State Forty Eight Foundation: Nonprofit Profile, Financials & Form 990 (EIN 85-1524030)

Revenue by fiscal year
FY2021	$125K
FY2022	$221K
FY2023	$283K
FY2024	$314K

Expenses by fiscal year
FY2021	$121K
FY2022	$220K
FY2023	$289K
FY2024	$362K

Net assets by fiscal year
FY2021	$19K
FY2022	$20K
FY2023	$14K
FY2024	−$34K

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 2021.

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

Where the money goes

16 cents of each dollar spent went to programs.

16%

84%

Program services 16% · $56K Management & general 84% · $306K

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

16 people listed on the 990.

Part VII, Section A · reportable compensation

Michael Spangenberg

Chair of the Boardtre

$0Pt VII · Sec A

Nicholas Polando

Board Member

$0Pt VII · Sec A

Tyler Sublette

Board Member

$0Pt VII · Sec A

Tim Regan

Board Member

$0Pt VII · Sec A

Noah Ruiz

Board Member

$0Pt VII · Sec A

Amber Cordoba

Board Member

$0Pt VII · Sec A

Kyle Jennings

Board Member

$0Pt VII · Sec A

Jason Byers

Board Member

$0Pt VII · Sec A

See State Forty Eight 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

Empowers Arizona business owners and nonprofits to drive local innovation and inspire community action.

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Provided by the organization

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2 programs · $70K · in their own filed words · FY2024

01

Provided Small business grants to Arizona-based businesses to fulfill our mission to support and empower Arizona based entrepreneurs By providing grant funding, we support early-stage local businesses with start up found to get their business to off the ground or to the next level.

$56Kprogram expense

02

Providing a four-part educational and Community building events for anyone who inspires to be an entrepreneur. Events will tackle themes and topics central to the entrepreneurs journey and aims that attendees will walk away better equipped and inspired to pursue their venture.

$14Kprogram 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

Arizona Community FoundationFY2024$20K

Total grants receivedfrom 1 funder$20K

Grants paid · 8 grants · $54K · 2024–2024

The Pad Studio LLCFY2024$10,000

Hard Copy Media LLCFY2024$7,500

Ginger Cc Design LLCFY2024$7,500

Juntos LLCFY2024$7,500

Casita Coffee LLCFY2024$6,500

Business GenieFY2024$5,000

Alla Herbs LLCFY2024$5,000

Reclaim Vibrance LLCFY2024$5,000

By the numbers

The FY2024 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$314K

Ln 12

Gifts and grantsLn 1h$337K

Fees for servicesLn 2g$6K

Money outPt IX

$362K

Ln 25

Programscol B$56K

Managementcol C$306K

Owns and owesPt X

−$34K

net assets · Ln 32

Cash and savingsLn 1–2$13K

Total assetsLn 16$16K

LiabilitiesLn 26$50K

PeoplePt VI, VII

16

listed · VII A

PaidVII A0

Voting boardVI 1a16

IndependentVI 1b16

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$337K

Fundraising eventsLn 1c$156K

Fees for servicesLn 2g$6K

Total revenueLn 12$314K

Assets in detailPt X, end of year

CashLn 1$13K

Cash and savings togetherLn 1–2$13K

Total assetsLn 16$16K

LiabilitiesLn 26$50K

Net assetsLn 32−$34K

OperationsPt I, VI

EmployeesI 50

VolunteersI 635

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	$32K	$13K
Total assetsLn 16	$34K	$16K
LiabilitiesLn 26	$21K	$50K
Net assetsLn 32	$14K	−$34K

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$56K	$56K
Management feesLn 11a	$252K		$252K
Legal feesLn 11b	$6K		$6K
Accounting feesLn 11c	$12K		$12K
Advertising and promotionLn 12	$8K		$8K
Office expensesLn 13	$2K		$2K
TravelLn 17	$456		$456
Conferences, conventions and meetingsLn 19	$14K		$14K
InsuranceLn 23	$3K		$3K
Other expenses (24a–d)Ln 24	$8K		$8K
Total functional expensesLn 25	$362K	$56K	$306K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest Viewing	$314K	$362K	−$48K	−$34K	990 PDF
FY2023	$283K	$289K	−$6K	$14K	990 PDF
FY2022	$221K	$220K	$1K	$20K	990 PDF
FY2021	$125K	$121K	$3K	$19K	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 $314,185 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $238,693$336,805

I-9 Program service revenuePrior year $12,500$5,625

I-10 Investment income$0

I-11 Other revenuePrior year $31,402−$28,245

I-12 Total revenuePrior year $282,595$314,185

I-13 Grants and similar amounts paidPrior year $42,500$56,500

I-14 Benefits paid to members$0

I-15 Salaries and benefits$0

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $246,292$305,533

I-18 Total expensesPrior year $288,792$362,033

I-19 Revenue less expensesPrior year −$6,197−$47,848

Part VI · Governance 16 of 16 board members independent, 3 to look at

VI-1a Voting members of the governing body16

VI-1b Independent voting members16

VI-12a Written conflict of interest policyNo

VI-13 Written whistleblower policyNo

VI-14 Document retention and destruction policyNo

VI-2 Family or business relationship among officers or directorsNo

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $314,185 across 6 lines filed

Lines not itemized here account for $6,541 of total revenue; see the IRS return.

VIII-1c Fundraising events$155,573

VIII-1f All other contributions, gifts and grants$181,232

VIII-1h Total contributions, gifts and grants$336,805

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $5,625$5,625

VIII-8 Net income from fundraising events−$34,786

VIII-12 Total revenueRelated to mission $5,625 · Unrelated business $0 · Excluded from tax $0$314,185

Part IX · Statement of functional expenses $362,033 across 10 lines filed

IX-1 Grants to domestic organizationsPrograms $56,500$56,500

IX-11a Management feesManagement $251,593$251,593

IX-11b Legal feesManagement $6,497$6,497

IX-11c Accounting feesManagement $11,889$11,887

IX-12 Advertising and promotionManagement $8,430$8,430

IX-13 Office expensesManagement $1,896$1,896

IX-17 TravelManagement $456$456

IX-19 Conferences, conventions and meetingsManagement $13,988$13,988

IX-23 InsuranceManagement $2,592$2,592

IX-24 Other expenses (24a–d)Management $8,194$8,194

IX-25 Total functional expensesPrograms $56,500 · Management $305,535 · Fundraising $0$362,033

Part X · Balance sheet $15,554 assets, 7 lines filed

X-1 Cash, non-interest-bearingStart of year $32,060$13,334

X-8 Inventories for sale or useStart of year $2,220$2,220

X-16 Total assetsStart of year $34,280$15,554

X-24 Unsecured notes and loans payableStart of year $20,707$49,829

X-26 Total liabilitiesStart of year $20,707$49,829

X-32 Total net assets or fund balancesStart of year $13,573−$34,275

X-33 Total liabilities and net assetsStart of year $34,280$15,554

Part XI · Reconciliation of net assets −$34,275 net assets at year end

XI-1 Total revenue$314,185

XI-2 Total expenses$362,033

XI-3 Revenue less expenses−$47,848

XI-4 Net assets at start of year$13,573

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year−$34,275

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

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State Forty Eight Foundation

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for State Forty Eight Foundation

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV