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Nonprofiteer
← 1st Street Foundation Inc

Form 990 for tax year 2022

Filed by 1st Street Foundation Inc.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2022 , filed 15 February 2024. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$7,692,421 changed to $7,679,254
Contributions and grants received
$6,161,495 changed to $6,114,995
Program service revenue
$1,530,926 changed to $1,564,259
Total assets, end of year
$4,391,644 changed to $3,891,644
Total liabilities, end of year
$773,757 changed to $1,740,424
Net assets or fund balances, end of year
$3,617,887 changed to $2,151,220

Totals

Total revenue
$7,692,421
Total expenses
$7,900,354
Contributions and grants received
$6,161,495
Grants paid
$0
Program service revenue
$1,530,926
Investment income
$0
Other revenue
$0
Total assets, end of year
$4,391,644
Total liabilities, end of year
$773,757
Net assets or fund balances, end of year
$3,617,887
Program services expenses (Part IX)
$5,531,003
Management and general expenses
$2,369,351
Fundraising expenses
$0
Program service expenses (Part III)
$5,531,003

Program services were 70.0% 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

    $6,161,495

  • 2a · Program service revenue: SUBSCRIPTION SALES

    total $1,530,926 · related or exempt $1,530,926

  • 3 · Investment income

    total $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $761,480 · program services $525,651 · management and general $235,829 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $3,140,003 · program services $2,011,108 · management and general $1,128,895 · fundraising $0

  • 8 · Pension plan contributions

    total $152,556 · program services $99,161 · management and general $53,395 · fundraising $0

  • 9 · Other employee benefits

    total $278,076 · program services $162,359 · management and general $115,717 · fundraising $0

  • 10 · Payroll taxes

    total $275,515 · program services $190,893 · management and general $84,622 · fundraising $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $54,412 · program services $784 · management and general $53,628 · fundraising $0

  • 11c · Fees: accounting

    total $92,619 · program services $0 · management and general $92,619 · fundraising $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $670,898 · program services $670,898 · management and general $0

  • 12 · Advertising and promotion

    total $37,354 · program services $37,354 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $224,505 · program services $146,590 · management and general $77,915 · fundraising $0

  • 14 · Information technology

    total $857,960 · program services $772,165 · management and general $85,795 · fundraising $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $188,348 · program services $130,499 · management and general $57,849 · fundraising $0

  • 17 · Travel

    total $83,678 · program services $57,977 · management and general $25,701 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $25,990 · program services $295 · management and general $25,695 · fundraising $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $1,011,846 · program services $701,068 · management and general $310,778 · fundraising $0

  • 23 · Insurance

    total $34,929 · program services $24,201 · management and general $10,728 · fundraising $0

  • 24a · Other expenses: MISCELLANEOUS

    total $10,185 · program services $0 · management and general $10,185

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,338,516 · end of year $80,685

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $953,500 · end of year $1,559,441

  • 4 · Accounts receivable

    beginning of year $82,088 · end of year $352,894

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $44,491 · end of year $62,055

  • 10a · Land, buildings and equipment: cost or other basis

    $4,028,160

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,713,191

  • 10c · Land, buildings and equipment, net

    beginning of year $2,180,629 · end of year $2,314,969

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $23,850 · end of year $21,600

  • 17 · Accounts payable and accrued expenses

    beginning of year $439,921 · end of year $215,527

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $357,333 · end of year $558,230

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $2,872,320 · end of year $2,058,446

  • 28 · Net assets with donor restrictions

    beginning of year $953,500 · end of year $1,559,441

Mission and programs · 2022

Mission

FIRST STREET FOUNDATION'S MISSION IS TO MAKE CLIMATE RISK ACCESSIBLE, EASY TO UNDERSTAND AND ACTIONABLE FOR INDIVIDUALS, GOVERNMENTS, AND INDUSTRY.

Activities or mission (Part I)

to Make climate risk accessible, easy to understand and actionable for individuals, governments, and industry.

  • Throughout the first half of 2022, the Foundation continued its partnership with the top academic and for-profit institutions in the field of wildfire, including the Pyregence Consortium, to create the first nationally available, high resolution, climate adjusted wildfire model that integrates information on fuels, wildfire weather, and ignition into a fire behavior model and applies that to every property parcel in the country. As the consumer facing website FloodFactor.com continued to gain traction in the beginning of 2022, the Foundation finalized its second major peril launch with the release of Fire Factor on May 16, 2022. Coinciding with that release, the Foundation's website migrated from FloodFactor.com to RiskFactor.com to account for the availability of multiple perils. Very quickly thereafter, the Foundation launched its third major climate peril in August 2022 with the release of Heat Factor. The Foundation enhanced and expanded its Flood Factor model to Version 2 and extended it beyond the contiguous United States to include Hawaii, Alaska and Puerto Rico. This was released in April 2022. Simultaneously, the Foundation began its work on developing its fourth climate peril, Wind Factor. The Foundation finalized a partnership NASA in September 2022, to enhance climate risk modeling, promote applied science research, and more effectively communicate the risks of a changing climate. Through this partnership, NASA began receiving access to the Foundation's data and insights into its methodologies and the two groups will work together to further improve physical models and risk products related to floods, fires, heat and other climate-driven hazards. The goals of the collaboration are to quantify economic impacts from climate and promote climate risk awareness to individuals, communities and government agencies. The Foundation released two national reports: (1) "Fueling the Flames" on May 16, 2022 highlighting that wildfire has become one of the most common and dangerous climate perils, increasingly spreading from heavily forested areas to more populous urban and suburban environments; and (2) "Hazardous Heat" on August 15, 2022 highlighting the prevalence of increasing extreme temperatures and dangerous heat wave events throughout the contiguous United States. In October 2022, the Foundation launched an enhanced version of its RiskFactor.com tool with the addition of enterprise-level data and hazard layers directly on the customer facing site, as well as the ability to interact with the tool to adjust damage and downtime day estimates in real time based on building specific property characteristics. The Foundation also finalized a partnership with Crexi and Compass, two leading real estate portal websites, to have the Risk Factor data fully integrated into their platforms for all on- and off-market listings. These integrations were extremely significant as they ensured that millions of Americans were exposed to flood risk data on a daily basis, ensuring Americans were now able to incorporate climate adjusted flood risk into their home buying and selling process. The Foundation also partnered with several government agencies in 2022 to provide them climate risk data for internal risk analysis and policy decision-making, including Fannie Mae, the Federal Reserve Board and all 12 banks, Freddie Mac and others. Lastly, the Foundation partnered with several financial institutions and private businesses to further communicate climate risk to citizens, industry and government. Some notable examples of these license arrangements include Anderson Optimization, Cypress Creek Renewables, KPMG, Morningstar, Fifth Third Bank, Norges, Nuveen and others. The Foundation's revenue from data license agreements increased approximate ten-fold between 2021 and 2022.

    Expenses $5,531,003 · Revenue $1,530,926

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Matthew Eby

    PRESIDENT & EXECUTIVE DIRECTOR

    Total calculated
    $409,146
    From this org
    $399,282
    From related orgs
    $0
    Other
    $9,864
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $399,282
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,864
    Filer's total
    $409,146

  • Edward Kearns

    Chief Data Officer

    Total calculated
    $352,333
    From this org
    $342,469
    From related orgs
    $0
    Other
    $9,864
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $342,469
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,864
    Filer's total
    $352,333

  • Sara Chadwick

    Head of Marketing

    Total calculated
    $280,297
    From this org
    $270,433
    From related orgs
    $0
    Other
    $9,864
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $238,604
    Bonus
    $31,829
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,864
    Filer's total
    $280,297

  • Dan Seripap

    Head of Engineering

    Total calculated
    $209,539
    From this org
    $199,675
    From related orgs
    $0
    Other
    $9,864
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $181,275
    Bonus
    $18,400
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,864
    Filer's total
    $209,539

  • Michael Amodeo

    Head of Data Science

    Total calculated
    $180,476
    From this org
    $170,612
    From related orgs
    $0
    Other
    $9,864
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $155,823
    Bonus
    $14,789
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,864
    Filer's total
    $180,476

  • Jeremy Porter

    Head of Research & Development

    Total calculated
    $160,594
    From this org
    $150,730
    From related orgs
    $0
    Other
    $9,864
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $150,730
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,864
    Filer's total
    $160,594

  • Nathan Rosler

    Creative Director

    Total calculated
    $147,909
    From this org
    $138,045
    From related orgs
    $0
    Other
    $9,864
    Hours/week
    60

  • Philip Lundie

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Keith Pardy

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

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

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • Risk Factor LLC

    licensing · DE · income $1,524,156 · assets $365,772

    Directly controlled by 1st street

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202343199349322469

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