OpenSats

Legal name: Open Sats Initiative Inc

Nonprofit profile at a glance

EIN
852722249
IRS 990 coverage
2022–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Punta Gorda, FL, USA
Phone
5742121002
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Alliance/Advocacy

Official website

Reported finances

Revenue
$28,836,331
Expenses
$9,885,182
Assets
$51,258,946
Liabilities
$0

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

Leadership & pay

11 people listed

Highest reported compensation

  • CHRONOLOGY UNIPESSOAL LDA (OFFICER): $223,286 total reported compensation

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

Overview

Mission

OpenSats is a 501(c)(3) public charity which aims to fund Bitcoin-related free and open-source projects and associated education and research initiatives.

What it reported doing in 2024

To help support and maintain a sustainable ecosystem of funding for free and open source projects and contributors, especially bitcoin related projects and projects which help bitcoin flourish.

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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 53
  • Transparency & Controls: 64
  • Accountability: 90
  • Sustainability: 91
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 38.5%; rating input score 39
  • Program expense ratio: 94.7%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: 2 of 8 controls in place; rating input score 25
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Pass
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 99.8%; rating input score 100; 37th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th 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: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 65.7%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 5.19; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 99; 99th percentile among comparable filings
  • Officer compensation ratio: 2.3%; rating input score 74; 74th percentile among comparable filings

Growth

  • Program expense growth: 101.3% per year; rating input score 100; 99th percentile among comparable filings
  • Revenue growth: 96.7% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: 112.4% per year; rating input score 100; 100th percentile among comparable filings

Details

  • What they do: 7 programs and campaigns described on the official site · 4 operating locations identified
  • Where the money goes: 38.5% of revenue deployed · 94.7% of spending went to programs
  • Governance: 9 of 9 board members independent · 6 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $9.4M in reported program spending
  • Leadership: top reported pay $223K · 11 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $223K reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 8 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 22 filed money-flow records
  • Related organizations: 21 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 39/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight: 6 of 8 not reported.
  • Review — Accountability: Governance controls: 2 of 8 not reported.