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Foundation X FY2021 filing

Tax-deductible

Minneapolis, MN501(c)(3)Foundations & Grantmakers EIN 87-1331226Revenue $209K in FY2021

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.
94¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · 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
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Plus $79K in investments, Pt X · Ln 11–13
Fine: 0.9 months of spending in cash, plus $79K in investments.
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 6 voting members
Worth a look: 1 of 6 voting members are independent, under half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$209K
Spent
$120K
To programs
94%
Net assets
$88K
By yearFY2021–FY2024
Revenue
$209K
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$209K
FY2022−$2K
FY2023$216K
FY2024$436K
Expenses
$120K
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$120K
FY2022$50K
FY2023$235K
FY2024$306K
Net assets
$88K
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021$88K
FY2022$34K
FY2023$15K
FY2024$146K

From the FY2021 Form 990 · see the original

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You’re viewing the FY2021 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 Jan 2022.

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

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $113K Management & general 6% · $7K

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

6 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
Sumit Mehta
Treasurer
$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.

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Provided by the organization

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3 programs · $76K · in their own filed words · FY2021
01

Provide matching funds to individuals to advance their personal efforts to give back to the causes and communities they care about. Total giving $25,650.

$26Kprogram expense
02

Grant to chicago community trust for $25,000 for the we rise together for an equitable and just recovery as an intervention to help those areas hit hardest by COVID-19 and an accelerator to close the racial and ethnic wealth gap.

$25Kprogram expense
03

Grant to constellation fund for $25,000 to fight poverty in the twin cities by raising the living standards of individuals living below the poverty live in the seven-county metropolitan area. Constellation fund has four main areas of impact housing, jobs, education and health.

$25Kprogram 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 FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$209K
Ln 12
Gifts and grantsLn 1h$208K
Investment incomeLn 3$1K
Money outPt IX
$120K
Ln 25
Programscol B$113K
Managementcol C$7K
Owns and owesPt X
$88K
net assets · Ln 32
Cash and savingsLn 1–2$9K
Total assetsLn 16$88K
LiabilitiesLn 26$0
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b1
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$208K
Noncash giftsLn 1g$86K
Investment incomeLn 3$1K
Gains on assetsLn 7$363
Total revenueLn 12$209K
Assets in detailPt X, end of year
SavingsLn 2$9K
Cash and savings togetherLn 1–2$9K
InvestmentsLn 11–13$79K
Total assetsLn 16$88K
LiabilitiesLn 26$0
Net assetsLn 32$88K
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 FY21End FY21
Cash and savingsLn 1–2$9K
InvestmentsLn 11–13$79K
Total assetsLn 16$0$88K
LiabilitiesLn 26$0$0
Net assetsLn 32$0$88K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$112K$112K
Legal feesLn 11b$7K$7K
Other fees for servicesLn 11g$1K$1K$167
Office expensesLn 13$117$117
Total functional expensesLn 25$120K$113K$7K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $436K$306K$131K$146K 990 PDF
FY2023 $216K$235K−$19K$15K 990 PDF
FY2022 −$2K$50K−$52K$34K 990 PDF
FY2021 Viewing $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 M · Noncash O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $208,885 revenue, 12 lines filed
I-8 Contributions and grants$207,702
I-9 Program service revenue$0
I-10 Investment income$1,183
I-11 Other revenue$0
I-12 Total revenue$208,885
I-13 Grants and similar amounts paid$111,744
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expenses$8,329
I-18 Total expenses$120,073
I-19 Revenue less expenses$88,812
Part VI · Governance 1 of 6 board members independent, 4 to look at
VI-1a Voting members of the governing body6
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 $208,885 across 6 lines filed
VIII-1f All other contributions, gifts and grants$207,702
VIII-1g Noncash contributions (included above)$86,002
VIII-1h Total contributions, gifts and grants$207,702
VIII-3 Investment incomeExcluded from tax $820$820
VIII-7 Net gain or loss on sales of assetsExcluded from tax $363$363
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $1,183$208,885
Part IX · Statement of functional expenses $120,073 across 4 lines filed
IX-1 Grants to domestic organizationsPrograms $111,744$111,744
IX-11b Legal feesManagement $6,732$6,732
IX-11g Other fees for servicesPrograms $1,313 · Management $167$1,480
IX-13 Office expensesManagement $117$117
IX-25 Total functional expensesPrograms $113,057 · Management $7,016 · Fundraising $0$120,073
Part X · Balance sheet $87,588 assets, 6 lines filed
X-2 Savings and temporary cash investments$8,927
X-11 Publicly traded securities$78,661
X-16 Total assetsStart of year $0$87,588
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $0$87,588
X-33 Total liabilities and net assetsStart of year $0$87,588
Part XI · Reconciliation of net assets $87,588 net assets at year end
XI-1 Total revenue$208,885
XI-2 Total expenses$120,073
XI-3 Revenue less expenses$88,812
XI-5 Net unrealized gains (losses) on investments−$1,224
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$87,588

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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