic waste reduction and enable inclusive circular economies.

$2.3Mprogram 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 · FY2024
The Coca-Cola Foundation INCFY2024$1.0M
Builders Initiative FoundationFY2024$300K
Total grants receivedfrom 2 funders$1.3M
Grants paid · 4 grants · $385K · 2021–2022
University of Georgia Research Foundation INCGA · FY2022$99,900
Resource Recycling Systems INCFY2022$10,000
DelterraorgDC · FY2021$200,000
University of Georgia Research Foundation INCGA · FY2021$75,000

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.1M
Ln 12
Gifts and grantsLn 1h$1.7M
Fees for servicesLn 2g$344K
Investment incomeLn 3$18K
Money outPt IX
$2.5M
Ln 25
Programscol B$2.3M
Managementcol C$197K
Fundraisingcol D$18K
Owns and owesPt X
$829K
net assets · Ln 32
Cash and savingsLn 1–2$4.0M
Total assetsLn 16$4.4M
LiabilitiesLn 26$3.6M
PeoplePt VI, VII
6
listed · VII A
PaidVII A2
Voting boardVI 1a5
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.7M
Fees for servicesLn 2g$344K
Investment incomeLn 3$18K
Gains on assetsLn 7−$6K
Total revenueLn 12$2.1M
Assets in detailPt X, end of year
CashLn 1$3.3M
SavingsLn 2$635K
Cash and savings togetherLn 1–2$4.0M
Total assetsLn 16$4.4M
LiabilitiesLn 26$3.6M
Net assetsLn 32$829K
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
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
LineStart FY25End FY25
Cash and savingsLn 1–2$3.2M$4.0M
Total assetsLn 16$3.3M$4.4M
LiabilitiesLn 26$2.1M$3.6M
Net assetsLn 32$1.3M$829K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$1K$1K
Grants and assistance to foreign recipientsLn 3$105K$105K
Pay of current officers, directors and key staffLn 5$340K$331K$9K
Other employee benefitsLn 9$5K$4K$796
Legal feesLn 11b$63K$51K$12K
Accounting feesLn 11c$54K$44K$10K
Other fees for servicesLn 11g$134K$108K$25K
Advertising and promotionLn 12$5K$5K
Office expensesLn 13$302$302
OccupancyLn 16$4K$4K$284
TravelLn 17$227K$203K$19K$5K
Conferences, conventions and meetingsLn 19$38K$35K$3K
InsuranceLn 23$16K$13K$3K
Other expenses (24a–d)Ln 24$1.5M$1.4M$114K$7K
Total functional expensesLn 25$2.5M$2.3M$197K$18K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $2.1M$2.5M−$439K$829K 990 PDF
FY2024 $2.0M$2.5M−$536K$1.3M 990 PDF
FY2023 $1.4M$2.0M−$640K$1.8M 990 PDF
FY2022 $4.1M$4.0M$145K$2.4M 990 PDF
FY2021 $3.9M$4.0M−$65K$2.3M 990 PDF
FY2020 $3.2M$4.0M−$798K$2.4M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support F · Foreign J · Pay O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $2,074,086 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,738,577$1,711,987
I-9 Program service revenuePrior year $200,445$344,408
I-10 Investment incomePrior year $35,055$17,691
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $1,974,077$2,074,086
I-13 Grants and similar amounts paidPrior year $274,267$106,476
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $311,357$345,191
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,924,853$2,061,099
I-18 Total expensesPrior year $2,510,477$2,512,766
I-19 Revenue less expensesPrior year −$536,400−$438,680
Part VI · Governance 3 of 5 board members independent, no flags
VI-1a Voting members of the governing body5
VI-1b Independent voting members3
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,074,086 across 6 lines filed
VIII-1f All other contributions, gifts and grants$1,711,987
VIII-1h Total contributions, gifts and grants$1,711,987
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $344,408$344,408
VIII-3 Investment incomeExcluded from tax $23,742$23,742
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$6,051−$6,051
VIII-12 Total revenueRelated to mission $344,408 · Unrelated business $0 · Excluded from tax $17,691$2,074,086
Part IX · Statement of functional expenses $2,512,766 across 14 lines filed
IX-2 Grants to domestic individualsPrograms $1,100$1,100
IX-3 Grants and assistance to foreign recipientsPrograms $105,376$105,376
IX-5 Pay of current officers, directors and key staffPrograms $331,022 · Management $9,137$340,159
IX-9 Other employee benefitsPrograms $4,236 · Management $796$5,032
IX-11b Legal feesPrograms $51,205 · Management $12,027$63,232
IX-11c Accounting feesPrograms $43,971 · Management $10,328$54,299
IX-11g Other fees for servicesPrograms $108,420 · Management $25,465$133,885
IX-12 Advertising and promotionFundraising $5,000$5,000
IX-13 Office expensesManagement $302$302
IX-16 OccupancyPrograms $4,106 · Management $284$4,390
IX-17 TravelPrograms $203,138 · Management $18,860 · Fundraising $5,395$227,393
IX-19 Conferences, conventions and meetingsPrograms $34,637 · Management $3,132$37,769
IX-23 InsurancePrograms $12,987 · Management $2,558$15,545
IX-24 Other expenses (24a–d)Programs $1,397,924 · Management $114,214 · Fundraising $7,146$1,519,284
IX-25 Total functional expensesPrograms $2,298,122 · Management $197,103 · Fundraising $17,541$2,512,766
Part X · Balance sheet $4,423,831 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $2,549,783$3,344,522
X-2 Savings and temporary cash investmentsStart of year $611,112$634,854
X-4 Accounts receivableStart of year $120,001$413,277
X-9 Prepaid expenses and deferred chargesStart of year $41,599$31,178
X-16 Total assetsStart of year $3,322,495$4,423,831
X-17 Accounts payable and accrued expensesStart of year $145,855$147,172
X-19 Deferred revenueStart of year $1,831,162$3,411,595
X-25 Other liabilitiesStart of year $78,062$36,328
X-26 Total liabilitiesStart of year $2,055,079$3,595,095
X-27 Net assets without donor restrictionsStart of year $1,267,416$828,736
X-32 Total net assets or fund balancesStart of year $1,267,416$828,736
X-33 Total liabilities and net assetsStart of year $3,322,495$4,423,831
Part XI · Reconciliation of net assets $828,736 net assets at year end
XI-1 Total revenue$2,074,086
XI-2 Total expenses$2,512,766
XI-3 Revenue less expenses−$438,680
XI-4 Net assets at start of year$1,267,416
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$828,736

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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