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Nonprofiteer
← Genesis Capital Improvements Foundation Inc

Form 990 for tax year 2024

Filed by Genesis Capital Improvements Foundation Inc.

Totals

Total revenue
$18,964,832
Total expenses
$25,643,992
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$17,047,375
Investment income
$1,917,457
Other revenue
$0
Total assets, end of year
$511,167,913
Total liabilities, end of year
$517,803,753
Net assets or fund balances, end of year
-$6,635,840
Program services expenses (Part IX)
$25,643,992
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$25,643,992

Program services were 100.0% 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.

  • 2a · Program service revenue: Energy asset management

    total $17,047,375 · related or exempt $17,047,375

  • 3 · Investment income

    total $1,917,457 · excluded $1,917,457

Functional expenses

Part IX, the statement of functional expenses.

  • 11g · Fees: other

    total $4,304,332 · program services $4,304,332

  • 13 · Office expenses

    total $44 · program services $44

  • 20 · Interest

    total $11,299,311 · program services $11,299,311

  • 24a · Other expenses: Energy asset use

    total $10,040,305 · program services $10,040,305

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $271,221

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $34,380,916

  • 4 · Accounts receivable

    beginning of year $0 · end of year $1,163,623

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $426,835,337

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $48,516,816

  • 19 · Deferred revenue

    beginning of year $0 · end of year $220,000

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $435,590,284

  • 25 · Other liabilities

    beginning of year $0 · end of year $81,993,469

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year -$6,635,840

Mission and programs · 2024

Mission

GCIFI is a nonprofit organization organized to receive and maintain a fund or funds of real or personal property, or both and, subject to the restrictions and limitations exclusively for charitable and religious purposes for its supported organizations: Adventist Health System/West and the Pacific Union Conference of Seventh-day Adventists, both California nonprofit religious corporations.

Activities or mission (Part I)

To receive and maintain a fund or funds of real or personal property, or both and, subject to the restrictions and limitations exclusively for charitable and religious purposes for its supported organizations: Adventist Health System/West and the Pacific Union Conference of Seventh-day Adventists, both California nonprofit religious corporations.

  • GCIFI's purposes shall include but not be limited to providing educational, financial, and operational support to the Publicly Supported Organizations. Activities in support of such purposes shall be limited to: (i) owning, acquiring, purchasing and holding membership interests, shares or other equity interests issued from time to time by limited purpose, bankruptcy remote entities organized and formed by a Publicly Supported Organization in furtherance of such Publicly Supported Organization's mission (each such entity, a "Project Entity"), (ii) pledging the membership interests, shares or other equity interests in the Project Entity, (iii) receiving distributions, payments or other amounts on account of the membership interests, shares or other equity interests in the Project Entity and make distributions or other payments to the Publicly Supported Organizations; (iv) investing monies, making expenditures and otherwise distributing money for the benefit of the Publicly Supported Organizations; and (v) engaging in any ancillary or related activities in furtherance of the foregoing.

    Expenses $25,643,992 · Revenue $17,047,375

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • John Beaman

    President/Director

    Total calculated
    $2,060,669
    From this org
    $0
    From related orgs
    $1,980,861
    Other
    $79,808
    Hours/week
    0 + 50.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,261,000 related
    Bonus
    $0 + $698,818 related
    Other
    $0 + $21,043 related
    Deferred
    $0 + $13,296 related
    Nontaxable benefits
    $0 + $66,512 related
    Filer's total
    $0 + $2,060,669 related
  • Brandon Seibold

    Chief Financial Officer/Director

    Total calculated
    $1,082,752
    From this org
    $0
    From related orgs
    $1,030,012
    Other
    $52,740
    Hours/week
    0 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $677,968 related
    Bonus
    $0 + $247,609 related
    Other
    $0 + $104,435 related
    Deferred
    $0 + $13,296 related
    Nontaxable benefits
    $0 + $39,444 related
    Filer's total
    $0 + $1,082,752 related
  • Stephen Mayer

    Vice President/Director

    Total calculated
    $152,863
    From this org
    $0
    From related orgs
    $140,751
    Other
    $12,112
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $140,751 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $8,652 related
    Nontaxable benefits
    $0 + $3,460 related
    Filer's total
    $0 + $152,863 related
  • Leon Brown

    Director

    Total calculated
    $95,291
    From this org
    $0
    From related orgs
    $16,791
    Other
    $78,500
    Hours/week
    0 + 40 related
  • Meredith Jobe

    Secretary

    Total calculated
    $1,279,079
    From this org
    $0
    From related orgs
    $1,221,104
    Other
    $57,975
    Hours/week
    0 + 50.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $796,100 related
    Bonus
    $0 + $281,132 related
    Other
    $0 + $143,872 related
    Deferred
    $0 + $13,296 related
    Nontaxable benefits
    $0 + $44,679 related
    Filer's total
    $0 + $1,279,079 related

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

None.

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

The filer's explanations (Part III)

Part I, Line 3
The filing organization relied on a related organization, Adventist Health System/West, to determine the compensation paid to the top management official. The related organization used one or more methods in Line 3. All compensation paid to individuals reported on the filing organization's return were paid for services provided to the related organization. No compensation was paid by the filing organization.

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.

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.

  • Adventist Health SystemWest

    501(c)(3) · Integrated health system · CA

  • Pacific Union Conference of Seventh-day Adventists

    501(c)(3) · Religious organization · CA

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.

  • Roseville Sustainable Energy Partner LLC

    Holding company/energy concessions · CA · income $18,964,832 · assets $511,167,913

    Directly controlled by Genesis Capital Improvements Foundation Inc

Provenance

Return type
form_990
Tax year
2024
Filed
12 November 2025
IRS schema version
2024v5.2
Source object
202543189349314624

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