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Blockchain for Energy INC

Not tax-deductible

Houston, TX501(c)(6)EnvironmentEIN 85-2400134Revenue $2.5M in FY2024

On file with the IRSblockchainforenergy.net2902 Rogerdale Rd 420143, 77042-0000 · Houston, TXTax-exempt since Nov 2022

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To help transition the Energy industry into the next generation of the internet (web3) through developing and deploying innovative and value-added digital solutions in a collaborative, non-competitive environment.

Run by 60 volunteers.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 4
filings with a surplus
Average deficit $83K a year · 6% of revenue · last 4 filings
Concern: a surplus in 1 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$20K
to officers and key staff · 1.0% of spending
Top officer’s pay lower than 99% of similar orgs
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
3 mo
of spending, in cash
Fine: 2.9 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$305K
37% of total assets
Looks good: liabilities are 37% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 6 voting members
Looks good: 5 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.5M
+88% vs prior year
Spent
$2.0M
To programs
0%
Net assets
$521K
By yearFY2021–FY2024
Revenue
$2.5M
FY2024▲ +88%
Tap a bar for its year
Revenue by fiscal year
FY2021$707K
FY2022$850K
FY2023$1.3M
FY2024$2.5M
Expenses
$2.0M
FY2024▲ +23%
Tap a bar for its year
Expenses by fiscal year
FY2021$1.2M
FY2022$883K
FY2023$1.7M
FY2024$2.0M
Net assets
$521K
FY2024▲ ×12
Tap a bar for its year
Net assets by fiscal year
FY2021$397K
FY2022$364K
FY2023$43K
FY2024$521K

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Nov 2022.

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

Who runs it and what they're paid

7 people listed on the 990; $20K paid to officers and key staff.

Part VII, Section A · reportable compensation
Rebecca Hofmann
President &
$19,500Pt VII · Sec A
Raquel Clement
Chairperson
$0Pt VII · Sec A
Jason Jones
Treasurer
$0Pt VII · Sec A
Raj Rapaka
Vice Chairpe
$0Pt VII · Sec A
Nuria Avalos
Board Member
$0Pt VII · Sec A
Zach Gragg
Board Member
$0Pt VII · Sec A
Joe Wempe
Board Member
$0Pt VII · Sec A

Rebecca Hofmann’s $20K as President & is at the 1st percentile of top reported officer pay among 1851 $1–10M environment nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

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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

Develops digital solutions to transition the energy industry to the next generation of the internet.

Questions for Blockchain for Energy INC

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Provided by the organization

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1 program · $1.8M · in their own filed words · FY2024
01

Blockchain for energy (B4E), in collaboration with their member companies (together known as the consortium), is transforming the energy industry through innovation and blockchain technology.

$1.8Mprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.5M
Ln 12
Fees for servicesLn 2g$2.2M
Gifts and grantsLn 1h$354K
Investment incomeLn 3$21
Money outPt IX
$2.0M
Ln 25
Owns and owesPt X
$521K
net assets · Ln 32
Cash and savingsLn 1–2$490K
Total assetsLn 16$826K
LiabilitiesLn 26$305K
PeoplePt VI, VII
7
listed · VII A
PaidVII A1
Voting boardVI 1a6
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$354K
Fees for servicesLn 2g$2.2M
Investment incomeLn 3$21
Total revenueLn 12$2.5M
Assets in detailPt X, end of year
CashLn 1$218K
SavingsLn 2$271K
Cash and savings togetherLn 1–2$490K
Total assetsLn 16$826K
LiabilitiesLn 26$305K
Net assetsLn 32$521K
OperationsPt I, VI
EmployeesI 50
VolunteersI 660
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$550K$490K
Total assetsLn 16$800K$826K
LiabilitiesLn 26$757K$305K
Net assetsLn 32$43K$521K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$21K
Payroll taxesLn 10$2K
Management feesLn 11a$195K
Legal feesLn 11b$32K
Accounting feesLn 11c$8K
Other fees for servicesLn 11g$1.7M
Advertising and promotionLn 12$61K
Office expensesLn 13$1K
Information technologyLn 14$18K
TravelLn 17$9K
Conferences, conventions and meetingsLn 19$2K
InsuranceLn 23$2K
Other expenses (24a–d)Ln 24$21K
Total functional expensesLn 25$2.0M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $2.5M$2.0M$478K$521K 990 PDF
FY2023 $1.3M$1.7M−$321K$43K 990 PDF
FY2022 $850K$883K−$33K$364K 990 PDF
FY2021 $707K$1.2M−$455K$397K 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 $2,516,649 revenue, 12 lines filed
I-8 Contributions and grants$354,128
I-9 Program service revenuePrior year $1,337,500$2,162,500
I-10 Investment income$21
I-11 Other revenue$0
I-12 Total revenuePrior year $1,337,500$2,516,649
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$22,392
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $1,658,985$2,015,981
I-18 Total expensesPrior year $1,658,985$2,038,373
I-19 Revenue less expensesPrior year −$321,485$478,276
Part VI · Governance 5 of 6 board members independent, 1 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members5
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,516,649 across 5 lines filed
VIII-1f All other contributions, gifts and grants$354,128
VIII-1h Total contributions, gifts and grants$354,128
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,162,500$2,162,500
VIII-3 Investment incomeRelated to mission $21$21
VIII-12 Total revenueRelated to mission $2,162,521$2,516,649
Part IX · Statement of functional expenses $2,038,373 across 13 lines filed
IX-5 Pay of current officers, directors and key staff$20,859
IX-10 Payroll taxes$1,533
IX-11a Management fees$195,000
IX-11b Legal fees$31,727
IX-11c Accounting fees$8,381
IX-11g Other fees for services$1,667,699
IX-12 Advertising and promotion$60,727
IX-13 Office expenses$1,168
IX-14 Information technology$17,804
IX-17 Travel$8,629
IX-19 Conferences, conventions and meetings$1,563
IX-23 Insurance$1,792
IX-24 Other expenses (24a–d)$21,491
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$2,038,373
Part X · Balance sheet $826,235 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $550,213$218,253
X-2 Savings and temporary cash investments$271,315
X-4 Accounts receivableStart of year $250,000$336,667
X-16 Total assetsStart of year $800,213$826,235
X-17 Accounts payable and accrued expensesStart of year $194,705$104,951
X-19 Deferred revenueStart of year $562,500$200,000
X-26 Total liabilitiesStart of year $757,205$304,951
X-27 Net assets without donor restrictionsStart of year $43,008$521,284
X-32 Total net assets or fund balancesStart of year $43,008$521,284
X-33 Total liabilities and net assetsStart of year $800,213$826,235
Part XI · Reconciliation of net assets $521,284 net assets at year end
XI-1 Total revenue$2,516,649
XI-2 Total expenses$2,038,373
XI-3 Revenue less expenses$478,276
XI-4 Net assets at start of year$43,008
XI-10 Net assets at end of year$521,284

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

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