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.
-
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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