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Rowen Foundation INC FY2023 filing

Tax-deductible

Lawrenceville, GA501(c)(4)Community DevelopmentEIN 85-3049933Revenue $224K in FY2023

On file with the IRSrowenlife.com279 West Crogan Street, 30046-6914 · Lawrenceville, GATax-exempt since Dec 2020

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We are the independent, mission-driven, not-for-profit entity leading the planning and visioning of Rowen, responsible for project leadership and operations to ensure the long-term vision for Rowen is never compromised. Rowen means "second harvest." established on land that has been carefully stewarded for generations by local families, Rowen will be programmed in a way that remains true to the families' connections to agriculture, medicine and natural environment. The result is a reimagination of the traditional mixed-use, office and research environment that will change the economic and social trajectory of georgia, the nation and with time, the world.

501(c)(4) charity; gifts are tax-deductible.
83¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
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
Yes
Donations are tax-deductible
Looks good: the IRS lists 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
0 of 5
filings with a surplus
Average deficit $2.5M a year · 2992% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
83%
of spending
Looks good: 83% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
10 mo
of spending, in cash
Looks good: 9.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$99.4M
109% of total assets
Concern: liabilities are 109% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$224K
+110% vs prior year
Spent
$2.8M
To programs
83%
Net assets
−$8.5M
By yearFY2020–FY2024
Revenue
$224K
FY2023▲ +110%
Tap a bar for its year
Revenue by fiscal year
FY2020$6K
FY2021$6K
FY2022$106K
FY2023$224K
FY2024$69K
Expenses
$2.8M
FY2023▲ +22%
Tap a bar for its year
Expenses by fiscal year
FY2020$330K
FY2021$3.4M
FY2022$2.3M
FY2023$2.8M
FY2024$3.8M
Net assets
−$8.5M
FY2023▼ -44%
Tap a bar for its year
Net assets by fiscal year
FY2020−$324K
FY2021−$3.7M
FY2022−$5.9M
FY2023−$8.5M
FY2024−$12.3M

From the FY2023 Form 990 · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 2020.

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

Where the money goes

83 cents of each dollar spent went to programs.

Program services 83% · $2.4M Management & general 17% · $490K

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

11 people listed on the 990.

Part VII, Section A · reportable compensation
Sachin D Shailendra
Director, Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Dr S Jack Hu
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Bert Reeves
Director
$0Pt VII · Sec A
Arthur Tripp
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Rowen Foundation INC 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Plans and operates Rowen, a mixed-use development focused on agriculture, medicine, and nature.

Questions for Rowen Foundation INC

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Provided by the organization

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1 program · $2.4M · in their own filed words · FY2023
01

See schedule o gwinnett county, georgia (the "county or "gwinnett county') has an opportunity to develop 1800 acres in the county, located centrally between three major economic centers in the state of georgia (atlanta, athens, and gainesville) and equidistant from three major research universities (the university of georgia, georgia…

$2.4Mprogram expense

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 · 1 grant · $1.1M · 2021–2021
Development Authority of Gwinnett County GeorgiaFY2021$1,116,200

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$224K
Ln 12
Investment incomeLn 3$224K
Money outPt IX
$2.8M
Ln 25
Programscol B$2.4M
Managementcol C$490K
Owns and owesPt X
−$8.5M
net assets · Ln 32
Cash and savingsLn 1–2$2.3M
Total assetsLn 16$90.8M
LiabilitiesLn 26$99.4M
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$224K
Total revenueLn 12$224K
Assets in detailPt X, end of year
CashLn 1$666K
SavingsLn 2$1.6M
Cash and savings togetherLn 1–2$2.3M
Land, buildings, equipmentLn 10c$85.0M
Other assetsLn 15$3.5M
Total assetsLn 16$90.8M
LiabilitiesLn 26$99.4M
Net assetsLn 32−$8.5M
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
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$715K$2.3M
Land, buildings, equipmentLn 10c$71.6M$85.0M
Total assetsLn 16$79.0M$90.8M
LiabilitiesLn 26$84.9M$99.4M
Net assetsLn 32−$5.9M−$8.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$1.4M$1.2M$206K
Legal feesLn 11b$66K$33K$33K
Accounting feesLn 11c$175K$88K$88K
Other fees for servicesLn 11g$917K$880K$37K
Office expensesLn 13$2K$2K
TravelLn 17$61K$61K
InterestLn 20$220K$187K$33K
InsuranceLn 23$30K$30K
Total functional expensesLn 25$2.8M$2.4M$490K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $69K$3.8M−$3.8M−$12.3M 990 PDF
FY2023 Viewing $224K$2.8M−$2.6M−$8.5M 990 PDF
FY2022 $106K$2.3M−$2.2M−$5.9M 990 PDF
FY2021 $6K$3.4M−$3.4M−$3.7M 990 PDF
FY2020 $6K$330K−$324K−$324K 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 (6 parts)
Part I · Summary $223,884 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $106,398$223,884
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $106,398$223,884
I-13 Grants and similar amounts paidPrior year $0$0
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 $2,323,101$2,844,014
I-18 Total expensesPrior year $2,323,101$2,844,014
I-19 Revenue less expensesPrior year −$2,216,703−$2,620,130
Part VI · Governance 9 of 9 board members independent, 2 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-2 Family or business relationship among officers or directorsYes
VI-14 Document retention and destruction policyNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $223,884 across 2 lines filed
VIII-3 Investment incomeExcluded from tax $223,884$223,884
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $223,884$223,884
Part IX · Statement of functional expenses $2,844,014 across 8 lines filed
IX-11a Management feesPrograms $1,166,880 · Management $205,920$1,372,800
IX-11b Legal feesPrograms $32,835 · Management $32,835$65,670
IX-11c Accounting feesPrograms $87,571 · Management $87,569$175,140
IX-11g Other fees for servicesPrograms $879,862 · Management $36,663$916,525
IX-13 Office expensesManagement $2,000$2,000
IX-17 TravelManagement $61,491$61,491
IX-20 InterestPrograms $187,133 · Management $33,024$220,157
IX-23 InsuranceManagement $30,231$30,231
IX-25 Total functional expensesPrograms $2,354,281 · Management $489,733 · Fundraising $0$2,844,014
Part X · Balance sheet $90,848,661 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $715,172$665,626
X-2 Savings and temporary cash investmentsStart of year $0$1,609,984
X-4 Accounts receivableStart of year $19,600$0
X-9 Prepaid expenses and deferred chargesStart of year $23,764$24,735
X-10c Land, buildings and equipment, netStart of year $71,573,120$85,015,379
X-15 Other assetsStart of year $6,685,003$3,532,937
X-16 Total assetsStart of year $79,016,659$90,848,661
X-17 Accounts payable and accrued expensesStart of year $365,355$6,972,289
X-25 Other liabilitiesStart of year $3,490,659$5,229,513
X-26 Total liabilitiesStart of year $84,921,552$99,373,684
X-27 Net assets without donor restrictionsStart of year −$5,904,893−$8,525,023
X-32 Total net assets or fund balancesStart of year −$5,904,893−$8,525,023
X-33 Total liabilities and net assetsStart of year $79,016,659$90,848,661
Part XI · Reconciliation of net assets −$8,525,023 net assets at year end
XI-1 Total revenue$223,884
XI-2 Total expenses$2,844,014
XI-3 Revenue less expenses−$2,620,130
XI-4 Net assets at start of year−$5,904,893
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$8,525,023

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

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