Civic Intelligence

Rare Inc.

990 • Fiscal year 2023 • EIN 23-7380563

Oct 01, 2022 to Sep 30, 2023 • Filed on Aug 13, 2024

1310 North Courthouse Rd 110Arlington, VA 22201

(703) 522-5070

Siviq Scores

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

Liabilities / Assets

61st percentile

0.33x

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

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

59th percentile

0.44x

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

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

27th percentile

-3.9%

Higher net margin than 27% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

89th percentile

$661,628

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

48th percentile

5.8%

Faster asset growth than 48% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

76th percentile

22%

Faster revenue growth than 76% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Assets

Down

$40,527,597

Down $6,645,114 (-14%) from 2021

Net Assets

Down

$27,026,562

Down $8,568,205 (-24%) from 2021

Liabilities

Up

$13,501,035

Up $1,923,091 (+17%) from 2021

Revenue

Down

$30,861,609

Down $6,763,804 (-18%) from 2021

Expenses

Up

$32,077,336

Up $3,796,450 (+13%) from 2021

Net Income

Down

-$1,215,727

Down $10,560,254 (-113%) from 2021

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2013: $33,118,216Liabilities 2013: $7,631,481Net Assets 2013: $25,486,7352013Assets 2014: $27,484,294Liabilities 2014: $6,586,904Net Assets 2014: $20,897,3902014Assets 2015: $22,792,209Liabilities 2015: $5,378,713Net Assets 2015: $17,413,4962015Assets 2016: $18,750,993Liabilities 2016: $6,006,163Net Assets 2016: $12,744,8302016Assets 2017: $28,404,430Liabilities 2017: $7,913,886Net Assets 2017: $20,490,5442017Assets 2018: $36,181,516Liabilities 2018: $18,440,811Net Assets 2018: $17,740,7052018Assets 2019: $41,397,121Liabilities 2019: $12,842,431Net Assets 2019: $28,554,6902019Assets 2020: $36,999,177Liabilities 2020: $10,627,762Net Assets 2020: $26,371,4152020Assets 2021: $47,172,711Liabilities 2021: $11,577,944Net Assets 2021: $35,594,7672021Assets 2023: $40,527,597Liabilities 2023: $13,501,035Net Assets 2023: $27,026,5622023Assets 2024: $35,089,126Liabilities 2024: $11,059,152Net Assets 2024: $24,029,9742024

Highlighted filing

2023

Assets$40,527,597
Liabilities$13,501,035
Net Assets$27,026,562

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$20M$0-$20MExpenses 2013: $18,130,0462013Revenue 2014: $16,832,932Expenses 2014: $21,373,417Net Income 2014: -$4,540,4852014Revenue 2015: $20,454,663Expenses 2015: $23,896,492Net Income 2015: -$3,441,8292015Revenue 2016: $18,858,126Expenses 2016: $23,612,882Net Income 2016: -$4,754,7562016Revenue 2017: $32,924,847Expenses 2017: $25,106,435Net Income 2017: $7,818,4122017Revenue 2018: $21,947,507Expenses 2018: $24,516,728Net Income 2018: -$2,569,2212018Revenue 2019: $37,606,393Expenses 2019: $26,926,873Net Income 2019: $10,679,5202019Revenue 2020: $22,917,080Expenses 2020: $25,180,754Net Income 2020: -$2,263,6742020Revenue 2021: $37,625,413Expenses 2021: $28,280,886Net Income 2021: $9,344,5272021Revenue 2023: $30,861,609Expenses 2023: $32,077,336Net Income 2023: -$1,215,7272023Revenue 2024: $33,556,901Expenses 2024: $37,155,372Net Income 2024: -$3,598,4712024

Highlighted filing

2023

Revenue$30,861,609
Expenses$32,077,336
Net Income-$1,215,727
Jump To
Filing Snapshot
Filing Period
Oct 1, 2022 to Sep 30, 2023
Signed
Aug 13, 2024
Return Version
2022v5.0
Gross Receipts
$32,268,922
Mission and Program Overview

Mission

Rare inspires change so that both people and nature thrive. In the face of a global extinction crisis, climate change, dwindling fish stocks, and disappearing forests, rare is changing behaviors at the local level by teaching community leaders how to relate to nature in a non-destructive manner and providing alternatives to current practices.

Rare inspires change so people and nature thrive.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$15,693,306$17,066,744▲ $1,373,438
Investments in Publicly Traded Securities$8,782,745$9,023,202▲ $240,457
Cash and Non-Interest-Bearing Accounts$3,032,556$6,195,190▲ $3,162,634
Savings and Temporary Cash Investments$8,211,000$3,601,555▼ $4,609,445
Prepaid Expenses and Deferred Charges$1,001,804$641,524▼ $360,280
Other Notes and Loans Receivable, Net$228,619$0▼ $228,619
Land, Buildings, and Equipment, Net$39,938$13,114▼ $26,824
Total Assets$38,323,972$40,527,597▲ $2,203,625
Other Assets Total$1,334,004$3,986,268▲ $2,652,264
Liabilities
Deferred Revenue$4,433,527$5,027,335▲ $593,808
Other Liabilities$2,111,111$4,407,165▲ $2,296,054
Accounts Payable and Accrued Expenses$3,530,005$4,066,535▲ $536,530
Total Liabilities$10,074,643$13,501,035▲ $3,426,392
Net Assets / Fund Balance
Net Assets With Donor Restrictions$16,311,071$16,725,968▲ $414,897
Net Assets Without Donor Restrictions$11,938,258$10,300,594▼ $1,637,664
Total Net Assets Fund Balance$28,249,329$27,026,562▼ $1,222,767
Total Liabilities and Net Assets / Fund Balance$38,323,972$40,527,597▲ $2,203,625

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$894$445,095$445,989
Other Land Buildings$11,542$401,798$413,340
Leasehold Improvements$678$257,837$258,515
Other Assets Org$2,616,311--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brett JenksCEOFT$412,786$248,842$661,628
Karen ZifferChief Dev. Officer (thru 7/7/23)FT$207,162$232,710$439,872
Niels CroneChief Operating OfficerFT$272,706$113,442$386,148
Brandon SchauerSr. Vice PresidentFT$227,524$80,526$308,050
Caryn PerrelliSr. Vice PresidentFT$222,786$78,245$301,031
Andrew SimpsonVice PresidentFT$197,940$66,067$264,007
Barbara BettsVice PresidentFT$204,720$53,412$258,132
Anna T BartlettVice PresidentFT$176,085$74,057$250,142
Esteban ChavarriaVice PresidentFT$182,829$64,895$247,724
Renee CarstensenVice PresidentFT$182,530$61,045$243,575
Kevin GreenVice PresidentFT$168,842$69,123$237,965
Tracy NugentVice PresidentFT$171,997$52,828$224,825
Raquel TironaManaging DirectorFT$157,715$28,733$186,448
Caleb McclennenPresident (beg 10/22)FT$95,527$4,902$100,429

Highest Paid Contractors

ContractorServicesLocationCompensation
Deliberate Capital LLCManagement Services For Meloy Fund LP819 QUINCY ST, Arlington, VA 22204$1,110,414
Main Street One INCAd Placement Services85 BEDFORD ST, New York, NY 10014$548,814
Dalberg Consulting US LLCFisheries Consulting155 WEST 23RD STREET, New York, NY 10011$453,000
Kito GlobalManaging Carbon Catch & Climate Projects32 MADISON ST, Newbury, MA 01950-3138$365,856
Lathrop GpmLegal ConsultantPO BOX 7410148, Chicago, IL 60674-0148$198,562
Revenue and Support

Revenue Composition

Contributions and Grants
$28,724,191
Program Service Revenue
$399,699
Investment Income
$418,903
Other Revenue
$1,318,816
All Other Contributions
$28,724,191
Change in Net Assets
$-1,215,727

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded5$125,296Fair Market Value (FMV)
Total Noncash Contributions5$125,296-

Audited Revenue Reconciliation

Revenue per Audited Statements
$31,481,674
Revenue Not Reported on Financial Statements
$-620,065
Revenue Not Reported on Form 990
$11,391,437
Other Revenue Adjustments
$-630,060
Total Revenue per Audited Statements
$42,873,111
Total Revenue per Form 990
$30,861,609
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$20,937,797
Other Expenses$10,817,970
Total Fundraising Expense$2,884,351
Grants and Similar Amounts Paid$321,569
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$9,258,513$1,229,875$1,078,482$11,566,870
Fees for Services Other$4,762,164$340,227$252,564$5,354,955
Current Officers, Directors, Trustees, and Key Employees$2,966,585$367,986$674,977$4,009,548
Other Employee Benefits$2,364,263$308,387$336,837$3,009,487
Payroll Taxes$992,307$128,500$131,622$1,252,429
Travel$1,037,759$30,913$74,573$1,143,245
Pension Plan Contributions$859,209$120,690$119,564$1,099,463
Advertising$1,045,289--$1,045,289
Occupancy$375,728$218,151$179,394$773,273
Information Technology$472,330$140,733$11,101$624,164
Conferences and Meetings$555,742--$555,742
Fees for Services Legal$219,426$177,260-$396,686
Fees for Services Accounting-$299,383-$299,383
Office Expenses$184,698$58,265$9,484$252,447
Grants to Domestic Orgs$166,169--$166,169
Foreign Grants$155,400--$155,400
Insurance$75,287$63,933-$139,220
Fees for Services Lobbying$44,550--$44,550
Depreciation Depletion-$26,824-$26,824
Other Expenses$41,508$11,062$13,741$11,062
Fees for Service Investment Mgmnt Fees-$9,995-$9,995
Interest$5,573--$5,573
Total Functional Expenses$25,637,316$3,555,669$2,884,351$32,077,336

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$34,021,817
Expenses per Audited Statements$32,697,401
Total Expenses per Form 990$32,077,336
Expenses Not Reported on Form 990$1,324,416
Expenses Not Reported on Financial Statements$-620,065
Other Expense Adjustments$-630,060
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
The Nature ConservancyArlington, VA501(c)(3)COOPERATIVE AGREEMENT FROM SECRETARY OF STATE FOR FOREING COMMONWEALTH AND DEVELOPMENT AFFAIRS, FCDO UK PACT FUNDING FOR THE PROJECT "CO2000917 ADOPTING NEW TECHNOLOGY, MINDSETS, AND PRACTICES TO TRANSFORM COLOMBIA'S AGRICULTURAL SECTOR"$85,639
Wildaid IncSan Francisco, CA-Advancing Rights Based Co-management of Coastal Fisheries in Fma Philippines$37,500
Blue Source LLCSalt Lake City, CT501(c)(3)Carbon Offsets$21,750
Everland LLCNew York, NY-Carbon Offsets$9,600

International Summary

Offices
15
Employees
256
Spending
$13,036,438

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia and the PacificProgram Services-265$4,381,000
South AmericaProgram Services-230$2,003,900
Sub-saharan AfricaProgram Services-111$1,976,138
South AmericaProgram Services-230$1,800,000
Central America and the CaribbeanProgram Services-14$1,695,000
Europe (including Iceland & Greenland)FundraisingCoastal Fisheries Management in Brazil15$1,025,000
East Asia and the PacificGrant to Recipients Located in RegionTraining and Community Organizing for Conservation of Coastal Fisheries in Mozambique265$67,389
Central America and the CaribbeanGrant to Recipients Located in RegionCoastal Fisheries Management in Philippines and Indonesia00$47,500
South AmericaGrant to Recipients Located in Region-230$13,761
Sub-saharan AfricaGrant to Recipients Located in RegionCoastal Fisheries Management in Honduras111$13,099
Europe (including Iceland & Greenland)Grant to Recipients Located in RegionLands for Life15$8,651
Middle East and North AfricaGrant to Recipients Located in Region-00$5,000
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liabilities$3,062,972
Deferred Compensation Liability$1,344,193
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The audit committee reviews and approves the form 990. All board members are given a copy of the form 990 before filing with the irs.

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

Upon joining, staff and board members are required to sign a conflict of interest disclosure statement indicating the capacity in which you are serving the organization, any affiliations with rare's business partners, or any benefit gained through a rare business transaction. Detailed information on any such potential conflict must be fully disclosed on the form. Annually, staff and board members are required to provide any updates.

Form 990, Part VI, Section B, Line 15

Annually, rare staff compiles market compensation data from compensation surveys. Rare hires an external compensation firm to review the compensation of those in a position to exercise substantial influence with respect to rare's business affairs. The external compensation firm provides the ceo, the chairperson of the board and the finance and hr board committee with a report that provides market information for each role. The firm also provides an opinion on the reasonableness of the ceo's compensation. The board chairperson and the finance and hr board committee meets with the external compensation firm and reviews the report, information, and analysis. The ceo reviews the compensation adjustments recommended with the finance and hr committee. The board chairperson and the finance and hr committee determines a compensation adjustment for the ceo, based on the information provided by the outside firm, as well as the ceo and rare's business performance for the year.

Form 990, Part VI, Section C, Line 19

Rare makes its governing documents, conflict of interest policy, and financial statements available upon request for the same period of disclosure as set forth in section 6104(d).

Filing and Contact Details

Filer

Filer Name
Rare
EIN
23-7380563
Phone
7035225070
Address
1310 NORTH COURTHOUSE RD 110, ARLINGTON, VA 22201

Signing Officer

Name
Niels Crone
Title
COO
Phone
7035225070
Signed
2024-08-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brett Jenks
Formed
1974
Legal Domicile
Va
Voting Board Members
23
Independent Board Members
22
Employees
102
Volunteers
2,000

Preparer

Firm
Rsm US Llp
Address
1001 WATER ST STE 500, TAMPA, FL 33602
Preparer
Kristen Barnett
Phone
8133162300
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1

Rare is the leading behavior change organization in conservation and sustainable development. In our more than four decades of work, rare has launched over 450 behavior change campaigns (known as "pride") in more than 60 countries, inspiring local communities to adopt more sustainable fishing habits, end deforestation, preserve habitat, and save species. Pride increases and accelerates the adoption of conservation solutions - and the change lasts. Rare's people-centered, participatory approach to conservation empowers local leaders and elevates the role of fishers, farmers, and other people who depend on nature in local decision-making and governance. This community-led approach is buoyed by partnerships with officials at all levels of government from mayors to ministers and with public and private institutions, universities and other organizations capable of removing barriers and paving the way for enduring solutions.

FORM 990, PART I, LINE 5:

Part i, line 5 only reflects the number of employees receiving form w-2 (102). The total number of worldwide employees is 211.

Form 990, Part IX, Line 11G

Other professional fees: program service expenses 4,762,164. Management and general expenses 340,227. Fundraising expenses 252,564. Total expenses 5,354,955.

FORM 990, PART XI, LINE 9:

Contingent loss -235,716.

FORM 990, PART XII, LINE 2C:

The process for overseeing the audit of the financial statements and selection of an independent accountant that audited the financial statements has been consistent with prior years.

Financial Statement Notes

PART X, LINE 2:

Rare is exempt from income taxes under section 501(c)(3) of the internal revenue code (irc). Rare is subject to unrelated business income taxes under section 511 of the irc; however, in the opinion of management, no provision for income taxes is required to be made. Rare follows the accounting standard on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under this guidance, rare may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes and accounting in interim periods. As of september 30, 2023, rare had no cumulative unrelated business taxable loss. Management evaluated rare's tax positions and concluded that rare had taken no uncertain tax positions that require adjustment to the consolidated financial statements to comply with the provisions of this guidance. Generally, rare is no longer subject to income tax examinations by the u.s. Federal, state or local tax authorities for years before 2019.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Portfolio interest meloy fund i lp included in consol. Financial statement 415,619. Change in unrealized loss on privately held securities 3,767,684. Realized loss on privately held securities -13,157. Contributions by limited partners 6,687,572. Elimination entry included in consolidated financial statements -822,304.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Rental expenses included in part viii -630,060.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Expenses of meloy fund i lp included in consolidated financial statements 1,255,089. Elimination entry included in consolidated financial statements -822,304. Contingent loss -235,716.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Rental expenses included in part viii -630,060.

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IRS990/Desc0COASTAL FISHERIES MANAGEMENT - RARE'S FISH FOREVER PROGRAM IS A GLOBAL LEADER IN REDUCING COASTAL OVERFISHING AND REVITALIZING COASTAL FISHERIES. THROUGH A GLOBAL NETWORK OF 100 STAFF AND OVER 150 LOCAL PARTNERS, FISH FOREVER MOBILIZES AND STRENGTHENS COMMUNITY-LED MANAGEMENT OF COASTAL FISHERIES. FISH FOREVER'S REPLICABLE MODEL IS ROOTED IN BEHAVIORAL SCIENCE TO ENSURE PEOPLE-CENTERED STRATEGIES FOR PROMOTING RESPONSIBLE FISHING BEHAVIOR AMONG LOCAL FISHERS ENDURE.
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