Openmined Foundation
Nonprofit profile at a glance
- EIN
- 934965096
- IRS 990 coverage
- 2024–2024
- Forms available
- Form 990 2024
- Location
- New York, NY, USA
- Phone
- 8778295500
- Rating
- 56
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Computer Science
Reported finances
- Revenue
- $6,099,358
- Expenses
- $2,388,315
- Assets
- $3,720,317
- Liabilities
- $9,274
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
7 people listed
Executive titles in this filing
- ANDREW TRASK (PRESIDENT/EXECUTIVE DIRECTOR)
Highest reported compensation
- RONNIE FALCON (TREASURER, CHIEF PRODUCT OFFICER): $192,460 total reported compensation
- MADHAVA JAY (HEAD OF ENGINEERING): $143,333 total reported compensation
- PETER SMITH (CHIEF FINANCIAL OFFICER): $133,333 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The openmined foundation is a 501(c)(3) non-profit creating open-source network technology that enables access to insights in non-public data without needing a copy or direct access.
What it reported doing in 2024
We facilitate access to non-public data, ais, and apis. Access to non-public data, ais, and apis is hard because of concerns like privacy, security, and ip. If you need more access, or you need to offer more access to others, we build free, open-source, privacy enhancing software that can help. Openmined is a non-profit on a mission to help researchers access the most important information in the world, and use it to answer the most important questions in the world. We do this by building a new kind of web server, pysyft, which can empower one person to use data owned by another to answer a question without obtaining a copy of the data. We think it's going to lead to 1000x more data in every scientific field.
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
MIXED - Most filed governance safeguards are in place and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and the filing reports few safeguards for money sent abroad.
Rating breakdown
- Financial Efficiency: 52
- Transparency & Controls: 51
- Accountability: 81
- Sustainability: 72
- Growth: NotEnoughData
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 31.9%; rating input score 32
- Program expense ratio: 81.4%; rating input score 81
- Fundraising efficiency: $29.73 raised per $1 spent on fundraising; rating input score 69; 69th percentile among comparable filings
Transparency & Controls
- Consistency checks: 91.7%; rating input score 92; 7th percentile among comparable filings
- Pay-setting controls: 3 of 6 controls in place; rating input score 50
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Scored; rating input score 0
- Grant itemization coverage: Scored; rating input score 0
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 66.7%; rating input score 67; 11th percentile among comparable filings
- Governance controls: 8 of 8 controls in place; rating input score 100
- 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: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 60.8%; rating input score 95; 95th percentile among comparable filings
- Total-asset coverage ratio: 1.56; rating input score 53; 53rd percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
- Officer compensation ratio: 26.1%; rating input score 7; 7th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: Limited
Details
- Where the money goes: 31.9% of revenue deployed · 81.4% of spending went to programs
- Governance: 2 of 3 board members independent · 8 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $1.9M in reported program spending
- Leadership: top reported pay $192K · 7 people listed · 3 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $743K reported
- Consistency: 20 of 21 current checks pass · 1 finding to review
- Schedules: 6 filed schedules · includes major donors, foreign activity, and executive pay
- Contacts: How to reach this organization
- Money network: 5 filed money-flow records
- Related organizations: Filed and resolved organization relationships.
- 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 32/100.
- High — Transparency & Controls: Foreign activity oversight scored 0/100.
- High — Transparency & Controls: Grant itemization coverage scored 0/100.
- Review — Sustainability: Total-asset coverage ratio scored 53/100.
- High — Sustainability: Officer compensation ratio scored 7/100.
- Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.