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Nonprofiteer
← VERTUASSETS FOUNDATION INC

Form 990 for tax year 2022

Filed by VERTUASSETS FOUNDATION INC.

Totals

Total revenue
$37,486,655
Total expenses
$26,898,148
Contributions and grants received
$35,840,048
Grants paid
$26,334,788
Program service revenue
$0
Investment income
$1,652,364
Other revenue
-$5,757
Total assets, end of year
$22,054,666
Total liabilities, end of year
$100,020
Net assets or fund balances, end of year
$21,954,646
Program services expenses (Part IX)
$26,717,531
Management and general expenses
$180,617
Fundraising expenses
$0
Program service expenses (Part III)
$26,717,531

Program services were 99.3% 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

    $35,840,048

  • 1g · Noncash contributions included above

    $35,680,527

  • 3 · Investment income

    total $16,404 · excluded $16,404

  • 6a · Gross rents

    real property $11,565

  • 6b · Less rental expenses

    real property $34,140

  • 6c · Rental income or loss

    real property -$22,575

  • 6d · Net rental income or loss

    total -$22,575 · excluded -$22,575

  • 7a · Gross sales of assets other than inventory

    other assets $39,322,435

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

    other assets $37,686,475

  • 7c · Gain or loss

    other assets $1,635,960

  • 7d · Net gain or loss

    total $1,635,960 · excluded $1,635,960

  • 11a · Other revenue: OTHER REVENUE

    total $16,818 · excluded $16,818

  • 11e · Other revenue, total

    $16,818

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $26,334,788 · program services $26,334,788

  • 11b · Fees: legal

    total $400 · management and general $400

  • 11g · Fees: other

    total $181,018 · program services $3,500 · management and general $177,518

  • 13 · Office expenses

    total $3,326 · program services $994 · management and general $2,332

  • 14 · Information technology

    total $411 · program services $411

  • 23 · Insurance

    total $501 · program services $134 · management and general $367

  • 24a · Other expenses: SELLING EXPENSES

    total $218,434 · program services $218,434

  • 24b · Other expenses: LIFE INSURANCE PREMIUM

    total $157,921 · program services $157,921

  • 24c · Other expenses: RECORDING FEES

    total $1,349 · program services $1,349

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $384,930 · end of year $593,895

  • 4 · Accounts receivable

    beginning of year $813 · end of year $56,409

  • 7 · Other notes and loans receivable

    beginning of year $50,000 · end of year $50,000

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

    $1,115,000

  • 10c · Land, buildings and equipment, net

    beginning of year $4,313,000 · end of year $1,115,000

  • 11 · Investments: publicly traded securities

    beginning of year $193,200 · end of year $350,200

  • 12 · Investments: other securities

    beginning of year $6,274,000 · end of year $7,642,655

  • 15 · Other assets

    beginning of year $102,193 · end of year $12,246,507

  • 17 · Accounts payable and accrued expenses

    beginning of year $18

  • 19 · Deferred revenue

    beginning of year $15,000 · end of year $7,500

  • 25 · Other liabilities

    beginning of year $233,206 · end of year $92,520

  • 27 · Net assets without donor restrictions

    beginning of year $11,069,912 · end of year $21,954,646

Mission and programs · 2022

Mission

THE ORGANIZATION'S MISSION IS TO ENABLE DONATIONS OF ASSETS TO FUND CAUSES BENEFITING THOSE IN NEED. VERTUASSETS REACHES INDIVIDUALS AND BUSINESSES THAT HAVE A DESIRE TO GIVE CHARITABLY FROM THEIR WEALTH BY DONATING APPRECIATED ASSETS SO THAT MORE FINANCIAL RESOURCES MAY BE GIVEN TO NON PROFIT ORGANIZATIONS.

Activities or mission (Part I)

ENABLE DONATIONS OF ASSETS TO FUND CAUSES BENEFITING THOSE IN NEED.

  • VERTUASSETS ENABLED DONATIONS OF ASSETS TO FUND CAUSES BENEFITING THOSE IN NEED. VERTUASSETS REACHES INDIVIDUALS AND BUSINESSES THAT HAVE A DESIRE TO GIVE CHARITABLY FROM THEIR WEALTH BY DONATING APPRECIATED ASSETS SO THAT MORE FINANCIAL RESOURCES MAY BE GIVEN TO NON PROFIT ORGANIZATIONS.

    Expenses $26,717,531 · Grants $26,334,788

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Pamela Pugh

    PRESIDENT/DIRECTOR

    Total calculated
    $0
    Hours/week
    30

  • Dana E Ring

    SECR./TREAS./DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Ray Tyler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • FREUNDE STANLEY LLC

    HOLDS RENTAL REAL ESTATE · IL · income $0 · assets $0

    Directly controlled by VERTUASSETS FDN INC

Related partnerships

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

  • MCISREHLDGS ONE LLC

    EXEMPT UNDER 512 · HOLDS RENTAL REAL ESTATE · TX · 99% owned · share of income $246,786 · share of assets $2,243,000

    Directly controlled by MCISREHLDGS ONE LLC

  • 1210 GOBI LLC

    EXEMPT UNDER 512 · HOLDS REAL ESTATE · TX · 98% owned · share of income $303,800 · share of assets $3,920,000

    Directly controlled by GOBI LLC

  • P & J HOLDINGS LLC

    EXEMPT UNDER 512 · WI · 51% owned · share of income $634,530

    Directly controlled by P & J HOLDINGS LLC

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202333199349323333

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