False Profit Inc

Nonprofit profile at a glance

EIN
465723196
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-EZ 2022
Location
San Francisco, CA, USA
Phone
4159932678
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Cultural Organizations - Multipurpose

Reported finances

Revenue
$363,004
Expenses
$296,982
Assets
$179,358
Liabilities
$0

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

Leadership & pay

4 people listed

Executive titles in this filing

  • Carrie Brown (President)

People named in this filing

  • Carrie Brown (President)
  • Jef Pearlman (Secretary)
  • Sasha Yee (Treasurer)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

False Profits primary exempt purpose is to provide cultural advancements through art, music, and education.

What it reported doing in 2024

Priceless Festival - Annual Arts and musical festival features musical performances by local and international community artists. Featured artists are provided grants to product interaction installation artwork and educational experiences during the festival. The festival also includes a schedule of curated educational activities around science, arts, music, and conservation. This program accounts for about 85% of False Profit Inc annual activity. This event is 100% volunteer produced and funded by admission ticket sales. Approximately 1000 participants/attendees.

Operating model

Revenue model
Earned-program. 97% of the money available for current operations came from fees and other program revenue.
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

SUPPORTED - The filed numbers largely add up and most voting board members are independent. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 58
  • Transparency & Controls: 100
  • Accountability: 76
  • Sustainability: 60
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.5%; rating input score 60
  • Program expense ratio: 72.7%; rating input score 73
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: 18.2%; rating input score 72; 72nd percentile among comparable filings
  • Total-asset coverage ratio: 0.6; rating input score 28; 28th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 1.6% per year; rating input score 100; 38th percentile among comparable filings
  • Revenue growth: 3% per year; rating input score 100; 41st percentile among comparable filings
  • Asset growth: 15.3% per year; rating input score 100; 78th percentile among comparable filings

Details

  • Where the money goes: 59.5% of revenue deployed · 72.7% of spending went to programs
  • Governance: 4 of 4 board members independent · 3 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $216K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 6 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • 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.

  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 28/100.