Asset Systems INC: FY2020 Nonprofit Profile & Form 990 (EIN 93-0959411)

Revenue by fiscal year
FY2020	$2.5M
FY2021	$28K
FY2022	$7K
FY2023	$769

Expenses by fiscal year
FY2020	$2.5M
FY2021	$253K
FY2022	$110K
FY2023	$0

Net assets by fiscal year
FY2020	$109K
FY2021	−$116K
FY2022	−$219K
FY2023	$0

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023.

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

Where the money goes

97 cents of each dollar spent went to programs.

97%

Program services 97% · $2.5M Management & general 3% · $67K

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

2 people listed on the 990.

Part VII, Section A · reportable compensation

Sarah Jensen

President

$0Pt VII · Sec A

Gene Bacon

President

$0Pt VII · Sec A

See Asset Systems 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 15aNo

Programs and updates

Collects payments for hospital service organizations.

Provided by the organization

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1 program · $2.5M · in their own filed words · FY2020

01

Collection service provided to hospitals.

$2.5Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record

Grants received · FY2020

Louis G Clarke and Elizabeth L Clarke EndowmentFY2020$14K

Total grants receivedfrom 1 funder$14K

By the numbers

The FY2020 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$2.5M

Ln 12

Fees for servicesLn 2g$2.5M

Investment incomeLn 3$441

Money outPt IX

$2.5M

Ln 25

Programscol B$2.5M

Managementcol C$67K

Owns and owesPt X

$109K

net assets · Ln 32

Cash and savingsLn 1–2$74K

Total assetsLn 16$165K

LiabilitiesLn 26$56K

PeoplePt VI, VII

2

listed · VII A

PaidVII A0

Voting boardVI 1a2

IndependentVI 1b0

2In more detail

Revenue in detailPt VIII

Fees for servicesLn 2g$2.5M

Investment incomeLn 3$441

Total revenueLn 12$2.5M

Assets in detailPt X, end of year

CashLn 1$74K

Cash and savings togetherLn 1–2$74K

Other assetsLn 15$91K

Total assetsLn 16$165K

LiabilitiesLn 26$56K

Net assetsLn 32$109K

OperationsPt I, VI

EmployeesI 50

VolunteersI 60

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aNo

Whistleblower policyVI 13No

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY20	End FY20
Cash and savingsLn 1–2	$1.2M	$74K
Total assetsLn 16	$1.3M	$165K
LiabilitiesLn 26	$867K	$56K
Net assetsLn 32	$410K	$109K

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Other salaries and wagesLn 7	$447K	$447K
Pension plan contributionsLn 8	$28K	$28K
Payroll taxesLn 10	$45K	$45K
Legal feesLn 11b	$148K	$103K	$45K
Office expensesLn 13	$36K		$36K
OccupancyLn 16	$70K		$70K
TravelLn 17	$4K		$4K
InsuranceLn 23	$49K	$49K
Other expenses (24a–d)Ln 24	$1.8M	$1.8M
All other expensesLn 24e	−$73K	$15K	−$88K
Total functional expensesLn 25	$2.5M	$2.5M	$67K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2023 Latest	$769	$0	$769	$0	990 PDF
FY2022	$7K	$110K	−$103K	−$219K	990 PDF
FY2021	$28K	$253K	−$225K	−$116K	990 PDF
FY2020 Viewing	$2.5M	$2.5M	−$91K	$109K	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 FY2020 990 (4 parts)

Part VIII · Statement of revenue $2,451,942 across 3 lines filed

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,451,501$2,451,501

VIII-3 Investment incomeRelated to mission $441$441

VIII-12 Total revenueRelated to mission $2,451,942 · Unrelated business $0 · Excluded from tax $0$2,451,942

Part IX · Statement of functional expenses $2,542,955 across 10 lines filed

IX-7 Other salaries and wagesPrograms $447,142$447,142

IX-8 Pension plan contributionsPrograms $27,667$27,667

IX-10 Payroll taxesPrograms $45,254$45,254

IX-11b Legal feesPrograms $103,137 · Management $44,575$147,712

IX-13 Office expensesManagement $35,798$35,798

IX-16 OccupancyManagement $70,138$70,138

IX-17 TravelManagement $3,901$3,901

IX-23 InsurancePrograms $48,654$48,654

IX-24 Other expenses (24a–d)Programs $1,789,478$1,789,478

IX-24e All other expensesPrograms $15,008 · Management −$87,797−$72,789

IX-25 Total functional expensesPrograms $2,476,340 · Management $66,615 · Fundraising $0$2,542,955

Part X · Balance sheet $165,050 assets, 10 lines filed

X-1 Cash, non-interest-bearingStart of year $1,203,997$74,038

X-4 Accounts receivableStart of year $59,675$0

X-9 Prepaid expenses and deferred chargesStart of year $12,969$0

X-15 Other assetsStart of year $0$91,012

X-16 Total assetsStart of year $1,276,641$165,050

X-17 Accounts payable and accrued expensesStart of year $397,476$56,011

X-25 Other liabilitiesStart of year $469,272$0

X-26 Total liabilitiesStart of year $866,748$56,011

X-32 Total net assets or fund balancesStart of year $409,893$109,039

X-33 Total liabilities and net assetsStart of year $1,276,641$165,050

Part XI · Reconciliation of net assets $109,039 net assets at year end

XI-1 Total revenue$2,451,942

XI-2 Total expenses$2,542,955

XI-3 Revenue less expenses−$91,013

XI-4 Net assets at start of year$409,893

XI-9 Other changes in net assets−$209,841

XI-10 Net assets at end of year$109,039

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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Asset Systems INC FY2020 filing

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