Freenet Project Inc

Nonprofit profile at a glance

EIN
954864038
IRS 990 coverage
2022–2025
Forms available
Form 990 2025, Form 990-EZ 2020, Form 990-N 2021
Location
Austin, TX, USA
Phone
5125247255
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Censorship, Freedom of Speech and Press

Official website

Reported finances

Revenue
$201,889
Expenses
$214,695
Assets
$131,694
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • Ian Clarke (President & CEO)

Highest reported compensation

  • Ian Clarke (President & CEO): $146,754 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Freenet Project develops and maintains free, open-source software that enables decentralized communication and information sharing, with the goal of promoting privacy, freedom of expression, and access to information for the public benefit.

What it reported doing in 2025

Virtually all of Freenet's revenue has been used to create the Freenet software, an open source platform designed as a replacement for the world wide web.

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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 92
  • Accountability: 70
  • Sustainability: 29
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.3%; rating input score 91
  • Program expense ratio: 85.8%; rating input score 86
  • 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 21st percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: -6.3%; rating input score 23; 23rd percentile among comparable filings
  • Total-asset coverage ratio: 0.61; rating input score 29; 29th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 77; 77th percentile among comparable filings
  • Officer compensation ratio: 68.4%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: 15.3% per year; rating input score 100; 77th percentile among comparable filings
  • Revenue growth: 24.5% per year; rating input score 100; 90th percentile among comparable filings
  • Asset growth: 19.3% per year; rating input score 100; 82nd percentile among comparable filings

Details

  • Where the money goes: 91.3% of revenue deployed · 85.8% of spending went to programs
  • Governance: 2 of 3 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $184K in reported program spending
  • Leadership: top reported pay $147K · 3 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 4 filing years from 2022 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Sustainability: Operating margin scored 23/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Total-asset coverage ratio scored 29/100.
  • High — Sustainability: Officer compensation ratio scored 1/100.