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Fund for the Common Good

Not tax-deductible

Fulton, MD501(c)(4)Foundations & GrantmakersEIN 84-3726722Revenue $962K in FY2024

On file with the IRS8171 Maple Lawn Blvd Ste 375, 20759-2531 · Fulton, MDTax-exempt since Apr 2020

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Promotion of social welfare to other 501(c)(3) and (c)(4) organizations.

100¢ of each $1 spent went to programs.
Run by 4 volunteers.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list 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 5
filings with a surplus
Average surplus $6.8M a year · 53% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.0 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$962K
-30% vs prior year
Spent
$11.1M
To programs
100%
Net assets
$5.7M
By yearFY2020–FY2024
Revenue
$962K
FY2024▼ -30%
Tap a bar for its year
Revenue by fiscal year
FY2020$31.5M
FY2021$31.2M
FY2022−$506K
FY2023$1.4M
FY2024$962K
Expenses
$11.1M
FY2024▼ -15%
Tap a bar for its year
Expenses by fiscal year
FY2020$674K
FY2021$1.9M
FY2022$3.9M
FY2023$13.1M
FY2024$11.1M
Net assets
$5.7M
FY2024▼ -64%
Tap a bar for its year
Net assets by fiscal year
FY2020$32.6M
FY2021$31.7M
FY2022$27.4M
FY2023$15.9M
FY2024$5.7M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim

Is it real?

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

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% · $11.1M Management & general 0% · $46K

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
$0Pt VII · Sec A
Mary C Acker
Secretary/Treasurer
$0Pt VII · Sec A
David J Korotkin
Assistant Secretary
$0Pt VII · Sec A
Stewart Bainum JR
President and Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Fund for the Common Good 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Supports other social welfare organizations with resources and guidance.

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Provided by the organization

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1 program · $11.1M · in their own filed words · FY2024
01

The organizations principal activity is the promotion of social welfare through the provision of strategic and financial resources to other 501(c)3 or 501(c)4 organizations consistent with the organizations mission including supporting local journalism.

$11.1Mprogram expense

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 · 9 grants · $30.4M · 2020–2024
The Venetoulis Institute for Local JournalismMD · FY2024$11,000,000
Majority ForwardDC · FY2024$100,000
The Venetoulis Institute for Local JournalismMD · FY2023$13,000,000
The Venetoulis Institute for Local JournalismMD · FY2022$3,800,000
The Venetoulis Institute for Local JournalismMD · FY2021$1,802,371
Majority ForwardDC · FY2020$250,000
House Majority ForwardDC · FY2020$250,000
314actionDC · FY2020$100,000
National Redistricting Action FundDC · FY2020$50,000

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$962K
Ln 12
Investment incomeLn 3$962K
Money outPt IX
$11.1M
Ln 25
Programscol B$11.1M
Managementcol C$46K
Owns and owesPt X
$5.7M
net assets · Ln 32
Cash and savingsLn 1–2$21K
Total assetsLn 16$5.7M
LiabilitiesLn 26$0
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$962K
Gains on assetsLn 7$96K
Total revenueLn 12$962K
Assets in detailPt X, end of year
CashLn 1$21K
Cash and savings togetherLn 1–2$21K
InvestmentsLn 11–13$5.6M
Total assetsLn 16$5.7M
LiabilitiesLn 26$0
Net assetsLn 32$5.7M
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
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 FY24End FY24
Cash and savingsLn 1–2$5K$21K
InvestmentsLn 11–13$15.9M$5.6M
Total assetsLn 16$15.9M$5.7M
LiabilitiesLn 26$0$0
Net assetsLn 32$15.9M$5.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$11.1M$11.1M
Accounting feesLn 11c$12K$0$12K$0
Investment management feesLn 11f$32K$0$32K$0
Office expensesLn 13$387$0$387$0
Other expenses (24a–d)Ln 24$734$0$734$0
Total functional expensesLn 25$11.1M$11.1M$46K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $962K$11.1M−$10.2M$5.7M 990 PDF
FY2023 $1.4M$13.1M−$11.7M$15.9M 990 PDF
FY2022 −$506K$3.9M−$4.4M$27.4M 990 PDF
FY2021 $31.2M$1.9M$29.4M$31.7M 990 PDF
FY2020 $31.5M$674K$30.8M$32.6M 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 FY2024 990 (6 parts)
Part I · Summary $962,417 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenue$0
I-10 Investment incomePrior year $1,373,701$962,417
I-11 Other revenue$0
I-12 Total revenuePrior year $1,373,701$962,417
I-13 Grants and similar amounts paidPrior year $13,000,000$11,100,000
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $68,263$45,762
I-18 Total expensesPrior year $13,068,263$11,145,762
I-19 Revenue less expensesPrior year −$11,694,562−$10,183,345
Part VI · Governance 4 of 4 board members independent, 3 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $962,417 across 3 lines filed
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $866,308$866,308
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax $96,109$96,109
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $962,417$962,417
Part IX · Statement of functional expenses $11,145,762 across 5 lines filed
IX-1 Grants to domestic organizationsPrograms $11,100,000$11,100,000
IX-11c Accounting feesPrograms $0 · Management $12,272 · Fundraising $0$12,272
IX-11f Investment management feesPrograms $0 · Management $32,369 · Fundraising $0$32,369
IX-13 Office expensesPrograms $0 · Management $387 · Fundraising $0$387
IX-24 Other expenses (24a–d)Programs $0 · Management $734 · Fundraising $0$734
IX-25 Total functional expensesPrograms $11,100,000 · Management $45,762 · Fundraising $0$11,145,762
Part X · Balance sheet $5,658,673 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $4,729$20,908
X-4 Accounts receivableStart of year $67,237$68,919
X-11 Publicly traded securitiesStart of year $15,857,006$5,568,846
X-16 Total assetsStart of year $15,928,972$5,658,673
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $15,928,972$5,658,673
X-33 Total liabilities and net assetsStart of year $15,928,972$5,658,673
Part XI · Reconciliation of net assets $5,658,673 net assets at year end
XI-1 Total revenue$962,417
XI-2 Total expenses$11,145,762
XI-3 Revenue less expenses−$10,183,345
XI-4 Net assets at start of year$15,928,972
XI-5 Net unrealized gains (losses) on investments−$85,887
XI-9 Other changes in net assets−$1,067
XI-10 Net assets at end of year$5,658,673

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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