Folsom Street

Nonprofit profile at a glance

EIN
943019867
IRS 990 coverage
2016–2023
Forms available
Form 990 2023, Form 990-EZ 2021
Location
San Francisco, CA, USA
Phone
4155523247
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$689,784
Expenses
$839,349
Assets
$16,717
Liabilities
$571,160

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

Leadership & pay

10 people listed

Executive titles in this filing

  • Matt Milton (President)
  • Chave Alexander (President)

Highest reported compensation

  • Angel Adeyoha (Executive Dir.): $70,269 total reported compensation

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

Overview

Mission

Folsom Street is a 501c3 non-profit arts and culture organization that produces iconic events that benefit our whole community. Our events and community center feature emerging and marginalized artists and create spaces and audiences for unique art and performance. We cultivate a safe, open, and inclusive environment for the kink, leather, and alternative sexuality communities while centering equity for BIPOC and LGBTQA2I+ people. We are rooted historically in the fight against gentrification and displacement here in San Francisco, on unceded Ohlone land, and worldwide. We unite, strengthen, and affirm the community through support, resources, education, advocacy, visibility, and celebration. We are dedicated to sexual liberation and the human right to pleasure as a crucial part of the liberation movement.

What it reported doing in 2023

Folsom Street Community Center - serving community, artists and performers by including multimedia productions as well as rehearsal and performance space

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 91
  • Transparency & Controls: 82
  • Accountability: 73
  • Sustainability: 10
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 84.1%; rating input score 84
  • Fundraising efficiency: $34.33 raised per $1 spent on fundraising; rating input score 71; 71st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 8th 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: 90%; rating input score 90; 22nd percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -21.7%; rating input score 9; 9th percentile among comparable filings
  • Total-asset coverage ratio: 0.02; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: 34.17; rating input score 0; 0th percentile among comparable filings
  • Officer compensation ratio: 8.4%; rating input score 42; 42nd percentile among comparable filings

Growth

  • Program expense growth: -13.9% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: -14.9% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: -17.6% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 84.1% of spending went to programs
  • Governance: 9 of 10 board members independent · 4 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $706K in reported program spending
  • Leadership: top reported pay $70K · 10 people listed
  • Consistency: 25 of 26 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 8 filing years from 2016 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.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Operating margin scored 9/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 42/100.