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Nonprofiteer
← COMMONWEALTH IMPACT FOUNDATION INC

Form 990 for tax year 2022

Filed by COMMONWEALTH IMPACT FOUNDATION INC.

Totals

Total revenue
$11,685,333
Total expenses
$1,796,879
Contributions and grants received
$9,979,682
Grants paid
$191,232
Program service revenue
$0
Investment income
$64,682
Other revenue
$1,640,969
Total assets, end of year
$16,611,239
Total liabilities, end of year
$1,022,464
Net assets or fund balances, end of year
$15,588,775
Program services expenses (Part IX)
$705,964
Management and general expenses
$646,148
Fundraising expenses
$444,767
Program service expenses (Part III)
$705,964

Program services were 39.3% 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

    $9,979,682

  • 3 · Investment income

    total $71,637 · excluded $71,637

  • 6b · Less rental expenses

    real property $4,359

  • 6c · Rental income or loss

    real property -$4,359

  • 6d · Net rental income or loss

    total -$4,359 · excluded -$4,359

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

    securities $6,955

  • 7c · Gain or loss

    securities -$6,955

  • 7d · Net gain or loss

    total -$6,955 · excluded -$6,955

  • 11a · Other revenue: STOCK EQUITY GRANTS

    total $1,363,602 · related or exempt $355,381 · unrelated business $1,008,221

  • 11b · Other revenue: MANAGEMENT FEES

    total $599,657 · related or exempt $84,986 · unrelated business $514,671

  • 11c · Other revenue: K-1 PASS-THROUGH ACTIVITY

    total -$317,931 · related or exempt -$271 · unrelated business -$317,660

  • 11e · Other revenue, total

    $1,645,328

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $191,232 · program services $191,232

  • 5 · Compensation of officers, directors and key employees

    total $50,000 · program services $20,000 · management and general $10,000 · fundraising $20,000

  • 11b · Fees: legal

    total $101,757 · program services $20,390 · management and general $81,367

  • 11c · Fees: accounting

    total $9,550 · management and general $9,550

  • 11g · Fees: other

    total $1,033,197 · program services $321,199 · management and general $323,271 · fundraising $388,727

  • 12 · Advertising and promotion

    total $14,334 · management and general $2,050 · fundraising $12,284

  • 13 · Office expenses

    total $2,665 · management and general $2,665

  • 14 · Information technology

    total $3,071 · management and general $3,071

  • 16 · Occupancy

    total $14,401 · management and general $14,401

  • 17 · Travel

    total $35,981 · program services $17,990 · fundraising $17,991

  • 19 · Conferences, conventions and meetings

    total $3,875 · fundraising $3,875

  • 20 · Interest

    total $8,047 · management and general $8,047

  • 23 · Insurance

    total $5,764 · program services $1,153 · management and general $3,458 · fundraising $1,153

  • 24a · Other expenses: TAXES

    total $112,474 · management and general $112,474

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $134,000 · program services $134,000

  • 24c · Other expenses: SCHEDULE K-1 PORTFOLIO

    total $72,326 · management and general $72,326

  • 24d · Other expenses: DUES AND SUBSCRIPTIONS

    total $2,243 · management and general $2,243

  • 24e · All other expenses

    total $1,962 · management and general $1,225 · fundraising $737

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $665,245 · end of year $7,533,043

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $123,000

  • 4 · Accounts receivable

    beginning of year $175,283 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,112,332 · end of year $1,224,430

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $5,754

  • 12 · Investments: other securities

    beginning of year $3,258,417 · end of year $7,403,431

  • 15 · Other assets

    beginning of year $40,038 · end of year $321,581

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,379 · end of year $750,974

  • 19 · Deferred revenue

    beginning of year $86,727 · end of year $1,490

  • 23 · Secured mortgages and notes payable

    beginning of year $40,038 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $270,000

  • 27 · Net assets without donor restrictions

    beginning of year $5,110,171 · end of year $15,588,775

Mission and programs · 2022

Mission

THE WORLD HAS NEVER EXPERIENCED SO MUCH PROSPERITY NOR FACED SO MANY MASSIVE CHALLENGES. COMMONWEALTH HARNESSES THE SAME ENTREPRENEURIAL TALENT THAT CREATES WEALTH TO CREATE MORE OPPORTUNITY FOR EVERYONE TO FLOURISH.

Activities or mission (Part I)

COMMONWEALTH HARNESSES ENTREPRENEURIAL TALENT TO CREATE MORE OPPORTUNITIES FOR EVERYONE TO FLOURISH.

  • CW CITY FUND: COMMONWEALTH IS GROWING AN IMPACT INVESTING NETWORK IN 15 CITIES TO FUND VENTURE PHILANTHROPY AND VC/PE DEALS AIMED AT COMMUNITY RENEWAL.CW VENTURES: COMMONWEALTH SPONSORS SELECT PRIVATE OFFERINGS FOR COMPANIES ADVANCING MARKET SOLUTIONS TO THE WORLD'S BIGGEST PROBLEMS, INCLUDING THE WEALTH GAP BETWEEN WHITE FAMILIES AND BLACK FAMILIES IN AMERICA AND ACCESS TO QUALITY HEALTH CARE AND MENTAL HEALTH SERVICES.

    Expenses $705,964 · Grants $191,232

As filed on the 2022 return.

Listed in Part VII

  • Jay Hein

    MANAGING DIRECTOR

    Total calculated
    $25,000
    From this org
    $25,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Winston Justice

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Cliff Benson

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mike Humphrey

    FORMER CHAIRMAN

    Total calculated
    $25,000
    From this org
    $25,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $25,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $25,000

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

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

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.

  • COMMONWEALTH VENTURES OF AMERICA LLC

    INVESTMENT MANAGEMENT · IN · income $590,977 · assets $1,954,845

    Directly controlled by COMMONWEALTH IMPACT FOUNDATION INC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • MEI FLORIDA 2021 LLC

    INVESTMENT · INVESTMENT · IN · 88.73% owned · share of assets $50 · general or managing partner

    Directly controlled by COMMONWEALTH IMPACT FOUNDATION

  • IBR 2020 LLC

    INVESTMENT · INVESTMENT · IN · 85% owned · share of assets $254,260 · general or managing partner

    Directly controlled by COMMONWEALTH IMPACT FOUNDATION

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202343199349312029

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