Project 42: Nonprofit Profile, Financials & Form 990 (EIN 84-4888807)

Revenue by fiscal year
FY2020	$403K
FY2021	$954K
FY2022	$2.0M
FY2023	$3.3M
FY2024	$4.3M

Expenses by fiscal year
FY2020	$401K
FY2021	$823K
FY2022	$2.1M
FY2023	$3.2M
FY2024	$4.0M

Net assets by fiscal year
FY2020	$1K
FY2021	$133K
FY2022	$8K
FY2023	$58K
FY2024	$383K

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024.

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

Where the money goes

98 cents of each dollar spent went to programs.

98%

Program services 98% · $3.9M Management & general 2% · $73K

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

2 people listed on the 990.

Part VII, Section A · reportable compensation

Steve Gordon

Chair/Treasurer

$0Pt VII · Sec A

Brian Heywood

Vice Chair/Secretary

$0Pt VII · Sec A

See Project 42 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

Promotes free markets, personal liberty, and public safety through infrastructure building in Washington State.

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Provided by the organization

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1 program · $3.9M · in their own filed words · FY2024

01

Capacity Groups

Our approach is to build a durable conservative infrastructure that will change the status quo over time. The key components of our approach are: identify core capacities that need to be built or financed. Identify, vet and invest in the most effective organizations to build these capacities.

$3.9Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid

Grants received · FY2024

Rick & Julie Hermanson FoundationFY2024$5K

Total grants receivedfrom 1 funder$5K

Grants paid · 23 grants · $5.7M · 2020–2024

Franklin News FoundationIL · FY2024$1,206,550

League of Our Own WashingtonWA · FY2024$552,500

Citizen Action Defense FundWA · FY2024$300,000

Change WashingtonWA · FY2024$50,000

Full Court PressFY2024$40,000

Washington Veterans VoteWA · FY2024$25,000

Franklin News FoundationIL · FY2023$825,840

Citizen Action Defense FundWA · FY2023$375,000

League of Our Own WashingtonWA · FY2023$357,519

Discovery InstituteWA · FY2023$75,000

Change WashingtonWA · FY2023$40,000

Lucy Burns Institute INCWI · FY2023$10,000

Franklin News FoundationIL · FY2022$798,635

League of Our Own WashingtonWA · FY2022$151,965

Citizen Action Defense FundWA · FY2022$75,000

Discovery InstituteWA · FY2022$50,000

Change WashingtonWA · FY2022$20,000

Franklin News FoundationIL · FY2021$239,000

See all 23 grants →

By the numbers

The FY2024 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$4.3M

Ln 12

Gifts and grantsLn 1h$4.3M

Investment incomeLn 3$25

Money outPt IX

$4.0M

Ln 25

Programscol B$3.9M

Managementcol C$73K

Owns and owesPt X

$383K

net assets · Ln 32

Cash and savingsLn 1–2$378K

Total assetsLn 16$383K

LiabilitiesLn 26$0

PeoplePt VI, VII

2

listed · VII A

PaidVII A0

Voting boardVI 1a2

IndependentVI 1b2

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$4.3M

Noncash giftsLn 1g$460K

Investment incomeLn 3$25

Total revenueLn 12$4.3M

Assets in detailPt X, end of year

CashLn 1$378K

Cash and savings togetherLn 1–2$378K

InvestmentsLn 11–13$6K

Total assetsLn 16$383K

LiabilitiesLn 26$0

Net assetsLn 32$383K

OperationsPt I, VI

EmployeesI 50

VolunteersI 63

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aNo

Whistleblower policyVI 13No

Records policyVI 14No

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY24	End FY24
Cash and savingsLn 1–2	$58K	$378K
InvestmentsLn 11–13	$0	$6K
Total assetsLn 16	$58K	$383K
LiabilitiesLn 26	$0	$0
Net assetsLn 32	$58K	$383K

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$2.2M	$2.2M
Legal feesLn 11b	$33K		$33K
Accounting feesLn 11c	$5K		$5K
Other fees for servicesLn 11g	$1.4M	$1.4M
Office expensesLn 13	$20K		$20K
InsuranceLn 23	$8K		$8K
Other expenses (24a–d)Ln 24	$308K	$301K	$7K
Total functional expensesLn 25	$4.0M	$3.9M	$73K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest Viewing	$4.3M	$4.0M	$326K	$383K	990 PDF
FY2023	$3.3M	$3.2M	$50K	$58K	990 PDF
FY2022	$2.0M	$2.1M	−$125K	$8K	990 PDF
FY2021	$954K	$823K	$131K	$133K	990 PDF
FY2020	$403K	$401K	$1K	$1K	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants M · Noncash O · Explanations

See the full FY2024 990 (6 parts)

Part I · Summary $4,328,470 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $3,264,046$4,328,445

I-9 Program service revenuePrior year $0$0

I-10 Investment incomePrior year $1,585$25

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $3,265,631$4,328,470

I-13 Grants and similar amounts paidPrior year $1,700,859$2,179,050

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 $1,514,984$1,823,828

I-18 Total expensesPrior year $3,215,843$4,002,878

I-19 Revenue less expensesPrior year $49,788$325,592

Part VI · Governance 2 of 2 board members independent, 4 to look at

VI-1a Voting members of the governing body2

VI-1b Independent voting members2

VI-12a Written conflict of interest policyNo

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

Part VIII · Statement of revenue $4,328,470 across 5 lines filed

VIII-1f All other contributions, gifts and grants$4,328,445

VIII-1g Noncash contributions (included above)$459,824

VIII-1h Total contributions, gifts and grants$4,328,445

VIII-3 Investment incomeExcluded from tax $25$25

VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $25$4,328,470

Part IX · Statement of functional expenses $4,002,878 across 7 lines filed

IX-1 Grants to domestic organizationsPrograms $2,179,050$2,179,050

IX-11b Legal feesManagement $32,968$32,968

IX-11c Accounting feesManagement $5,000$5,000

IX-11g Other fees for servicesPrograms $1,449,443$1,449,443

IX-13 Office expensesManagement $20,369$20,369

IX-23 InsuranceManagement $8,209$8,209

IX-24 Other expenses (24a–d)Programs $301,238 · Management $6,601$307,839

IX-25 Total functional expensesPrograms $3,929,731 · Management $73,147 · Fundraising $0$4,002,878

Part X · Balance sheet $383,454 assets, 7 lines filed

X-1 Cash, non-interest-bearingStart of year $57,764$377,618

X-11 Publicly traded securitiesStart of year $0$5,836

X-16 Total assetsStart of year $57,764$383,454

X-26 Total liabilitiesStart of year $0$0

X-27 Net assets without donor restrictionsStart of year $57,764$383,454

X-32 Total net assets or fund balancesStart of year $57,764$383,454

X-33 Total liabilities and net assetsStart of year $57,764$383,454

Part XI · Reconciliation of net assets $383,454 net assets at year end

XI-1 Total revenue$4,328,470

XI-2 Total expenses$4,002,878

XI-3 Revenue less expenses$325,592

XI-4 Net assets at start of year$57,764

XI-8 Prior period adjustments$98

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$383,454

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

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