Civic Intelligence

Underdog Foundation

990 • Fiscal year 2022 • EIN 03-0368814

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

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

59th percentile

0.00x

Higher debt load relative to assets than 59% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

76th percentile

0.04x

Higher debt load relative to revenue than 76% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Net Margin

1st percentile

-3445%

Higher net margin than 1% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Top Officer Pay

99th percentile

$135,000

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 1964.2% of source-year revenue.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Asset Growth

4th percentile

-84%

Faster asset growth than 4% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

77th percentile

65%

Faster revenue growth than 77% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets59th percentile

Assets

Down

$459,402

Down $2,490,469 (-84%) from 2021

Net Assets

Down

$459,107

Down $2,490,364 (-84%) from 2021

Liabilities

Down

$295

Down $105 (-26%) from 2021

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin1st percentile

Revenue

Up

$6,873

Up $2,708 (+65%) from 2021

Expenses

Down

$243,681

Down $18,428 (-7.0%) from 2021

Net Income

Up

-$236,808

Up $21,136 (+8.2%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth4th 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

2022

Assets$459,402
Liabilities$295
Net Assets$459,107
Open 2022 Filing

Operations Trend

Revenue Growth77th 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

2022

Revenue$6,873
Expenses$243,681
Net Income-$236,808
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$6,873
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$2,568,029$314,473▼ $2,253,556
Savings and Temporary Cash Investments$321,527$112,191▼ $209,336
Cash and Non-Interest-Bearing Accounts$50,297$22,720▼ $27,577
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$2,949,871$459,402▼ $2,490,469
Other Assets Total$10,018$10,018→ $0
Liabilities
Accounts Payable and Accrued Expenses$400$295▼ $105
Total Liabilities$400$295▼ $105
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,949,471$459,107▼ $2,490,364
Total Net Assets Fund Balance$2,949,471$459,107▼ $2,490,364
Total Liabilities and Net Assets / Fund Balance$2,949,871$459,402▼ $2,490,469

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$2,987$2,987
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleFull / Part TimeBaseTotal
David BergePresident/SecPT$135,000$135,000

Board Members and Trustees

NameTitle
Alisa GravitzChairman
Drummond PikeDirector
Joel SolomonDirector
Lauri ThompsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$3,416
Other Revenue
$3,457
Change in Net Assets
$-236,808
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$166,857
Other Expenses$69,324
Grants and Similar Amounts Paid$7,500
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$114,750$20,250-$135,000
Travel$17,405$3,071-$20,476
Other Employee Benefits$14,102$2,488-$16,590
Payroll Taxes$9,077$1,602-$10,679
Occupancy$6,928$1,222-$8,150
Information Technology$6,527$1,152-$7,679
Grants to Domestic Orgs$7,500--$7,500
Fees for Services Accounting$6,170$1,089-$7,259
Other Salaries and Wages$3,900$688-$4,588
Office Expenses$2,574$454-$3,028
Fees for Services Legal$2,224$392-$2,616
All Other Expenses$571$101-$672
Other Expenses$396$70-$466
Insurance$386$68-$454
Fees for Services Other$276$49-$325
Total Functional Expenses$208,255$35,426$0$243,681
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Fractured AtlasHartsdale, NY501(c)(3)Program Support$7,000
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, 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 Underdog Ventures, LLC, RSF Social Investment Fund, Impact Makers, and 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
2023-11-15
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
Antonio Tellez Jr
Phone
4159830200
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0David Berge, President, served as the managing member of Underdog Ventures LLC, and Underdog Foundation has an interest in Underdog Ventures LLC.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1David 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/ExplanationTxt2A 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 Peter Martin, the Executive Director of the Tides Foundation. We discussed the strategy and priorities of both organizations, along with thoughts about how the Underdog Foundation could be most helpful to the Tides Foundation.That meeting included conversation and feedback about the focus and priorities of the Underdog Foundation, along with thoughts by the Tides Foundation about where there are opportunities for support. Peter noted their focus on marginalized and under-served communities, and on how they are developing deeper landscape assessments and investment recommendations. Tides wants to help people think about the impact they want to achieve and then what is needed. We noted the work of a group we are in conversation with, working with small farmholders and creating social impact carbon protection. The CEO of the Underdog Foundation highlighted some ways in which the Tides Foundation and Underdog Foundation have worked together historically and got feedback from Tides about the Underdog Foundations current work (impact investing and advice and community investing and in helping increase the charitable impact of wealthy families). We talked about upcoming projects including a group we have been helping which is targeting placing 100 Women of Color into C-suites and boards over a three year period.Peter noted the challenges of the supporting org structure and we committed to a follow-up meeting on that topic for 2023.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt3As 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 provided by the Underdog Foundation builds the infrastructure, increases the social, environmental and financial impact, and readies these non-profits for grants and investments.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt4But 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, 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 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. 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. Our Underdog Foundation Impact Award Program provides free advice to asset owners, intermediaries and entrepreneurs. Through this program, 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 chosen as winners do work supported by the Tides Foundation. One winner (New Media Ventures) is 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. For example, AltruShare Securities, a brokerage firm founded to support community investing, with our assistance, donated 1/3 of their equity to the Tides Foundation to support diverse entrepreneurship and 1/3 to the Underdog Foundation to support community investing. This resulted in distributions to Tides and the Underdog Foundation of $970,000 of cash 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. 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 their charitable mission.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Part IV, Section A, Line 9b: Disqualified Persons Holding Controlling Interest In Same Entity As Sup
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1Part IV, Section A, Line 9c: Disqualified Persons Ownership Interest In Assets Of Same Entity As Sup
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc2Part IV, Section D, Line 3: Role The Organization's Supported Orgs. Played
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc3Part IV, Section E, Line 2a: Identify Supported Orgs. and Explain How Activities Furthered Exempt Pu
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc4Part IV, Section E, Line 2b: Reasons For The Organization's Position
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Program Support
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Fractured Atlas
IRS990ScheduleI/RecipientTable/RecipientEIN0113451703
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0PO Box 55
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Hartsdale
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0NY
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd010530
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0The Foundation monitors whether grant funds are spent according to the intended purpose by requiring and reviewing the respective grantee's financial and outcome reports.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Additional Supplemental Information
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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, and 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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Additional Information - Schedule D Part VII
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Philanthropy and Social Change
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt01014 Torney Avenue
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$459,402
Liabilities
$295
Net assets
$459,107
Revenue
$6,873
Expenses
$243,681
Net income
-$236,808
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