Head Foundation INC

IRS exemption revoked

Davenport, FLUnknown exempt organizationEIN 84-2988392

Head Foundation Inc is formed for the charitable purposes of providing aid and relief support to individuals and organizations in the Commonwealth of the Bahamas and in US that have been affected by natural disasters.

100¢ of each $1 spent went to programs.
$60K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2020
latest Form 990
Concern: the latest return is for FY2020, 6 tax years back; more than 4 tax years.
IRS e-file · Filing history
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$60K
to officers and key staff · 39% of spending
Concern: pay to officers and key staff is 39% of spending; over 30%.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Concern: 0.2 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$51K
×28 of total assets
Concern: liabilities are 2800% of assets; over 80%.
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
$19K
Spent
$152K
To programs
100%
Net assets
−$49K

From the FY2020 Form 990 · see the original

IRS revoked this organization's tax-exempt status on May 15, 2024

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2020.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $152K

Form 990 Part IX, line 25. Every line is in By the numbers.

Who runs it and what they're paid

6 people listed on the 990; $60K paid to officers and key staff.

Part VII, Section A · reportable compensation
President
$51,212Pt VII · Sec A
Director
$8,600Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Head Foundation INC 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 15aYes
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Provides aid and relief to those affected by natural disasters in the Bahamas and US.

Provided by the organization

This section is blank until Head Foundation INC claims this page.

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3 program services account for $47K of program spending, described in the organization's own filed words · FY2020.
01

Program related support aids such as the delivery of the supplies, temporary housing assistance, transportation, and animal rescue services. Recipient Organizations such as Prestige Air Animal Rescue Charters and Freedom Foundation Bahamas, Golden Wings Charter and Veronicas Wings etc.

$20Kprogram expense
02

Provide aid and relief support to organizations in Bahamas. A professional relationship is maintained with each of the organizations and its purpose of the distribution. Recipient Orgnaizations such as Bahamian HeadKnowles Foundation, Bahamas Food Services, Andro We Care, Abaco Relief Bahamas, Phoneix International Foundation and The…

$17Kprogram expense
03

Provide aid and relief support to indviduals in The Commonwealth of The Bahamas and in the US to assist with the costs of relief aid and infrastructure development. The assistance is mainly for refugee cash assistance to needed families of Abaco GoFundMe campaign. There are grant guidelines and application in place.

$11Kprogram 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 · this organization's grantmaking
Grants paid · 2 grants · $10K · 2020–2020
Unitemized GrantFY2020$5,516
Unitemized GrantFY2020$4,694

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$19K
Ln 12
Other incomeLn 4–11$14K
Gifts and grantsLn 1h$5K
Money outPt IX
$152K
Ln 25
Programscol B$152K
Owns and owesPt X
−$49K
net assets · Ln 32
Cash and savingsLn 1–2$2K
Total assetsLn 16$2K
LiabilitiesLn 26$51K
PeoplePt VI, VII
6
listed · VII A
PaidVII A2
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$5K
Other incomeLn 4–11$14K
Total revenueLn 12$19K
Assets in detailPt X, end of year
CashLn 1$2K
Cash and savings togetherLn 1–2$2K
Total assetsLn 16$2K
LiabilitiesLn 26$51K
Net assetsLn 32−$49K
OperationsPt I, VI
EmployeesI 52
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 FY20End FY20
Cash and savingsLn 1–2$68K$2K
Total assetsLn 16$87K$2K
LiabilitiesLn 26$3K$51K
Net assetsLn 32$84K−$49K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$6K$10K
Grants and assistance to foreign recipientsLn 3$42K$37K
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$51K$51K
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$9K$9K
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$0
Payroll taxesLn 10$5K$5K
Management feesLn 11a$0
Legal feesLn 11b$15K$15K
Accounting feesLn 11c$10K$10K
Lobbying feesLn 11d$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$834$834
Office expensesLn 13$3K$3K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$7K$7K
TravelLn 17$3K$3K
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$0
InsuranceLn 23$0
Other expenses (24a–d)Ln 24$1K$1K
All other expensesLn 24e$0
Total functional expensesLn 25$152K$152K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2020 Latest Viewing $19K$152K−$133K−$49K 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 FY2020 990 (4 parts)
Part VIII · Statement of revenue $18,935 across 4 lines filed
VIII-1f All other contributions, gifts and grants$5,185
VIII-1h Total contributions, gifts and grants$5,185
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $13,750$13,750
VIII-12 Total revenueUnrelated business $13,750$18,935
Part IX · Statement of functional expenses $151,932 across 30 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individualsPrograms $10,210$5,516
IX-3 Grants and assistance to foreign recipientsPrograms $37,067$41,761
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staffPrograms $51,213$51,213
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wagesPrograms $8,600$8,600
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxesPrograms $5,038$5,038
IX-11a Management fees$0
IX-11b Legal feesPrograms $15,149$15,149
IX-11c Accounting feesPrograms $9,568$9,568
IX-11d Lobbying fees$0
IX-11f Investment management fees$0
IX-11g Other fees for services$0
IX-12 Advertising and promotionPrograms $834$834
IX-13 Office expensesPrograms $2,965$2,965
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 OccupancyPrograms $6,815$6,815
IX-17 TravelPrograms $3,097$3,097
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$0
IX-23 Insurance$0
IX-24 Other expenses (24a–d)Programs $1,376$1,376
IX-24e All other expenses$0
IX-25 Total functional expensesPrograms $151,932 · Management $0 · Fundraising $0$151,932
Part X · Balance sheet $1,905 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $68,292$1,905
X-16 Total assetsStart of year $87,091$1,905
X-25 Other liabilitiesStart of year $2,996$50,176
X-26 Total liabilitiesStart of year $2,996$50,807
X-32 Total net assets or fund balancesStart of year $84,095−$48,902
X-33 Total liabilities and net assetsStart of year $87,091$1,905
Part XI · Reconciliation of net assets −$48,902 net assets at year end
XI-1 Total revenue$18,935
XI-2 Total expenses$151,932
XI-3 Revenue less expenses−$132,997
XI-4 Net assets at start of year$84,095
XI-10 Net assets at end of year−$48,902

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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