1st Street Foundation Inc
- Assets
- $4.6m
- Revenue
- $8.7m
- Investments
- $0.0
- Employees
- 37
- Location
- Brooklyn, NY
- Founding
- 04/2017
- Data as of
- 12/2021
- EIN
- 81-4308701
Organization Overview
1st Street Foundation Inc is located in Brooklyn, NY. The organization was established in 2017. According to its NTEE Classification (B60) the organization is classified as: Adult Education, under the broad grouping of Education and related organizations. As of 12/2021, 1st Street Foundation Inc employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 1st Street Foundation Inc 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 12/2021, 1st Street Foundation Inc generated $8.7m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 46.1% each year . All expenses for the organization totaled $6.5m during the year ending 12/2021. While expenses have increased by 38.7% per year over the past 5 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO MAKE CLIMATE RISK ACCESSIBLE, EASY TO UNDERSTAND AND ACTIONABLE FOR INDIVIDUALS, GOVERNMENTS, AND INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOLLOWING THE IMMENSE SUCCESS WITH THE LAUNCH IN 2020 OF THEIR FLOOD MODEL THROUGH THE CONSUMER FACING WEBSITE FLOOD FACTOR, THE FOUNDATION EXPANDED ITS RESEARCH INTO WILDFIRE AND HEAT RISK. THROUGHOUT 2021, THE FOUNDATION PARTNERED WITH THE TOP ACADEMIC AND FOR-PROFIT INSTITUTIONS IN THE FIELD OF WILDFIRE, INCLUDING THE PYREGENCE CONSORTIUM ON AUGUST 9, 2021, TO CREATE THE FIRST NATIONALLY AVAILABLE, HIGH RESOLUTION, CLIMATE ADJUSTED WILDFIRE MODEL THAT INTEGRATES INFORMATION ON FUELS, WILDFIRE WEATHER, AND IGNITION INTO A FIRE BEHAVIOR MODEL AND APPLIES THAT TO EVERY PROPERTY PARCEL IN THE COUNTRY. THE GOAL WAS TO LAUNCH THE PRESENT AND FUTURE WILDFIRE RISK INFORMATION PRODUCT, "FIRE FACTOR", IN THE SECOND QUARTER OF 2022. THE FOUNDATION ALSO EXPANDED ITS RESEARCH INTO EXTREME HEAT RISK, WITH A GOAL OF LAUNCHING THE MODEL IN THE THIRD QUARTER OF 2022. THE FOUNDATION ENHANCED AND EXPANDED ITS FLOOD FACTOR MODEL TO VERSION 2 AND EXTENDED IT BEYOND THE CONTIGUOUS UNITED STATES TO INCLUDE HAWAII, ALASKA AND PUERTO RICO. THE FOUNDATION FINALIZED A PARTNERSHIP WITH A LEADING GLOBAL ENGINEERING FIRM, ARUP, ON JULY 28, 2021, TO INCORPORATE THEIR KNOWLEDGE ABOUT THE VULNERABILITY OF STRUCTURAL ELEMENTS OF COMMERCIAL AND MULTI-UNIT RESIDENTIAL PROPERTIES TO CALCULATE THE DIRECT AND INDIRECT ECONOMIC DAMAGE FOR EACH SPECIFIC STRUCTURE. THE FOUNDATION RELEASED A NATIONAL REPORT ON DECEMBER 13, 2021, CALLED "CLIMBING COMMERCIAL CLOSURES" WHICH HIGHLIGHTED THE UNIQUE TECHNIQUES UNDERTAKEN THROUGH THE PARTNERSHIP TO ASSESS THE RISK OF FLOOD DAMAGE AND RELATED ECONOMIC IMPACTS TO 3.6 MILLION RETAIL, OFFICE, AND MULTI-UNIT RESIDENTIAL PROPERTIES ACROSS THE UNITED STATES, CONSIDERING TODAY'S ENVIRONMENT AND THE CHANGES ANTICIPATED TO HAPPEN DUE TO CLIMATE OVER THE NEXT 30 YEARS. THE FOUNDATION FINALIZED A PARTNERSHIP WITH REDFIN AND ESTATELY, TWO LEADING REAL ESTATE PORTAL WEBSITES, TO HAVE THE FLOOD FACTOR DATA FULLY INTEGRATED INTO THEIR PLATFORMS FOR ALL ON- AND OFF-MARKET LISTINGS. THESE INTEGRATIONS WERE EXTREMELY SIGNIFICANT AS THEY ENSURED THAT MILLIONS OF AMERICANS WERE EXPOSED TO FLOOD RISK DATA ON A DAILY BASIS, ENSURING AMERICANS WERE NOW ABLE TO INCORPORATE CLIMATE ADJUSTED FLOOD RISK INTO THEIR HOME BUYING AND SELLING PROCESS. THE FOUNDATION ALSO PARTNERED WITH SEVERAL GOVERNMENT AGENCIES IN 2021 TO PROVIDE THEM FLOOD RISK DATA FOR INTERNAL RISK ANALYSIS AND POLICY DECISION-MAKING, INCLUDING ALL 12 OF THE FEDERAL RESERVE BANKS, THE ENVIRONMENTAL PROTECTION AGENCY AND THE FEDERAL HOUSING FINANCE AGENCY. LASTLY, THE FOUNDATION EXPANDED THEIR FLOOD LAB LAUNCHED IN 2020, WHICH IS A COLLECTION OF ACADEMIC INSTITUTIONS AND RESEARCHERS WHO ARE USING THE DATA TO FURTHER THE UNDERSTANDING OF PHYSICAL CLIMATE RISK AND ITS IMPLICATIONS. IN 2021, THE FOUNDATION PARTNERED WITH 14 LEADING ACADEMIC INSTITUTIONS AND LOCAL LAND USE GROUPS TO PROVIDE ITS FLOOD DATA, FREE OF CHARGE, TO HELP ADVANCE THE SCIENCE THROUGH SECONDARY ANALYSIS OF THE IMPACTS OF CLIMATE CHANGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Eby President & Executive Director | OfficerTrustee | 60 | $398,567 |
Edward Kearns Chief Data Officer | Officer | 60 | $326,867 |
Sara Chadwick Head Of Marketing | 60 | $244,396 | |
Angela Jin General Counsel | 60 | $207,989 | |
Dan Seripap Head Of Engineering | 60 | $181,121 | |
Jeremy Porter Head Of Research & Development | 60 | $178,657 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Digital Map Products Data Licensing Fees | 12/30/21 | $139,375 |
Morrison Foerster Llp Legal Services | 12/30/21 | $245,917 |
Proto Innovation Brand & Web Design | 12/30/21 | $200,000 |
Thompson Hine Legal Services | 12/30/21 | $108,496 |
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 | $8,458,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,458,500 |
| Total Program Service Revenue | $268,260 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,726,760 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $745,163 |
| Compensation of current officers, directors, key employees. | $230,776 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,509,999 |
| Pension plan accruals and contributions | $132,124 |
| Other employee benefits | $251,267 |
| Payroll taxes | $229,885 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $406,257 |
| Fees for services: Accounting | $109,221 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $558,140 |
| Advertising and promotion | $35,823 |
| Office expenses | $118,852 |
| Information technology | $677,381 |
| Royalties | $0 |
| Occupancy | $151,379 |
| Travel | $35,821 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,188 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $492,884 |
| Insurance | $3,936 |
| All other expenses | $5,062 |
| Total functional expenses | $6,475,382 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,338,516 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $953,500 |
| Accounts receivable, net | $82,088 |
| 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 | $44,491 |
| Net Land, buildings, and equipment | $2,180,629 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,850 |
| Total assets | $4,623,074 |
| Accounts payable and accrued expenses | $439,921 |
| Grants payable | $0 |
| Deferred revenue | $357,333 |
| 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 | $797,254 |
| Net assets without donor restrictions | $2,872,320 |
| Net assets with donor restrictions | $953,500 |
| 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 | $4,623,074 |
Grants Awarded
Over the last fiscal year, 1st Street Foundation Inc has awarded $83,250 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Tallahassee, FL PURPOSE: Tidal Townhall series. | $75,250 |
Charleston, SC PURPOSE: fix flooding in Sc. | $8,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that 1st Street Foundation Inc has recieved totaling $6,500,000.
| Awarding Organization | Amount |
|---|---|
Goldman Sachs Philanthropy Fund New York, NY PURPOSE: COMMUNITY & HUMAN SERVICES | $6,000,000 |
Jeremy And Hannelore Grantham Environmental Trust Boston, MA PURPOSE: GRANTS TO PROTECT THE ENVIRONMENT | $500,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bellwether Education Partners Inc Sudbury, MA | $12,819,060 | $18,147,451 |
Workforce Development Institute Inc Albany, NY | $2,796,326 | $10,204,057 |
Vhs Inc Maynard, MA | $2,159,485 | $7,029,751 |
United For Respect Education Fund Brooklyn, NY | $7,552,270 | $7,410,651 |
1st Street Foundation Inc Brooklyn, NY | $4,623,074 | $8,726,760 |
More Than Words Inc Boston, MA | $15,091,779 | $6,459,719 |
Local Union 164 Electrical Joint Apprenticeship And Training Trust Paramus, NJ | $19,017,559 | $4,299,279 |
Leading Edge Alliance Inc New York, NY | $10,397,327 | $8,264,467 |
Vermont Adult Learning Inc Waitsfield, VT | $1,289,780 | $4,391,996 |
Connecticut Center For Arts & Technology Inc New Haven, CT | $3,075,426 | $11,576,748 |
Chronic Liver Disease Foundation Inc Clark, NJ | $1,027,147 | $3,658,520 |
Read To Lead Inc New York, NY | $3,901,385 | $3,177,958 |