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Garnet Impact INC FY2023 filing

Tax-deductible

Tallahassee, FL501(c)(3)Community DevelopmentEIN 87-3938296Revenue $2.3M in FY2023

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.
86¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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 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
86%
of spending
Looks good: 86% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
1 mo
of spending, in cash
Fine: 1.1 months of spending in cash; 1 to 3.
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
$37K
14% of total assets
Looks good: liabilities are 14% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.3M
+91% vs prior year
Spent
$2.4M
To programs
86%
Net assets
$218K
By yearFY2022–FY2024
Revenue
$2.3M
FY2023▲ +91%
Tap a bar for its year
Revenue by fiscal year
FY2022$1.2M
FY2023$2.3M
FY2024$2.8M
Expenses
$2.4M
FY2023▲ +198%
Tap a bar for its year
Expenses by fiscal year
FY2022$808K
FY2023$2.4M
FY2024$2.9M
Net assets
$218K
FY2023▼ -41%
Tap a bar for its year
Net assets by fiscal year
FY2022$372K
FY2023$218K
FY2024$91K

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 Jun 2022.

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

Where the money goes

86 cents of each dollar spent went to programs.

Program services 86% · $2.1M Management & general 14% · $343K

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

4 people listed on the 990.

Part VII, Section A · reportable compensation
Bob Davis
President
$0Pt VII · Sec A
$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.

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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 · $2.1M · in their own filed words · FY2023
01

The organization has provided 2,500+ hours of local, regional, and national nil activation opportunities and appearances for over 200 student-athletes. Through the organization, fsu student-athletes can optimize their brand and access monetization opportunities in cooperation with donors, businesses, and community partners.

$2.1Mprogram 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 FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.3M
Ln 12
Gifts and grantsLn 1h$2.3M
Investment incomeLn 3$2K
Other incomeLn 4–11$300
Money outPt IX
$2.4M
Ln 25
Programscol B$2.1M
Managementcol C$343K
Owns and owesPt X
$218K
net assets · Ln 32
Cash and savingsLn 1–2$218K
Total assetsLn 16$255K
LiabilitiesLn 26$37K
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.3M
Investment incomeLn 3$2K
Other incomeLn 4–11$300
Total revenueLn 12$2.3M
Assets in detailPt X, end of year
CashLn 1$218K
Cash and savings togetherLn 1–2$218K
Total assetsLn 16$255K
LiabilitiesLn 26$37K
Net assetsLn 32$218K
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$372K$218K
Total assetsLn 16$372K$255K
LiabilitiesLn 26$0$37K
Net assetsLn 32$372K$218K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$2.0M$2.0M
Other salaries and wagesLn 7$139K$139K
Payroll taxesLn 10$11K$11K
Legal feesLn 11b$65K$65K
Accounting feesLn 11c$25K$25K
Other fees for servicesLn 11g$78K$78K
Advertising and promotionLn 12$3K$3K
Office expensesLn 13$9K$9K
Information technologyLn 14$3K$3K
TravelLn 17$762$762
Other expenses (24a–d)Ln 24$92K$83K$9K
Total functional expensesLn 25$2.4M$2.1M$343K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $2.8M$2.9M−$127K$91K 990 PDF
FY2023 Viewing $2.3M$2.4M−$153K$218K 990 PDF
FY2022 $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 FY2023 990 (6 parts)
Part I · Summary $2,253,530 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,179,365$2,251,430
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $80$1,800
I-11 Other revenuePrior year $0$300
I-12 Total revenuePrior year $1,179,445$2,253,530
I-13 Grants and similar amounts paidPrior year $540,535$1,980,684
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $142,063$150,763
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $125,295$275,542
I-18 Total expensesPrior year $807,893$2,406,989
I-19 Revenue less expensesPrior year $371,552−$153,459
Part VI · Governance 4 of 4 board members independent, no flags
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
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 $2,253,530 across 5 lines filed
VIII-1f All other contributions, gifts and grants$2,251,430
VIII-1h Total contributions, gifts and grants$2,251,430
VIII-3 Investment incomeExcluded from tax $1,800$1,800
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $300$300
VIII-12 Total revenueRelated to mission $300 · Unrelated business $0 · Excluded from tax $1,800$2,253,530
Part IX · Statement of functional expenses $2,406,989 across 11 lines filed
IX-2 Grants to domestic individualsPrograms $1,980,684$1,980,684
IX-7 Other salaries and wagesManagement $139,469$139,469
IX-10 Payroll taxesManagement $11,294$11,294
IX-11b Legal feesManagement $64,764$64,764
IX-11c Accounting feesManagement $24,854$24,854
IX-11g Other fees for servicesManagement $78,291$78,291
IX-12 Advertising and promotionManagement $2,674$2,674
IX-13 Office expensesManagement $8,867$8,867
IX-14 Information technologyManagement $2,938$2,938
IX-17 TravelManagement $762$762
IX-24 Other expenses (24a–d)Programs $83,400 · Management $8,992$92,392
IX-25 Total functional expensesPrograms $2,064,084 · Management $342,905 · Fundraising $0$2,406,989
Part X · Balance sheet $254,782 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $371,552$218,475
X-4 Accounts receivableStart of year $0$36,307
X-16 Total assetsStart of year $371,552$254,782
X-17 Accounts payable and accrued expensesStart of year $0$36,689
X-26 Total liabilitiesStart of year $0$36,689
X-27 Net assets without donor restrictionsStart of year $371,552$218,093
X-32 Total net assets or fund balancesStart of year $371,552$218,093
X-33 Total liabilities and net assetsStart of year $371,552$254,782
Part XI · Reconciliation of net assets $218,093 net assets at year end
XI-1 Total revenue$2,253,530
XI-2 Total expenses$2,406,989
XI-3 Revenue less expenses−$153,459
XI-4 Net assets at start of year$371,552
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$218,093

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

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