Climate Vault

Nonprofit profile at a glance

EIN
854211960
IRS 990 coverage
2021–2023
Forms available
Form 990 2023
Location
Chicago, IL, USA
Phone
8448285848
Rating
43
Verdict
MIXED
Rating confidence
Moderate
Sector
Pollution Abatement and Control Services

Reported finances

Revenue
$5,991,551
Expenses
$1,672,901
Assets
$18,574,921
Liabilities
$4,876,888

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

5 people listed

Highest reported compensation

  • ERIN TRAPP (EXECUTIVE CHAIR): $55,500 total reported compensation
  • HAROLD HALL (DIRECTOR): $7,500 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To lower the concentration of greenhouse gases in the atmosphere to slow and even reverse the effects of climate change.

What it reported doing in 2023

Reduce # of carbon allowances available for co2 emitters in order to ultimately reduce the co2 being emitted in the atmosphere.the program involves the purchase of offset allowances, which are capitalized as program related investments, which reduces future carbon dioxide emissions by "vaulting" them. This prevents carbon-emitting-companies from purchasing those same allowances and capping future carbon dioxide emissions. The intention to monetize some of the carbon dioxide allowances in its vault to award grants to promising, cutting-edge research and technology aimed at making carbon dioxide removal more effective.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - Most voting board members are independent and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 7
  • Transparency & Controls: 55
  • Accountability: 84
  • Sustainability: 85
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 3.4%; rating input score 3
  • Program expense ratio: 11.1%; rating input score 11
  • Fundraising efficiency: $5.26 raised per $1 spent on fundraising; rating input score 18; 18th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 80%; rating input score 80; 14th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 72.1%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 11.1; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.26; rating input score 39; 39th percentile among comparable filings
  • Officer compensation ratio: 3.8%; rating input score 62; 62nd percentile among comparable filings

Growth

  • Program expense growth: -55.1% per year; rating input score 0; 0th percentile among comparable filings
  • Revenue growth: 6% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: 31% per year; rating input score 100; 92nd percentile among comparable filings

Details

  • Where the money goes: 3.4% of revenue deployed · 11.1% of spending went to programs
  • Governance: 4 of 5 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $186K in reported program spending
  • Leadership: top reported pay $56K · 5 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 6 filed schedules · includes major donors and foreign activity
  • Filing history: 3 filing years from 2021 to 2023
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Financial Efficiency: Mission deployment rate scored 3/100.
  • High — Financial Efficiency: Program expense ratio scored 11/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Financial Efficiency: Fundraising efficiency scored 18/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Accountability: Governance controls: Document-retention policy not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 39/100.