Form 990 for tax year 2023

Totals

Total revenue

$4,625,872

Total expenses

$4,453,836

Contributions and grants received

$4,439,722

Grants paid

$0

Program service revenue

$164,680

Investment income

$9,747

Other revenue

$11,723

Total assets, end of year

$1,096,583

Total liabilities, end of year

$127,130

Net assets or fund balances, end of year

$969,453

Program services expenses (Part IX)

$2,295,043

Management and general expenses

$2,021,306

Fundraising expenses

$137,487

Program service expenses (Part III)

$2,295,043

Program services were 51.5% 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.

Mission and programs · 2023

• GATES FOUNDATION: LEVERAGING A GRANT FROM THE BILL AND MELINDA GATES FOUNDATION, AIR PARTNERS WITH VARIOUS ENTITIES AND KEY STAKEHOLDERS TO ENSURE THAT CONSUMERS OF DIGITAL FINANCIAL SERVICES (DFS) IN LOW-AND MIDDLE-INCOME COUNTRIES (LMICS), PARTICULARLY VULNERABLE CONSUMERS, BENEFIT FROM TECHNOLOGY TOOLS AND POLICY GUIDANCE THAT HELPS IDENTIFY AND MITIGATE RISKS OF DFS. FOR OUR FIRST 2023 TECHSPRINT UNDER THIS GRANT, WE PARTNERED WITH THE CAMBRIDGE SUPTECH LAB TO DELIVER A TECHSPRINT FOCUSED ON CHATBOTS AND DATA ANALYTICS. ADDITIONALLY, WE LAUNCHED OUR GENERATIVEAI PROGRAM WHICH STARTED WITH CONVENING THE TECH COMMUNITY AND REGULATORS TO DEBATE AND EXPLORE THE POSSIBILITIES AND RISKS OF GENERATIVEAI. IN ADDITION TO THESE SPECIFIC EVENTS, OUR LEADERSHIP TEAM CONTINUES TO BE VISIBLE AND VOCAL ON THE GLOBAL STAGE ON KEY CONSUMER PROTECTION ISSUES AND THE USE OF EMERGING TECHNOLOGY, BUILDING OUR REPUTATION AS THOUGHT LEADERS. WE'VE LEVERAGED THE BAREFOOT INNOVATION PODCAST TO SHARE KNOWLEDGE, CREATE INTEREST AND START DEBATE ON KEY TOPICS.

  Expenses $636,808 · Revenue $29,680

• FEDERAL HOUSING FINANCE AGENCY (FHFA) - AIR SUPPORTS THE FHFA'S OFFICE OF GOVERNANCE AND STRATEGIC INITIATIVES (OGSI) IN ITS MISSION TO STAND UP THE FINANCIAL TECHNOLOGY (FINTECH) OFFICE AND TO SUPPORT THE DEVELOPMENT OF KEY SHORT-TERM INITIATIVES INCLUDING THE ROBUST PLANNING THAT GOES INTO STANDING UP AN INNOVATION OFFICE AND EXECUTING A SUCCESSFUL TECHSPRINT IN FISCAL YEAR 2023.THIS YEAR AIR PARTNERED WITH THE FHFA TO SUPPORT THE PLANNING AND EXECUTION OF THE AGENCY'S FIRST TECHSPRINT, HOSTING 80 PARTICIPANTS IN-PERSON AND OBSERVED BY HUNDREDS OF ATTENDEES IN-PERSON AND ONLINE.

  Expenses $478,251 · Revenue $135,000

• DEPARTMENT OF STATE ANTI-CORRUPTION INNOVATION LAB (ASET) - AIR WAS SELECTED BY THE STATE DEPARTMENT'S BUREAU OF INTERNATIONAL NARCOTICS AND LAW ENFORCEMENT AFFAIRS (INL) TO IDENTIFY NEW TECHNOLOGIES THAT CAN THWART ILLEGAL TRANSACTIONS TIED TO GLOBAL CORRUPTION. THE ANTI-CORRUPTION SOLUTIONS THROUGH EMERGING TECHNOLOGIES (ASET) PROGRAM IS DESIGNED TO SUPPORT THE WHITE HOUSE SUMMIT FOR DEMOCRACY, INCLUDING THROUGH TECHSPRINTS AND OTHER INITIATIVES TO DEVELOP POTENTIAL DIGITAL TOOLS. THIS YEAR HAS BEEN A SIGNIFICANT MILESTONE YEAR FOR AIR. AFTER COMPLETING A TECHSPRINT IN 2022, WE QUICKLY PIVOTED TO SCOPING YEAR 2 TO FOCUS ON ANTI-CORRUPTION IN PROJECT FINANCING WITH PARTICULAR INTEREST IN LATIN AMERICAN AND CARIBBEAN MARKETS. OUR KEY FRAME OF REFERENCE IS TO FOCUS ON TECHNOLOGY THAT CAN BE USED TO DETECT AND PREVENT CORRUPTION IN DEVELOPMENT PROJECTS. IN 2023 WE ADVANCED PLANNING FOR A SECOND ANTI-CORRUPTION FOCUSED TECHSPRINT AND IDENTIFIED PROSPECTIVE PARTNERSHIPS TO SUPPORT THE TECHSPRINT EXECUTION AND POST-SPRINT PROTOTYPE INCUBATION. ADDITIONALLY, WE ATTENDED ROUNDTABLE DISCUSSIONS WITH 40+ PARTICIPANTS IN LIMA, PERU, DRAFTED A WHITE PAPER IDENTIFYING ANTI-CORRUPTION CHALLENGES IN DEVELOPMENT FINANCING AND PROPOSED TECHNOLOGY SOLUTIONS, AND ADVANCED EARLY STAGE PLANNING FOR ROUNDTABLES AND A TECHSPRINT WHICH IS PLANNED FOR 2024.

  Expenses $382,543

• MINORITY DEPOSITORY INSTITUTION DIGITAL TRANSFORMATION PROJECT - WITH FUNDING FROM VISA AND CITI, AIR CONTINUES TO PARTNER WITH THE NATIONAL BANKERS ASSOCIATION (NBA), THE NATIONAL BANKERS ASSOCIATION FOUNDATION (NBAF), AND VISA TO DELIVER ON THE GOAL TO HELP MINORITY-OWNED INSTITUTIONS STRENGTHEN THEIR DIGITAL CAPABILITIES VIA THE MDI CONNECTTECH AND MDI ACCELERATE PROGRAMS. THIS YEAR AIR LED THE RECRUITMENT AND ONBOARDING OF 15 BANKS AND 3 CREDIT UNIONS INTO THE INITIAL COHORT, PUBLISHED A WHITEPAPER, CREATED A PROJECT MANAGEMENT OFFICE, AND EXECUTED OUR COMMUNICATIONS PLANS TO BRING AWARENESS TO THE PROGRAMS. AIR INITIATED DISCUSSIONS WITH ALL THE BANKS AND CREDIT UNIONS TO IDENTIFY AND SYNTHESIZE PAIN POINTS TO ADOPTING AND ADDRESSING TECHNOLOGY CHALLENGES AND NEEDS. WE PARTNERED WITH AN EXTERNAL CONSULTANT TO BEGIN THE TECHNOLOGY ASSESSMENTS PHASE FOR THE BANKS AND CREDIT UNIONS. WE ALSO LED CLOSED DOOR INFORMATION SESSIONS WITH REGULATORS AND SENATE STAFF TO PROVIDE AN UPDATE ON THE PROGRAMS, AND CONTINUE TO HIGHLIGHT THE TECHNOLOGY CHALLENGES FOR MDIS. EXPECTED COMPLETION OF THE DIGITAL TECHNOLOGY ASSESSMENTS AND IMPLEMENTATION PLANS IS SLATED FOR 2024. THE LEARNINGS FROM THE ASSESSMENTS WILL BE SHARED IN A FINAL CONVENING LED BY AIR WHICH IS SLATED FOR MAY 2024.NATIONAL CREDIT REGULATOR PROJECT IN SOUTH AFRICA (IFC/WORLD BANK) - AIR PROVIDED STRATEGIC ADVISORY SERVICES TO THE NCR AND EXECUTED A SERIES OF TECHSPRINT ROUNDTABLES AND A TECH DEMONSTRATION FOCUSED ON LEVERAGING TECHNOLOGICAL INNOVATION TO IMPROVE THE RESILIENCE AND COMPLIANCE OF SMALL CREDIT PROVIDERS, SPECIFICALLY REGULATION 19 (13) WHICH PRESCRIBES THE MANNER AND FORM IN WHICH CREDIT PROVIDERS REGISTERED WITH THE NCR MUST SUBMIT CREDIT INFORMATION TO THE CREDIT BUREAU.CLIMATE POSITIVE TECHSPRINT - IN JANUARY 2023 AIR HELD A TECHSPRINT WHICH BROUGHT TOGETHER A DIVERSE GROUP OF EXPERTS TO EXPLORE HOW TO DEVELOP A CLIMATE-POSITIVE BLOCKCHAIN AND CONSENSUS MECHANISM THAT COULD ACTUALLY REMOVE CARBON FROM THE ATMOSPHERE, AND WHICH MAY BE IMPLEMENTED AS AN ALTERNATIVE TO THE ENERGY- AND CARBON-INTENSIVE MINING WHICH CURRENTLY UNDERPINS CERTAIN BLOCKCHAIN. IN PARTNERSHIP WITH OTHER SUBJECT MATTER EXPERTS, AIR PUBLISHED A WHITEPAPER "INCENTIVIZING GIGATON-SCALE CARBON DIOXIDE REMOVAL VIA A CLIMATE POSITIVE BLOCKCHAIN". THE PAPER FOCUSED ON A NEW MECHANISM USING A NEW CRYPTO TOKEN THAT INCENTIVES THE REMOVAL OF CARBON DIOXIDE FROM THE ATMOSPHERE USING A NOVEL CO 2 REMOVAL (CDR) TECHNOLOGY-DIRECT AIR CARBON CAPTURE AND STORAGE (DACCS). PUBLIC POLICY - AIR ACTIVELY CONTINUES TO RAISE AWARENESS RELATED TO TECHNOLOGY DEVELOPMENTS SUCH AS THE AVAILABILITY OF VASTLY EXPANDED DIGITAL DATA AND THE EMERGENCE OF INCREASINGLY POWERFUL ARTIFICIAL INTELLIGENCE TOOLS LIKE MACHINE LEARNING AND GENERATIVE AI. THE PROJECT'S GOAL IS TO EDUCATE AND ENGAGE U.S. CONGRESSIONAL LEADERS REGARDING THE NEED FOR REGULATOR MODERNIZATION AND POSITION AIR AS A TRUSTED BIPARTISAN SOURCE OF EXPERTISE AND INSIGHT ON MATTERS RELATED TO FINANCIAL AND FINANCIAL REGULATORY TECHNOLOGY. REGULATORY AGENCIES ARE VERY SENSITIVE TO BOTH POSITIVE AND NEGATIVE INPUT FROM CONGRESS. ADVANCING UNDERSTANDING OF THESE ISSUES ON CAPITOL HILL CAN GREATLY ACCELERATE PROGRESS ON REGULATORY MODERNIZATION. WITH FUNDING FROM FLOURISH VENTURES, AIR DESIGNED A THREE PRONGED PROJECT FOCUSED ON 1) POLICY ENGAGEMENT, 2) CONVENING TO CREATE FAVORABLE ENVIRONMENTS, AND 3) THOUGHT LEADERSHIP. OUR WORK WILL CONTINUE INTO 2024.COMMUNICATIONS PLATFORM - THIS YEAR WE'VE CREATED 19 EPISODES VIA THE BAREFOOT INNOVATION PODCAST WITH A TOTAL OF 16,207 EPISODE DOWNLOADS, AND WE KNOW THAT MANY MORE STREAM THE PODCAST ACROSS MULTIPLE PLATFORMS AND CHANNELS. THE MOST POPULAR EPISODES IN 2023 ARE: (1) BRAVE NEW WORLD: A CONVERSATION WITH CHATGPT, (2) SIMON TAYLOR ON HOW CRYPTO AND DEFI MOVE FORWARD AND (3) DELICIA HAND AND CLEVE MESIDOR ON RETHINKING CONSUMER PROTECTION PARADIGM. THE INTEREST IN THE CHATGPT EPISODE REFLECTS THE INTEREST WE HAVE SEEN FROM FINANCIAL REGULATORS IN THIS SUBJECT.

  Expenses $797,441

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

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

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.

Provenance

Return type

form_990

Tax year

2023

Filed

23 October 2024

IRS schema version

2023v5.1

Source object

202413059349301136

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