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Project Equity FY2024 filing

Tax-deductible

Oakland, CA501(c)(3)Since 2021Community Development EIN 86-2938689Revenue $242K in FY2024

On file with the IRSproject-equity.org2648 International Blvd Ste 301, 94601-1580 · Oakland, CATax-exempt since Oct 2021Publicly supported charity — 170(b)(1)(A)(vi)

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Project Equity is a national leader in the movement to harness employee ownership to maintain thriving local business communities, honor selling owners legacies, and address income and wealth inequality.

501(c)(3) charity; gifts are tax-deductible.
89¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 4
filings with a surplus
Average surplus $2.3M a year · 80% of revenue · last 4 filings
Looks good: a surplus in 4 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
89%
of spending
Looks good: 89% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
161 mo
of spending, in cash
Looks good: 160.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $546K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$2.4M
48% of total assets
Looks good: liabilities are 48% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$242K
-86% vs prior year
Spent
$220K
To programs
89%
Net assets
$2.5M
By yearFY2022–FY2025
Revenue
$242K
FY2024▼ -86%
Tap a bar for its year
Revenue by fiscal year
FY2022$1.2M
FY2023$1.8M
FY2024$242K
FY2025$8.0M
Expenses
$220K
FY2024▲ +210%
Tap a bar for its year
Expenses by fiscal year
FY2022$13K
FY2023$71K
FY2024$220K
FY2025$1.9M
Net assets
$2.5M
FY2024▼ -6%
Tap a bar for its year
Net assets by fiscal year
FY2022$1.2M
FY2023$2.7M
FY2024$2.5M
FY2025$8.7M

From the FY2024 Form 990 (year ending March 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 2021.

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

Where the money goes

89 cents of each dollar spent went to programs.

Program services 89% · $195K Management & general 11% · $25K

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

5 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Eric Weaver
Director
$0Pt VII · Sec A
James Alva
Director
$0Pt VII · Sec A
Alison Lingane
Vice President
$0Pt VII · Sec A
Evan Edwards
President
$0Pt VII · Sec A
Hilary Abell
Secretary
$0Pt VII · Sec A

Evan Edwards’s $71K as President CEO is at the 8th percentile of top reported officer pay among 2832 $1–10M community development 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.

See Project Equity 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

Promotes employee ownership to keep local businesses strong and reduce inequality.

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Provided by the organization

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1 program · $195K · in their own filed words · FY2023
01

Project equity works with partners around the country to raise awareness about employee ownership as an exit startegy for business owners, and as an important approach for increasing employee enagagement and well being.

$195Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
The New World FoundationFY2024$500K
Fidelity Investments Charitable Gift FundFY2024$25K
Donor Advised Charitable Giving INCFY2024$11K
MultiplierFY2024$10K
Total grants receivedfrom 4 funders$546K
See all 4 funders →

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$242K
Ln 12
Investment incomeLn 3$183K
Gifts and grantsLn 1h$39K
Fees for servicesLn 2g$15K
Money outPt IX
$220K
Ln 25
Programscol B$195K
Managementcol C$25K
Owns and owesPt X
$2.5M
net assets · Ln 32
Cash and savingsLn 1–2$3.0M
Total assetsLn 16$4.9M
LiabilitiesLn 26$2.4M
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$39K
Fees for servicesLn 2g$15K
Investment incomeLn 3$183K
Other incomeLn 4–11$4K
Total revenueLn 12$242K
Assets in detailPt X, end of year
CashLn 1$3.0M
Cash and savings togetherLn 1–2$3.0M
Total assetsLn 16$4.9M
LiabilitiesLn 26$2.4M
Net assetsLn 32$2.5M
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderMarch
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
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$2.9M$3.0M
Total assetsLn 16$4.8M$4.9M
LiabilitiesLn 26$2.1M$2.4M
Net assetsLn 32$2.7M$2.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$22K$16K$6K
Other fees for servicesLn 11g$43K$43K
InterestLn 20$42K$42K
InsuranceLn 23$14K$14K
Other expenses (24a–d)Ln 24$98K$93K$5K
Total functional expensesLn 25$220K$195K$25K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $8.0M$1.9M$6.1M$8.7M 990 PDF
FY2024 Viewing $242K$220K$21K$2.5M 990 PDF
FY2023 $1.8M$71K$1.7M$2.7M 990 PDF
FY2022 $1.2M$13K$1.2M$1.2M 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 O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $241,700 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,703,150$39,254
I-9 Program service revenue$15,487
I-10 Investment incomePrior year $59,994$182,905
I-11 Other revenuePrior year $1,655$4,054
I-12 Total revenuePrior year $1,764,799$241,700
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $71,001$220,376
I-18 Total expensesPrior year $71,001$220,376
I-19 Revenue less expensesPrior year $1,693,798$21,324
Part VI · Governance 4 of 4 board members independent, 3 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-13 Written whistleblower policyNo
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
Part VIII · Statement of revenue $241,700 across 6 lines filed
VIII-1f All other contributions, gifts and grants$39,254
VIII-1h Total contributions, gifts and grants$39,254
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $15,487$15,487
VIII-3 Investment incomeRelated to mission $182,905$182,905
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $4,054$4,054
VIII-12 Total revenueRelated to mission $202,446 · Unrelated business $0 · Excluded from tax $0$241,700
Part IX · Statement of functional expenses $220,376 across 5 lines filed
IX-11c Accounting feesPrograms $16,220 · Management $5,949$22,169
IX-11g Other fees for servicesPrograms $43,275$43,275
IX-20 InterestPrograms $42,438$42,438
IX-23 InsuranceManagement $14,252$14,252
IX-24 Other expenses (24a–d)Programs $93,141 · Management $5,101$98,242
IX-25 Total functional expensesPrograms $195,074 · Management $25,302 · Fundraising $0$220,376
Part X · Balance sheet $4,927,054 assets, 11 lines filed
Asset lines not itemized here account for $1,940,662; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,860,432$2,952,718
X-4 Accounts receivableStart of year $5,903$8,176
X-9 Prepaid expenses and deferred charges$25,498
X-16 Total assetsStart of year $4,810,090$4,927,054
X-17 Accounts payable and accrued expensesStart of year $641,171$111,825
X-19 Deferred revenueStart of year $31,571$24,570
X-24 Unsecured notes and loans payableStart of year $1,441,738$2,243,946
X-26 Total liabilitiesStart of year $2,114,480$2,380,341
X-27 Net assets without donor restrictionsStart of year $2,695,610$2,546,713
X-32 Total net assets or fund balancesStart of year $2,695,610$2,546,713
X-33 Total liabilities and net assetsStart of year $4,810,090$4,927,054
Part XI · Reconciliation of net assets $2,546,713 net assets at year end
XI-1 Total revenue$241,700
XI-2 Total expenses$220,376
XI-3 Revenue less expenses$21,324
XI-4 Net assets at start of year$2,695,610
XI-9 Other changes in net assets−$170,221
XI-10 Net assets at end of year$2,546,713

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

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