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← COMMONWEALTH IMPACT FOUNDATION INC

Form 990 for tax year 2023

Filed by COMMONWEALTH IMPACT FOUNDATION INC.

Totals

Total revenue
$5,468,590
Total expenses
$10,321,129
Contributions and grants received
$5,031,020
Grants paid
$9,517,767
Program service revenue
$0
Investment income
$243,177
Other revenue
$194,393
Total assets, end of year
$11,048,975
Total liabilities, end of year
$283,333
Net assets or fund balances, end of year
$10,765,642
Program services expenses (Part IX)
$9,979,929
Management and general expenses
$285,660
Fundraising expenses
$55,540
Program service expenses (Part III)
$9,979,929

Program services were 96.7% 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

    $5,031,020

  • 3 · Investment income

    total $128,288 · excluded $128,288

  • 6b · Less rental expenses

    real property $2,978

  • 6c · Rental income or loss

    real property -$2,978

  • 6d · Net rental income or loss

    total -$2,978 · excluded -$2,978

  • 7a · Gross sales of assets other than inventory

    securities $137,259

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

    securities $22,370

  • 7c · Gain or loss

    securities $114,889

  • 7d · Net gain or loss

    total $114,889 · excluded $114,889

  • 11a · Other revenue: STOCK EQUITY GRANTS

    total $142,500 · related or exempt $142,500

  • 11b · Other revenue: MANAGEMENT FEES

    total $128,232 · related or exempt $19,224 · unrelated business $109,008

  • 11c · Other revenue: K-1 PASS-THROUGH ACTIV

    total -$73,361 · related or exempt -$275 · unrelated business -$73,086

  • 11e · Other revenue, total

    $197,371

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $9,517,767 · program services $9,517,767

  • 11b · Fees: legal

    total $108,893 · program services $39,219 · management and general $69,674

  • 11c · Fees: accounting

    total $41,450 · management and general $41,450

  • 11g · Fees: other

    total $154,727 · program services $42,358 · management and general $88,011 · fundraising $24,358

  • 12 · Advertising and promotion

    total $11,803 · program services $11,803

  • 13 · Office expenses

    total $126 · management and general $126

  • 14 · Information technology

    total $13,932 · management and general $13,932

  • 16 · Occupancy

    total $6,888 · management and general $6,888

  • 19 · Conferences, conventions and meetings

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

  • 20 · Interest

    total $1,637 · management and general $1,637

  • 23 · Insurance

    total $6,766 · management and general $6,766

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $299,326 · program services $299,326

  • 24b · Other expenses: K-1 PASS-THROUGH DEDUCT

    total $67,122 · management and general $67,122

  • 24c · Other expenses: MEALS & TRAVEL

    total $53,800 · program services $23,258 · fundraising $30,542

  • 24d · Other expenses: MISCELLANEOUS EXPENSE

    total $41,266 · program services $41,266

  • 24e · All other expenses

    total -$5,874 · program services $4,932 · management and general -$11,446 · fundraising $640

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,533,043 · end of year $2,981,396

  • 3 · Pledges and grants receivable

    beginning of year $123,000 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,224,430 · end of year $360,614

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,754 · end of year $18,340

  • 12 · Investments: other securities

    beginning of year $7,403,431 · end of year $7,409,693

  • 15 · Other assets

    beginning of year $321,581 · end of year $278,932

  • 17 · Accounts payable and accrued expenses

    beginning of year $750,974 · end of year $13,333

  • 19 · Deferred revenue

    beginning of year $1,490 · end of year $0

  • 25 · Other liabilities

    beginning of year $270,000 · end of year $270,000

  • 27 · Net assets without donor restrictions

    beginning of year $15,588,775 · end of year $10,765,642

Mission and programs · 2023

Mission

THE WORLD HAS NEVER EXPERIENCED SO MUCH PROSPERITY NOR FACED SO MANY MASSIVE CHALLENGES. COMMONWEALTH HARNESSES THE SAME ENTREPRENEURIAL TALENT THAT CREATES WEALTH TO CREATE MORE OPPORTUNITY FOR EVERYONE TO FLOURISH.

Activities or mission (Part I)

COMMONWEALTH HARNESSES ENTREPRENEURIAL TALENT TO CREATE MORE OPPORTUNITIES FOR EVERYONE TO FLOURISH.

  • CW CITY FUND: COMMONWEALTH IS GROWING AN IMPACT INVESTING NETWORK IN 15 CITIES TO FUND VENTURE PHILANTHROPY AND VC/PE DEALS AIMED AT COMMUNITY RENEWAL.CW VENTURES: COMMONWEALTH SPONSORS SELECT PRIVATE OFFERINGS FOR COMPANIES ADVANCING MARKET SOLUTIONS TO THE WORLD'S BIGGEST PROBLEMS, INCLUDING THE WEALTH GAP BETWEEN WHITE FAMILIES AND BLACK FAMILIES IN AMERICA AND ACCESS TO QUALITY HEALTH CARE AND MENTAL HEALTH SERVICES.

    Expenses $9,979,929 · Grants $9,517,767

As filed on the 2023 return.

Listed in Part VII

  • Jay Hein

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Winston Justice

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Cliff Benson

    BOARD MEMBER

    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

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.

  • COMMONWEALTH VENTURES OF AMERICA LLC

    INVESTMENT MANAGEMENT · IN · income -$107,358 · assets $200,332

    Directly controlled by COMMONWEALTH IMPACT FOUNDATION INC

Related partnerships

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

  • MEI FLORIDA 2021 LLC

    INVESTMENT · INVESTMENT · IN · 88.73% owned · share of income $44,338 · share of assets $360,456 · general or managing partner

    Directly controlled by COMMONWEALTH IMPACT FOUNDATION

  • IBR 2020 LLC

    INVESTMENT · INVESTMENT · IN · 85% owned · share of income -$832 · share of assets $253,428 · general or managing partner

    Directly controlled by COMMONWEALTH IMPACT FOUNDATION

  • MEI TEXAS 2020-1 LLC

    INVESTMENT · INVESTMENT · IN · 64.28% owned · share of assets $85,889 · general or managing partner

    Directly controlled by COMMONWEALTH IMPACT FOUNDATION

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202433209349319813

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