2040 Foundation Inc

Nonprofit profile at a glance

EIN
463891359
IRS 990 coverage
2014–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Charlotte, NC, USA
Phone
7049450487
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Private Grantmaking Foundations

Official website

Reported finances

Revenue
$805,127
Expenses
$14,695,873
Assets
$90,780,888
Liabilities
$107,519

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • Jay W Faison (President)

Highest reported compensation

  • Jeremy Harrell (Board Member): $726,387 total reported compensation
  • Rich Powell (Board Member): $283,601 total reported compensation
  • Dana Ring (Board Member): $266,693 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Accelerate America's clean energy future with conservative solutions.

What it reported doing in 2024

Through financial assistance and educational programs, 2040 Foundation Inc provided extensive research and analysis to the general public, provided insights to federal and state government policy makers on the benefits of clean energy solutions, enhanced the ability of faith-based public charities to scale up their social impact, and supported clean energy programs by providing financial support to other public charities.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 97% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 60
  • Accountability: 56
  • Sustainability: 42
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 89.6%; rating input score 90
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 16th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Missing
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 60%; rating input score 60; 12th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -1,725.3%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 6.18; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 79; 79th percentile among comparable filings
  • Officer compensation ratio: 0.8%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 7.2% per year; rating input score 100; 52nd percentile among comparable filings
  • Revenue growth: -39.1% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -5.6% per year; rating input score 0; 6th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 89.6% of spending went to programs
  • Governance: 3 of 5 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $13.2M in reported program spending
  • Leadership: top reported pay $726K · 8 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $1.6M reported
  • Consistency: 25 of 26 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes foreign activity, grants, and executive pay
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 11 filed money-flow records
  • Related organizations: 15 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.