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Nonprofiteer
← 2040 FOUNDATION INC

Form 990 for tax year 2024

Filed by 2040 FOUNDATION INC.

Totals

Total revenue
$805,127
Total expenses
$14,695,873
Contributions and grants received
$0
Grants paid
$12,784,227
Program service revenue
$0
Investment income
$805,127
Other revenue
$0
Total assets, end of year
$90,780,888
Total liabilities, end of year
$107,519
Net assets or fund balances, end of year
$90,673,369
Program services expenses (Part IX)
$13,165,417
Management and general expenses
$1,530,456
Fundraising expenses
$0
Program service expenses (Part III)
$13,165,417

Program services were 89.6% 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.

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $422,386 · unrelated business $38,822 · excluded $383,564

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $17,807,932

  • 7b · Less cost or other basis and sales expenses

    securities $17,425,191

  • 7c · Gain or loss

    securities $382,741 · other assets $0

  • 7d · Net gain or loss

    total $382,741 · excluded $382,741

  • 8c · Net income from fundraising events

    total $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $12,784,227 · program services $12,784,227

  • 11b · Fees: legal

    total $5,460 · management and general $5,460

  • 11c · Fees: accounting

    total $40,953 · management and general $40,953

  • 11f · Fees: investment management

    total $1,444,840 · management and general $1,444,840

  • 11g · Fees: other

    total $148,649 · program services $148,649 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $5,392 · management and general $5,392

  • 14 · Information technology

    total $974 · management and general $974

  • 16 · Occupancy

    total $20,554 · program services $20,554

  • 17 · Travel

    total $21,367 · management and general $21,367

  • 23 · Insurance

    total $11,470 · management and general $11,470

  • 24a · Other expenses: UBI Income Tax

    total $183,617 · program services $183,617

  • 24b · Other expenses: Methane

    total $25,575 · program services $25,575

  • 24c · Other expenses: Subscription Expense

    total $2,795 · program services $2,795

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,172,920 · end of year $749,974

  • 2 · Savings and temporary cash investments

    beginning of year $2

  • 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 $7,581,945 · end of year $8,999,424

  • 9 · Prepaid expenses and deferred charges

    beginning of year $678,658 · end of year $330,000

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $1,711,806 · end of year $958,888

  • 12 · Investments: other securities

    beginning of year $86,439,966 · end of year $77,950,772

  • 13 · Investments: program-related

    beginning of year $1,354,881 · end of year $1,791,830

  • 15 · Other assets

    beginning of year $109,784 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $344,689 · end of year $107,424

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $54,529 · end of year $95

  • 27 · Net assets without donor restrictions

    beginning of year $99,650,744 · end of year $90,673,369

Mission and programs · 2024

Mission

Accelerate America's clean energy future with conservative solutions.

  • Through financial assistance and educational programs, 2040 Foundation Inc provided extensive research and analysis to the general public, provided insights to federal and state government policy makers on the benefits of clean energy solutions, enhanced the ability of faith-based public charities to scale up their social impact, and supported clean energy programs by providing financial support to other public charities.

    Expenses $13,165,417 · Grants $12,784,227

As filed on the 2024 return.

Listed in Part VII

  • Jay W Faison

    President

    Total calculated
    $19,354
    From this org
    $0
    From related orgs
    $19,354
    Other
    $0
    Hours/week
    5 + 1 related

  • Bert Davis

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Bill Clements

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Dana Ring

    Board Member

    Total calculated
    $266,693
    From this org
    $0
    From related orgs
    $237,362
    Other
    $29,331
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $0 + $218,278 related
    Bonus
    $0 + $19,084 related
    Other
    $0
    Deferred
    $0 + $16,847 related
    Nontaxable benefits
    $0 + $12,484 related
    Filer's total
    $0 + $266,693 related

  • Jeremy Harrell

    Board Member

    Total calculated
    $726,387
    From this org
    $0
    From related orgs
    $667,057
    Other
    $59,330
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $550,606 related
    Bonus
    $0 + $116,451 related
    Other
    $0
    Deferred
    $0 + $21,858 related
    Nontaxable benefits
    $0 + $37,472 related
    Filer's total
    $0 + $726,387 related

  • Matthew Eby

    Board Member

    Total calculated
    $54,049
    From this org
    $0
    From related orgs
    $53,077
    Other
    $972
    Hours/week
    2 + 38 related

  • Rich Powell

    Board Member

    Total calculated
    $283,601
    From this org
    $0
    From related orgs
    $253,530
    Other
    $30,071
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $253,530 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $8,171 related
    Nontaxable benefits
    $0 + $21,900 related
    Filer's total
    $0 + $283,601 related

  • Mark T Bruinooge

    Chief Financial Officer

    Total calculated
    $0
    Hours/week
    2

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 · Compensation survey or study

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

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • Spark Holdings LLC

    Investment · NC · income $0 · assets $0

    Directly controlled by 2040 Foundation Inc

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Watermark Capital I Offshore LTD

    C Corporation · Investment · CJ · 100% owned · share of income $0 · share of assets $0 · controlled entity

    Directly controlled by 2040 Foundaton Inc

Provenance

Return type
form_990
Tax year
2024
Filed
11 November 2025
IRS schema version
2024v5.1
Source object
202513159349303556

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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