Defi Education Fund FY2023 filing

Not tax-deductible

Washington, DC501(c)(4)Since 2021Public & Societal Benefit EIN 87-1014079Revenue $439K in FY2023

On file with the IRSdefieducationfund.org1155 F Street Nw Ste 1050, 20004-1312 · Washington, DCTax-exempt since Mar 2022

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The Defi Education Fund is a nonpartisan policy research, Education, and advocacy group working to explain the benefits of Defi, achieve regulatory clarity for the future of the global digital economy, and help realize the transformative potential of Defi for everyone.

501(c)(4) social-welfare organization; gifts are not tax-deductible as charitable contributions.
75¢ of each $1 spent went to programs.
$830K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list 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 4
filings with a surplus
Average surplus $4.0M a year · 58% of revenue · last 4 filings
Worth a look: a surplus in 2 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
75%
of spending
Looks good: 75% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$830K
to officers and key staff · 22% of spending
Worth a look: pay to officers and key staff is 22% of spending; over 20%.
Pt VII · Sec A
<1 mo
of spending, in cash
Worth a look: 0.9 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$332K
5% of total assets
Looks good: liabilities are 5% of assets; 50% or less.
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
$439K
Spent
$3.8M
To programs
75%
Net assets
$6.1M
By yearFY2021–FY2024
Revenue
$439K
FY2023
Tap a bar for its year
Revenue by fiscal year
FY2021$20.5M
FY2022$0
FY2023$439K
FY2024$6.9M
Expenses
$3.8M
FY2023▲ +9%
Tap a bar for its year
Expenses by fiscal year
FY2021$922K
FY2022$3.5M
FY2023$3.8M
FY2024$3.6M
Net assets
$6.1M
FY2023▼ -27%
Tap a bar for its year
Net assets by fiscal year
FY2021$17.9M
FY2022$8.4M
FY2023$6.1M
FY2024$18.1M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2022.

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

Where the money goes

75 cents of each dollar spent went to programs.

Program services 75% · $2.8M Management & general 23% · $875K Fundraising 2% · $64K

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

8 people listed on the 990; $830K paid to officers and key staff.

Part VII, Section A · reportable compensation
Clo, Secretary
$319,486Pt VII · Sec A
$224,565Pt VII · Sec A
Communications & Operations SR. Manager
$159,009Pt VII · Sec A
Grants Director
$126,533Pt VII · Sec A
Board of Directors
$0Pt VII · Sec A
Board of Directors
$0Pt VII · Sec A
$0Pt VII · Sec A
Board of Directors, President
$0Pt VII · Sec A

Amanda Tuminelli’s $514K as Clo, Secretary is at the 98th percentile of top reported officer pay among 731 $1–10M public & societal benefit 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 · 5 named individuals · Part VII

NameFY2024FY2023FY2022FY2021
Amanda Tuminelli$514,423$319,486——
Miller Whitehouse-Levine$367,595$224,565$237,951$84,195
Max Bernstein$174,452$159,009——
Amanda Flournoy—$126,533$149,991—
Lizandro Pieper$119,767———

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 15aYes

Programs and updates

Advocates for clear regulation and education on decentralized finance's benefits for the global digital economy.

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Provided by the organization

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3 programs · $2.2M · in their own filed words · FY2023
01

Lobbying Activities

Continuing our efforts from 2022, in 2023 the DeFi Education Fund continued its Congressional lobbying efforts, focusing on explaining not only how decentralized finance ("DeFi") works, but also the benefits that can be achieved with sensible regulatory frameworks and policy.

$793Kprogram expense
02

Policy Litigation

In 2023, the DeFi Education Fund ramped up our policy litigation efforts, focusing on assisting in or bringing lawsuits that affirm the rights of individual software developers and users and create regulatory clarity for the industry.

$738Kprogram expense
03

The DeFi Education Fund previously granted funds to grantees over a predetermined schedule that spanned multiple years. In the second half of 2023, the DeFi Education Fund sunsetted our grants program and stopped giving new grants.

$681Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · this organization's grantmaking
Grants paid · 16 grants · $1.7M · 2021–2024
NYU Leonard N Stern School of BusinessNY · FY2024$62,500
Creative Outfit INCFY2024$10,000
NYU Leonard N Stern School of BusinessNY · FY2023$62,500
Mercatus Center INCVA · FY2023$62,500
Cato InstituteDC · FY2022$125,000
Mercatus Center INCVA · FY2022$62,500
Kamal Hubbard (cards Coins & Comix Llc)FY2022$9,416
Future Majority INCDC · FY2021$90,000
Floor64 INCFY2021$25,000
Diversity in Blockchain INCNY · FY2021$23,783
Hodl PacFY2021$20,000

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$439K
Ln 12
Gifts and grantsLn 1h$439K
Investment incomeLn 3$56
Money outPt IX
$3.8M
Ln 25
Programscol B$2.8M
Managementcol C$875K
Fundraisingcol D$64K
Owns and owesPt X
$6.1M
net assets · Ln 32
Cash and savingsLn 1–2$275K
Total assetsLn 16$6.4M
LiabilitiesLn 26$332K
PeoplePt VI, VII
8
listed · VII A
PaidVII A4
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$439K
Investment incomeLn 3$56
Total revenueLn 12$439K
Assets in detailPt X, end of year
CashLn 1$275K
Cash and savings togetherLn 1–2$275K
Other assetsLn 15$6.1M
Total assetsLn 16$6.4M
LiabilitiesLn 26$332K
Net assetsLn 32$6.1M
OperationsPt I, VI
EmployeesI 52
VolunteersI 66
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 FY23End FY23
Cash and savingsLn 1–2$5K$275K
Total assetsLn 16$8.7M$6.4M
LiabilitiesLn 26$351K$332K
Net assetsLn 32$8.4M$6.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$556K$556K
Pay of current officers, directors and key staffLn 5$555K$445K$77K$33K
Other salaries and wagesLn 7$510K$409K$73K$27K
Other employee benefitsLn 9$23K$23K
Payroll taxesLn 10$76K$63K$10K$3K
Legal feesLn 11b$40K$12K$28K
Accounting feesLn 11c$81K$81K
Lobbying feesLn 11d$733K$733K
Other fees for servicesLn 11g$109K$18K$91K
Advertising and promotionLn 12$129K$129K$295
Office expensesLn 13$7K$7K
Information technologyLn 14$34K$15K$19K
OccupancyLn 16$49K$49K
TravelLn 17$72K$72K
Conferences, conventions and meetingsLn 19$16K$13K$4K
InsuranceLn 23$144K$144K
Other expenses (24a–d)Ln 24$646K$450K$196K
Total functional expensesLn 25$3.8M$2.8M$875K$64K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $6.9M$3.6M$3.3M$18.1M 990 PDF
FY2023 Viewing $439K$3.8M−$3.3M$6.1M 990 PDF
FY2022 $0$3.5M−$3.5M$8.4M 990 PDF
FY2021 $20.5M$922K$19.6M$17.9M 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 J · Pay O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $438,672 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$438,616
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0$56
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $0$438,672
I-13 Grants and similar amounts paidPrior year $610,542$556,250
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $582,869$1,164,706
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,282,352$2,060,854
I-18 Total expensesPrior year $3,475,763$3,781,810
I-19 Revenue less expensesPrior year −$3,475,763−$3,343,138
Part VI · Governance 3 of 3 board members independent, no flags
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
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
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $438,672 across 4 lines filed
VIII-1f All other contributions, gifts and grants$438,616
VIII-1h Total contributions, gifts and grants$438,616
VIII-3 Investment incomeExcluded from tax $56$56
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $56$438,672
Part IX · Statement of functional expenses $3,781,810 across 17 lines filed
IX-1 Grants to domestic organizationsPrograms $556,250$556,250
IX-5 Pay of current officers, directors and key staffPrograms $445,076 · Management $77,023 · Fundraising $33,400$555,499
IX-7 Other salaries and wagesPrograms $409,493 · Management $73,311 · Fundraising $27,154$509,958
IX-9 Other employee benefitsManagement $23,255$23,255
IX-10 Payroll taxesPrograms $62,935 · Management $9,800 · Fundraising $3,259$75,994
IX-11b Legal feesPrograms $12,454 · Management $27,951$40,405
IX-11c Accounting feesManagement $81,477$81,477
IX-11d Lobbying feesPrograms $733,185$733,185
IX-11g Other fees for servicesPrograms $17,940 · Management $91,355$109,295
IX-12 Advertising and promotionPrograms $128,737 · Management $295$129,032
IX-13 Office expensesManagement $6,635$6,635
IX-14 Information technologyPrograms $14,698 · Management $19,344$34,042
IX-16 OccupancyManagement $48,518$48,518
IX-17 TravelManagement $71,754$71,754
IX-19 Conferences, conventions and meetingsPrograms $12,682 · Management $3,603$16,285
IX-23 InsuranceManagement $144,353$144,353
IX-24 Other expenses (24a–d)Programs $449,505 · Management $196,368$645,873
IX-25 Total functional expensesPrograms $2,842,955 · Management $875,042 · Fundraising $63,813$3,781,810
Part X · Balance sheet $6,417,247 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $4,711$274,804
X-9 Prepaid expenses and deferred chargesStart of year $146,249$47,492
X-15 Other assetsStart of year $8,572,283$6,094,951
X-16 Total assetsStart of year $8,723,243$6,417,247
X-17 Accounts payable and accrued expensesStart of year $350,505$332,256
X-26 Total liabilitiesStart of year $350,505$332,256
X-27 Net assets without donor restrictionsStart of year $8,372,738$6,084,991
X-32 Total net assets or fund balancesStart of year $8,372,738$6,084,991
X-33 Total liabilities and net assetsStart of year $8,723,243$6,417,247
Part XI · Reconciliation of net assets $6,084,991 net assets at year end
XI-1 Total revenue$438,672
XI-2 Total expenses$3,781,810
XI-3 Revenue less expenses−$3,343,138
XI-4 Net assets at start of year$8,372,738
XI-8 Prior period adjustments$1,186
XI-9 Other changes in net assets$1,054,205
XI-10 Net assets at end of year$6,084,991

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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