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Calvert Impact INC

Tax-deductible

Bethesda, MD501(c)(3)Community Development EIN 87-0984253Revenue $3.7M in FY2024

On file with the IRScalvertimpactcapital.org7550 Wisconsin Ave 8th Floor, 20814-3559 · Bethesda, MDTax-exempt since Jan 2022Publicly supported — 509(a)(2)

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Calvert Impact climate, INC issues cut carbon notes to provide a secured, investment-grade rated, fixed-income product that finances sustainability upgrades for commercial buildings, with the objective of reducing carbon emissions.

501(c)(3) charity; gifts are tax-deductible.
98¢ of each $1 spent went to programs.
Run by 2 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
3 of 3
filings with a surplus
Average surplus $2.0M a year · 65% of revenue · last 3 filings
Looks good: a surplus in 3 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
98%
of spending
Looks good: 98% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Plus $53.5M in investments, Pt X · Ln 11–13
Fine: 1.1 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $5.0M
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$48.0M
89% of total assets
Concern: liabilities are 89% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.7M
+755% vs prior year
Spent
$2.8M
To programs
98%
Net assets
$6.0M
By yearFY2022–FY2024
Revenue
$3.7M
FY2024▲ +755%
Tap a bar for its year
Revenue by fiscal year
FY2022$5.0M
FY2023$434K
FY2024$3.7M
Expenses
$2.8M
FY2024▲ +576%
Tap a bar for its year
Expenses by fiscal year
FY2022$0
FY2023$408K
FY2024$2.8M
Net assets
$6.0M
FY2024▲ +19%
Tap a bar for its year
Net assets by fiscal year
FY2022$5.0M
FY2023$5.0M
FY2024$6.0M

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 Jan 2022.

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

Where the money goes

98 cents of each dollar spent went to programs.

Program services 98% · $2.7M Management & general 2% · $54K

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
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Jennifer Pryce
President & CEO
$0Pt VII · Sec A
Derek Strocher
Chief Financial Officer
$0Pt VII · Sec A
See Calvert Impact 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

Finances building upgrades to reduce carbon emissions through secured investments.

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1 program · $2.7M · in their own filed words · FY2024
01

Cut Carbon Note

Combating climate change requires cutting emissions now. Today, the buildings where we live, work, and play are some of the largest contributors to carbon emissions in the united states. But lower-carbon solutions for buildings already exist.

$2.7Mprogram 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 · FY2022
Calvert Impact INCFY2022$5.0M
Total grants receivedfrom 1 funder$5.0M

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.7M
Ln 12
Fees for servicesLn 2g$2.8M
Gifts and grantsLn 1h$929K
Money outPt IX
$2.8M
Ln 25
Programscol B$2.7M
Managementcol C$54K
Owns and owesPt X
$6.0M
net assets · Ln 32
Cash and savingsLn 1–2$248K
Total assetsLn 16$54.0M
LiabilitiesLn 26$48.0M
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$929K
Fees for servicesLn 2g$2.8M
Total revenueLn 12$3.7M
Assets in detailPt X, end of year
CashLn 1$248K
Cash and savings togetherLn 1–2$248K
InvestmentsLn 11–13$53.5M
Total assetsLn 16$54.0M
LiabilitiesLn 26$48.0M
Net assetsLn 32$6.0M
OperationsPt I, VI
EmployeesI 50
VolunteersI 62
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$72K$248K
InvestmentsLn 11–13$32.7M$53.5M
Total assetsLn 16$34.7M$54.0M
LiabilitiesLn 26$29.6M$48.0M
Net assetsLn 32$5.0M$6.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$257K$257K
Office expensesLn 13$54K$54K
InterestLn 20$2.1M$2.1M
Payments to affiliatesLn 21$325K$325K
Other expenses (24a–d)Ln 24$41K$41K
Total functional expensesLn 25$2.8M$2.7M$54K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $3.7M$2.8M$954K$6.0M 990 PDF
FY2023 $434K$408K$26K$5.0M 990 PDF
FY2022 $5.0M$0$5.0M$5.0M 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 $3,709,669 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$929,253
I-9 Program service revenuePrior year $433,667$2,780,416
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $433,667$3,709,669
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 $407,587$2,755,280
I-18 Total expensesPrior year $407,587$2,755,280
I-19 Revenue less expensesPrior year $26,080$954,389
Part VI · Governance 3 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
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
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $3,709,669 across 4 lines filed
VIII-1d Related organizations$929,253
VIII-1h Total contributions, gifts and grants$929,253
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,780,416$2,780,416
VIII-12 Total revenueRelated to mission $2,780,416 · Unrelated business $0 · Excluded from tax $0$3,709,669
Part IX · Statement of functional expenses $2,755,280 across 5 lines filed
IX-11a Management feesPrograms $257,085$257,085
IX-13 Office expensesManagement $54,222$54,222
IX-20 InterestPrograms $2,078,525$2,078,525
IX-21 Payments to affiliatesPrograms $324,888$324,888
IX-24 Other expenses (24a–d)Programs $40,560$40,560
IX-25 Total functional expensesPrograms $2,701,058 · Management $54,222 · Fundraising $0$2,755,280
Part X · Balance sheet $54,015,613 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $72,107$247,910
X-4 Accounts receivableStart of year $143,125$297,097
X-13 Program-related investmentsStart of year $32,705,347$53,470,606
X-16 Total assetsStart of year $34,652,058$54,015,613
X-17 Accounts payable and accrued expensesStart of year $73,240$145,743
X-26 Total liabilitiesStart of year $29,625,978$48,035,144
X-27 Net assets without donor restrictionsStart of year $5,026,080$5,980,469
X-32 Total net assets or fund balancesStart of year $5,026,080$5,980,469
X-33 Total liabilities and net assetsStart of year $34,652,058$54,015,613
Part XI · Reconciliation of net assets $5,980,469 net assets at year end
XI-1 Total revenue$3,709,669
XI-2 Total expenses$2,755,280
XI-3 Revenue less expenses$954,389
XI-4 Net assets at start of year$5,026,080
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$5,980,469

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

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