Civic Intelligence

Cape Eleuthera Foundation Inc.

990 • Fiscal year 2024 • EIN 31-1591503

Jul 01, 2023 to Jun 30, 2024 • Filed on May 05, 2025

1900 Market Street 8th FloorPhiladelphia, PA 19103

(866) 730-6624

Siviq Scores

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

Liabilities / Assets

38th percentile

0.09x

Higher debt load relative to assets than 38% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

65th percentile

0.42x

Higher debt load relative to revenue than 65% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

42nd percentile

1.5%

Higher net margin than 42% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

25th percentile

$115,000

Higher top officer pay than 25% of similar nonprofits.

Top officer pay equals 3.3% of source-year revenue.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

61st percentile

8.5%

Faster asset growth than 61% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

80th percentile

35%

Faster revenue growth than 80% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Assets

Up

$16,582,864

Up $1,303,944 (+8.5%) from 2023

Net Assets

Up

$15,132,268

Up $1,918,848 (+15%) from 2023

Liabilities

Down

$1,450,596

Down $614,904 (-30%) from 2023

Revenue

Up

$3,476,256

Up $903,030 (+35%) from 2023

Expenses

Up

$3,424,686

Up $47,399 (+1.4%) from 2023

Net Income

Up

$51,570

Up $855,631 (+106%) from 2023

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2013: $8,188,426Liabilities 2013: $28,335Net Assets 2013: $8,160,0912013Assets 2014: $9,928,083Liabilities 2014: $82,172Net Assets 2014: $9,845,9112014Assets 2015: $10,881,496Liabilities 2015: $465,704Net Assets 2015: $10,415,7922015Assets 2016: $11,823,620Liabilities 2016: $144,767Net Assets 2016: $11,678,8532016Assets 2017: $12,468,286Liabilities 2017: $136,315Net Assets 2017: $12,331,9712017Assets 2018: $14,467,728Liabilities 2018: $156,852Net Assets 2018: $14,310,8762018Assets 2019: $16,356,803Liabilities 2019: $2,968,618Net Assets 2019: $13,388,1852019Assets 2020: $15,054,386Liabilities 2020: $1,612,527Net Assets 2020: $13,441,8592020Assets 2021: $17,861,316Liabilities 2021: $2,465,567Net Assets 2021: $15,395,7492021Assets 2022: $15,376,546Liabilities 2022: $1,989,986Net Assets 2022: $13,386,5602022Assets 2023: $15,278,920Liabilities 2023: $2,065,500Net Assets 2023: $13,213,4202023Assets 2024: $16,582,864Liabilities 2024: $1,450,596Net Assets 2024: $15,132,2682024Assets 2025: $23,244,478Liabilities 2025: $1,058,338Net Assets 2025: $22,186,1402025

Highlighted filing

2024

Assets$16,582,864
Liabilities$1,450,596
Net Assets$15,132,268

Operations Trend

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

$10M$5.0M$0-$5.0MExpenses 2013: $3,045,1862013Revenue 2014: $4,124,171Expenses 2014: $2,526,532Net Income 2014: $1,597,6392014Revenue 2015: $3,764,644Expenses 2015: $2,694,552Net Income 2015: $1,070,0922015Revenue 2016: $3,220,985Expenses 2016: $1,505,813Net Income 2016: $1,715,1722016Revenue 2017: $2,795,594Expenses 2017: $2,795,055Net Income 2017: $5392017Revenue 2018: $5,698,184Expenses 2018: $3,222,950Net Income 2018: $2,475,2342018Revenue 2019: $3,373,932Expenses 2019: $2,240,142Net Income 2019: $1,133,7902019Revenue 2020: $2,787,200Expenses 2020: $2,935,020Net Income 2020: -$147,8202020Revenue 2021: $4,664,843Expenses 2021: $4,703,287Net Income 2021: -$38,4442021Revenue 2022: $2,718,445Expenses 2022: $3,104,276Net Income 2022: -$385,8312022Revenue 2023: $2,573,226Expenses 2023: $3,377,287Net Income 2023: -$804,0612023Revenue 2024: $3,476,256Expenses 2024: $3,424,686Net Income 2024: $51,5702024Revenue 2025: $8,828,582Expenses 2025: $3,419,357Net Income 2025: $5,409,2252025

Highlighted filing

2024

Revenue$3,476,256
Expenses$3,424,686
Net Income$51,570
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 5, 2025
Return Version
2023v6.0
Gross Receipts
$3,476,256
Mission and Program Overview

Mission

To provide charitable funding support for education, scientific research, community leadership, and sustainable technologies on the island of eleuthera and around the world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$12,755,305$13,784,220▲ $1,028,915
Cash and Non-Interest-Bearing Accounts$1,561,705$1,585,121▲ $23,416
Pledges and Grants Receivable$919,566$1,178,443▲ $258,877
Prepaid Expenses and Deferred Charges$33,999$26,735▼ $7,264
Total Assets$15,278,920$16,582,864▲ $1,303,944
Other Assets Total$8,345$8,345→ $0
Liabilities
Other Liabilities$1,930,975$1,232,056▼ $698,919
Accounts Payable and Accrued Expenses$134,525$218,540▲ $84,015
Total Liabilities$2,065,500$1,450,596▼ $614,904
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$12,218,379$13,827,663▲ $1,609,284
Net Assets With Donor Restrictions$995,041$1,304,605▲ $309,564
Total Net Assets Fund Balance$13,213,420$15,132,268▲ $1,918,848
Total Liabilities and Net Assets / Fund Balance$15,278,920$16,582,864▲ $1,303,944
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Taylor HoffmanExecutive DiFT$115,000$115,000

Board Members and Trustees

NameTitle
Will NystromChair
Dominique KeefeVice Chair
Amy RichardsonBoard Member
Ande FrostBoard Member
Andrew HarrisBoard Member
Benjamin HoneBoard Member
Brian S LeeBoard Member
Carter BrownBoard Member
David TaftBoard Member
Gigi AndersonBoard Member
Jessica BaylorBoard Member
Julie Vasquez UkpongBoard Member
Mary Kate BarnesBoard Member
William C CareyBoard Member
Bill BonsackSecretary
Kit NorrisTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,229,652
Program Service Revenue
$219,504
Investment Income
$27,100
Other Revenue
$0
All Other Contributions
$3,229,652
Change in Net Assets
$51,570

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,476,256
Revenue Not Reported on Form 990
$1,867,278
Total Revenue per Audited Statements
$5,343,534
Total Revenue per Form 990
$3,476,256
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,313,862
Salaries, Compensation, and Employee Benefits$714,548
Other Expenses$396,276
Total Fundraising Expense$324,458
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$2,313,862--$2,313,862
Other Salaries and Wages$162,373$133,886$178,387$474,646
Fees for Services Other-$158,612-$158,612
Current Officers, Directors, Trustees, and Key Employees$39,340$32,439$43,221$115,000
Other Employee Benefits$27,344$22,547$30,041$79,932
Fees for Services Accounting-$50,841$3,078$53,919
Payroll Taxes$15,384$12,685$16,901$44,970
Occupancy-$28,047-$28,047
Advertising-$16,203$5,160$21,363
Insurance-$17,143-$17,143
Conferences and Meetings$1,717$11,116$4,079$16,912
Travel-$5,429$9,199$14,628
Office Expenses-$2,280$105$2,385
Other Expenses-$1,100$7,237$1,100
Total Functional Expenses$2,560,020$540,208$324,458$3,424,686

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,424,686
Total Expenses per Audited Statements$3,424,686
Total Expenses per Form 990$3,424,686
International Activity

International Summary

Offices
1
Employees
100
Spending
$2,164,000

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central AmericaProgram ServicesEducational Support1100$2,164,000
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Grants Payable$787,981
Due To/from Island School$444,075
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Page 6, Part VI, Line 6

Cape eleuthera foundation has one class of members consisting of the board of directors.

Form 990, Page 6, Part VI, Line 7A

Board members are voted in by a majority vote from the existing board members. Each board member has one vote. The board shall have no less than three members and no more than twenty. Unless otherwise stated, terms for board members are for life.

Form 990, Page 6, Part VI, Line 7B

All governance decisions are made by the board of directors subject to any limitations set forth in the articles of incorporation.

Form 990, Page 6, Part VI, Line 11B

Copies of the form 990 are given to the board of directors to review before submission to the irs.

Form 990, Page 6, Part VI, Line 12C

The board has a conflict of interest policy that requires each board member to disclose a potential conflict at any time. The board member is to abstain from any such vote, and for the board minutes to reflect a record of the action.

Form 990, Page 6, Part VI, Line 19

Upon request, copies of the forms and policies are made available and forwarded in a reasonable amount of time.

Filing and Contact Details

Filer

Filer Name
Cape Eleuthera Foundation Inc
EIN
31-1591503
Phone
8667306624
Address
1900 MARKET STREET 8TH FLOOR, PHILADELPHIA, PA 19103

Signing Officer

Name
Taylor Hoffman
Title
Executive Director
Phone
8667306624
Signed
2025-05-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Taylor Hoffman
Formed
1998
Legal Domicile
Pa
Voting Board Members
17
Independent Board Members
16
Employees
8

Preparer

Firm
Baratz & Associates Pa
Address
4B EVES DR STE 100, MARLTON, NJ 08053
Preparer
Ryan Dowdell CPA
Phone
8569855688
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

Fasb requires financial statement recognition of the impact of a tax position if that position is more likely than not to be sustained on examination, based on the technical merits of the position. The benefit is calculated as the larger amount that is more than 50% likely to be realized upon resolution of the benefit. The foundation has evaluated its tax positions and believes that all could be sustained upon examination. With few exceptions, the foundation is no longer subject to income tax examinations by federal authorities before 2021. The foundation's policy is to record interest and penalties from tax examinations three years after they are filed.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FASB REQUIRES FINANCIAL STATEMENT RECOGNITION OF THE IMPACT OF A TAX POSITION IF THAT POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED ON EXAMINATION, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE BENEFIT IS CALCULATED AS THE LARGER AMOUNT THAT IS MORE THAN 50% LIKELY TO BE REALIZED UPON RESOLUTION OF THE BENEFIT. THE FOUNDATION HAS EVALUATED ITS TAX POSITIONS AND BELIEVES THAT ALL COULD BE SUSTAINED UPON EXAMINATION. WITH FEW EXCEPTIONS, THE FOUNDATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY FEDERAL AUTHORITIES BEFORE 2021. THE FOUNDATION'S POLICY IS TO RECORD INTEREST AND PENALTIES FROM TAX EXAMINATIONS THREE YEARS AFTER THEY ARE FILED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleF/AccountActivitiesOutsideUSGrp/SpecificServicesProvidedTxt0EDUCATIONAL SUPPORT
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IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt0CENTRAL AMERICA 2,164,000 0
IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt1A GRANT PROPOSAL FROM THE RECEIVING ENTITY OR PROGRAM IS REQUIRED IN WRITING. THE GRANT PROPOSAL OUTLINES THE ACTIVITIES PROPOSED, THE GOVERNANCE STRUCTIRE OF THE REQUESTING ORGANIZATION, A BUDGET FOR THE PROPOSED PROGRAM, AND ANY OTHER INFORMATION THAT MAY AID IN THE GRANT PROPOSAL DECISION. CAPE ELEUTHERA FOUNDATION'S BOARD MEETS TWO TIMES A YEAR IN PERSON, AND ONCE OVER THE PHONE, PER YEAR. THEY REVIEW AND AWARD GRANTS, REQUEST ADDITIONAL INFORMATION FROM GRANT PROPOSALS IF REQUIRED, APPROVE MODIFIED GRANT REQUESTS, OR DENY GRANT REQUESTS DEPENDING ON THE CURCUMSTANCES OF EACH GRANT PROPOSAL. UPON BOARD APPROVAL OF A GRANT REQUEST, A SIGNED GRANT ACCEPTANCE LETTER IS REQUIRED PRIOR TO THE DISBURSEMENT OF ANY GRANT FUNDS. THIS LETTER DETAILS THE REQUIREMENTS FOR USE OF THE GRANT AND THE GRANT RECIPIENT'S REPORTING REQUIREMENTS TO THE CAPE ELEUTHERA FOUNDATION. REPORTING ON THE USE OF THE GRANTS IS REQUIRED ANNUALLY TO VERIFY THAT THE FUNDS WERE USED WITHIN THE GRANT PERIOD AND FOR THE PURPOSE APPROVED. ALL GRANT ACTIVITIES OR PURPOSES MUST BE IN ACCORDANCE WITH INTERNAL REVENUE CODE SECTION 170(C)(2)(B). QUARTERLY REPORTING IS REQUIRED DEPENDING ON THE SIZE OF THE GRANT. AN INDEPENDENT FINANCIAL AUDIT FOR MAJOR RECIPIENTS IS ALSO REQUIRED. OFFICERS OR DIRECTORS OF CAPE ELEUTHERA FOUNDATION VISIT PROGRAM SITES OF THE GRANT RECIPIENTS AT LEAST ANNUALLY, BUT OFTEN SEVERAL TIMES PER YEAR. THESE VISITS ARE INTENDED TO CAPTURE THE NATURE AND SCOPE OF ACTIVITIES UNDERWAY TO ENSURE THAT PROGRAMS ARE CONFORMING TO THE MISSION AND REGULARITY REQUIREMENTS RELATED TO THE GRANTS RECEIVED FROM THE FOUNDATION.
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE F, PAGE 1, PART I, LINE 3
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE F, PAGE 5, PART V
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CAPE ELEUTHERA FOUNDATION HAS ONE CLASS OF MEMBERS CONSISTING OF THE BOARD OF DIRECTORS.

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