Skip to content
Nonprofiteer
← 2040 FOUNDATION INC

Form 990 for tax year 2023

Filed by 2040 FOUNDATION INC.

Totals

Total revenue
$392,925
Total expenses
$16,517,816
Contributions and grants received
$0
Grants paid
$14,324,912
Program service revenue
not reported
Investment income
not reported
Other revenue
not reported
Total assets, end of year
not reported
Total liabilities, end of year
not reported
Net assets or fund balances, end of year
not reported
Program services expenses (Part IX)
$15,128,148
Management and general expenses
$1,389,668
Fundraising expenses
$0
Program service expenses (Part III)
$15,128,148

Program services were 91.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • Jay W Faison

    President

    Total calculated
    $49,596
    From this org
    $0
    From related orgs
    $13,816
    Other
    $35,780
    Hours/week
    5 + 1 related

  • Bill Clements

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Dana Ring

    Board Member

    Total calculated
    $249,249
    From this org
    $0
    From related orgs
    $227,735
    Other
    $21,514
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $0 + $208,935 related
    Bonus
    $0 + $18,800 related
    Other
    $0
    Deferred
    $0 + $9,800 related
    Nontaxable benefits
    $0 + $11,714 related
    Filer's total
    $0 + $249,249 related

  • Matthew Eby

    Board Member

    Total calculated
    $400,000
    From this org
    $0
    From related orgs
    $389,132
    Other
    $10,868
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $0 + $389,132 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $10,868 related
    Filer's total
    $0 + $400,000 related

  • Rich Powell

    Board Member

    Total calculated
    $759,833
    From this org
    $0
    From related orgs
    $697,174
    Other
    $62,659
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $697,174 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $39,000 related
    Nontaxable benefits
    $0 + $23,659 related
    Filer's total
    $0 + $759,833 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

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

  • CPF Holdings LLC

    Real Estate Holding Company · DC · 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
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202413209349309996

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

The source document this was parsed from is served over the API, which is where bulk and document access live.