Civic Intelligence

Libertas Network

990 • Fiscal year 2023 • EIN 45-5254794

Jan 01, 2023 to Dec 31, 2023 • Filed on May 14, 2024

Organization Profilelibertas.org

View Organization Page

2183 W Main St A102Lehi, UT 84043

(801) 901-0310

Siviq Scores

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

Liabilities / Assets

60th percentile

0.28x

Higher debt load relative to assets than 60% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

42nd percentile

0.18x

Higher debt load relative to revenue than 42% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

64th percentile

10%

Higher net margin than 64% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

54th percentile

$192,500

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

94th percentile

73%

Faster asset growth than 94% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

46th percentile

3.8%

Faster revenue growth than 46% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets60th percentile

Assets

Up

$8,984,016

Up $3,796,328 (+73%) from 2022

Net Assets

Up

$6,426,873

Up $1,498,759 (+30%) from 2022

Liabilities

Up

$2,557,143

Up $2,297,569 (+885%) from 2022

Revenue And Expenses
Liabilities / Revenue42nd percentileNet Margin64th percentile

Revenue

Up

$14,438,901

Up $534,797 (+3.8%) from 2022

Expenses

Down

$12,940,142

Down $730,173 (-5.3%) from 2022

Net Income

Up

$1,498,759

Up $1,264,970 (+541%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth94th percentile

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

$15M$10M$5.0M$0Assets 2012: $10,971Liabilities 2012: $0Net Assets 2012: $10,9712012Assets 2013: $19,771Liabilities 2013: $0Net Assets 2013: $19,7712013Assets 2015: $32,027Liabilities 2015: $0Net Assets 2015: $32,0272015Assets 2016: $178,640Liabilities 2016: $0Net Assets 2016: $178,6402016Assets 2017: $304,033Liabilities 2017: $0Net Assets 2017: $304,0332017Assets 2018: $520,107Liabilities 2018: $0Net Assets 2018: $520,1072018Assets 2019: $871,318Liabilities 2019: $0Net Assets 2019: $871,3182019Assets 2020: $2,202,040Liabilities 2020: $5,618Net Assets 2020: $2,196,4222020Assets 2021: $4,725,014Liabilities 2021: $30,689Net Assets 2021: $4,694,3252021Assets 2022: $5,187,688Liabilities 2022: $259,574Net Assets 2022: $4,928,1142022Assets 2023: $8,984,016Liabilities 2023: $2,557,143Net Assets 2023: $6,426,8732023Assets 2024: $12,539,647Liabilities 2024: $2,727,012Net Assets 2024: $9,812,6352024

Highlighted filing

2023

Assets$8,984,016
Liabilities$2,557,143
Net Assets$6,426,873
Open 2023 Filing

Operations Trend

Revenue Growth46th percentile

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

$20M$15M$10M$5.0M$0-$5.0MExpenses 2012: $19,7812012Revenue 2013: $130,210Expenses 2013: $121,410Net Income 2013: $8,8002013Revenue 2015: $475,320Expenses 2015: $460,886Net Income 2015: $14,4342015Revenue 2016: $820,435Expenses 2016: $673,822Net Income 2016: $146,6132016Revenue 2017: $1,637,971Expenses 2017: $1,809,444Net Income 2017: -$171,4732017Revenue 2018: $2,072,856Expenses 2018: $1,856,783Net Income 2018: $216,0732018Revenue 2019: $2,728,416Expenses 2019: $2,366,054Net Income 2019: $362,3622019Revenue 2020: $9,088,402Expenses 2020: $7,763,298Net Income 2020: $1,325,1042020Revenue 2021: $14,360,260Expenses 2021: $11,862,357Net Income 2021: $2,497,9032021Revenue 2022: $13,904,104Expenses 2022: $13,670,315Net Income 2022: $233,7892022Revenue 2023: $14,438,901Expenses 2023: $12,940,142Net Income 2023: $1,498,7592023Revenue 2024: $15,071,425Expenses 2024: $11,685,663Net Income 2024: $3,385,7622024

Highlighted filing

2023

Revenue$14,438,901
Expenses$12,940,142
Net Income$1,498,759
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 14, 2024
Return Version
2023v5.0
Gross Receipts
$14,438,901
Mission and Program Overview

Mission

Libertas Institute is a public policy and education organization focused on free markets and individual rights. We generate non-partisan analysis and commentary, conduct investigative research, and publish educational literature to inform the public about our ideas.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,516,514$2,431,958▲ $915,444
Inventories for Sale or Use$1,294,235$1,363,502▲ $69,267
Investments Other Securities$630,746$624,882▼ $5,864
Land, Buildings, and Equipment, Net$27,184$499,850▲ $472,666
Investments in Publicly Traded Securities$320,625$389,887▲ $69,262
Prepaid Expenses and Deferred Charges-$21,043-
Accounts Receivable-$3,117-
Savings and Temporary Cash Investments-$150-
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-
Intangible Assets-$0-
Total Assets$5,187,688$8,984,016▲ $3,796,328
Other Assets Total$1,398,384$3,649,627▲ $2,251,243
Liabilities
Other Liabilities-$2,281,377-
Accounts Payable and Accrued Expenses$259,574$275,766▲ $16,192
Total Liabilities$259,574$2,557,143▲ $2,297,569
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,928,114$6,426,873▲ $1,498,759
Total Net Assets Fund Balance$4,928,114$6,426,873▲ $1,498,759
Total Liabilities and Net Assets / Fund Balance$5,187,688$8,984,016▲ $3,796,328

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$478,466$1,548$480,014
Equipment$16,342$12,578$28,920
Other Land Buildings$5,042$2,948$7,990
Other Assets Org$2,251,243--
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Connor BoyackTrustee/Pres.FT$192,500$192,500
Michael MelendezExec. Vice PresFT$122,500$122,500

Board Members and Trustees

NameTitle
John PestanaBoard Chairman
Andrea GoldingTrustee
Jeffrey HarmonTrustee
Patrick DonohoeTrustee

Highest Paid Contractors

ContractorServicesLocationCompensation
Oak Rose GroupFundraising Consultation7337 E Rose Lane, Scottsdale, AZ 85250$102,940
Revenue and Support

Revenue Composition

Contributions and Grants
$5,206,822
Program Service Revenue
$8,613,422
Investment Income
$618,657
Other Revenue
$0
All Other Contributions
$5,206,822
Change in Net Assets
$1,498,759

Audited Revenue Reconciliation

Revenue per Audited Statements
$14,438,901
Total Revenue per Audited Statements
$14,438,901
Total Revenue per Form 990
$14,438,901
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$9,738,036
Salaries, Compensation, and Employee Benefits$2,856,156
Total Fundraising Expense$919,621
Professional Fundraising Fees$218,450
Grants and Similar Amounts Paid$127,500

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising$3,776,503$20,323$11,586$3,808,412
Other Salaries and Wages$1,851,954$28,050$392,113$2,272,117
Fees for Services Other$680,572$149,321$82,269$912,162
Royalties$678,634--$678,634
Information Technology$251,974$49,521$68,396$369,891
Occupancy$125,013$214,884-$339,897
Current Officers, Directors, Trustees, and Key Employees$177,100$75,250$62,650$315,000
Payroll Taxes$156,566$29,183$34,589$220,338
Fees for Services Professional Fundraising--$218,450$218,450
Other Expenses$94,731$32,933$19,419$147,083
Grants to Domestic Orgs$127,500--$127,500
Travel$87,280$27,832$9,346$124,458
Office Expenses$83,144$31,924$8,861$123,929
Conferences and Meetings$88,505$3,852$5,026$97,383
Payments to Affiliates$60,313--$60,313
Insurance$6,504$45,082-$51,586
Other Employee Benefits-$48,701-$48,701
Fees for Services Accounting$3,200$42,355-$45,555
Fees for Services Legal$14,937$1,095$1,200$17,232
Depreciation Depletion-$7,348-$7,348
Total Functional Expenses$11,135,794$884,727$919,621$12,940,142

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$12,940,142
Expenses per Audited Statements$12,930,286
Total Expenses per Audited Statements$12,930,286
Expenses Not Reported on Financial Statements$9,856
Other Expense Adjustments$9,856
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Better Cities ProjectLas Vegas, NV-Research$25,000
Commonwealth FoundationHarrisburg, PA-Research$15,000
Institute for Reforming GoverDelafield, WI-Research$15,000
Iowans for Tax ReliefWest Des Moines, IA-Research$15,000
Texas Public Policy FoundatioAustin, TX-Research$15,000
The Buckeye InstituteColumbus, OH-Research$15,000
Nevada Policy Research InstitLas Vegas, NV-Research$7,500
Rio Grande FoundationAlbuquerque, NM-Research$7,500
The James Madison InstituteTallahassee, FL-Research$7,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$218,450
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-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$2,281,377
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
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 990 is reviewed by the governing board of trustees prior to its filing.”

Form 990, Part VI, Section C, Line 19

“Available upon request if required to be open to public inspection.”

Filing and Contact Details

Filer

Filer Name
Libertas Institute
EIN
45-5254794
Phone
8019010310
Address
2183 W Main St A102, Lehi, UT 84043

Signing Officer

Name
Connor Boyack
Title
President
Signed
2024-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Connor Boyack
Formed
2011
Legal Domicile
Ut
Voting Board Members
5
Independent Board Members
4
Employees
95
Volunteers
15

Preparer

Firm
Cmp Pc
Address
632 N Main St, Logan, UT 84321
Preparer
Jared R Ripplinger CPA
Phone
4357505566
Supplemental Narrative

Financial Statement Notes

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Prior Year Adjustments $9856”

Raw XML AppendixShowing 400 of 629 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MissionDesc0Libertas Institute is a public policy and education organization focused on free markets and individual rights. We generate non-partisan analysis and commentary, conduct investigative research, and publish educational literature to inform the public about our ideas.
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,984,016
Liabilities
$2,557,143
Net assets
$6,426,873
Revenue
$14,438,901
Expenses
$12,940,142
Net income
$1,498,759
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$12.5$2.73$9.81$15.1$11.7$3.39
2023Detailed filing. Detailed filing data is available for this year.$8.98$2.56$6.43$14.4$12.9$1.50
2022Detailed filing. Detailed filing data is available for this year.$5.19$0.26$4.93$13.9$13.7$0.23
2021Detailed filing. Detailed filing data is available for this year.$4.73$0.03$4.69$14.4$11.9$2.50
2020Detailed filing. Detailed filing data is available for this year.$2.20$0.01$2.20$9.09$7.76$1.33
2019Summary only. Only limited summary data is available for this year.$0.87$0.00$0.87$2.73$2.37$0.36
2018Summary only. Only limited summary data is available for this year.$0.52$0.00$0.52$2.07$1.86$0.22
2017Summary only. Only limited summary data is available for this year.$0.30$0.00$0.30$1.64$1.81$0.17
2016Summary only. Only limited summary data is available for this year.$0.18$0.00$0.18$0.82$0.67$0.15
2015Summary only. Only limited summary data is available for this year.$0.03$0.00$0.03$0.48$0.46$0.01
2013Detailed filing. Detailed filing data is available for this year.$0.02$0.00$0.02$0.13$0.12$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.01$0.00$0.01$0.02