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Foundation X

Tax-deductible

Minneapolis, MN501(c)(3)Foundations & Grantmakers EIN 87-1331226Revenue $436K in FY2024

On file with the IRSfoundation-x.org225 S 6th St Ste 1400, 55402-4654 · Minneapolis, MNTax-exempt since Jan 2022Publicly supported charity — 170(b)(1)(A)(vi)

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To achieve a greater good for all through effective philanthropy that advances long-term and sustainable community change.

501(c)(3) charity; gifts are tax-deductible.
98¢ 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
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 $37K a year · 17% 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
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 $115K in investments, Pt X · Ln 11–13
Fine: 1.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $30K
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
1
of 5 voting members
Worth a look: 1 of 5 voting members are independent, under half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$436K
+102% vs prior year
Spent
$306K
To programs
98%
Net assets
$146K
By yearFY2021–FY2024
Revenue
$436K
FY2024▲ +102%
Tap a bar for its year
Revenue by fiscal year
FY2021$209K
FY2022−$2K
FY2023$216K
FY2024$436K
Expenses
$306K
FY2024▲ +30%
Tap a bar for its year
Expenses by fiscal year
FY2021$120K
FY2022$50K
FY2023$235K
FY2024$306K
Net assets
$146K
FY2024▲ +889%
Tap a bar for its year
Net assets by fiscal year
FY2021$88K
FY2022$34K
FY2023$15K
FY2024$146K

From the FY2024 Form 990 · see the original

Give Claim

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% · $301K Management & general 2% · $5K

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
Rob Nelson
President
$0Pt VII · Sec A
Sean Baenen
Vice President
$0Pt VII · Sec A
Emily Vennerstrom
Secretary & Exec Dir
$0Pt VII · Sec A
Todd Moser
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Foundation X 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Drives sustainable community change through effective, long-term philanthropy.

Questions for Foundation X

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Provided by the organization

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2 programs · $301K · in their own filed words · FY2024
01

Foundation x serves as the fiscal sponsor for the mcdonough institute.

$210Kprogram expense
02

The mission of foundation x is to achieve a greater good for all through effective philanthropy that advances long-term and sustainable community CHANGE.IN 2024, foundation x provided matching funds to individuals to advance their personal efforts to give back to the causes and communities they care about.

$91Kprogram 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 · FY2024
Fidelity Investments Charitable Gift FundFY2024$30K
Total grants receivedfrom 1 funder$30K
Grants paid · 9 grants · $381K · 2021–2024
The McDonough InstituteDC · FY2024$210,000
Bright Funds FoundationCA · FY2024$33,764
Foster LoveCA · FY2024$18,532
MatterMN · FY2024$9,750
Wildflyer CoffeeMN · FY2024$7,803
Bright Funds FoundationCA · FY2022$25,809
Bright Funds FoundationCA · FY2021$25,650
The Chicago Community TrustIL · FY2021$25,000
Constellation FundMN · FY2021$25,000

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$436K
Ln 12
Gifts and grantsLn 1h$436K
Investment incomeLn 3$741
Money outPt IX
$306K
Ln 25
Programscol B$301K
Managementcol C$5K
Owns and owesPt X
$146K
net assets · Ln 32
Cash and savingsLn 1–2$31K
Total assetsLn 16$146K
LiabilitiesLn 26$0
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b1
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$436K
Investment incomeLn 3$741
Gains on assetsLn 7−$7
Total revenueLn 12$436K
Assets in detailPt X, end of year
SavingsLn 2$31K
Cash and savings togetherLn 1–2$31K
InvestmentsLn 11–13$115K
Total assetsLn 16$146K
LiabilitiesLn 26$0
Net assetsLn 32$146K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
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$8K$31K
InvestmentsLn 11–13$7K$115K
Total assetsLn 16$15K$146K
LiabilitiesLn 26$0$0
Net assetsLn 32$15K$146K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$301K$301K
Legal feesLn 11b$150$150
Advertising and promotionLn 12$1K$1K
Information technologyLn 14$960$960
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$647$647
Total functional expensesLn 25$306K$301K$5K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $436K$306K$131K$146K 990 PDF
FY2023 $216K$235K−$19K$15K 990 PDF
FY2022 −$2K$50K−$52K$34K 990 PDF
FY2021 $209K$120K$89K$88K 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 $436,443 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $216,000$435,702
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year −$119$741
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $215,881$436,443
I-13 Grants and similar amounts paidPrior year $230,358$300,912
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 $4,402$4,980
I-18 Total expensesPrior year $234,760$305,892
I-19 Revenue less expensesPrior year −$18,879$130,551
Part VI · Governance 1 of 5 board members independent, 4 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members1
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $436,443 across 5 lines filed
VIII-1f All other contributions, gifts and grants$435,702
VIII-1h Total contributions, gifts and grants$435,702
VIII-3 Investment incomeExcluded from tax $748$748
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$7−$7
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $741$436,443
Part IX · Statement of functional expenses $305,892 across 6 lines filed
IX-1 Grants to domestic organizationsPrograms $300,912$300,912
IX-11b Legal feesManagement $150$150
IX-12 Advertising and promotionManagement $1,288$1,288
IX-14 Information technologyManagement $960$960
IX-23 InsuranceManagement $1,935$1,935
IX-24 Other expenses (24a–d)Management $647$647
IX-25 Total functional expensesPrograms $300,912 · Management $4,980 · Fundraising $0$305,892
Part X · Balance sheet $146,002 assets, 6 lines filed
X-2 Savings and temporary cash investmentsStart of year $7,665$30,949
X-11 Publicly traded securitiesStart of year $7,101$115,053
X-16 Total assetsStart of year $14,766$146,002
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $14,766$146,002
X-33 Total liabilities and net assetsStart of year $14,766$146,002
Part XI · Reconciliation of net assets $146,002 net assets at year end
XI-1 Total revenue$436,443
XI-2 Total expenses$305,892
XI-3 Revenue less expenses$130,551
XI-4 Net assets at start of year$14,766
XI-5 Net unrealized gains (losses) on investments$685
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$146,002

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

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