Civic Intelligence

Renaissance Charitable Foundation Inc.

990 • Fiscal year 2022 • EIN 35-2129262

Jan 01, 2022 to Dec 31, 2022 • Filed on Sep 30, 2023

8910 Purdue Road Suite 555Indianapolis, IN 46268

(866) 803-0389

Siviq Scores

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

Liabilities / Assets

5th percentile

0.00x

Higher debt load relative to assets than 5% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Liabilities / Revenue

4th percentile

0.01x

Higher debt load relative to revenue than 4% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Net Margin

92nd percentile

52%

Higher net margin than 92% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Top Officer Pay

2nd percentile

$0

Higher top officer pay than 2% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Asset Growth

63rd percentile

0.3%

Faster asset growth than 63% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2021 to 2022

Revenue Growth

7th percentile

-40%

Faster revenue growth than 7% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2021 to 2022

Assets

Up

$3,082,518,975

Up $9,462,797 (+0.3%) from 2021

Net Assets

Up

$3,069,392,580

Up $8,191,153 (+0.3%) from 2021

Liabilities

Up

$13,126,395

Up $1,271,644 (+11%) from 2021

Revenue

Down

$986,967,944

Down $656,177,813 (-40%) from 2021

Expenses

Up

$470,774,649

Up $35,806,697 (+8.2%) from 2021

Net Income

Down

$516,193,295

Down $691,984,510 (-57%) from 2021

Historical Trend

Balance Sheet Trend

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

$6.0B$4.0B$2.0B$0Assets 2017: $1,455,988,647Liabilities 2017: $5,345,887Net Assets 2017: $1,450,642,7602017Assets 2018: $1,494,572,247Liabilities 2018: $24,730,925Net Assets 2018: $1,469,841,3222018Assets 2019: $1,623,200,404Liabilities 2019: $15,623,737Net Assets 2019: $1,607,576,6672019Assets 2020: $1,807,537,083Liabilities 2020: $10,470,252Net Assets 2020: $1,797,066,8312020Assets 2021: $3,073,056,178Liabilities 2021: $11,854,751Net Assets 2021: $3,061,201,4272021Assets 2022: $3,082,518,975Liabilities 2022: $13,126,395Net Assets 2022: $3,069,392,5802022Assets 2023: $4,181,391,517Liabilities 2023: $35,722,351Net Assets 2023: $4,145,669,1662023Assets 2024: $5,913,566,776Liabilities 2024: $16,914,399Net Assets 2024: $5,896,652,3772024

Highlighted filing

2022

Assets$3,082,518,975
Liabilities$13,126,395
Net Assets$3,069,392,580

Operations Trend

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

$3.0B$2.0B$1.0B$0-$1.0BRevenue 2017: $489,266,633Expenses 2017: $215,745,873Net Income 2017: $273,520,7602017Revenue 2018: $474,554,621Expenses 2018: $336,577,330Net Income 2018: $137,977,2912018Revenue 2019: $456,469,570Expenses 2019: $490,357,189Net Income 2019: -$33,887,6192019Revenue 2020: $542,838,666Expenses 2020: $404,582,618Net Income 2020: $138,256,0482020Revenue 2021: $1,643,145,757Expenses 2021: $434,967,952Net Income 2021: $1,208,177,8052021Revenue 2022: $986,967,944Expenses 2022: $470,774,649Net Income 2022: $516,193,2952022Revenue 2023: $1,459,759,410Expenses 2023: $592,804,586Net Income 2023: $866,954,8242023Revenue 2024: $2,436,033,430Expenses 2024: $801,921,038Net Income 2024: $1,634,112,3922024

Highlighted filing

2022

Revenue$986,967,944
Expenses$470,774,649
Net Income$516,193,295
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Sep 30, 2023
Return Version
2022v5.0
Gross Receipts
$2,020,044,677
Mission and Program Overview

Mission

Renaissance Charitable Foundation Inc. is a public benefit corporation that operates exclusively to conduct, support, encourage and assist religious, charitable, educational and other programs.

RCF is a public benefit corporation that operates exclusively to conduct, support, encourage, and assist religious, charitable, educational, and other programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$2,313,770,686$2,460,287,960▲ $146,517,274
Savings and Temporary Cash Investments$407,843,324$388,520,909▼ $19,322,415
Investments Other Securities$318,138,334$205,999,029▼ $112,139,305
Cash and Non-Interest-Bearing Accounts$28,762,045$23,400,062▼ $5,361,983
Pledges and Grants Receivable$2,837,638$2,884,749▲ $47,111
Loans From Officers Directors$184,683$0▼ $184,683
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$3,073,056,178$3,082,518,975▲ $9,462,797
Other Assets Total$1,704,151$1,426,266▼ $277,885
Liabilities
Grants Payable$8,865,574$10,395,884▲ $1,530,310
Accounts Payable and Accrued Expenses$1,999,494$1,980,511▼ $18,983
Other Liabilities$805,000$750,000▼ $55,000
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$11,854,751$13,126,395▲ $1,271,644
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,059,497,276$3,067,966,314▲ $8,469,038
Net Assets With Donor Restrictions$1,704,151$1,426,266▼ $277,885
Total Net Assets Fund Balance$3,061,201,427$3,069,392,580▲ $8,191,153
Total Liabilities and Net Assets / Fund Balance$3,073,056,178$3,082,518,975▲ $9,462,797

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$205,999,029--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Gregory W BakerPresident & Chairman
Douglas W CoxSecretary & Vice-President
Daniel H O'ConnellDirector
Jill H RobischDirector
Steven R KoDirector
Andy BartonTreasurer & Director

Highest Paid Contractors

ContractorServicesLocationCompensation
Renaissance Administration LLCAdministration8910 Purdue Road Suite 500, Indianapolis, IN 46268$13,490,137
Revenue and Support

Revenue Composition

Contributions and Grants
$914,558,809
Program Service Revenue
$0
Investment Income
$58,401,521
Other Revenue
$14,007,614
All Other Contributions
$912,941,204
Change in Net Assets
$516,193,295

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded12,459$336,889,380High-Low
Securities Closely Held Stock16$55,605,753Appraisal
Secur Prtnrshp Trust Intrsts31$52,817,348Appraisal
Securities Miscellaneous13$1,470,692High-Low
Historical Artifacts1$947,780Appraisal
Other Non Cash Contri Table1$58,144High-Low
Other Non Cash Contri Table1$24,443Cash surrender
Total Noncash Contributions12,522$447,813,540-

Audited Revenue Reconciliation

Revenue per Audited Statements
$978,984,666
Revenue Not Reported on Financial Statements
$7,983,278
Revenue Not Reported on Form 990
$-508,002,142
Total Revenue per Audited Statements
$470,982,524
Total Revenue per Form 990
$986,967,944
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$449,056,203
Other Expenses$21,718,446
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$449,028,203--$449,028,203
Fees for Services Other-$13,567,651-$13,567,651
Fees for Service Investment Mgmnt Fees-$7,983,278-$7,983,278
Insurance-$144,848-$144,848
Foreign Grants$28,000--$28,000
Other Expenses-$20,494-$20,494
Interest-$2,175-$2,175
Total Functional Expenses$449,056,203$21,718,446$0$470,774,649

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$470,774,649
Expenses per Audited Statements$462,791,371
Total Expenses per Audited Statements$462,791,371
Expenses Not Reported on Financial Statements$7,983,278
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
See Attached Grant ReportSee Attached Grant Rpt, IN-Charitable$403,320,373

International Summary

Offices
0
Employees
0
Spending
$28,000

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
North AmericaGrantmaking-00$28,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Renaissance Administration LLCAn officer of RCF is also an officer of Renaissance Administration LLCAdministration servicesNo$13,490,137
National Bank of IndianapolisA board member of RCF is also an officer of National Bank of IndianapolisInterest expenseNo$2,175

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$184,683$0▼ $184,683
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Commercial Annuities Payable$750,000
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
Yes
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
Yes

Governance Explanations

Part VI

Line 2: One current officer of the Foundation is also an officer of Renaissance Administration LLC (Ren). All business transactions between the Foundation and Ren are subject to the Foundation's governing documents, including the conflict of interest policy. Line 3: The organization outsources management and administrative services to Renaissance Administration LLC (Ren). Ren maintains the books and records, prepares tax returns and other required regulatory filings, and provides staff, resources, and professional expertise to carry out its administrative responsibilities for the organization. Line 11b: The Form 990 is reviewed by the President and the Treasurer of the Foundation before it is filed. The President is an attorney with extensive knowledge of the rules and regulations governing charitable organizations. The Treasurer is a CPA with extensive knowledge of financial statements and tax returns. The Form 990 is presented to the Foundation's full Board of Directors after it has been filed. Line 12c: The Foundation's written conflicts of interest policy has been part of the Foundation's bylaws since inception. The Foundation's Board monitors and enforces the Foundation's conflicts of interest policy. A Foundation director; any entity in which a director has a material interest; or an entity of which a Foundation director is a director, officer or trustee is subject to the Foundation's conflicts of interest policy. Conflicts are identified, reported, and described at the transaction level in the Board's written minutes for any meeting in which they are discussed. For each conflict transaction, the material facts of the transaction and the director's interest must be disclosed to the Board. A conflicted director may not vote to authorize, approve or ratify a conflict transaction. The Board must determine that the conflict transaction is fair and reasonable to the Foundation. Once this determination is made, a majority of the non-conflicted directors must vote to authorize, approve or ratify the conflict transaction. Line 15a: The Chairman of the Board and the President of the Foundation approve any compensation for officers based on the officer's experience and comparable compensation for similar positions at similar institutions. During the Year ended December 31, 2022 the Foundation neither paid compensation to any officer nor reviewed any officer compensation agreements. Line 19: The Foundation's governing documents, tax returns, conflicts of interest policy and audited financial statements are available at the Foundation's headquarters, on the Foundation's website, and to the general public upon request.

Filing and Contact Details

Filer

Filer Name
Renaissance Charitable Foundation Inc
EIN
35-2129262
In Care Of
% DOUGLAS W COX
Phone
8668030389
Address
8910 Purdue Road Suite 555, Indianapolis, IN 46268

Signing Officer

Name
Gregory W Baker
Title
President
Phone
8668030389
Signed
2023-09-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gregory W Baker
Formed
2000
Legal Domicile
In
Voting Board Members
5
Independent Board Members
3
Employees
0

Preparer

Firm
Renaissance Administration LLC
Address
8910 Purdue Road Suite 500, INDIANAPOLIS, IN 46268
Preparer
Joseph R Gianforte CPA
Phone
8008430050
Supplemental Narrative

Financial Statement Notes

Schedule D Part X Line 2

The Foundation is organized as a not-for-profit corporation under Section 501(c)(3) of the IRC. Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by the Foundation and recognize a tax liability if the Foundation has taken an uncertain position that more likely than not would not be sustained upon examination by various federal and state taxing authorities. Management has analyzed the tax positions taken by the Foundation, and has concluded that as of December 31, 2022 and 2021, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the accompanying consolidated financial statements. The Foundation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. As such, the Foundation is generally exempt from income taxes. However, the Foundation is required to file Federal Form 990 - Return of Organization Exempt from Income Tax which is an informational return only. With the exception of Renaissance Charitable Supporting Organization Trust (RST), the activities of the Renaissance Special Gift Foundation LLC subsidiaries are combined with the activities of the Foundation for tax purposes. RST files a separate return that is not consolidated with the Foundation and other supporting entities.

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0COMMERCIAL ANNUITIES PAYABLE
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IRS990ScheduleD/OtherSecuritiesGrp/Desc0OTHER SECURITIES & PARTNERSHIP
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Foundation is organized as a not-for-profit corporation under Section 501(c)(3) of the IRC. Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by the Foundation and recognize a tax liability if the Foundation has taken an uncertain position that more likely than not would not be sustained upon examination by various federal and state taxing authorities. Management has analyzed the tax positions taken by the Foundation, and has concluded that as of December 31, 2022 and 2021, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the accompanying consolidated financial statements. The Foundation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. As such, the Foundation is generally exempt from income taxes. However, the Foundation is required to file Federal Form 990 - Return of Organization Exempt from Income Tax which is an informational return only. With the exception of Renaissance Charitable Supporting Organization Trust (RST), the activities of the Renaissance Special Gift Foundation LLC subsidiaries are combined with the activities of the Foundation for tax purposes. RST files a separate return that is not consolidated with the Foundation and other supporting entities.
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IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt0Renaissance Charitable Foundation Inc. ("Foundation") applies a risk-based approach to its grant making decisions, which is executed per our written grantmaking due diligence policy. Our overall policy encompasses grants to charities inside the United States as well as to organizations outside the United States. This policy is designed to substantially reduce the danger of our grants being: made to an organization engaged in terrorist activities; used for non-charitable purposes; or made to an organization known by the Foundation to violate its agreements. The recipient of each of the Foundation's grants must agree to fully expend the grant money exclusively for purposes that the Foundation deems are "charitable" purposes. The Foundation's due diligence activity for grant recipients that are foreign organizations include conversations between the Foundation's officers and the proposed grantee's officers/directors. If both organizations agree to continue working together to consider the grant, the proposed grantee submits an executed affidavit to the Foundation along with supporting documentation that describes the following information about the proposed grantee: organization structure; charitable operations; leadership personnel and structure; financial situation; and procedures upon dissolution. The Foundation's purpose in reviewing such affidavit and supporting documentation is to learn whether the Foundation (or its counsel) can make a good faith determination that the proposed grantee is an organization that could be described in 509(a)(1), (2), or (3) of the US Internal Revenue Code. If the Foundation determines the answer is yes, then the Foundation and the proposed grantee may enter into a formal, written grant agreement, which describes the timing and charitable purpose of the grant as well as the grantee's post-grant obligations. Before making a grant to a foreign organization, the Foundation conducts a terrorist check on both the organization and its key leaders through a third-party service. The Foundation's general policy for making grants to foreign organizations is to wire the cash from one of the Foundation's checking accounts to an account in the name of the grantee.
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule F Part I Line 3
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IRS990ScheduleF/TotalEmployeeCnt00
IRS990ScheduleF/TotalOfficeCnt00
IRS990ScheduleF/TotalOtherOrgCnt04

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