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43north Foundation INC

Tax-deductible

Buffalo, NY501(c)(3) EIN 86-1647131Revenue $3.4M in FY2024

On file with the IRS43northfoundation.org1 West Seneca Street 24th Flr, 14203-2734 · Buffalo, NYTax-exempt since Dec 2020Publicly supported charity — 170(b)(1)(A)(vi)

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Provide buffalo/niagara region with opportunities by investing in organizations, ideas, and innovation and in making buffalo the best IT can be. To provide financial and entrepreneurial support to make buffalo a beacon of technological innovation and economic growth.

501(c)(3) charity; gifts are tax-deductible.
17¢ of each $1 spent went to programs.
Run by 6 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
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
2 of 3
filings with a surplus
Average surplus $1.0M a year · 67% of revenue · last 3 filings
Fine: a surplus in 2 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
17%
of spending
Concern: 17% 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 · 8% of spending
Looks good: pay to officers and key staff is 8% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
176 mo
of spending, in cash
Plus $57.3M in investments, Pt X · Ln 11–13
Looks good: 176.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $3.5M
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$63K
0.1% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.4M
×11 vs prior year
Spent
$258K
To programs
17%
Net assets
$61.1M
By yearFY2022–FY2024
Revenue
$3.4M
FY2024▲ ×11
Tap a bar for its year
Revenue by fiscal year
FY2022$831K
FY2023$318K
FY2024$3.4M
Expenses
$258K
FY2024▼ -76%
Tap a bar for its year
Expenses by fiscal year
FY2022$156K
FY2023$1.1M
FY2024$258K
Net assets
$61.1M
FY2024▲ +6%
Tap a bar for its year
Net assets by fiscal year
FY2022$47.2M
FY2023$57.4M
FY2024$61.1M

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 Dec 2020.

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

Where the money goes

17 cents of each dollar spent went to programs.

Program services 17% · $43K Management & general 83% · $215K

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

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

Part VII, Section A · reportable compensation
Adam Petrie
Treasurer
$20,000Pt VII · Sec A
Eric Reich
Board Member
$0Pt VII · Sec A
Ron Schreiber
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Allen Pete Grum
Board Member
$0Pt VII · Sec A
Sharon Randaccio
Board Member
$0Pt VII · Sec A
Jordan Levy
Board Member
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2023
Adam Petrie$20,000$20,000

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.

See 43north 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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Invests in organizations, ideas, and innovation to foster economic growth and technological advancement in Buffalo.

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Provided by the organization

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1 program · $43K · in their own filed words · FY2024
01

Make buffalo the beacon of technological innovation and economic growth.

$43Kprogram 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 · FY2021
43north Bpc INCFY2021$3.5M
Total grants receivedfrom 1 funder$3.5M
Grants paid · 2 grants · $12K · 2022–2022
Impellent Ventures LLCFY2022$10,000
Buffalo Prep INCNY · FY2022$2,500

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.4M
Ln 12
Gifts and grantsLn 1h$2.2M
Investment incomeLn 3$1.2M
Money outPt IX
$258K
Ln 25
Programscol B$43K
Managementcol C$215K
Owns and owesPt X
$61.1M
net assets · Ln 32
Cash and savingsLn 1–2$3.8M
Total assetsLn 16$61.2M
LiabilitiesLn 26$63K
PeoplePt VI, VII
7
listed · VII A
PaidVII A1
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.2M
Noncash giftsLn 1g$2.2M
Investment incomeLn 3$1.2M
Gains on assetsLn 7−$1.6M
Total revenueLn 12$3.4M
Assets in detailPt X, end of year
CashLn 1$3.8M
Cash and savings togetherLn 1–2$3.8M
InvestmentsLn 11–13$57.3M
Total assetsLn 16$61.2M
LiabilitiesLn 26$63K
Net assetsLn 32$61.1M
OperationsPt I, VI
EmployeesI 50
VolunteersI 66
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 FY24End FY24
Cash and savingsLn 1–2$25.9M$3.8M
InvestmentsLn 11–13$31.5M$57.3M
Total assetsLn 16$57.4M$61.2M
LiabilitiesLn 26$0$63K
Net assetsLn 32$57.4M$61.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$20K$20K
Payroll taxesLn 10$3K$3K
Legal feesLn 11b$40K$40K
Accounting feesLn 11c$44K$44K
Other fees for servicesLn 11g$138K$40K$98K
Office expensesLn 13$11K$11K
Other expenses (24a–d)Ln 24$2K$2K
Total functional expensesLn 25$258K$43K$215K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $3.4M$258K$3.1M$61.1M 990 PDF
FY2023 $318K$1.1M−$747K$57.4M 990 PDF
FY2022 $831K$156K$675K$47.2M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $3,396,466 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $400,000$2,161,345
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year −$82,356$1,235,121
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $317,644$3,396,466
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 $20,000$23,089
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,044,309$235,116
I-18 Total expensesPrior year $1,064,309$258,205
I-19 Revenue less expensesPrior year −$746,665$3,138,261
Part VI · Governance 7 of 7 board members independent, 2 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
Part VIII · Statement of revenue $3,396,466 across 6 lines filed
VIII-1f All other contributions, gifts and grants$2,161,345
VIII-1g Noncash contributions (included above)$2,161,345
VIII-1h Total contributions, gifts and grants$2,161,345
VIII-3 Investment incomeExcluded from tax $2,823,845$2,823,845
VIII-7 Net gain or loss on sales of assetsRelated to mission −$1,588,724−$1,588,724
VIII-12 Total revenueRelated to mission −$1,588,724 · Unrelated business $0 · Excluded from tax $2,823,845$3,396,466
Part IX · Statement of functional expenses $258,205 across 7 lines filed
IX-5 Pay of current officers, directors and key staffManagement $20,000$20,000
IX-10 Payroll taxesPrograms $3,089$3,089
IX-11b Legal feesManagement $40,079$40,079
IX-11c Accounting feesManagement $43,970$43,970
IX-11g Other fees for servicesPrograms $40,385 · Management $98,063$138,448
IX-13 Office expensesManagement $11,094$11,094
IX-24 Other expenses (24a–d)Management $1,525$1,525
IX-25 Total functional expensesPrograms $43,474 · Management $214,731 · Fundraising $0$258,205
Part X · Balance sheet $61,207,539 assets, 9 lines filed
Asset lines not itemized here account for $119,650; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $25,877,917$3,787,449
X-9 Prepaid expenses and deferred charges$3,330
X-11 Publicly traded securitiesStart of year $31,547,499$57,297,110
X-16 Total assetsStart of year $57,425,416$61,207,539
X-17 Accounts payable and accrued expensesStart of year $0$62,787
X-26 Total liabilitiesStart of year $0$62,787
X-27 Net assets without donor restrictionsStart of year $57,425,416$61,144,752
X-32 Total net assets or fund balancesStart of year $57,425,416$61,144,752
X-33 Total liabilities and net assetsStart of year $57,425,416$61,207,539
Part XI · Reconciliation of net assets $61,144,752 net assets at year end
XI-1 Total revenue$3,396,466
XI-2 Total expenses$258,205
XI-3 Revenue less expenses$3,138,261
XI-4 Net assets at start of year$57,425,416
XI-5 Net unrealized gains (losses) on investments$581,075
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$61,144,752

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

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