Civic Intelligence

Underdog Foundation

990 • Fiscal year 2019 • EIN 03-0368814

Jan 01, 2019 to Dec 31, 2019 • Filed on Jul 15, 2020

Organization Profileunderdogventures.com/underdog-foundation
PO Box 443Island Pond, VT 05846

(802) 723-9919

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

15th percentile

0.00x

Higher debt load relative to assets than 15% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

16th percentile

0.00x

Higher debt load relative to revenue than 16% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

3rd percentile

-105%

Higher net margin than 3% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

82nd percentile

$142,502

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 105.9% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

16th percentile

-6.5%

Faster asset growth than 16% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

3rd percentile

-66%

Faster revenue growth than 3% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets15th percentile

Assets

Down

$3,487,249

Down $241,133 (-6.5%) from 2018

Net Assets

Down

$3,487,210

Down $141,133 (-3.9%) from 2018

Liabilities

Down

$39

Down $100,000 (-100%) from 2018

Revenue And Expenses
Liabilities / Revenue16th percentileNet Margin3rd percentile

Revenue

Down

$134,505

Down $262,465 (-66%) from 2018

Expenses

Down

$275,638

Down $11,803 (-4.1%) from 2018

Net Income

Down

-$141,133

Down $250,662 (-229%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth16th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2019

Assets$3,487,249
Liabilities$39
Net Assets$3,487,210
Open 2019 Filing

Operations Trend

Revenue Growth3rd percentile

Revenue, expenses, and net income across loaded years, with this 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

2019

Revenue$134,505
Expenses$275,638
Net Income-$141,133
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Jul 15, 2020
Return Version
2019v5.0
Gross Receipts
$134,505
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
Investments Other Securities$2,430,529$2,568,029▲ $137,500
Savings and Temporary Cash Investments$955,569$805,347▼ $150,222
Investments Program Related$125,000$0▼ $125,000
Other Notes and Loans Receivable, Net$2,500$66,197▲ $63,697
Cash and Non-Interest-Bearing Accounts$204,355$37,658▼ $166,697
Land, Buildings, and Equipment, Net$411$0▼ $411
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$3,728,382$3,487,249▼ $241,133
Other Assets Total$10,018$10,018→ $0
Liabilities
Deferred Revenue$100,000--
Accounts Payable and Accrued Expenses$39$39→ $0
Total Liabilities$100,039$39▼ $100,000
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,628,343$3,487,210▼ $141,133
Total Net Assets Fund Balance$3,628,343$3,487,210▼ $141,133
Total Liabilities and Net Assets / Fund Balance$3,728,382$3,487,249▼ $241,133

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$2,987$2,987
Compensation and Service Providers
Top Officer Pay82nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
David BergePresident/SecPT$141,000$1,502$142,502

Board Members and Trustees

NameTitle
Alisa GravitzChairman
Drummond PikeDirector
Joel SolomonDirector
Jean PoggeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$112,500
Program Service Revenue
$0
Investment Income
$22,005
Other Revenue
$0
All Other Contributions
$112,500
Change in Net Assets
$-141,133
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$198,783
Other Expenses$76,855
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$121,127$21,375-$142,502
Travel$30,117$5,315-$35,432
Pension Plan Contributions$18,292$3,228-$21,520
Other Salaries and Wages$14,248$2,514-$16,762
Payroll Taxes$9,969$1,759-$11,728
Fees for Services Legal$7,838$1,383-$9,221
Other Employee Benefits$5,330$941-$6,271
Occupancy$5,274$931-$6,205
Fees for Services Accounting$3,528$622-$4,150
Information Technology$1,381$244-$1,625
Office Expenses$1,379$243-$1,622
Insurance$508$90-$598
Fees for Services Other$359$63-$422
Depreciation Depletion$349$62-$411
Other Expenses$234$41-$275
All Other Expenses$61$11-$72
Total Functional Expenses$234,293$41,345$0$275,638
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
No
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, Line 11B: Form 990 Review Process

“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, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

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

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

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

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“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 Underdog Ventures, LLC, RSF Social Investment Fund, Impact Makers, r. Cup, LLC, NESsT and Maestro Conference 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
2020-07-15
Discuss with paid preparer
No

Organization Details

Principal Officer
David Berge
Formed
2001
Legal Domicile
Vt
Voting Board Members
5
Independent Board Members
4
Employees
2
Volunteers
4

Preparer

Firm
Fontanello Duffield & Otake LLP
Address
44 Montgomery Street Suite 1305, San Francisco, CA 94104
Preparer
Carol Duffield
Phone
4159830200
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0On January 25, 2019, Underdog Foundation lent Nonprofit Enterprise and Self-Sustainability Team, Inc. ("NESsT"), a Maryland nonprofit corporation, $107,000 at 3% interest. The note matures on January 25, 2022. Since January, NESsT has paid $40,803 of principal, leaving a balance of $66,197 at December 31, 2019.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1David Berge, President, served as the managing member of Underdog Ventures LLC, and Underdog Foundation has an interest in Underdog Ventures LLC.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2David Berge, President, served as the managing member of Underdog Ventures LLC. Underdog Foundation has an ownership interest, through contributed securities, in Underdog Ventures LLC.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt3A Tides Foundation appointed member participated as an active Board member in discussing the financials and participating in financial and investment decisions. The CEO of the Underdog Foundation met to discuss strategy and collaboration with the Tides Foundation's Chief of Staff and CFO.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt4Substantially all the activities of the Underdog Foundation support the work of the Tides Foundation. In 2020, the primary program of the Underdog Foundation was the Underdog Foundation Impact Award Winners program. Through this program, we identify high-impact (social and environmental) high-integrity intermediaries, impact investors and social enterprises/social ventures. We look for those ready to evolve, capable of taking advice and capable of increasing impact, and provide them with deep advice on financial and capital structures, negotiations, strategy and operations. Each of the groups we have chosen as winners do work supported by the Tides Foundation.One winner (New Media Ventures) is a grantmaking partner of the Tides Foundation. Others include a community loan fund, a social enterprise fund and a sustainable agriculture organization focused on low-income women. The Underdog Foundation works relentlessly to build the infrastructure of intermediaries (community investment groups and CDFIs) who will push more lending and investment into under-served, diverse and low income communities. That work helps make those groups grant-ready and investible by the Tides Foundation and its DAF-holders. One example, NESsT, an Underdog Foundation Impact Award Winner and community loan fund supporting entrepreneurs in under-invested regions of Latin America, was later supported by a DAF holder at the Tides Foundation. Impact and Community Investment Investors: Both the Underdog Foundation and the Tides Foundation are committed to looking not just to the smaller philanthropic dollars of wealthy families and institution, but to put the most possible amount of assets to work to meet our charitable mission. To this design, Underdog Foundation has been an innovator and field-builder in constructing lending, venture investing and blended value models and encouraging wealthy families and foundations to maximize the assets they deploy consistent with their impact goals, and our charitable mission.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt5Substantially 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 social justice and community development intermediaries and social ventures, 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 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 socially responsible investing have really increased at the Tides Foundation. That work is increased by the support of the Underdog Foundation, as increasing effectiveness in those areas is a special expertise of our foundation.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Part IV, Section A, Line 6: Description Of Grants Or Provided Benefits To Others
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc5Part IV, Section E, Line 2b: Reasons For The Organization's Position
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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 Underdog Ventures, LLC, RSF Social Investment Fund, Impact Makers, r. Cup, LLC, NESsT and Maestro Conference are related to the charitable mission of Underdog Foundation and are not UBTI transactions.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Additional Information - Schedule D Part VII
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,487,249
Liabilities
$39
Net assets
$3,487,210
Revenue
$134,505
Expenses
$275,638
Net income
-$141,133
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