The Bitcoin Foundation Inc

Nonprofit profile at a glance

EIN
461671796
IRS 990 coverage
2014–2014
Forms available
Form 990 2014
Location
Washington, DC, USA
Phone
2064864488
Rating confidence
Limited
Sector
Business and Industry

Reported finances

Revenue
$915,443
Expenses
$3,285,602
Assets
$879,893
Liabilities
$513,556

Source: IRS Form 990. Selected filing: tax year 2014. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • JON MATONIS (EXECUTIVE DIRECTOR & BOARD MEMBER)

Highest reported compensation

  • GAVIN ANDRESEN (CHIEF SCIENTIST & BOARD MEMBER): $147,917 total reported compensation
  • JODIE BRADY (OPERATIONS DIRECTOR): $145,962 total reported compensation
  • PATRICK MURCK (GENERAL COUNSEL/ACTING EXEC DIR): $120,666 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2014. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The bitcoin foundation standardizes, protects and promotes the use of bitcoin cryptographic currency for the benefit of users worldwide.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 78
  • Accountability: 55
  • Sustainability: 9
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 100%; rating input score 100; 73rd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 13th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -258.9%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0.27; rating input score 14; 14th percentile among comparable filings
  • Liabilities to assets ratio: 0.58; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 12.6%; rating input score 26; 26th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 4 of 6 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $148K · 8 people listed
  • Highest-paid contractors: 5 contractors listed · $1.3M reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 6 filed schedules · includes foreign activity and grants
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Transparency & Controls: Foreign activity oversight: 6 of 8 not reported.
  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 14/100.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.
  • High — Sustainability: Officer compensation ratio scored 26/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.