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Stacks Open Internet Foundation

Cary, NCUnknown exempt organizationSince 2021EIN 85-0825452

The organization's mission is to support the decentralized network and community developing open-source and programmable technology leveraging the high-security of the public bitcoin protocol. Working with the stacks community, we support and help build the ecosystem to drive value and utility in building open-source and secure technology for the public.

90¢ of each $1 spent went to programs.
$1.6M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Spent on programs
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.6M
to officers and key staff · 15% of spending
Looks good: pay to officers and key staff is 15% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
4 mo
of spending, in cash
Looks good: 4.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.9M
6% of total assets
Looks good: liabilities are 6% of assets; 50% or less.
Pt X · Ln 26
Independent board members
2
of 3 voting members
Looks good: 2 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$12.0M
Spent
$10.5M
To programs
90%
Net assets
$32.4M

From the FY2023 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023.

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

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $9.4M Management & general 8% · $827K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

6 people listed on the 990; $1.6M paid to officers and key staff.

Part VII, Section A · reportable compensation
Mitchell Cuevas
Key Employee
$385,673Pt VII · Sec A
Jude Nelson
Key Employee
$343,384Pt VII · Sec A
Brittany Laughlin
Executive Director
$294,028Pt VII · Sec A
Jesse Wiley
Key Employee
$218,317Pt VII · Sec A
Jenny Mith
Key Employee
$187,468Pt VII · Sec A
Shannon Voight
Key Employee
$173,978Pt VII · Sec A
See Stacks Open Internet 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 15aYes

Programs and updates

Supports open-source, programmable technology built on Bitcoin's secure network.

Provided by the organization

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3 program services account for $3.3M of program spending, described in the organization's own filed words · FY2023.
01

Development educationthe organization operates a website pertaining to a user-owned internet, stacks, the computing networks that power it, and research and technologies that can be integrated into the network. Stacks is a digital asset designed to work as a public utility to enable the development of smart contracts on bitcoin.

$1.9Mprogram expense
02

Residents research and development programthe organization may support, design, conduct and publish research, potentially in collaboration with academics and institutions, or collaborate with institutions, organizations, or individuals already conducting research, related to a user-owned internet.

$1.3Mprogram expense
03

Chapters local community program

$186Kprogram 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 · $102K · 2023–2023
Unitemized GrantFY2023$84,906
Unitemized GrantFY2023$16,667

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$12.0M
Ln 12
Investment incomeLn 3$11.8M
Other incomeLn 4–11$237K
Money outPt IX
$10.5M
Ln 25
Programscol B$9.4M
Managementcol C$827K
Owns and owesPt X
$32.4M
net assets · Ln 32
Cash and savingsLn 1–2$3.8M
Total assetsLn 16$34.3M
LiabilitiesLn 26$1.9M
PeoplePt VI, VII
6
listed · VII A
PaidVII A6
Voting boardVI 1a3
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$11.8M
Other incomeLn 4–11$237K
Gains on assetsLn 7$10.9M
Total revenueLn 12$12.0M
Assets in detailPt X, end of year
CashLn 1$3.8M
Cash and savings togetherLn 1–2$3.8M
InvestmentsLn 11–13$16.4M
Land, buildings, equipmentLn 10c$166K
Other assetsLn 15$3.9M
Total assetsLn 16$34.3M
LiabilitiesLn 26$1.9M
Net assetsLn 32$32.4M
OperationsPt I, VI
EmployeesI 513
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 FY23End FY23
Cash and savingsLn 1–2$311K$3.8M
InvestmentsLn 11–13$16.0M$16.4M
Land, buildings, equipmentLn 10c$425K$166K
Total assetsLn 16$38.6M$34.3M
LiabilitiesLn 26$2.1M$1.9M
Net assetsLn 32$36.5M$32.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$1.1M$1.1M
Grants and assistance to foreign recipientsLn 3$880K$880K
Pay of current officers, directors and key staffLn 5$1.6M$1.6M
Other salaries and wagesLn 7$2.5M$2.5M
Other employee benefitsLn 9$186K$186K
Legal feesLn 11b$478K$478K
Accounting feesLn 11c$59K$59K
Other fees for servicesLn 11g$104K$104K
Advertising and promotionLn 12$230K$230K
OccupancyLn 16$8K$8K
TravelLn 17$223K$223K
Conferences, conventions and meetingsLn 19$1.4M$1.4M
InterestLn 20$2K$2K
Depreciation, depletion and amortizationLn 22$260K
InsuranceLn 23$9K$9K
Other expenses (24a–d)Ln 24$1.1M$1.1M
All other expensesLn 24e$268K$268K
Total functional expensesLn 25$10.5M$9.4M$827K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest Viewing $12.0M$10.5M$1.5M$32.4M 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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $12,033,900 across 4 lines filed
VIII-3 Investment incomeRelated to mission $874,292$874,292
VIII-7 Net gain or loss on sales of assetsRelated to mission $10,923,039$10,923,039
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $236,569$236,569
VIII-12 Total revenueRelated to mission $12,033,900 · Unrelated business $0 · Excluded from tax $0$12,033,900
Part IX · Statement of functional expenses $10,523,690 across 17 lines filed
IX-2 Grants to domestic individualsPrograms $1,123,359$1,123,359
IX-3 Grants and assistance to foreign recipientsPrograms $880,232$880,232
IX-5 Pay of current officers, directors and key staffPrograms $1,602,848$1,602,848
IX-7 Other salaries and wagesPrograms $2,500,745$2,500,745
IX-9 Other employee benefitsManagement $186,021$186,021
IX-11b Legal feesManagement $477,732$477,732
IX-11c Accounting feesManagement $59,386$59,386
IX-11g Other fees for servicesManagement $104,130$104,130
IX-12 Advertising and promotionPrograms $229,899$229,899
IX-16 OccupancyPrograms $7,732$7,732
IX-17 TravelPrograms $223,394$223,394
IX-19 Conferences, conventions and meetingsPrograms $1,441,088$1,441,088
IX-20 InterestPrograms $1,502$1,502
IX-22 Depreciation, depletion and amortization$260,133
IX-23 InsurancePrograms $9,409$9,409
IX-24 Other expenses (24a–d)Programs $1,148,293$1,148,293
IX-24e All other expensesPrograms $267,787$267,787
IX-25 Total functional expensesPrograms $9,436,288 · Management $827,269 · Fundraising $0$10,523,690
Part X · Balance sheet $34,326,779 assets, 13 lines filed
Asset lines not itemized here account for $9,952,371; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $310,539$3,802,375
X-9 Prepaid expenses and deferred chargesStart of year $8,400$38,628
X-10c Land, buildings and equipment, netStart of year $424,800$165,600
X-12 Other securitiesStart of year $15,977,999$16,427,999
X-14 Intangible assetsStart of year $11,744$10,811
X-15 Other assetsStart of year $5,679,223$3,928,995
X-16 Total assetsStart of year $38,604,924$34,326,779
X-17 Accounts payable and accrued expensesStart of year $66,434$202,974
X-24 Unsecured notes and loans payableStart of year $1,768,529$1,307,097
X-25 Other liabilitiesStart of year $279,235$382,874
X-26 Total liabilitiesStart of year $2,114,198$1,892,945
X-32 Total net assets or fund balancesStart of year $36,490,726$32,433,834
X-33 Total liabilities and net assetsStart of year $38,604,924$34,326,779
Part XI · Reconciliation of net assets $32,433,834 net assets at year end
XI-1 Total revenue$12,033,900
XI-2 Total expenses$10,523,690
XI-3 Revenue less expenses$1,510,210
XI-4 Net assets at start of year$36,490,726
XI-5 Net unrealized gains (losses) on investments−$5,325,880
XI-8 Prior period adjustments−$241,222
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$32,433,834

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

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