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The Digital Dollar Project INC FY2023 filing

Tax-deductible

Annandale, VA501(c)(3)Science & Technology EIN 87-1472164Revenue $1.1M in FY2023Latest return filed Apr 30, 2025

On file with the IRSdigitaldollarproject.orgAnnandale, VATax-exempt since Aug 2022Publicly supported — 509(a)(2)

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The Digital Dollar Project is a not-for-profit focused on research and discussion regarding the role of and impact to the US Dollar in Digital currency network. The purpose of the Project is to encourage research and public discussion on the potential advantages of a Digital Dollar, convene private sector thought leaders and actors, and propose possible models to support the public sector. The Project will moderate progams with interested stakeholders to measure the value of and establish practical steps that can be taken to establish a Digital Dollar. The ddp's board are renowned industry experts and blockchain advocates who have been leading global discourse on cryptocurrencies and Digital assets.

501(c)(3) charity; gifts are tax-deductible.
90¢ of each $1 spent went to programs.
$440K 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

FY2023 · 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 4
filings with a surplus
Average surplus $6K a year · under 1% of revenue · last 4 filings
Worth a look: a surplus in 1 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
90%
of spending
Looks good: 90% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$440K
to officers and key staff · 32% of spending
Concern: pay to officers and key staff is 32% of spending; over 30%.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.7 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$5K
5% of total assets
Looks good: liabilities are 5% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.1M
+82% vs prior year
Spent
$1.4M
To programs
90%
Net assets
$106K
By yearFY2021–FY2024
Revenue
$1.1M
FY2023▲ +82%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.0M
FY2022$617K
FY2023$1.1M
FY2024$391K
Expenses
$1.4M
FY2023▲ +27%
Tap a bar for its year
Expenses by fiscal year
FY2021$202K
FY2022$1.1M
FY2023$1.4M
FY2024$473K
Net assets
$106K
FY2023▼ -69%
Tap a bar for its year
Net assets by fiscal year
FY2021$798K
FY2022$344K
FY2023$106K
FY2024$24K

From the FY2023 Form 990 · 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 Aug 2022.

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

Where the money goes

90 cents of each dollar spent went to programs.

Program services 90% · $1.2M Management & general 10% · $133K

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; $440K paid to officers and key staff.

Part VII, Section A · reportable compensation
Jennifer Lassiter
Executive Director
$440,000Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
David Treat
Director
$0Pt VII · Sec A
$0Pt VII · Sec A

Jennifer Lassiter FMR Exec Dir’s $309K as Director is at the 100th percentile of top reported officer pay among 312 $100K–1M science & technology 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 · 3 named individuals · Part VII

NameFY2024FY2023FY2022FY2021
Jennifer Lassiter—$440,000——
Jennifer B Lassiter——$410,556$58,702
Jennifer Lassiter FMR Exec Dir$309,231———

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.

See The Digital Dollar Project INC executive salaries →

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

Researching and discussing the US dollar's role in digital currency.

Questions for The Digital Dollar Project INC

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3 programs · $1.2M · in their own filed words · FY2023
01

Publishing white papers and research on us CBDC, as well as responses to the federal reserve board policy discussion paper, the white house executive order on responsible innovation, and relevant senate and house committee hearings. Convening public sessions (I.E.

$492Kprogram expense
02

Organizing us CBDC experimentation through the digital dollar project's pilot program. Results of which will be published and open data shared for consideration by policy-makers, academics and researchers, the federal reserve system. And the general public.

$492Kprogram expense
03

Educating congress, the executive office, the federal reserve system, and policy-makers on CBDC design choices and potential applications and briefing financial regulators and private sector leadership on various use cases and the digital currency ecosystem.

$246Kprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.1M
Ln 12
Gifts and grantsLn 1h$1.1M
Investment incomeLn 3$3
Money outPt IX
$1.4M
Ln 25
Programscol B$1.2M
Managementcol C$133K
Owns and owesPt X
$106K
net assets · Ln 32
Cash and savingsLn 1–2$84K
Total assetsLn 16$111K
LiabilitiesLn 26$5K
PeoplePt VI, VII
6
listed · VII A
PaidVII A1
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.1M
Investment incomeLn 3$3
Total revenueLn 12$1.1M
Assets in detailPt X, end of year
CashLn 1$84K
Cash and savings togetherLn 1–2$84K
Accounts receivableLn 4$20K
Prepaid expenses and deferred chargesLn 9$7K
Total assetsLn 16$111K
LiabilitiesLn 26$5K
Net assetsLn 32$106K
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 FY23End FY23
Cash and savingsLn 1–2$345K$84K
Total assetsLn 16$373K$111K
LiabilitiesLn 26$29K$5K
Net assetsLn 32$344K$106K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$440K$352K$88K
Other salaries and wagesLn 7$288K$288K
Other employee benefitsLn 9$12K$9K$2K
Payroll taxesLn 10$39K$36K$3K
Legal feesLn 11b$16K$15K$2K
Accounting feesLn 11c$32K$32K
Other fees for servicesLn 11g$28K$24K$4K
Advertising and promotionLn 12$68K$68K
Office expensesLn 13$4K$2K$2K
Information technologyLn 14$7K$7K
TravelLn 17$69K$69K
Conferences, conventions and meetingsLn 19$8K$8K
InsuranceLn 23$13K$13K
Other expenses (24a–d)Ln 24$339K$339K
Total functional expensesLn 25$1.4M$1.2M$133K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 LatestFiled with the IRS Apr 30, 2025 $391K$473K−$81K$24K 990 PDF
FY2023 ViewingFiled with the IRS Oct 3, 2024 $1.1M$1.4M−$238K$106K 990 PDF
FY2022Filed with the IRS May 8, 2023 $617K$1.1M−$454K$344K 990 PDF
FY2021Filed with the IRS May 13, 2022 $1.0M$202K$798K$798K 990 PDF

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 $1,125,003 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $616,500$1,125,000
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $110$3
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $616,610$1,125,003
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 $516,759$778,215
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $554,193$584,989
I-18 Total expensesPrior year $1,070,952$1,363,204
I-19 Revenue less expensesPrior year −$454,342−$238,201
Part VI · Governance 6 of 6 board members independent, 2 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $1,125,003 across 4 lines filed
VIII-1f All other contributions, gifts and grants$1,125,000
VIII-1h Total contributions, gifts and grants$1,125,000
VIII-3 Investment incomeRelated to mission $3$3
VIII-12 Total revenueRelated to mission $3 · Unrelated business $0 · Excluded from tax $0$1,125,003
Part IX · Statement of functional expenses $1,363,204 across 14 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $352,000 · Management $88,000$440,000
IX-7 Other salaries and wagesPrograms $287,841$287,841
IX-9 Other employee benefitsPrograms $9,204 · Management $2,301$11,505
IX-10 Payroll taxesPrograms $35,598 · Management $3,271$38,869
IX-11b Legal feesPrograms $14,853 · Management $1,500$16,353
IX-11c Accounting feesManagement $32,250$32,250
IX-11g Other fees for servicesPrograms $24,083 · Management $3,744$27,827
IX-12 Advertising and promotionPrograms $67,534$67,534
IX-13 Office expensesPrograms $2,470 · Management $1,896$4,366
IX-14 Information technologyPrograms $7,486$7,486
IX-17 TravelPrograms $69,045$69,045
IX-19 Conferences, conventions and meetingsPrograms $8,379$8,379
IX-23 InsurancePrograms $12,527$12,527
IX-24 Other expenses (24a–d)Programs $339,222$339,222
IX-25 Total functional expensesPrograms $1,230,242 · Management $132,962 · Fundraising $0$1,363,204
Part X · Balance sheet $110,931 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $345,242$83,815
X-4 Accounts receivableStart of year $14,735$20,000
X-9 Prepaid expenses and deferred chargesStart of year $13,241$7,116
X-16 Total assetsStart of year $373,218$110,931
X-17 Accounts payable and accrued expensesStart of year $29,143$5,057
X-26 Total liabilitiesStart of year $29,143$5,057
X-27 Net assets without donor restrictionsStart of year $344,075$105,874
X-32 Total net assets or fund balancesStart of year $344,075$105,874
X-33 Total liabilities and net assetsStart of year $373,218$110,931
Part XI · Reconciliation of net assets $105,874 net assets at year end
XI-1 Total revenue$1,125,003
XI-2 Total expenses$1,363,204
XI-3 Revenue less expenses−$238,201
XI-4 Net assets at start of year$344,075
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$105,874

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

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