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Nonprofiteer
← FORTYX80 INC

Form 990 for tax year 2024

Filed by FORTYX80 INC.

Totals

Total revenue
$571,129
Total expenses
$703,255
Contributions and grants received
$586,028
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
-$14,899
Total assets, end of year
$222,044
Total liabilities, end of year
$85,482
Net assets or fund balances, end of year
$136,562
Program services expenses (Part IX)
$434,637
Management and general expenses
$177,522
Fundraising expenses
$91,096
Program service expenses (Part III)
$434,637

Program services were 61.8% 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.

  • 1c · Fundraising events

    $37,129

  • 1e · Government grants (contributions)

    $12,300

  • 1f · All other contributions, gifts and grants

    $536,599

  • 8a · Fundraising events: gross income

    $2,010

  • 8a · Fundraising events: contributions included on line 1c

    $37,129

  • 8b · Fundraising events: direct expenses

    $16,909

  • 8c · Net income from fundraising events

    total -$14,899 · excluded -$14,899

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $176,742 · program services $123,719 · management and general $35,348 · fundraising $17,675

  • 7 · Other salaries and wages

    total $216,873 · program services $151,811 · management and general $43,375 · fundraising $21,687

  • 9 · Other employee benefits

    total $43,629 · program services $30,540 · management and general $8,726 · fundraising $4,363

  • 10 · Payroll taxes

    total $31,165 · program services $21,815 · management and general $6,233 · fundraising $3,117

  • 11c · Fees: accounting

    total $1,500 · management and general $1,500

  • 11g · Fees: other

    total $52,583 · program services $5,408 · management and general $3,909 · fundraising $43,266

  • 12 · Advertising and promotion

    total $1,141 · program services $571 · management and general $570

  • 13 · Office expenses

    total $2,381 · program services $1,864 · management and general $517

  • 14 · Information technology

    total $6,250 · program services $4,894 · management and general $1,356

  • 16 · Occupancy

    total $20,087 · program services $15,728 · management and general $3,957 · fundraising $402

  • 17 · Travel

    total $3,982 · program services $1,991 · management and general $1,991

  • 24a · Other expenses: EVENT MANAGEMENT

    total $89,242 · program services $27,518 · management and general $61,138 · fundraising $586

  • 24b · Other expenses: TRAINING

    total $53,949 · program services $45,857 · management and general $8,092 · fundraising $0

  • 24c · Other expenses: DUES & SUBSCRIPTIONS

    total $1,506 · program services $1,179 · management and general $327 · fundraising $0

  • 24d · Other expenses: COMMUNITY SUPPORT

    total $1,075 · program services $842 · management and general $233 · fundraising $0

  • 24e · All other expenses

    total $1,150 · program services $900 · management and general $250

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $311,784 · end of year $153,946

  • 4 · Accounts receivable

    beginning of year $215,511 · end of year $55,296

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,250 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $1,090

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,090

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $12,802

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,560 · end of year $22,096

  • 19 · Deferred revenue

    beginning of year $36,842 · end of year $61,542

  • 25 · Other liabilities

    beginning of year $211,455 · end of year $1,844

  • 27 · Net assets without donor restrictions

    beginning of year $50,799 · end of year -$136,650

  • 28 · Net assets with donor restrictions

    beginning of year $217,889 · end of year $273,212

Mission and programs · 2024

Mission

TO CATAPULT THE GROWTH OF ENTREPRENEURS ACROSS SOUTHWESTERN PENNSYLVANIA (SWPA). THIS IS ACCOMPLISHED BY STRENGTHENING THE REGION'S ENTREPRENEURIAL FRAMEWORK THROUGH INCREASED ACCESS TO CAPITAL, EDUCATIONAL PROGRAMMING, AND PROMOTING SWPA GLOBALLY AS A PREMIER LOCATION FOR START-UPS, TALENT, AND TECHNOLOGY.

Activities or mission (Part I)

TO CATAPULT THE GROWTH OF ENTREPRENEURS ACROSS SOUTHWESTERN PENNSYLVANIA.

  • AN IT APPRENTICESHIP PROGRAM THAT IS DESIGNED TO ELIMINATE THE BARRIERS COMMONLY FACED BY TECH INTERESTED INDIVIDUALS FROM UNDERREPRESENTED GROUPS AS WELL AS GIVE EMPLOYERS ACCESS TO A WIDER, MORE DIVERSE TALENT BASE.

    Expenses $375,009

  • SUPPORT EDUCATION AND TRAINING AT SECONDARY, VOCATIONAL AND HIGHER EDUCATION INSTITUTIONS, AND BY PROVIDING TECHNICAL ASSISTANCE AND EDUCATION SERVICES TO POTENTIAL AND EARLY STAGE ENTREPRENEURS.

    Expenses $59,628

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • John Friel

    BOARD CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Mark Kurtzrock

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Missy Paxton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Francois Estellon

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rebecca Dupont

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Audrey Russo

    PRESIDENT & CEO

    Total calculated
    $398,432
    From this org
    $0
    From related orgs
    $370,504
    Other
    $27,928
    Hours/week
    14 + 26 related

    Schedule J breakdown matched by us

    Base
    $0 + $365,104 related
    Bonus
    $0
    Other
    $0 + $5,400 related
    Deferred
    $0 + $18,315 related
    Nontaxable benefits
    $0 + $9,613 related
    Filer's total
    $0 + $398,432 related

  • Albert Gusky

    DIRECTOR OF FINANCE

    Total calculated
    $214,987
    From this org
    $0
    From related orgs
    $191,139
    Other
    $23,848
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $191,139 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $9,786 related
    Nontaxable benefits
    $0 + $14,062 related
    Filer's total
    $0 + $214,987 related

  • Maria Fattore

    DIR. OF GROWTH CAPITAL UNT

    Total calculated
    $160,105
    From this org
    $151,766
    From related orgs
    $0
    Other
    $8,339
    Hours/week
    30

    Schedule J breakdown matched by us

    Base
    $151,766
    Bonus
    $0
    Other
    $0
    Deferred
    $8,339
    Nontaxable benefits
    $0
    Filer's total
    $160,105

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

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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • PHTC SERVICES

    C · BENEFITS & HR · PA

    Directly controlled by PTC

  • PA TECH COUNCIL EMPLOYEE BENEFITS TRUST

    T · INSURANCE · PA

    Directly controlled by PTC

Provenance

Return type
form_990
Tax year
2024
Filed
3 April 2026
IRS schema version
2024v5.5
Source object
202621029349300812

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