Carbon Vaults Inc
- Assets
- $7.9m
- Revenue
- $6.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- Data as of
- 11/2021
- EIN
- 85-4211960
Organization Overview
Carbon Vaults Inc is located in Chicago, IL. According to its NTEE Classification (C20) the organization is classified as: Pollution Abatement & Control, under the broad grouping of Environment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carbon Vaults Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CLIMATE VAULT'S PRIMARY MISSION IS TO LOWER THE CONCENTRATION OF GREENHOUSE (CONTINUED IN SCH O) GASES IN THE ATMOSPHERE TO SLOW, AND EVEN REVERSE, THE EFFECTS OF CLIMATE CHANGE. CLIMATE VAULT WILL ACCOMPLISH ITS MISSION THROUGH 2 PRIMARY ACTIVITIES: (1) REDUCING FUTURE CO2 EMISSIONS AND (2) REMOVING CO2 FROM THE ATMOSPHERE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PROGRAM INVOLVES THE PURCHASE OF OFFSET ALLOWANCES , WHICH ARE CAPITALIZED AS PROGRAM RELATED INVESTMENTS, WHICH REDUCES FUTURE CARBON DIOXIDE EMISSIONS BY "VAULTING" THEM. THIS PREVENTS CARBON-EMITTING-COMPANIES FROM PURCHASING THOSE SAME ALLOWANCES AND CAPPING FUTURE CARBON DIOXIDE EMISSIONS. THE INTENTION IS TO MONITIZE SOME OF THE CARBON DIOXIDE ALLOWANCES IN ITS VAULT TO AWARD GRANTS TO PROMISING, CUTTING-EDGE RESEARCH AND TECHNOLOGY AIMED AT MAKING CARBON DIOXIDE REMOVAL MORE EFFECTIVE.
THE EXPENSES ASSOCIATED WITH CALCULATING CARBON EMISSIONS AND RESEARCHING CARBON DIOXIDE CAPTURE TECHNIQUES CRITICAL TO REDUCING CARBON EMISSIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Greenstone Chairperson | OfficerTrustee | 10 | $0 |
Andrew Dailey Secretary & Treasurer | OfficerTrustee | 10 | $0 |
Bala Srinivasan Director | Trustee | 10 | $0 |
Don Wilson Director | Trustee | 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 | $6,863,447 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,863,447 |
| Total Program Service Revenue | $0 |
| 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 | $6,863,447 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $475,625 |
| Fees for services: Legal | $8,569 |
| Fees for services: Accounting | $76,638 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,095,666 |
| Advertising and promotion | $167,140 |
| Office expenses | $15,936 |
| Information technology | $230,129 |
| Royalties | $0 |
| Occupancy | $15,175 |
| Travel | $22,715 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,130 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,116,723 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,396,459 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,075,550 |
| Accounts receivable, net | $0 |
| 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 | $104,914 |
| Net Land, buildings, and equipment | $1,869 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,221,735 |
| Intangible assets | $54,257 |
| Other assets | $0 |
| Total assets | $7,854,784 |
| Accounts payable and accrued expenses | $858,806 |
| 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 | $2,250,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,108,806 |
| Net assets without donor restrictions | $4,745,978 |
| 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 | $7,854,784 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nature Conservation Tr Decatur, IL | $57,715,596 | $381,907 |
Madison Environmental Resourcing Inc Waunakee, WI | $4,401,119 | $2,770,158 |
Clean Wisconsin Inc Madison, WI | $3,664,321 | $2,671,519 |
Carbon Vaults Inc Chicago, IL | $7,854,784 | $6,863,447 |
Healthy Schools Campaign Chicago, IL | $1,996,145 | $2,302,932 |
International Association Of Heat & Frost Insulators & Allied Workers Pewaukee, WI | $2,590,440 | $1,417,375 |
International Association Of Heat & Frost Insulators & Allied Workers Evansville, IN | $3,469,283 | $1,258,883 |
Iowa Agriculture Water Alliance Ankeny, IA | $1,276,775 | $1,465,048 |
The Gaia-Movement Living Earth Green World Action Usa Inc Chicago, IL | $962,435 | $1,424,775 |
International Association Of Heat & Frost Insulators & Allied Workers Louisville, KY | $500,056 | $682,715 |
Black Oaks Center For Sustainable Renewable Living Nfp Chicago, IL | $1,326,661 | $1,251,747 |
International Association Of Heat & Frost Insulators & Allied Workers Cedar Rapids, IA | $378,664 | $679,863 |