Project 42: FY2023 Nonprofit Profile & 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% · $3.1M Management & general 2% · $69K

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 · $3.1M · in their own filed words · FY2023

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.

$3.1Mprogram 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 FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$3.3M

Ln 12

Gifts and grantsLn 1h$3.3M

Investment incomeLn 3$2K

Money outPt IX

$3.2M

Ln 25

Programscol B$3.1M

Managementcol C$69K

Owns and owesPt X

$58K

net assets · Ln 32

Cash and savingsLn 1–2$58K

Total assetsLn 16$58K

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$3.3M

Noncash giftsLn 1g$238K

Investment incomeLn 3$2K

Gains on assetsLn 7−$606

Total revenueLn 12$3.3M

Assets in detailPt X, end of year

CashLn 1$58K

Cash and savings togetherLn 1–2$58K

Total assetsLn 16$58K

LiabilitiesLn 26$0

Net assetsLn 32$58K

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 FY23	End FY23
Cash and savingsLn 1–2	$8K	$58K
Total assetsLn 16	$8K	$58K
LiabilitiesLn 26	$0	$0
Net assetsLn 32	$8K	$58K

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$1.7M	$1.7M
Legal feesLn 11b	$28K		$28K
Accounting feesLn 11c	$8K		$8K
Other fees for servicesLn 11g	$1.1M	$1.1M
Office expensesLn 13	$25K		$25K
InsuranceLn 23	$8K		$8K
Other expenses (24a–d)Ln 24	$307K	$307K
Total functional expensesLn 25	$3.2M	$3.1M	$69K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest	$4.3M	$4.0M	$326K	$383K	990 PDF
FY2023 Viewing	$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 FY2023 990 (6 parts)

Part I · Summary $3,265,631 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $1,970,460$3,264,046

I-9 Program service revenuePrior year $0$0

I-10 Investment incomePrior year −$2,037$1,585

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $1,968,423$3,265,631

I-13 Grants and similar amounts paidPrior year $1,100,600$1,700,859

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 $992,520$1,514,984

I-18 Total expensesPrior year $2,093,120$3,215,843

I-19 Revenue less expensesPrior year −$124,697$49,788

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 $3,265,631 across 6 lines filed

VIII-1f All other contributions, gifts and grants$3,264,046

VIII-1g Noncash contributions (included above)$237,945

VIII-1h Total contributions, gifts and grants$3,264,046

VIII-3 Investment incomeExcluded from tax $2,191$2,191

VIII-7 Net gain or loss on sales of assetsExcluded from tax −$606−$606

VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $1,585$3,265,631

Part IX · Statement of functional expenses $3,215,843 across 7 lines filed

IX-1 Grants to domestic organizationsPrograms $1,700,859$1,700,859

IX-11b Legal feesManagement $27,869$27,869

IX-11c Accounting feesManagement $7,603$7,603

IX-11g Other fees for servicesPrograms $1,139,032$1,139,032

IX-13 Office expensesManagement $25,064$25,064

IX-23 InsuranceManagement $8,426$8,426

IX-24 Other expenses (24a–d)Programs $306,990$306,990

IX-25 Total functional expensesPrograms $3,146,881 · Management $68,962 · Fundraising $0$3,215,843

Part X · Balance sheet $57,764 assets, 6 lines filed

X-1 Cash, non-interest-bearingStart of year $7,976$57,764

X-16 Total assetsStart of year $7,976$57,764

X-26 Total liabilitiesStart of year $0$0

X-27 Net assets without donor restrictionsStart of year $7,976$57,764

X-32 Total net assets or fund balancesStart of year $7,976$57,764

X-33 Total liabilities and net assetsStart of year $7,976$57,764

Part XI · Reconciliation of net assets $57,764 net assets at year end

XI-1 Total revenue$3,265,631

XI-2 Total expenses$3,215,843

XI-3 Revenue less expenses$49,788

XI-4 Net assets at start of year$7,976

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$57,764

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

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Project 42 FY2023 filing

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