Civic Intelligence

Underdog Foundation

EIN 03-0368814 • 501(c)3 • Island Pond, VT

Profile

The Underdog Foundation ("the Foundation") works to meet community and environmental needs the cannot be met through simple investments. The interest areas of the Foundation are:- Environment and Conservation- Community Investment- Women's Entrepreneurship- International Community Investment and Community Development.

PO Box 443Island Pond, VT 05846

underdogventures.com/underdog-foundation

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

61st percentile

0.00x

Higher debt load relative to assets than 61% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Liabilities / Revenue

64th percentile

0.00x

Higher debt load relative to revenue than 64% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Net Margin

63rd percentile

9.4%

Higher net margin than 63% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

59th percentile

2.6%

Faster asset growth than 59% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

99th percentile

3147%

Faster revenue growth than 99% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2023 to 2024

Assets

Up

$359,403

Up $9,000 (+2.6%) from 2023

Liabilities

Flat

$295

Flat from 2023

Net Assets

Up

$359,108

Up $9,000 (+2.6%) from 2023

Revenue

Up

$95,753

Up $92,804 (+3147%) from 2023

Expenses

Down

$86,753

Down $20,195 (-19%) from 2023

Net Income

Up

$9,000

Up $112,999 (+109%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$6.0M$4.0M$2.0M$0Assets 2010: $4,697,481Liabilities 2010: $0Net Assets 2010: $4,697,4812010Assets 2011: $4,575,479Liabilities 2011: $0Net Assets 2011: $4,575,4792011Assets 2012: $4,470,086Liabilities 2012: $0Net Assets 2012: $4,470,0862012Assets 2013: $4,008,801Liabilities 2013: $1,877Net Assets 2013: $4,006,9242013Assets 2014: $3,814,954Liabilities 2014: $39Net Assets 2014: $3,814,9152014Assets 2015: $3,613,341Liabilities 2015: $28,276Net Assets 2015: $3,585,0652015Assets 2016: $3,573,573Liabilities 2016: $39Net Assets 2016: $3,573,5342016Assets 2017: $3,518,853Liabilities 2017: $39Net Assets 2017: $3,518,8142017Assets 2018: $3,728,382Liabilities 2018: $100,039Net Assets 2018: $3,628,3432018Assets 2019: $3,487,249Liabilities 2019: $39Net Assets 2019: $3,487,2102019Assets 2020: $3,207,650Liabilities 2020: $235Net Assets 2020: $3,207,4152020Assets 2021: $2,949,871Liabilities 2021: $400Net Assets 2021: $2,949,4712021Assets 2022: $459,402Liabilities 2022: $295Net Assets 2022: $459,1072022Assets 2023: $350,403Liabilities 2023: $295Net Assets 2023: $350,1082023Assets 2024: $359,403Liabilities 2024: $295Net Assets 2024: $359,1082024

Highlighted filing

2024

Assets$359,403
Liabilities$295
Net Assets$359,108

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$500K$0-$500KExpenses 2010: $37,7072010Expenses 2011: $125,4912011Expenses 2012: $107,5222012Revenue 2013: -$204,358Expenses 2013: $258,804Net Income 2013: -$463,1622013Revenue 2014: $115,721Expenses 2014: $307,730Net Income 2014: -$192,0092014Revenue 2015: $23,341Expenses 2015: $253,191Net Income 2015: -$229,8502015Revenue 2016: $281,327Expenses 2016: $292,858Net Income 2016: -$11,5312016Revenue 2017: $256,645Expenses 2017: $311,365Net Income 2017: -$54,7202017Revenue 2018: $396,970Expenses 2018: $287,441Net Income 2018: $109,5292018Revenue 2019: $134,505Expenses 2019: $275,638Net Income 2019: -$141,1332019Revenue 2020: $12,433Expenses 2020: $292,228Net Income 2020: -$279,7952020Revenue 2021: $4,165Expenses 2021: $262,109Net Income 2021: -$257,9442021Revenue 2022: $6,873Expenses 2022: $243,681Net Income 2022: -$236,8082022Revenue 2023: $2,949Expenses 2023: $106,948Net Income 2023: -$103,9992023Revenue 2024: $95,753Expenses 2024: $86,753Net Income 2024: $9,0002024

Highlighted filing

2024

Revenue$95,753
Expenses$86,753
Net Income$9,000

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.36$0.00$0.36$0.10$0.09$0.01
2023Detailed filing. Detailed filing data is available for this year.$0.35$0.00$0.35$0.00$0.11$0.10
2022Detailed filing. Detailed filing data is available for this year.$0.46$0.00$0.46$0.01$0.24$0.24
2021Detailed filing. Detailed filing data is available for this year.$2.95$0.00$2.95$0.00$0.26$0.26
2020Detailed filing. Detailed filing data is available for this year.$3.21$0.00$3.21$0.01$0.29$0.28
2019Detailed filing. Detailed filing data is available for this year.$3.49$0.00$3.49$0.13$0.28$0.14
2018Detailed filing. Detailed filing data is available for this year.$3.73$0.10$3.63$0.40$0.29$0.11
2017Detailed filing. Detailed filing data is available for this year.$3.52$0.00$3.52$0.26$0.31$0.05
2016Detailed filing. Detailed filing data is available for this year.$3.57$0.00$3.57$0.28$0.29$0.01
2015Detailed filing. Detailed filing data is available for this year.$3.61$0.03$3.59$0.02$0.25$0.23
2014Detailed filing. Detailed filing data is available for this year.$3.81$0.00$3.81$0.12$0.31$0.19
2013Detailed filing. Detailed filing data is available for this year.$4.01$0.00$4.01$0.20$0.26$0.46
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.47$0.00$4.47$0.11
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.58$0.00$4.58$0.13
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.70$0.00$4.70$0.04
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.2
Gross Receipts
$95,753
Mission and Program Overview

Mission

The Underdog Foundation ("the Foundation") works to meet community and environmental needs the cannot be met through simple investments. The interest areas of the Foundation are:- Environment and Conservation- Community Investment- Women's Entrepreneurship- International Community Investment and Community Development.The Foundation achieves its mission through grantmaking, community investments, technical assistance and strategic not-for-profit partnerships.

The Underdog Foundation ("the Foundation") through its grant making, community investment, technical assistance and strategic partnerships provides mentoring and technical expertise to support non-profit organizations doing important work in our communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$129,051$184,279▲ $55,228
Investments Other Securities$139,473$114,325▼ $25,148
Cash and Non-Interest-Bearing Accounts$71,879$50,799▼ $21,080
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$350,403$359,403▲ $9,000
Other Assets Total$10,000$10,000→ $0
Liabilities
Accounts Payable and Accrued Expenses$295$295→ $0
Total Liabilities$295$295→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$350,108$359,108▲ $9,000
Total Net Assets Fund Balance$350,108$359,108▲ $9,000
Total Liabilities and Net Assets / Fund Balance$350,403$359,403▲ $9,000

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$2,987$2,987
Compensation and Service Providers

Board Members and Trustees

NameTitle
Alisa GravitzChairman
David BergePresident/Sec
Drummond PikeDirector
Joel SolomonDirector
Lauri ThompsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$90,000
Program Service Revenue
$0
Investment Income
$403
Other Revenue
$5,350
All Other Contributions
$90,000
Change in Net Assets
$9,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$77,326
Salaries, Compensation, and Employee Benefits$8,427
Grants and Similar Amounts Paid$1,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Travel$13,188$2,327-$15,515
Fees for Services Accounting$6,412$1,131-$7,543
Fees for Services Legal$6,227$1,099-$7,326
Occupancy$5,216$920-$6,136
Other Employee Benefits$3,033$535-$3,568
Other Salaries and Wages$2,366$417-$2,783
Payroll Taxes$1,765$311-$2,076
Other Expenses$1,232$217-$1,449
All Other Expenses$995$175-$1,170
Grants to Domestic Orgs$1,000--$1,000
Office Expenses$682$120-$802
Fees for Services Other$629$111-$740
Insurance$137$24-$161
Total Functional Expenses$73,893$12,860$0$86,753
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The President reviews the Form 990 prior to filing. The Board discusses tax and financial issues during board meetings and receives completed tax filings.

Form 990, Part VI, Section B, Line 12C

The Organization continually monitors compliance with the conflict of interest policy, and the Board is conscientious about conflict issues.

Form 990, Part VI, Section B, Line 15A

Board reviewed compensation arrangement, per the market for compensation, and legal counsel was also sought.

Form 990, Part VI, Section C, Line 19

The Organization makes available to the public, upon request, governing documents, conflict of interest policy and financial statements.

Additional Information - Schedule D Part VII

Holdings in r. Cup, LLC are related to the charitable mission of Underdog Foundation and are not UBTI transactions.

Filing and Contact Details

Filer

Filer Name
Underdog Foundation
EIN
03-0368814
Phone
8027239919
Address
PO Box 443, Island Pond, VT 05846

Signing Officer

Name
David Berge
Title
President/Sec
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Berge
Formed
2001
Legal Domicile
Vt
Voting Board Members
5
Independent Board Members
5
Employees
2
Volunteers
5

Preparer

Firm
Fontanello Duffield & Otake LLP
Address
111 Pine Street Suite 1750, San Francisco, CA 94111
Preparer
Antonio Tellez Jr
Phone
4159830200
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0The Underdog Foundation is responsive to the needs of the Tides Foundation. We have a 24 year supporting relationship. The Tides Foundation has the right to choose (and has) one Underdog Foundation board member. The Tides representative board member represents the Tides Foundation and participates in conversations regarding finance, strategy and priorities, and sees Underdog Foundation investments, programs and grants. Currently, a former Tides Foundation board member also sits on the Underdog Foundation board. There are a total of five board members.The CEO of the Underdog Foundation has met with several CEOs and senior staff members of the Tides Foundation over the years, looking at ways to collaborate, innovate and support. During our meetings we discuss priorities, programs and go-forward strategies. In our meeting we highlight ways in which the Tides Foundation and Underdog Foundation have worked together and get feedback from Tides about the Underdog Foundations current work (impact investing and advice and community investing and in helping increase the charitable impact in underserved communities.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1As a functionally integrated Type III supporting organization, we understand that our support of the Tides Foundation is important, and substantially all the programs of the Underdog Foundation support the mission of the Tides Foundation. The impact investments, grants, and more importantly the advice and capacity building provided by the Underdog Foundation builds the infrastructure, increases the social, environmental and financial impact, and readies these non-profits for grants and investments. But for the work of the Underdog Foundation, the Tides Foundation would have to increase its social change work in those areas. The work and leadership of the Underdog Foundation in advocating more wealthy impact investors direct money to poverty alleviation and community development, to intermediaries and under-served communities, and in creating effective deal and fund structures and organizations is those areas means that the Tides Foundation can focus even more on investments and grants by Tides and its donors into organizations with high impact and strong structures. Our work with mission-related entrepreneurs who donate parts of their companies early in the companys life helps to create a next generation of donors and potential DAF-holders. Over the last several years, the importance of impact investing, social ventures and investing consistent with charitable purposes have increased at the Tides Foundation. Given the special expertise of the Underdog Foundation on capital structure, deal structure, fund structure and community investing, we hope that creates opportunities for increasing collaboration with the Tides Foundation. The Underdog Foundation provides advice to asset owners, intermediaries and entrepreneurs. Through our programs, we identify high impact (social and environmental) intermediaries, impact investors and social enterprises/social ventures. We look for those ready to evolve, capable of taking advice and increasing impact, and provide them with deep advice on financial and capital structures, negotiations, strategy and operations. Some of the groups we have assisted do work supported by the Tides Foundation. One previous Underdog Foundation Impact Award winner (New Media Ventures) also became a grantmaking partner of the Tides Foundation. Another example is our work with entrepreneurs who gift a part of their companys equity to support philanthropic work. We help those companies to increase their charitable impact. Previously, a majority non-profit owned finance firm, founded to support community investing, with our assistance, donated 1/3 of their equity to the Tides Foundation and 1/3 to the Underdog Foundation to support charitable grants and community investing. This resulted in distributions to Tides and the Underdog Foundation of $970,000 of cash for charitable purposes during the life of the company and provided an example for other companies.The work done by the Underdog Foundation to relentlessly build the infrastructure of intermediaries (community investment groups and CDFIs) will push more lending and investment into low-income communities. Our work helps make those groups investment and grant-ready by the Tides Foundation and its DAF holders. Our work with social enterprises and diverse, change-making non-profits prepares them for donors in the Tides community.Both the Tides Foundation and the Underdog Foundation are committed to getting wealthy families and institutions move more of their assets and investments to be consistent with and enhancing their charitable mission.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2Substantially all the programs of the Underdog Foundation support the mission of the Tides Foundation. The grants, and more importantly the advice provided by the Underdog Foundation builds the infrastructure, increases the social, environmental and financial impact, and readies these non-profits for grants and investments. But for the work of the Underdog Foundation, the Tides Foundation would have to increase its social change work in those areas. The work and leadership of the Underdog Foundation in advocating more wealthy impact investors direct money to under-served communities, poverty alleviation, community development intermediaries and community ventures, and in creating effective deal structures and organizations in those areas, means that the Tides Foundation can focus even more on investments and grants by Tides and its donors into organizations with high impact and strong structures. Our work with impact entrepreneurs who donate parts of their companies early in the companys life helps to create a next generation of donors and potential DAF holders. Our work with wealthy families to look deeply and innovatively at impact, helps to create a next generation of potential Tides Foundation donors. And our work with high integrity world-changing social entrepreneurs and other non-profits helps them prepare for donor-funds, and to use-donor funds more effectively for more impact. But for that work by the Underdog Foundation, the Tides Foundation would have less resources available to support its goals and maximize its impact.The Tides Foundation is committed to help donors make a difference in historically excluded groups and communities with their philanthropic dollars and impact investment dollars. But for the work and innovation of the Underdog Foundation in those areas, using and leveraging philanthropic dollars, advice and impact investment to maximize change, the Tides Foundation and its donors and partners would have less opportunities to support marginalized communities and less help with organizations in those communities. Tides Foundations effectiveness is increased by the support of the Underdog Foundation building new models and capital structures which will make the Tides Foundations work in these areas more impactful and effective. But for the work of the Underdog Foundation, DAF holders at the Tides Foundation would have fewer and less effective impact investment and grant opportunities.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The President reviews the Form 990 prior to filing. The Board discusses tax and financial issues during board meetings and receives completed tax filings.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Organization continually monitors compliance with the conflict of interest policy, and the Board is conscientious about conflict issues.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Board reviewed compensation arrangement, per the market for compensation, and legal counsel was also sought.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Organization makes available to the public, upon request, governing documents, conflict of interest policy and financial statements.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Holdings in r. Cup, LLC are related to the charitable mission of Underdog Foundation and are not UBTI transactions.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Additional Information - Schedule D Part VII
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