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X245 Foundation FY2022 filing

Tax-deductible

Palo Alto, CA501(c)(3)Since 2019ReligionEIN 84-3914782Revenue $779K in FY2022

On file with the IRS3505 Middlefield Rd, 94306-3632 · Palo Alto, CATax-exempt since May 2020Supporting org, Type III (functionally integrated) — 509(a)(3)

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To address the negative impact that high housing cost in the bay area has on the ability of peninsula bible church pbc to recruit and retain pastoral staff. To provide assistance and support to pbc pastors for housing.

501(c)(3) charity; gifts are tax-deductible.
77¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · 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
7 of 7
filings with a surplus
Average surplus $996K a year · 99% of revenue · last 7 filings
Looks good: a surplus in 7 of the last 7 filings.
Pt I · Ln 19 · 7 filings
Spent on programs
77%
of spending
Looks good: 77% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1396 mo
of spending, in cash
Looks good: 1396.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $828K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$4K
0.10% 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
$779K
+34% vs prior year
Spent
$13K
To programs
77%
Net assets
$3.8M
By yearFY2019–FY2025
Revenue
$779K
FY2022▲ +34%
Tap a bar for its year
Revenue by fiscal year
FY2019$0
FY2020$2.4M
FY2021$580K
FY2022$779K
FY2023$325K
FY2024$847K
FY2025$2.1M
Expenses
$13K
FY2022▲ +235%
Tap a bar for its year
Expenses by fiscal year
FY2019$0
FY2020$4K
FY2021$4K
FY2022$13K
FY2023$42K
FY2024$20K
FY2025$20K
Net assets
$3.8M
FY2022▲ +26%
Tap a bar for its year
Net assets by fiscal year
FY2019$0
FY2020$2.4M
FY2021$3.0M
FY2022$3.8M
FY2023$4.0M
FY2024$4.9M
FY2025$7.0M

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in May 2020.

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

Where the money goes

77 cents of each dollar spent went to programs.

Program services 77% · $10K Management & general 23% · $3K

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

5 people listed on the 990.

Part VII, Section A · reportable compensation
Jerry Yan
President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Daryl Sid
Operations
$0Pt VII · Sec A
Peter Monaco
Board Member
$0Pt VII · Sec A
See X245 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

Helps pastors afford housing in the expensive Bay Area.

Questions for X245 Foundation

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Provided by the organization

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1 program · $10K · in their own filed words · FY2022
01

To provide assistance and support to PBC pastors for housing.

$10Kprogram expense

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 · FY2024
Fidelity Investments Charitable Gift FundFY2024$800K
Donor Advised Charitable Giving INCFY2024$28K
Total grants receivedfrom 2 funders$828K

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$779K
Ln 12
Gifts and grantsLn 1h$777K
Investment incomeLn 3$17K
Money outPt IX
$13K
Ln 25
Programscol B$10K
Managementcol C$3K
Owns and owesPt X
$3.8M
net assets · Ln 32
Cash and savingsLn 1–2$1.5M
Total assetsLn 16$3.8M
LiabilitiesLn 26$4K
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$777K
Investment incomeLn 3$17K
Total revenueLn 12$779K
Assets in detailPt X, end of year
CashLn 1$1.5M
Cash and savings togetherLn 1–2$1.5M
Land, buildings, equipmentLn 10c$2.1M
Total assetsLn 16$3.8M
LiabilitiesLn 26$4K
Net assetsLn 32$3.8M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
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 FY22End FY22
Cash and savingsLn 1–2$707K$1.5M
Land, buildings, equipmentLn 10c$2.1M$2.1M
Total assetsLn 16$3.0M$3.8M
LiabilitiesLn 26$2K$4K
Net assetsLn 32$3.0M$3.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$3K$3K
InsuranceLn 23$8K$8K
Other expenses (24a–d)Ln 24$2K$2K
Total functional expensesLn 25$13K$10K$3K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.1M$20K$2.1M$7.0M 990 PDF
FY2024 $847K$20K$827K$4.9M 990 PDF
FY2023 $325K$42K$283K$4.0M 990 PDF
FY2022 Viewing $779K$13K$766K$3.8M 990 PDF
FY2021 $580K$4K$576K$3.0M 990 PDF
FY2020 $2.4M$4K$2.4M$2.4M 990 PDF
FY2019 $0$0$0$0 990 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 FY2022 990 (6 parts)
Part I · Summary $778,948 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $577,864$776,564
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $26,780$16,575
I-11 Other revenuePrior year −$24,969−$14,191
I-12 Total revenuePrior year $579,675$778,948
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,846$12,883
I-18 Total expensesPrior year $3,846$12,883
I-19 Revenue less expensesPrior year $575,829$766,065
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 $778,948 across 5 lines filed
VIII-1f All other contributions, gifts and grants$776,564
VIII-1h Total contributions, gifts and grants$776,564
VIII-3 Investment incomeExcluded from tax $16,575$16,575
VIII-6 Net rental income or lossRelated to mission −$14,191−$14,191
VIII-12 Total revenueRelated to mission −$14,191 · Unrelated business $0 · Excluded from tax $16,575$778,948
Part IX · Statement of functional expenses $12,883 across 3 lines filed
IX-11c Accounting feesManagement $3,000$3,000
IX-23 InsurancePrograms $8,183$8,183
IX-24 Other expenses (24a–d)Programs $1,700$1,700
IX-25 Total functional expensesPrograms $9,883 · Management $3,000 · Fundraising $0$12,883
Part X · Balance sheet $3,761,452 assets, 8 lines filed
Asset lines not itemized here account for $141,042; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $706,732$1,499,129
X-10c Land, buildings and equipment, netStart of year $2,134,410$2,121,281
X-16 Total assetsStart of year $2,993,684$3,761,452
X-17 Accounts payable and accrued expensesStart of year $1,988$3,691
X-26 Total liabilitiesStart of year $1,988$3,691
X-27 Net assets without donor restrictionsStart of year $2,991,696$3,757,761
X-32 Total net assets or fund balancesStart of year $2,991,696$3,757,761
X-33 Total liabilities and net assetsStart of year $2,993,684$3,761,452
Part XI · Reconciliation of net assets $3,757,761 net assets at year end
XI-1 Total revenue$778,948
XI-2 Total expenses$12,883
XI-3 Revenue less expenses$766,065
XI-4 Net assets at start of year$2,991,696
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$3,757,761

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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