Boom Beans LLC

Tax-deductible

Nicholasville, KY501(c)(3)EmploymentEIN 86-3814222Revenue $458K in FY2024

On file with the IRS210 Eagle Dr, 40356-8166 · Nicholasville, KYTax-exempt since Oct 2021Publicly supported — 509(a)(2)

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Boom Beans partners with high school students in appalachia, teaching young adults entrepreneurial skills to launch their own business.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
$318K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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
1 of 2
filings with a surplus
Average surplus $85K a year · 26% of revenue · last 2 filings
Worth a look: a surplus in 1 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$318K
to officers and key staff · 113% of spending
Top officer’s pay higher than 98% of similar orgs
Concern: pay to officers and key staff is 113% of spending; over 30%.
Pt VII · Sec A
Cash reserves
7 mo
of spending, in cash
Looks good: 7.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $250K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 1 voting members
Concern: none of 1 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$458K
+125% vs prior year
Spent
$281K
To programs
100%
Net assets
$232K
By yearFY2021–FY2024
Revenue
$458K
FY2024▲ +125%
Tap a bar for its year
Revenue by fiscal year
FY2021$32K
FY2022$125K
FY2023$204K
FY2024$458K
Expenses
$281K
FY2024▲ +34%
Tap a bar for its year
Expenses by fiscal year
FY2021Not on file
FY2022Not on file
FY2023$210K
FY2024$281K
Net assets
$232K
FY2024▲ +321%
Tap a bar for its year
Net assets by fiscal year
FY2021$9K
FY2022$62K
FY2023$55K
FY2024$232K

From the FY2024 Form 990 · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 2021.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $281K Management & general 122% · $343K

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; $318K paid to officers and key staff.

Part VII, Section A · reportable compensation
President
$173,538Pt VII · Sec A
President
$105,293Pt VII · Sec A
Employee
$35,666Pt VII · Sec A
$3,000Pt VII · Sec A
$650Pt VII · Sec A

Kyle Wilson’s $174K as President is at the 98th percentile of top reported officer pay among 1216 $100K–1M employment 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.

Compensation history total reportable pay by year · 4 named individuals · Part VII

NameFY2024FY2023FY2022FY2021
Kyle Wilson$105,293$61,733$26,667$20,927
Paul Evans$35,666———
Jennifer Klinglesmith$3,000———
Madison White$650———

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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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

Empowers Appalachian teens with entrepreneurial skills to start their own businesses.

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Provided by the organization

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2 programs · $281K · in their own filed words · FY2024
01

Partners with high school student in appalachia, teaching young adults entrepreneural sills to launch their own business

$281Kprogram expense
02

Boom beans partners with high school students in appalachia, teaching young adults entrepreneurial skills to launch their own business.

Pt IX · col B

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
Total grants receivedfrom 1 funder$250K

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$458K
Ln 12
Other incomeLn 4–11$458K
Investment incomeLn 3$54
Money outPt IX
$281K
Ln 25
Programscol B$281K
Managementcol C$343K
Owns and owesPt X
$232K
net assets · Ln 32
Cash and savingsLn 1–2$165K
Total assetsLn 16$232K
LiabilitiesLn 26$0
PeoplePt VI, VII
5
listed · VII A
PaidVII A5
Voting boardVI 1a1
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Government grantsLn 1e$453K
Investment incomeLn 3$54
Other incomeLn 4–11$458K
Total revenueLn 12$458K
Assets in detailPt X, end of year
Cash and savings togetherLn 1–2$165K
Total assetsLn 16$232K
LiabilitiesLn 26$0
Net assetsLn 32$232K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $458K$281K$177K$232K 990 PDF
FY2023 $204K$210K−$7K$55K 990 PDF
FY2022 $125K$62K 990 PDF
FY2021 $32K$9K 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 (1 part)
Part VI · Governance 0 of 1 board members independent, 4 to look at
VI-1a Voting members of the governing body1
VI-1b Independent voting members0
VI-12a Written conflict of interest policyNo
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

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

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