Subject Matter Inc

Nonprofit profile at a glance

EIN
874665955
IRS 990 coverage
2022–2025
Forms available
Form 990 2025
Location
New York, NY, USA
Phone
6365781268
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Cultural, Ethnic Awareness

Official website

Reported finances

Revenue
$537,690
Expenses
$445,002
Assets
$658,757
Liabilities
$1,007

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

Leadership & pay

9 people listed

Executive titles in this filing

  • COLLEEN HAMMOND (CO-EXECUTIVE DIRECTOR)
  • DAVID EARLS (CO-EXECUTIVE DIRECTOR)

Highest reported compensation

  • COLLEEN HAMMOND (CO-EXECUTIVE DIRECTOR): $65,000 total reported compensation
  • DAVID EARLS (CO-EXECUTIVE DIRECTOR): $35,000 total reported compensation

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

Overview

Mission

To connect inspiring storytelling and meaningful change by providing funds and other resources to documentaries that highlight social issues and by awarding corresponding grants to nonprofits tackling the featured topics.

What it reported doing in 2025

In 2025, subject matter awarded over $253,000 in grants to five social issue documentaries and five nonprofits addressing the issues featured in the films. The subject areas being addressed by our grantees include the climate crisis, indigenous rights, sexual abuse, gun violence, trans youth healthcare, and intellectual freedom. We participated in twelve screening events through collaborations with sundance film festival, tribeca film festival, hamptons international film festival, and doc nyc. Inspired audience members joined us in creating positive community action in response to the films by donating an additional $13k+ to our nonprofit grantees following the screenings.

Operating model

Revenue model
Donor-supported. 97% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 74% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 88
  • Accountability: 84
  • Sustainability: 58
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 68.3%; rating input score 68
  • Program expense ratio: 81.3%; rating input score 81
  • Fundraising efficiency: $14.6 raised per $1 spent on fundraising; rating input score 46; 46th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 10th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99%; rating input score 99; 51st 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; 64th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 17.2%; rating input score 68; 68th percentile among comparable filings
  • Total-asset coverage ratio: 1.48; rating input score 55; 55th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 71; 71st percentile among comparable filings
  • Officer compensation ratio: 22.5%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: 30.3% per year; rating input score 100; 88th percentile among comparable filings
  • Revenue growth: 5.7% per year; rating input score 100; 41st percentile among comparable filings
  • Asset growth: 23.8% per year; rating input score 100; 84th percentile among comparable filings

Details

  • Where the money goes: 68.3% of revenue deployed · 81.3% of spending went to programs
  • Governance: 6 of 6 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $362K in reported program spending
  • Leadership: top reported pay $65K · 9 people listed
  • Consistency: 21 of 22 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes major donors and grants
  • Filing history: 4 filing years from 2022 to 2025
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 10 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.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 46/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Total-asset coverage ratio scored 55/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.