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Nonprofiteer
← PRIME COALITION INC

Form 990 for tax year 2023

Filed by PRIME COALITION INC.

Totals

Total revenue
$9,932,163
Total expenses
$10,541,829
Contributions and grants received
$8,175,405
Grants paid
$250,000
Program service revenue
$250,000
Investment income
$587,461
Other revenue
$919,297
Total assets, end of year
$94,941,276
Total liabilities, end of year
$36,318,078
Net assets or fund balances, end of year
$58,623,198
Program services expenses (Part IX)
$9,270,092
Management and general expenses
$992,606
Fundraising expenses
$279,131
Program service expenses (Part III)
$9,270,092

Program services were 87.9% 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

    $8,175,405

  • 2a · Program service revenue: PROGRAM SERVICES

    total $250,000 · related or exempt $250,000

  • 3 · Investment income

    total $587,461 · excluded $587,461

  • 11a · Other revenue: MANAGEMENT FEE INCOME

    total $919,297 · related or exempt $919,297

  • 11e · Other revenue, total

    $919,297

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $250,000 · program services $250,000

  • 5 · Compensation of officers, directors and key employees

    total $1,092,200 · program services $740,536 · management and general $297,483 · fundraising $54,181

  • 7 · Other salaries and wages

    total $1,128,218 · program services $943,035 · management and general $107,802 · fundraising $77,381

  • 9 · Other employee benefits

    total $95,353 · program services $75,665 · management and general $12,128 · fundraising $7,560

  • 10 · Payroll taxes

    total $164,057 · program services $127,329 · management and general $27,629 · fundraising $9,099

  • 11b · Fees: legal

    total $24,431 · program services $22,438 · management and general $1,993

  • 11c · Fees: accounting

    total $165,615 · program services $54,329 · management and general $110,488 · fundraising $798

  • 11f · Fees: investment management

    total $836,380 · program services $836,380

  • 11g · Fees: other

    total $2,087,043 · program services $1,704,641 · management and general $268,662 · fundraising $113,740

  • 12 · Advertising and promotion

    total $32,728 · program services $32,728

  • 13 · Office expenses

    total $158,291 · program services $122,291 · management and general $31,001 · fundraising $4,999

  • 16 · Occupancy

    total $99,154 · program services $74,365 · management and general $17,848 · fundraising $6,941

  • 17 · Travel

    total $301,308 · program services $187,982 · management and general $110,065 · fundraising $3,261

  • 19 · Conferences, conventions and meetings

    total $4,495 · program services $3,921 · fundraising $574

  • 20 · Interest

    total $4,075,061 · program services $4,075,061

  • 23 · Insurance

    total $9,784 · program services $7,381 · management and general $1,806 · fundraising $597

  • 24a · Other expenses: DUES & SUBSCRIPTIONS

    total $17,711 · program services $12,010 · management and general $5,701

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $31,194,948 · end of year $34,258,326

  • 3 · Pledges and grants receivable

    beginning of year $1,628,576 · end of year $771,856

  • 13 · Investments: program-related

    beginning of year $75,321,456 · end of year $59,877,435

  • 15 · Other assets

    beginning of year $16,848 · end of year $33,659

  • 17 · Accounts payable and accrued expenses

    beginning of year $523,019 · end of year $134,767

  • 25 · Other liabilities

    beginning of year $29,700,013 · end of year $36,183,311

  • 27 · Net assets without donor restrictions

    beginning of year $54,424,954 · end of year $33,327,063

  • 28 · Net assets with donor restrictions

    beginning of year $23,513,842 · end of year $25,296,135

Mission and programs · 2023

Mission

WE ENVISION A WORLD IN WHICH HUMANITY THRIVES WITHOUT THE THREAT OF CLIMATE CHANGE BY SUPPORTING PEOPLE, PROGRAMS, AND INNOVATIONS THAT CAN HELP SPARK, DEEPEN, OR ACCELERATE CLIMATE SOLUTIONS. WE SEEK TO FILL GAPS OR ENABLE OUTCOMES THAT ARE UNLIKELY WITHOUT OUR SUPPORT.

Activities or mission (Part I)

UNLOCK CATALYTIC CAPITAL AND CHANGE THE FUTURE OF CLIMATE FINANCE.

  • (A) CATALYTIC INVESTING: MOBILIZED OVER $315MM IN CATALYTIC CAPITAL IN PARTNERSHIP WITH 247 PHILANTHROPIC ORGS TO BACK 32 EARLY-STAGE VENTURES VIA PRIME IMPACT FUND & AZOLLA VENTURES. EACH VENTURE HOLDS THE PROMISE TO MITIGATE GIGATON-SCALE CO2-EQUIVALENT EMISSIONS BY 2050 WHEN DEPLOYED AT COMMERCIAL SCALE. A NEW PROGRAM, TRELLIS CLIMATE, AIMS TO ADDRESS SYSTEMIC CLIMATE CHANGE MITIGATION BARRIERS, ENABLING NOVEL CLIMATE SOLUTIONS TO ACHIEVE SCALE WITH SPEED. (B) IMPACT ACCOUNTABILITY: WORKS TO SUPPORT THE WHOLE FIELD OF EARLY-STAGE CLIMATE INVESTORS WITH FORWARD-LOOKING IMPACT ASSESSMENT & ACCOUNTABILITY TOOLS: CRANE, AN OPEN-SOURCE TOOL SUPPORTING "EMISSIONS REDUCTION POTENTIAL" CALCULATIONS; PROJECT FRAME, GALVANIZING INVESTORS AROUND CLIMATE IMPACT STANDARDS & BEST PRACTICES FOR ASSESSMENT.

    Expenses $9,270,092 · Grants $250,000 · Revenue $1,169,297

As filed on the 2023 return.

Listed in Part VII

  • Sarah Kearney

    EXECUTIVE DIRECTOR

    Total calculated
    $306,176
    From this org
    $278,065
    From related orgs
    $0
    Other
    $28,111
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $276,715
    Bonus
    $0
    Other
    $1,350
    Deferred
    $0
    Nontaxable benefits
    $28,111
    Filer's total
    $306,176

  • Margot Brown

    DIRECTOR (AS OF 07/18/23)

    Total calculated
    $0
    Hours/week
    0.5

  • Lubna Elia

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jeff McCarthy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Alicia Seiger

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Nicole Systrom

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Geoff Chapin

    CHAIR/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Fiona Murray

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Julie Remmelts

    DIRECTOR OF FINANCE AND OPERATIONS

    Total calculated
    $199,093
    From this org
    $175,869
    From related orgs
    $0
    Other
    $23,224
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $174,519
    Bonus
    $0
    Other
    $1,350
    Deferred
    $0
    Nontaxable benefits
    $23,224
    Filer's total
    $199,093

  • Lara Pierpoint - Managing Dir

    TRELLIS CLIMATE (AS OF 04/17/23)

    Total calculated
    $213,701
    From this org
    $213,388
    From related orgs
    $0
    Other
    $313
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $211,538
    Bonus
    $0
    Other
    $1,850
    Deferred
    $0
    Nontaxable benefits
    $313
    Filer's total
    $213,701

  • Anna Goldstein

    DIRECTOR OF IMPACT

    Total calculated
    $194,941
    From this org
    $194,258
    From related orgs
    $0
    Other
    $683
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $192,908
    Bonus
    $0
    Other
    $1,350
    Deferred
    $0
    Nontaxable benefits
    $683
    Filer's total
    $194,941

  • Keri Browder

    DIRECTOR OF IMPACT ACCOUNTABILITY

    Total calculated
    $179,008
    From this org
    $160,140
    From related orgs
    $0
    Other
    $18,868
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $158,990
    Bonus
    $0
    Other
    $1,150
    Deferred
    $0
    Nontaxable benefits
    $18,868
    Filer's total
    $179,008

  • Margaret Cutts - Dir Of P'Ships

    (THRU 04/14/23) SR. ADVISOR, P'SHIPS

    Total calculated
    $237,303
    From this org
    $234,556
    From related orgs
    $0
    Other
    $2,747
    Hours/week
    30

    Schedule J breakdown matched by us

    Base
    $234,056
    Bonus
    $0
    Other
    $500
    Deferred
    $0
    Nontaxable benefits
    $2,747
    Filer's total
    $237,303

  • Emily Lewis O'Brien - Principal

    TRELLIS CLIMATE (AS OF 01/06/23)

    Total calculated
    $183,674
    From this org
    $183,361
    From related orgs
    $0
    Other
    $313
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $181,561
    Bonus
    $0
    Other
    $1,800
    Deferred
    $0
    Nontaxable benefits
    $313
    Filer's total
    $183,674

  • Don Nelson

    SENIOR MANAGER, CORP. PARTNERSHIPS

    Total calculated
    $182,095
    From this org
    $153,203
    From related orgs
    $0
    Other
    $28,892
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $151,903
    Bonus
    $0
    Other
    $1,300
    Deferred
    $0
    Nontaxable benefits
    $28,892
    Filer's total
    $182,095

  • Maica Rollin

    SENIOR MANAGER, ACCOUNTING

    Total calculated
    $139,684
    From this org
    $120,725
    From related orgs
    $0
    Other
    $18,959
    Hours/week
    30

  • Margaret Lee

    MANAGER, PARTNERSHIPS STRATEGY

    Total calculated
    $132,050
    From this org
    $120,615
    From related orgs
    $0
    Other
    $11,435
    Hours/week
    45

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 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee

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.

  • PRIME IMPACT LOAN FUND I LLC

    CHARITABLE - PROGRAM RELATED INVESTMENT ACTIVITY · MA · income $0 · assets $55,629,886

    Directly controlled by PRIME COALITION INC

  • PRIME MANAGEMENT COMPANY I LLC

    CHARITABLE - MANAGEMENT ACTIVITY · MA · income $923,164 · assets $376,790

    Directly controlled by PRIME COALITION INC

  • PRIME MANAGEMENT COMPANY II LLC

    CHARITABLE - MANAGEMENT ACTIVITY · MA · income $0 · assets $0

    Directly controlled by PRIME COALITION INC

  • TRELLIS CLIMATE FUND I LLC

    CHARITABLE - PROGRAM RELATED INVESTMENT ACTIVITY · MA · income $0 · assets $0

    Directly controlled by PRIME COALITION INC

Related partnerships

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

  • PRIME IMPACT EQUITY FUND I LLC

    RELATED · INVESTMENT · MA · 62.45% owned · share of income $239,779 · share of assets $27,146,601 · general or managing partner

    Directly controlled by PRIME IMPACT LOAN FUND I LLC

  • AZOLLA VENTURES CATALYTIC FUND I LP

    RELATED · INVESTMENT · MA · 44.08% owned · share of income $28,419 · share of assets $4,518,582 · general or managing partner

    Directly controlled by AZOLLA VENTURES GP LP

  • AZOLLA VENTURES GP LP

    RELATED · INVESTMENT · MA · 51.34% owned · share of income $360 · share of assets $13,852

    Directly controlled by PRIME COALITION INC

Provenance

Return type
form_990
Tax year
2023
Filed
31 October 2024
IRS schema version
2023v5.1
Source object
202443059349301974

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