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Garnet Impact INC FY2022 filing

Tax-deductible

Tallahassee, FL501(c)(3)Community DevelopmentEIN 87-3938296Revenue $1.2M in FY2022

On file with the IRSrisingspear.com3551 Blairstone Road Ste 128-277, 32301-8827 · Tallahassee, FLTax-exempt since Jun 2022Publicly supported charity — 170(b)(1)(A)(vi)

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Designed to empower fsu student-athletes to positively Impact underserved communities in the tallahassee area.

501(c)(3) charity; gifts are tax-deductible.
89¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2022 · 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 3
filings with a surplus
Average surplus $30K a year · 1% of revenue · last 3 filings
Worth a look: a surplus in 1 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
89%
of spending
Looks good: 89% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
6 mo
of spending, in cash
Looks good: 5.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $3.2M
Fine: 2 funders name 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
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.2M
Spent
$808K
To programs
89%
Net assets
$372K
By yearFY2022–FY2024
Revenue
$1.2M
FY2022
Tap a bar for its year
Revenue by fiscal year
FY2022$1.2M
FY2023$2.3M
FY2024$2.8M
Expenses
$808K
FY2022
Tap a bar for its year
Expenses by fiscal year
FY2022$808K
FY2023$2.4M
FY2024$2.9M
Net assets
$372K
FY2022
Tap a bar for its year
Net assets by fiscal year
FY2022$372K
FY2023$218K
FY2024$91K

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 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 Jun 2022.

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

Where the money goes

89 cents of each dollar spent went to programs.

Program services 89% · $720K Management & general 11% · $87K

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
Bob Davis
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Lance Barton
Director
$0Pt VII · Sec A
Sue Semrau
Director
$0Pt VII · Sec A
Andy Miller
Director
$0Pt VII · Sec A
Robert Frey
Director
$0Pt VII · Sec A

Will Cowen’s $100K as CEO is at the 19th percentile of top reported officer pay among 2832 $1–10M community development 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.

See Garnet 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 15aYes

Programs and updates

Empowers student-athletes to positively impact underserved communities.

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Provided by the organization

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1 program · $720K · in their own filed words · FY2022
01

The company has provided 1,400+ hours of local, regional, and national nil activation opportunities and appearances for over 200 student-athletes. Through the company, fsu student-athletes can optimize their brand and access monetization opportunities in cooperation with donors, businesses, and community partners.

$720Kprogram 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
Seminole Boosters INCFY2024$3.2M
Donatestock Charitable INCFY2024$30K
Total grants receivedfrom 2 funders$3.2M
Grants paid · 3 grants · $5.1M · 2022–2024
Unitemized GrantFY2024$2,619,906
Unitemized GrantFY2023$1,980,684
Unitemized GrantFY2022$540,535

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.2M
Ln 12
Gifts and grantsLn 1h$1.2M
Investment incomeLn 3$80
Money outPt IX
$808K
Ln 25
Programscol B$720K
Managementcol C$87K
Owns and owesPt X
$372K
net assets · Ln 32
Cash and savingsLn 1–2$372K
Total assetsLn 16$372K
LiabilitiesLn 26$0
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a0
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.2M
Investment incomeLn 3$80
Total revenueLn 12$1.2M
Assets in detailPt X, end of year
CashLn 1$372K
Cash and savings togetherLn 1–2$372K
Total assetsLn 16$372K
LiabilitiesLn 26$0
Net assetsLn 32$372K
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 FY22End FY22
Cash and savingsLn 1–2$0$372K
Total assetsLn 16$0$372K
LiabilitiesLn 26$0$0
Net assetsLn 32$0$372K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$541K$541K
Other salaries and wagesLn 7$132K$105K$26K
Payroll taxesLn 10$11K$8K$2K
Legal feesLn 11b$43K$43K
Office expensesLn 13$1K$950$237
TravelLn 17$2K$2K$417
Conferences, conventions and meetingsLn 19$3K$2K$590
Other expenses (24a–d)Ln 24$76K$61K$15K
All other expensesLn 24e$133$106$27
Total functional expensesLn 25$808K$720K$87K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $2.8M$2.9M−$127K$91K 990 PDF
FY2023 $2.3M$2.4M−$153K$218K 990 PDF
FY2022 Viewing $1.2M$808K$372K$372K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $1,179,445 revenue, 12 lines filed
I-8 Contributions and grants$1,179,365
I-9 Program service revenue$0
I-10 Investment income$80
I-11 Other revenue$0
I-12 Total revenue$1,179,445
I-13 Grants and similar amounts paid$540,535
I-14 Benefits paid to members$0
I-15 Salaries and benefits$142,063
I-16a Professional fundraising fees$0
I-17 Other expenses$125,295
I-18 Total expenses$807,893
I-19 Revenue less expenses$371,552
Part VI · Governance no flags
VI-1a Voting members of the governing body0
VI-1b Independent voting members0
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 $1,179,445 across 4 lines filed
VIII-1f All other contributions, gifts and grants$1,179,365
VIII-1h Total contributions, gifts and grants$1,179,365
VIII-3 Investment incomeExcluded from tax $80$80
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $80$1,179,445
Part IX · Statement of functional expenses $807,893 across 9 lines filed
IX-2 Grants to domestic individualsPrograms $540,535$540,535
IX-7 Other salaries and wagesPrograms $105,230 · Management $26,308$131,538
IX-10 Payroll taxesPrograms $8,420 · Management $2,105$10,525
IX-11b Legal feesManagement $42,526$42,526
IX-13 Office expensesPrograms $950 · Management $237$1,187
IX-17 TravelPrograms $1,669 · Management $417$2,086
IX-19 Conferences, conventions and meetingsPrograms $2,358 · Management $590$2,948
IX-24 Other expenses (24a–d)Programs $61,132 · Management $15,283$76,415
IX-24e All other expensesPrograms $106 · Management $27$133
IX-25 Total functional expensesPrograms $720,400 · Management $87,493 · Fundraising $0$807,893
Part X · Balance sheet $371,552 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $0$371,552
X-16 Total assetsStart of year $0$371,552
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $0$371,552
X-32 Total net assets or fund balancesStart of year $0$371,552
X-33 Total liabilities and net assetsStart of year $0$371,552
Part XI · Reconciliation of net assets $371,552 net assets at year end
XI-1 Total revenue$1,179,445
XI-2 Total expenses$807,893
XI-3 Revenue less expenses$371,552
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$371,552

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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