Uniswap Foundation

Nonprofit profile at a glance

EIN
883087770
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
7329270311
Rating
64
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Reported finances

Revenue
$1,968,110
Expenses
$17,569,232
Assets
$37,535,807
Liabilities
$0

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

Leadership & pay

8 people listed

Executive titles in this filing

  • DEVIN WALSH (EXECUTIVE DIRECTOR)

Highest reported compensation

  • RAPHAELA SAPIRE (COO): $925,597 total reported compensation
  • DEVIN WALSH (EXECUTIVE DIRECTOR): $799,726 total reported compensation
  • KEN NG (HEAD OF APPLIED RESEARCH, BOARD MEMBER): $729,664 total reported compensation

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

Overview

Mission

See schedule o.

What it reported doing in 2024

The foundation provides grants to develop tools to expand knowledge and familiarity with decentralized protocols; engage with underserved communities to expand knowledge and familiarity with decentralized protocols, including funding for established programs in africa and latin america; and improve the governance mechanisms for decentralized finance protocols. The foundation also conducts research and prepares publications, reports, articles, comments and editorials discussion how decentralized finance and blockchain technologies work.

Operating model

Revenue model
Investment-supported. 77% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 77% 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 program spending has grown recently. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 57
  • Accountability: 52
  • Sustainability: 32
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 74.2%; rating input score 74
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 84.6%; rating input score 85; 2nd 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: 0 of 8 controls in place; rating input score 0
    • Claims monitoring procedures: Fail
    • Requires narrative reports: Fail
    • 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%; rating input score 99; 48th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 33.3%; rating input score 33; 10th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -792.7%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 2.14; rating input score 66; 66th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 22%; rating input score 12; 12th percentile among comparable filings

Growth

  • Program expense growth: 82.2% per year; rating input score 100; 98th percentile among comparable filings
  • Revenue growth: -35.5% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: 37.4% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 74.2% of spending went to programs
  • Governance: 1 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $13M in reported program spending
  • Leadership: top reported pay $926K · 8 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $1M reported
  • Consistency: 27 of 29 current checks pass · 2 findings to review
  • 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: 30 filed money-flow records
  • Related organizations: 24 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 — Accountability: Independent voting board scored 33/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight: 8 of 8 not reported.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 12/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.