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← DEFI EDUCATION FUND

Form 990 for tax year 2023

Filed by DEFI EDUCATION FUND.

Totals

Total revenue
$438,672
Total expenses
$3,781,810
Contributions and grants received
$438,616
Grants paid
$556,250
Program service revenue
$0
Investment income
$56
Other revenue
$0
Total assets, end of year
$6,417,247
Total liabilities, end of year
$332,256
Net assets or fund balances, end of year
$6,084,991
Program services expenses (Part IX)
$2,842,955
Management and general expenses
$875,042
Fundraising expenses
$63,813
Program service expenses (Part III)
$2,842,955

Program services were 75.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $438,616

  • 3 · Investment income

    total $56 · excluded $56

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $556,250 · program services $556,250

  • 5 · Compensation of officers, directors and key employees

    total $555,499 · program services $445,076 · management and general $77,023 · fundraising $33,400

  • 7 · Other salaries and wages

    total $509,958 · program services $409,493 · management and general $73,311 · fundraising $27,154

  • 9 · Other employee benefits

    total $23,255 · management and general $23,255

  • 10 · Payroll taxes

    total $75,994 · program services $62,935 · management and general $9,800 · fundraising $3,259

  • 11b · Fees: legal

    total $40,405 · program services $12,454 · management and general $27,951

  • 11c · Fees: accounting

    total $81,477 · management and general $81,477

  • 11d · Fees: lobbying

    total $733,185 · program services $733,185

  • 11g · Fees: other

    total $109,295 · program services $17,940 · management and general $91,355

  • 12 · Advertising and promotion

    total $129,032 · program services $128,737 · management and general $295

  • 13 · Office expenses

    total $6,635 · management and general $6,635

  • 14 · Information technology

    total $34,042 · program services $14,698 · management and general $19,344

  • 16 · Occupancy

    total $48,518 · management and general $48,518

  • 17 · Travel

    total $71,754 · management and general $71,754

  • 19 · Conferences, conventions and meetings

    total $16,285 · program services $12,682 · management and general $3,603

  • 23 · Insurance

    total $144,353 · management and general $144,353

  • 24a · Other expenses: Policy litigation

    total $635,914 · program services $449,505 · management and general $186,409

  • 24b · Other expenses: Trading and transaction

    total $7,961 · management and general $7,961

  • 24c · Other expenses: Professional Developmen

    total $1,998 · management and general $1,998

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,711 · end of year $274,804

  • 9 · Prepaid expenses and deferred charges

    beginning of year $146,249 · end of year $47,492

  • 15 · Other assets

    beginning of year $8,572,283 · end of year $6,094,951

  • 17 · Accounts payable and accrued expenses

    beginning of year $350,505 · end of year $332,256

  • 27 · Net assets without donor restrictions

    beginning of year $8,372,738 · end of year $6,084,991

Mission and programs · 2023

Mission

The DeFi Education Fund is a nonpartisan research and advocacy group working to explain the benefits of DeFi, achieve regulatory clarity for the future of the global digital economy, and help realize the transformative potential of DeFi for everyone.

Activities or mission (Part I)

See Part III, Line 1.

  • Lobbying Activities: Continuing our efforts from 2022, in 2023 the DeFi Education Fund continued its Congressional lobbying efforts, focusing on explaining not only how decentralized finance ("DeFi") works, but also the benefits that can be achieved with sensible regulatory frameworks and policy.

    Expenses $792,562

  • Policy Litigation: In 2023, the DeFi Education Fund ramped up our policy litigation efforts, focusing on assisting in or bringing lawsuits that affirm the rights of individual software developers and users and create regulatory clarity for the industry. The DeFi Education Fund submits numerous amicus briefs in relevant cases to educate the Court about how DeFi technology works.

    Expenses $737,672

  • The DeFi Education Fund previously granted funds to grantees over a predetermined schedule that spanned multiple years. In the second half of 2023, the DeFi Education Fund sunsetted our grants program and stopped giving new grants.

    Expenses $680,976 · Grants $556,250

  • Public Relations: Similar to 2022, our public relations efforts in 2023 focused on how to best explain decentralized finance ("DeFi") to policymakers, journalists and the general public.In 2023, we expanded our public relations efforts and focused on continuing to build relationships with key stakeholders as well as how best to position the DeFi Education Fund as a subject matter expert in the field of DeFi policy. In 2023, we also expanded our thought-leadership work, participated in high-profile industry events and wrote and secured op-ed placements in publications that reach not only the crypto community, but also those in the policy space.In 2023, we were able to further relationships with, and contribute to articles in high-profile publications such as The Wall Street Journal, The New York Times, POLITICO, Fortune, Reuters, TIME and Business Insider.

    Expenses $353,796

  • Policy Meetings, Policy Research and other programs.

    Expenses $277,949

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Marc Boiron

    Board of Directors, President

    Total calculated
    $0
    Hours/week
    3

  • Rebecca Rettig

    Board of Directors

    Total calculated
    $0
    Hours/week
    3

  • Jake Chervinsky

    Board of Directors

    Total calculated
    $0
    Hours/week
    2

  • Amanda Tuminelli

    CLO, Secretary

    Total calculated
    $325,022
    From this org
    $319,486
    From related orgs
    $0
    Other
    $5,536
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $319,486
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $5,536
    Filer's total
    $325,022

  • Miller Whitehouse-Levine

    CEO

    Total calculated
    $230,477
    From this org
    $224,565
    From related orgs
    $0
    Other
    $5,912
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,565
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $5,912
    Filer's total
    $230,477

  • Larry Sukernik

    Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Amanda Flournoy

    Grants Director

    Total calculated
    $135,876
    From this org
    $126,533
    From related orgs
    $0
    Other
    $9,343
    Hours/week
    40

  • Max Bernstein

    Communications & Operations Sr. Manager

    Total calculated
    $172,104
    From this org
    $159,009
    From related orgs
    $0
    Other
    $13,095
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,009
    Bonus
    $20,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $13,095
    Filer's total
    $172,104

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2023
Filed
21 October 2024
IRS schema version
2023v5.1
Source object
202402989349300425

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