Bowsprit Foundation FY2023 filing

Tax-deductible

Unity, ME501(c)(3)EducationEIN 84-2824905Revenue $272K in FY2023

On file with the IRSbowspritfoundation.org92 Elwell Farm Rd, 04988-3948 · Unity, METax-exempt since Mar 2020Publicly supported charity — 170(b)(1)(A)(vi)

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Creating opportunities for youth-in-need to gain practical-skills experience in agriculture, forestry, food preparation, and traditional crafts. Inspired by rudolf steiner's pedagogy, our programs aim to assist young adults in developing skills for independence, a capacity to contribute to the community, and a sense of self-worth and hopefulness for their future.

501(c)(3) charity; gifts are tax-deductible.
93¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · 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 3
filings with a surplus
Average surplus $147K a year · 80% of revenue · last 3 filings
Fine: a surplus in 2 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
93%
of spending
Looks good: 93% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 3.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $250K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
−$32
>-0.01% of total assets
Looks good: liabilities are -0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 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
$272K
+2% vs prior year
Spent
$57K
To programs
93%
Net assets
$589K
By yearFY2022–FY2024
Revenue
$272K
FY2023▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2022$268K
FY2023$272K
FY2024$14K
Expenses
$57K
FY2023▲ +125%
Tap a bar for its year
Expenses by fiscal year
FY2022$25K
FY2023$57K
FY2024$30K
Net assets
$589K
FY2023▲ +58%
Tap a bar for its year
Net assets by fiscal year
FY2022$373K
FY2023$589K
FY2024$574K

From the FY2023 Form 990 · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

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

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

Where the money goes

93 cents of each dollar spent went to programs.

Program services 93% · $53K Management & general 7% · $4K

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.

Part VII, Section A · reportable compensation
Director
$0Pt VII · Sec A
Executive Di
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary/Tr
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
See Bowsprit Foundation 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

Teaches youth practical skills in farming, crafts, and food to build independence and hope.

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Provided by the organization

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3 programs · $53K · in their own filed words · FY2023
01

Over three years of programming, bowsprit has provided six fully funded pilot programs to local youth; in the spring, summer, and fall. We have worked primarily with the ecology learning center (charter school in unity) to provide opportunities for their HS students as well as for some of their bridge program students to participate in…

$53Kprogram expense
02

Ongoing, bowsprit worked on a regular basis with students from the ecology learning center to provide further opportunities through their own community engagement program. To date: having built a modest timber frame structure as cover for the cob oven, and a deck-bridge over a water ditch connecting barn to field; having conducted…

Pt IX · col B
03

Bowsprit provided opportunities for STUDENTS/TEACHERS to utilize the farm to study ecology, as well as for recreation.

Pt IX · col B

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2023
Total grants receivedfrom 1 funder$250K

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$272K
Ln 12
Gifts and grantsLn 1h$262K
Fees for servicesLn 2g$8K
Investment incomeLn 3$2K
Money outPt IX
$57K
Ln 25
Programscol B$53K
Managementcol C$4K
Owns and owesPt X
$589K
net assets · Ln 32
Cash and savingsLn 1–2$17K
Total assetsLn 16$589K
LiabilitiesLn 26−$32
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$262K
Fees for servicesLn 2g$8K
Investment incomeLn 3$2K
Gains on assetsLn 7$340
Total revenueLn 12$272K
Assets in detailPt X, end of year
CashLn 1$5
SavingsLn 2$17K
Cash and savings togetherLn 1–2$17K
Land, buildings, equipmentLn 10c$522K
Total assetsLn 16$589K
LiabilitiesLn 26−$32
Net assetsLn 32$589K
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$11K$17K
Land, buildings, equipmentLn 10c$105K$522K
Total assetsLn 16$381K$589K
LiabilitiesLn 26$8K−$32
Net assetsLn 32$373K$589K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$3K$3K
Advertising and promotionLn 12$490$490
Office expensesLn 13$259$259
OccupancyLn 16$19K$19K
Conferences, conventions and meetingsLn 19$64$64
Depreciation, depletion and amortizationLn 22$1K$1K
InsuranceLn 23$4K$3K$1K
Other expenses (24a–d)Ln 24$30K$30K
Total functional expensesLn 25$57K$53K$4K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $14K$30K−$16K$574K 990 PDF
FY2023 Viewing $272K$57K$216K$589K 990 PDF
FY2022 $268K$25K$242K$373K 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 FY2023 990 (6 parts)
Part I · Summary $272,468 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $267,684$262,066
I-9 Program service revenue$8,020
I-10 Investment incomePrior year $30$2,382
I-11 Other revenue$0
I-12 Total revenuePrior year $267,714$272,468
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $25,337$56,883
I-18 Total expensesPrior year $25,337$56,883
I-19 Revenue less expensesPrior year $242,377$215,585
Part VI · Governance 5 of 5 board members independent, 3 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $272,468 across 6 lines filed
VIII-1f All other contributions, gifts and grants$262,066
VIII-1h Total contributions, gifts and grants$262,066
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Excluded from tax $8,020$8,020
VIII-3 Investment incomeRelated to mission $2,042$2,042
VIII-7 Net gain or loss on sales of assetsRelated to mission $340$340
VIII-12 Total revenueRelated to mission $2,382 · Excluded from tax $8,020$272,468
Part IX · Statement of functional expenses $56,883 across 8 lines filed
IX-11c Accounting feesManagement $2,534$2,534
IX-12 Advertising and promotionPrograms $490$490
IX-13 Office expensesManagement $259$259
IX-16 OccupancyPrograms $18,767$18,767
IX-19 Conferences, conventions and meetingsManagement $64$64
IX-22 Depreciation, depletion and amortizationPrograms $1,424$1,424
IX-23 InsurancePrograms $2,548 · Management $1,017$3,565
IX-24 Other expenses (24a–d)Programs $29,780$29,780
IX-25 Total functional expensesPrograms $53,009 · Management $3,874 · Fundraising $0$56,883
Part X · Balance sheet $588,528 assets, 9 lines filed
Asset lines not itemized here account for $50,075; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $1,501$5
X-2 Savings and temporary cash investmentsStart of year $9,834$16,669
X-10c Land, buildings and equipment, netStart of year $104,859$521,779
X-16 Total assetsStart of year $381,269$588,528
X-17 Accounts payable and accrued expensesStart of year $8,294−$32
X-26 Total liabilitiesStart of year $8,294−$32
X-27 Net assets without donor restrictionsStart of year $372,975$588,560
X-32 Total net assets or fund balancesStart of year $372,975$588,560
X-33 Total liabilities and net assetsStart of year $381,269$588,528
Part XI · Reconciliation of net assets $588,560 net assets at year end
XI-1 Total revenue$272,468
XI-2 Total expenses$56,883
XI-3 Revenue less expenses$215,585
XI-4 Net assets at start of year$372,975
XI-10 Net assets at end of year$588,560

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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