Foundation X

Nonprofit profile at a glance

EIN
871331226
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
Minneapolis, MN, USA
Phone
6123678800
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Public Foundations

Official website

Reported finances

Revenue
$436,443
Expenses
$305,892
Assets
$146,002
Liabilities
$0

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

Leadership & pay

5 people listed

Executive titles in this filing

  • ROB NELSON (PRESIDENT)
  • SEAN BAENEN (VICE PRESIDENT)

People named in this filing

  • ROB NELSON (PRESIDENT)
  • SEAN BAENEN (VICE PRESIDENT)
  • EMILY VENNERSTROM (SECRETARY & EXEC DIR)

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

To achieve a greater good for all through effective philanthropy that advances long-term and sustainable community change.

What it reported doing in 2024

The mission of foundation x is to achieve a greater good for all through effective philanthropy that advances long-term and sustainable community change.in 2024, foundation x provided matching funds to individuals to advance their personal efforts to give back to the causes and communities they care about. Including organizations like foster love and wired to give a facilitated donor event, highlighting organizations dedicated to advancing effective philanthropy and supporting their missions through shared contributions.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% 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. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 86
  • Accountability: 24
  • Sustainability: 63
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69%; rating input score 69
  • Program expense ratio: 98.4%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 9th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 93%; rating input score 93; 54th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 20%; rating input score 20; 15th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 29.9%; rating input score 82; 82nd percentile among comparable filings
  • Total-asset coverage ratio: 0.48; rating input score 23; 23rd 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: 68.4% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 101% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: 85.9% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 69% of revenue deployed · 98.4% of spending went to programs
  • Governance: 1 of 5 board members independent · 2 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $301K in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Consistency: 15 of 16 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes major donors and grants
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 5 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 — Accountability: Independent voting board scored 20/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 23/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.