28twelve Foundation Ltd EIN 84-2413621 Form 990 (PDF) Claim this org

28twelve Foundation Ltd FY2023 filing

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Form 990 for the fiscal year ending December 2023 (IRS tax year 2023).


Supports Christian graduate students with funding to become leaders in their fields. For fiscal year 2023 it reported $297K in revenue, $400K in expenses, and $403K in net assets.Pt I

Type
Public charity (501(c)(3)) · Education
Location
Granger, IN
Website
28twelvefoundation.org
Filings
3 on file (2022–2023)
Revenue
$297KFY2023
Expenses
$400K
Net assets
$403K
People
7
Filings
3
Updates
0
More identity details & actions ⌄
EIN  84-2413621 Public charity (501(c)(3)) Granger, IN
Form 990 (PDF)
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Size
$100K–1M
What they do
Supports Christian graduate students with funding to become leaders in their fields.
Leadership
Kristen Gustavson · Director & Executive Direc · $56K
Money in and out
$297K revenue, $400K expenses
Bottom line
79% program efficiency
Where the money goes · FY2023
Total revenue
$297K
Pt VIII · Ln 12
Total expenses
$400K
Pt IX · Ln 25
Net assets
$403K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$103K
Where spending went · Part IX cols B–D
Program services $0.79 Management & general $0.14 Fundraising $0.08
Program efficiency
79%
of spending reaches programs
Operating runway
12.1mo
months of highly liquid reserves at operating expense rate
Surplus margin
-35%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Revenue
$297K
FY2023▼ -19%
Expenses
$400K
FY2023▲ +106%
Total assets
$403K
FY2023▼ -20%
Total liabilities
$0
FY2023
Revenue less expensesPt I · Ln 19−$103K
Total assetsPt X · Ln 16$403K
Program-expense ratioPt IX · col B79%
Voting members of governing bodyPt I · Ln 37
Independent voting membersPt I · Ln 46

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item C28twelve Foundation Ltd
EINHdr · item D84-2413621
Principal addressHdr · item CGranger, IN
WebsiteHdr · item J28twelvefoundation.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MIN
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B82)
Ruling yearIRS BMFSep 2019

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a7
Independent voting membersPt VI · Ln 1b6
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Director & Executive Direc
$56,500Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Kristen Gustavson’s $56K as Executive Director is at the 48th percentile of top reported officer pay among 1613 $100K–1M education 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 · 1 named individual · Part VII

NameFY2024FY2023FY2022
Kristen Gustavson$56,000$56,500$50,475

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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Mission & Programs · Part III

Where the work happens

2 program services account for $315K of program spending, described in the organization's own filed words · FY2023.
01

Summer Institute and other programs related to the fellows and fellowships

$165Kprogram expense
02

Three-year fellowships covering 6 semesters for each of 7 recipients were awarded in 2023. Payment in 2023 was made for a total of 7 semesters to the 2023 Harvey Fellows. Three-year fellowships covering 6 semesters for each of 8 recipients were awarded in 2022.

$150Kprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$273K · 92%
Program service revenue$12K · 4%
Investment income$12K · 4%
Contributions & grants92%$273K
Program service revenue4%$12K
Investment income4%$12K
Total revenueLn 12$297K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.79 Management & general $0.14 Fundraising $0.08
Program services79%$315K
Management & general14%$54K
Fundraising8%$31K
Total functional expensesLn 25$400K

Balance Sheet

Part X · end of year
CashLn 1$403K
Total assetsLn 16$403K
Total liabilitiesLn 26$0
Total net assetsLn 32$403K
Months of cash on handcomputed12.1

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $403K · Operating expenses/yr $400K
12.1 months
Where the money goes
Program services
Program services $315K · Total expenses $400K
79%
Management & General
Management & general $54K · Total expenses $400K
14%
Fundraising
Fundraising $31K · Total expenses $400K
8%
Cost to raise $1
Fundraising expense (2-yr avg) $31K · Solicited contributions (2-yr avg) $320K
$0.10 to raise $1 (2-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $273K · Total revenue $297K
92%
Government reliance
Government grants — · Total revenue $297K
Earned-income share
Program service revenue $12K · Total revenue $297K
4%
Investment reliance
Investment income $12K · Total revenue $297K
+4%
Program self-sufficiency
Program service revenue $12K · Total expenses $400K
3%
Growth & trend
Revenue growth (YoY)
This year $297K · Prior year $368K
-19%
Net-asset trend (YoY)
End of year $403K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $297K · Expenses $400K
-35%
Liabilities-to-Assets
Total liabilities — · Total assets $403K
Net-asset ratio
Net assets $403K · Total assets $403K
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $403K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Kristen Gustavson · Reported title Director & Executive Direc · Highest reported compensation $56K · Total expenses $400K
14%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $400K
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 79%
Overhead ratio 14%
Fundraising cost ratio 11%
Revenue growth -19%
Accounting fee ratio 7%

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.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 2 funders$129K
Grants paid · 3 grants · $443K · 2022–2024
Unitemized GrantFY2024$212,500
Unitemized GrantFY2023$150,250
Unitemized GrantFY2022$80,000

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$564K revenue · ⤓ 990 PDF
FY2023$297K revenue · viewing · ⤓ 990 PDF
FY2022$368K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2023IRS
Classification, formation year, addressIRS Business Master File
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