Goodcoin Foundation
- Assets
- $2.9m
- Revenue
- $7.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Charleston, SC
- Founding
- 04/2016
- Data as of
- 06/2022
- EIN
- 47-5570019
Organization Overview
Goodcoin Foundation, operating under the name Dailykarma Foundation, is located in Charleston, SC. The organization was established in 2016. According to its NTEE Classification (X50) the organization is classified as: Buddhism, under the broad grouping of Religion-Related and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dailykarma Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Dailykarma Foundation generated $7.4m in total revenue. All expenses for the organization totaled $9.3m during the year ending 06/2022. While expenses have increased by 111.5% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Dailykarma Foundation has awarded 799 individual grants totaling $12,688,608. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST AND FINANCIALLY SUPPORT CHARITABLE ORGANIZATIONS THAT SEEK TO ENGAGE THE NEXT GENERATION OF PHILANTHROPISTS THROUGH THE USE OF SOCIAL MEDIA AND OTHER EMERGING COMMUNICATION TOOLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SIMPLE GENEROSITY FOUNDATION PROVIDED CURATION, COMMUNICATION, PAYMENT PROCESSING, AND NETWORKING ADVICE TO TARGET CORPORATION AND POTENTIAL GRANTEES AS PART OF TARGET'S NATIONWIDE GIVING PLATFORM TARGET CIRCLE. THIS PLATFORM ALLOWS GUESTS AT TARGET STORES TO DIRECT TARGET'S CORPORATE GIVING TO CHARITIES THAT MATTER TO THEM. MORE THAN 100 MILLION CHARITY SELECTIONS BY TARGET GUESTS WERE MADE. THE SIMPLE GENEROSITY FOUNDATION CONNECTED SMALL, LOCALLY IMPORTANT CHARITIES TO A MAJOR SOURCE OF FUNDING FOR THEIR OPERATIONS. IN ADDITION, THE PROGRAM GENERATED GOODWILL AMONG EMPLOYEES AS THEY PARTICIPATED IN GUIDING GUESTS TO ADDRESS IMPORTANT NEEDS IN THEIR COMMUNITY.
THE SIMPLE GENEROSITY FOUNDATION PROVIDED CURATION, COMMUNICATION, AND PAYMENT PROCESSING SERVICES FOR DAILYKARMA, AN INTERNET-BASED SERVICE THAT PROVIDES CHARITABLE GIVING OPTIONS TO CUSTOMERS OF E-COMMERCE SITES THROUGH SHOPIFY AND OTHER PROVIDERS. THIS SERVICE HAS ALLOWED HUNDREDS OF CHARITIES TO BECOME BETTER KNOWN AND TO PROVIDE FUNDS FOR SOCIAL BETTERMENT AND GLOBAL IMPROVEMENT ACROSS A WIDE SPECTRUM OF ISSUE AREAS.
THE SIMPLE GENEROSITY FOUNDATION ENABLES BANKCARD HOLDERS TO CONVERT LOYALTY POINTS OR PAYMENTS FROM THEIR ACCOUNTS INTO CHARITABLE GIFTS TO CAUSES OF THE BANKING CUSTOMER'S CHOICE. THIS PROGRAM CREATES A SENSE OF LARGER PURPOSE FOR THE BANK EMPLOYEES AND FOR BANK CUSTOMERS WHILE STRENGTHENING COMMUNITIES THROUGH SUPPORT OF THE NONPROFIT SECTOR. AN ADDED BENEFIT IS THAT THE GRANTS MADE TO LOCAL SMALL CHARITIES THROUGH THIS PROGRAM WOULD NOT HAVE REACHED THESE RECIPIENTS WITHOUT THIS PROGRAM. THIS IS NEW MONEY FOR THE NONPROFIT SECTOR.
THE SIMPLE GENEROSITY FOUNDATION PROVIDED COACHING, BRAND POSITIONING, TECHNICAL ADVICE, AND A NEW SOURCE OF FUNDING TO SMALL CHARITIES ASSOCIATED WITH THE CORPORATE GIVING PROGRAMS OF SEVERAL BRAND-NAME, FORTUNE 500 COMPANIES AND FINANCIAL SERVICES COMPANIES (THE LATTER RANGING FROM LOCAL BANKS TO LARGE BANKCARD PROCESSING SYSTEMS). THESE FUNDING OPPORTUNITIES BENEFIT SMALL NONPROFITS BY GIVING THEM EXPOSURE AND VISIBLE CONNECTION TO WELL-RESPECTED BUSINESSES. THESE CONNECTIONS WOULD NOT HAVE BEEN MADE FOR THESE SMALL COMMUNITY-BASED CHARITABLE ORGANIZATIONS WITHOUT THE SIMPLE GENEROSITY FOUNDATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Stevens President/ce | OfficerTrustee | 50 | $50,000 |
Aref Altawam Secretary | OfficerTrustee | 0.5 | $0 |
Jeni Rone Becker Treasurer | OfficerTrustee | 0.5 | $0 |
Leo V Williams Director | Trustee | 0.5 | $0 |
Martina Buchal Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,046,539 |
| Noncash contributions included in lines 1a–1f | $9,855 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,046,539 |
| Total Program Service Revenue | $356,162 |
| Investment income | $50,902 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$6,118 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,447,485 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,646,157 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $136,982 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $50,000 |
| Compensation of current officers, directors, key employees. | $11,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $31,798 |
| Fees for services: Accounting | $59,128 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $15,867 |
| Fees for services: Other | $186,189 |
| Advertising and promotion | $0 |
| Office expenses | $9,944 |
| Information technology | $141,396 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $505 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $19,581 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $627 |
| All other expenses | $3,126 |
| Total functional expenses | $9,301,300 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $55,200 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,913 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,820,992 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,902,105 |
| Accounts payable and accrued expenses | $14,000 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $14,000 |
| Net assets without donor restrictions | $2,888,105 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,902,105 |
Grants Awarded
Over the last fiscal year, Goodcoin Foundation has awarded $4,711,990 in support to 273 organizations.
| Grant Recipient | Amount |
|---|---|
Memphis, TN PURPOSE: GENERAL SUPPORT | $682,073 |
Washington, DC PURPOSE: GENERAL SUPPORT | $358,021 |
Lincoln, NE PURPOSE: GENERAL SUPPORT | $283,488 |
HISPANIC SCHOLARSHIP FUND PURPOSE: GENERAL SUPPORT | $281,514 |
New York, NY PURPOSE: GENERAL SUPPORT | $215,490 |
Washington, DC PURPOSE: GENERAL SUPPORT | $178,362 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Goodcoin Foundation Charleston, SC | $2,902,105 | $7,447,485 |
Encouraging Word Inc Spartanburg, SC | $793,280 | $1,352,254 |
South Carolina Falun Dafa Association Greer, SC | $135,618 | $712,489 |
Heartwood Refuge Hendersonville, NC | $2,013,186 | $309,824 |
Tu Vien Truc Lam Buddhist Central Inc Riverdale, GA | $1,941,563 | $418,470 |
Southern Dharma Retreat Center Inc Hot Springs, NC | $1,396,796 | $438,249 |
Sangha Bhiksu Buddhist Association Lawrenceville, GA | $1,683,037 | $360,966 |
Georgia Meditation Center Inc Atlanta, GA | $2,923,465 | $320,641 |
North Carolina Buddhist Association Raleigh, NC | $2,050,764 | $213,804 |
Master Rumas International Association For Buddhist Meditatio Dublin, GA | $439,754 | $133,124 |
Phuoc Hai Buddhist Temple Charlotte, NC | $987,281 | $314,584 |
Vien Ngo Buddhist Temple Inc Loganville, GA | $7,976 | $0 |