2040 Foundation Inc

The information for 2040 Foundation Inc is as of the organization's most recent filing in December '21. This organization is located in Charlotte, NC. It has been in existence for 7 years, following its founding in 2014.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The 2040 Foundation Inc's NTEE code is T20. The "T" tells us that the organization is classified along with Philanthropy, Voluntarism & Grantmaking Foundations. The "20" tells us that the organization is a Private Grantmaking Foundation. The NTEE describes Private Grantmaking Foundations as nongovernmental, nonprofit organizations with funds and programs managed by trustees or directors established to maintain charitable activities serving the common welfare, primarily through grantmaking.

Every organization is also governed by a specific section of the Internal Revenue Code. The most common type is a 501(c)(3) organization. However, there are actually 29 different types of organizations that are identified by the Internal Revenue Code. This organization happens to be a 501(c)(3) organization. The IRS describes these organizations as those engaged in Religious, Educational, Charitable, Scientific, Literary, Public Safety, Amateur Sports, or Prevention of Cruelty to Children or Animals work.

Perhaps the most accurate way to get a sense of what the organization hopes to achieve is by looking at its mission. The mission of the 2040 Foundation Inc is to accelerate America's clean energy future with conservative solutions.

Program Areas

Within the general fund, the 2040 Foundation Inc reports all revenues, support, and functional expenses that are not specifically reported by another fund or program. Through financial assistance and educational programs, the foundation has provided extensive research and analysis to the general public. They have also offered insights to federal and state government policy makers on the benefits of clean energy solutions, enhanced the ability of faith-based public charities to scale up their social impact, and supported clean energy programs by providing financial support to other public charities.

Board Governance

The 2040 Foundation Inc appears to be governed fairly well based on the information provided. The organization has a relatively small number of voting members, which can promote effective decision-making and allow for more focused discussions. Additionally, the fact that three out of the five members are independent suggests that there is a level of objectivity and diversity in perspectives within the board. The presence of potential conflicts of interest is acknowledged, which is a positive sign as it indicates that the organization is aware of the potential challenges and is taking steps to address them. The organization also has a conflict of interest policy in place, which further demonstrates its commitment to transparency and ethical governance. The documentation of both board and committee meetings is another positive aspect of the organization's governance. This practice ensures that decisions and discussions are recorded accurately, which can be useful for future reference and accountability. While the organization does not delegate management to an outside firm, it does have policies in place to ensure effective oversight. The presence of a document retention policy and the substantiation and review of leadership and officer salaries indicate that the organization is committed to maintaining proper records and ensuring fair compensation practices. However, there are a few areas where the organization could improve its governance. The absence of a written whistleblower policy may limit the ability of individuals to report any potential misconduct or unethical behavior. Additionally, the organization does not provide copies of the 990 to the board prior to filing, which may hinder the board's ability to review and provide input on the organization's financial activities. Overall, the 2040 Foundation Inc demonstrates a commitment to transparency, accountability, and effective governance. However, implementing a whistleblower policy and providing the board with copies of the 990 prior to filing would further enhance the organization's governance practices.

Grant History

Our dataset includes seven years of grant history for the 2040 Foundation Inc. Over the course of those seven years, they have awarded a total of 55 grants, with an average check size of $1,319,546. On average, they award eight grants each year. The majority of their grants (53) were awarded in the Philanthropy, Voluntarism & Grantmaking Foundations sector. In terms of geographical distribution, the organization has awarded grants in multiple states, with the highest number of grants awarded in the District of Columbia (17), followed by Georgia and Florida (both with 7 grants each). Other states where the organization has awarded grants include Massachusetts (6), North Carolina (6), Texas (5), New York (3), California (2), Illinois (1), and New Jersey (1).

Organization Growth

The 2040 Foundation Inc, a nonprofit organization, has experienced a decrease in total revenue over the given time period. In 2014, the organization received contributions and grants totaling $165.6 million, but in 2021, this amount dropped to $2.3 million. Additionally, the organization's total expenses increased significantly from $241.8 thousand in 2014 to $21.0 million in 2021. However, it is important to note that the data regarding employee salaries and the number of employees is not meaningful over this time period, as both values were negligible or non-existent. Therefore, based on the available information, it can be concluded that the 2040 Foundation Inc has not grown but rather experienced a decline in its financial performance over the given time period.