Rust Foundation EIN 85-4376974

Rust Foundation FY2023 filing

EIN  85-4376974 Unknown exempt organization Dover, DE
Form 990 (PDF)
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Size
$1–10M
What they do
Supports Rust programming language development, community, and infrastructure.
Leadership
Walter Pearce · Security Engineer · $262K
Money in and out
$2.5M revenue, $3.1M expenses
Bottom line
-22% surplus margin

Supports Rust programming language development, community, and infrastructure. For fiscal year 2023 it reported $2.5M in revenue, $3.1M in expenses, and $1.8M in net assets.Pt I

Reported financial activity · FY2023
Total revenue
$2.5M
Pt VIII · Ln 12
Total expenses
$3.1M
Pt IX · Ln 25
Net assets
$1.8M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$554K
Surplus margin
-22%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Revenue
$2.5M
FY2023▼ -11%
Expenses
$3.1M
FY2023▲ +59%
Total assets
$3.7M
FY2023▲ +25%
Total liabilities
$1.9M
FY2023▲ +194%
Total revenue
$2.5M
Pt VIII · Ln 12
Total expenses
$3.1M
Pt IX · Ln 25
Net assets
$1.8M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$554K
Total assetsPt X · Ln 16$3.7M
Program-expense ratioPt IX · col B
Voting members of governing bodyPt I · Ln 311
Independent voting membersPt I · Ln 411
Mission & Programs · Part III

Where the work happens

3 program services, described in the organization's own filed words · FY2023.
01

The community grants program is a cornerstone initiative at the rust foundation with goals of providing financial and practical support for existing talent in the rust ecosystem, growing the impact of the work of maintainers, and creating wider opportunities for those passionate about rust.

Pt IX · col B
02

The foundation exists to support the rust project and ecosystem, to ensure that the rust programming language is robust and fit for purpose. The foundation provided support to the maintenance and development of the rust programming language through the provision of cloud computing resources, the technical infrastructure to support the…

Pt IX · col B
03

The security initiative was developed to improve the security of the rust ecosystem, for the benefit of all users of the rust programming language. The initiative is a global effort and has engaged stakeholders from across industry and from around the world.

Pt IX · col B

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CRust Foundation
EINHdr · item D85-4376974
Principal addressHdr · item CDover, DE
WebsiteHdr · item Jfoundation.rust-lang.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MDE
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFNonprofit
Ruling yearIRS BMFpending

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a11
Independent voting membersPt VI · Ln 1b11
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Security Engineer
$261,741Pt VII · Sec A
Director of Technology
$243,628Pt VII · Sec A
Director of Marketing/Communications
$136,099Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A

Compensation history total reportable pay by year · 5 named individuals · Part VII

NameFY2024FY2023FY2022FY2021
Walter Pearce$308,247$261,741
Joel Marcey$255,279$243,628$181,324
Gracie Gregory$136,099
Ashley Williams$110,000
Rebecca Rumbul$26,283

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Program service revenue$1.9M · 76%
Contributions & grants$600K · 24%
Program service revenue76%$1.9M
Contributions & grants24%$600K
Total revenueLn 12$2.5M

Balance Sheet

Part X · end of year
CashLn 1$3.6M
Total assetsLn 16$3.7M
Total liabilitiesLn 26$1.9M
Total net assetsLn 32$1.8M
Months of cash on handcomputed14.1

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $3.6M · Operating expenses/yr $3.1M
14.1 months
Where the money goes
Program services
Program services — · Total expenses $3.1M
Management & General
Management & general — · Total expenses $3.1M
Fundraising
Fundraising — · Total expenses $3.1M
Cost to raise $1
Fundraising expense — · Solicited contributions —
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $600K · Total revenue $2.5M
24%
Government reliance
Government grants — · Total revenue $2.5M
Earned-income share
Program service revenue $1.9M · Total revenue $2.5M
76%
Investment reliance
Investment income $0 · Total revenue $2.5M
0%
Program self-sufficiency
Program service revenue $1.9M · Total expenses $3.1M
62%
Growth & trend
Revenue growth (YoY)
This year $2.5M · Prior year $2.8M
-11%
Net-asset trend (YoY)
End of year $1.8M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $2.5M · Expenses $3.1M
-22%
Liabilities-to-Assets
Total liabilities — · Total assets $3.7M
Net-asset ratio
Net assets $1.8M · Total assets $3.7M
48%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $3.7M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Walter Pearce · Reported title SECURITY ENGINEER · Highest reported compensation $262K · Total expenses $3.1M
9%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $2.0M · Total expenses $3.1M
66%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Fundraising cost ratio 0%
Revenue growth -11%
Legal fee ratio 1%
Accounting fee ratio 0%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · this organization's grantmaking
Grants paid · 10 grants · $333K · 2022–2024
Unitemized GrantFY2024$58,939
Unitemized GrantFY2024$23,000
Unitemized GrantFY2024$1,639
Unitemized GrantFY2024$300
Unitemized GrantFY2023$106,750
Unitemized GrantFY2023$49,215
Unitemized GrantFY2023$150
Unitemized GrantFY2022$61,997
Unitemized GrantFY2022$19,000
CodecraftersFY2022$12,000

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$4.3M revenue · ⤓ 990 PDF
FY2023$2.5M revenue · viewing · ⤓ 990 PDF
FY2022$2.8M revenue · ⤓ 990 PDF
FY2021$2.1M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2023IRS
Classification, formation year, addressIRS Business Master File
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