Civic Intelligence

The Third Way Foundation Inc.

990 • Fiscal year 2021 • EIN 52-1629221

Jan 01, 2021 to Dec 31, 2021 • Filed on May 10, 2022

Organization ProfileWWW.PROGRESSIVEPOLICY.ORG

View Organization Page

1156 15th Street NW 400Washington, DC 20005

(202) 525-3926

Siviq Scores

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

Liabilities / Assets

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

6th percentile

0.00x

Higher debt load relative to revenue than 6% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

69th percentile

24%

Higher net margin than 69% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

73rd percentile

$255,000

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 3.6% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

62nd percentile

15%

Faster asset growth than 62% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

5th percentile

-48%

Faster revenue growth than 5% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets7th percentile

Assets

Up

$12,806,681

Up $1,670,571 (+15%) from 2020

Net Assets

Up

$12,798,898

Up $1,959,794 (+18%) from 2020

Liabilities

Down

$7,783

Down $289,223 (-97%) from 2020

Revenue And Expenses
Liabilities / Revenue6th percentileNet Margin69th percentile

Revenue

Down

$7,131,320

Down $6,593,665 (-48%) from 2020

Expenses

Up

$5,426,330

Up $1,665,237 (+44%) from 2020

Net Income

Down

$1,704,990

Down $8,258,902 (-83%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth62nd percentile

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

$20M$15M$10M$5.0M$0-$5.0MAssets 2010: $469,151Liabilities 2010: $539,292Net Assets 2010: -$70,1412010Assets 2011: $451,406Liabilities 2011: $403,406Net Assets 2011: $48,0002011Assets 2012: $125,483Liabilities 2012: $20,000Net Assets 2012: $105,4832012Assets 2013: $433,410Liabilities 2013: $122,531Net Assets 2013: $310,8792013Assets 2014: $367,568Liabilities 2014: $0Net Assets 2014: $367,5682014Assets 2015: $367,568Liabilities 2015: $0Net Assets 2015: $367,5682015Assets 2016: $473,466Liabilities 2016: $0Net Assets 2016: $473,4662016Assets 2017: $840,020Liabilities 2017: $74,785Net Assets 2017: $765,2352017Assets 2018: $964,487Liabilities 2018: $82,813Net Assets 2018: $881,6742018Assets 2019: $904,425Liabilities 2019: $29,213Net Assets 2019: $875,2122019Assets 2020: $11,136,110Liabilities 2020: $297,006Net Assets 2020: $10,839,1042020Assets 2021: $12,806,681Liabilities 2021: $7,783Net Assets 2021: $12,798,8982021Assets 2022: $13,009,369Liabilities 2022: $4,794Net Assets 2022: $13,004,5752022Assets 2023: $18,305,774Liabilities 2023: $2,610,404Net Assets 2023: $15,695,3702023Assets 2024: $19,110,224Liabilities 2024: $2,526,573Net Assets 2024: $16,583,6512024

Highlighted filing

2021

Assets$12,806,681
Liabilities$7,783
Net Assets$12,798,898
Open 2021 Filing

Operations Trend

Revenue Growth5th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2010: $905,960Expenses 2010: $1,082,972Net Income 2010: -$177,0122010Revenue 2011: $1,030,281Expenses 2011: $991,281Net Income 2011: $39,0002011Revenue 2012: $1,366,000Expenses 2012: $1,243,417Net Income 2012: $122,5832012Revenue 2013: $1,903,318Expenses 2013: $1,592,439Net Income 2013: $310,8792013Revenue 2014: $1,940,413Expenses 2014: $1,986,255Net Income 2014: -$45,8422014Revenue 2015: $1,940,413Expenses 2015: $1,986,255Net Income 2015: -$45,8422015Revenue 2016: $2,743,046Expenses 2016: $2,269,580Net Income 2016: $473,4662016Revenue 2017: $3,101,404Expenses 2017: $2,885,081Net Income 2017: $216,3232017Revenue 2018: $3,779,404Expenses 2018: $3,662,965Net Income 2018: $116,4392018Revenue 2019: $3,920,478Expenses 2019: $3,926,941Net Income 2019: -$6,4632019Revenue 2020: $13,724,985Expenses 2020: $3,761,093Net Income 2020: $9,963,8922020Revenue 2021: $7,131,320Expenses 2021: $5,426,330Net Income 2021: $1,704,9902021Revenue 2022: $7,340,480Expenses 2022: $6,197,734Net Income 2022: $1,142,7462022Revenue 2023: $9,169,792Expenses 2023: $7,637,914Net Income 2023: $1,531,8782023Revenue 2024: $11,097,849Expenses 2024: $10,900,240Net Income 2024: $197,6092024

Highlighted filing

2021

Revenue$7,131,320
Expenses$5,426,330
Net Income$1,704,990
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
May 10, 2022
Return Version
2021v4.2
Gross Receipts
$7,403,544
Mission and Program Overview

Mission

To advance the cause of progressive government in america by promoting civic responsibility and public entrepreneurship.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities-$12,354,146-
Cash and Non-Interest-Bearing Accounts$11,116,817$429,841▼ $10,686,976
Land, Buildings, and Equipment, Net$19,293$16,400▼ $2,893
Prepaid Expenses and Deferred Charges-$6,294-
Total Assets$11,136,110$12,806,681▲ $1,670,571
Liabilities
Other Liabilities$297,006$7,783▼ $289,223
Total Liabilities$297,006$7,783▼ $289,223
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$10,839,104$12,798,898▲ $1,959,794
Total Net Assets Fund Balance$10,839,104$12,798,898▲ $1,959,794
Total Liabilities and Net Assets / Fund Balance$11,136,110$12,806,681▲ $1,670,571

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$16,400$5,085$21,485
Other Land Buildings$0$15,911$15,911
Compensation and Service Providers
Top Officer Pay73rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Lindsay Mark LewisExecutive DirectorFT$255,000$255,000
William MarshallPresidentFT$255,000$255,000
Michael MandelChief EconomistFT$240,000$240,000
Areille S KaneDirectorFT$120,000$120,000
Curtis ValentineCo-directorFT$115,000$115,000
Tressa a PankovitsCo-directorFT$115,000$115,000
Jeremiah JohnsonPolicy DirectorFT$110,000$110,000
Steven Neely BrownDirectorFT$110,000$110,000

Board Members and Trustees

NameTitle
Bill BudingerDirector
Chris KellyDirector
David RothkopfDirector
Paul Weinstein JrDirector
William GalstonDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$6,979,772
Program Service Revenue
$0
Investment Income
$151,548
Other Revenue
$0
Change in Net Assets
$1,704,990

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,131,321
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$254,804
Total Revenue per Audited Statements
$7,386,125
Total Revenue per Form 990
$7,131,321
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,149,097
Other Expenses$2,277,233
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,055,149$513,787-$2,568,936
Fees for Services Other$1,104,621$67,568-$1,172,189
Occupancy-$295,960-$295,960
Other Employee Benefits$210,949$52,737-$263,686
Payroll Taxes$155,990$38,491-$194,481
Travel$115,452$28,863-$144,315
Pension Plan Contributions$97,595$24,399-$121,994
All Other Expenses$38,751$47,057-$85,808
Office Expenses$43,123$10,781-$53,904
Fees for Service Investment Mgmnt Fees-$31,726-$31,726
Interest-$28,494-$28,494
Other Expenses$20,004$5,001-$25,005
Advertising$18,267$4,567-$22,834
Fees for Services Management$14,400$3,600-$18,000
Fees for Services Accounting$13,000$3,250-$16,250
Insurance-$9,351-$9,351
Depreciation Depletion-$2,893-$2,893
Total Functional Expenses$4,257,805$1,168,525$0$5,426,330

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,426,330
Total Expenses per Audited Statements$5,426,330
Total Expenses per Form 990$5,426,330
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Deferred Rent$7,783
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
Yes
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 foundation does not have a committee of the board”

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

“All employees are informed of the conflict of interes policy of the foundation”

Form 990, Part VI, Section B, Line 15

“The foundation does not have a committee of the board”

Form 990, Part VI, Section C, Line 18

“The foundation makes all documents available upon request”

Form 990, Part VI, Section C, Line 19

“All employees are informed of the conflict of interest policy of the foundation”

Filing and Contact Details

Filer

Filer Name
The Third Way Foundation Inc
EIN
52-1629221
Phone
2025253926
Address
1156 15TH STREET NW 400, WASHINGTON, DC 20005
Doing Business As
Progressive Policy Institute

Signing Officer

Name
Lindsay Lewis
Title
Executive Director
Phone
2025253926
Signed
2022-05-10

Organization Details

Principal Officer
Lindsay Lewis
Formed
1989
Legal Domicile
Dc
Voting Board Members
8
Independent Board Members
6
Employees
34
Volunteers
0

Preparer

Firm
Caldwell & Associates LLC
Address
8120 WOODMONT AVENUE 400, BETHESDA, MD 20814
Preparer
William J Caldwell CPA
Phone
3019418090
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Contract services: program service expenses 834,350. Management and general expenses 0. Fundraising expenses 0. Total expenses 834,350. Payroll processing: program service expenses 5,096. Management and general expenses 1,274. Fundraising expenses 0. Total expenses 6,370. Outside writers: program service expenses 265,175. Management and general expenses 66,294. Fundraising expenses 0. Total expenses 331,469.”

FORM 990, PART XI, LINE 9:

“ROUNDING ADJUSTMENT -1.”

Financial Statement Notes

PART X, LINE 2:

“Third way foundation has adopted fasb asc 740-10, income taxes, which prescribes measurement and disclosure requirements for current and deferred income tax provbisions. The interpretation provides for a consistent approach in identifying and reporting uncertain tax positions. It is managements belief that third way foundation does not hold any uncertain tax positions.”

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IRS990/MissionDesc0TO ADVANCE THE CAUSE OF PROGRESSIVE GOVERNMENT IN AMERICA BY PROMOTING CIVIC RESPONSIBILITY AND PUBLIC ENTREPRENEURSHIP.
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IRS990/ScheduleBRequiredInd01
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IRS990ScheduleD/RevenueNotReportedAmt0254804
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt07131321
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THIRD WAY FOUNDATION HAS ADOPTED FASB ASC 740-10, INCOME TAXES, WHICH PRESCRIBES MEASUREMENT AND DISCLOSURE REQUIREMENTS FOR CURRENT AND DEFERRED INCOME TAX PROVBISIONS. THE INTERPRETATION PROVIDES FOR A CONSISTENT APPROACH IN IDENTIFYING AND REPORTING UNCERTAIN TAX POSITIONS. IT IS MANAGEMENTS BELIEF THAT THIRD WAY FOUNDATION DOES NOT HOLD ANY UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/AnyNonFixedPaymentsInd00
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IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2240000
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt20

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$12,806,681
Liabilities
$7,783
Net assets
$12,798,898
Revenue
$7,131,320
Expenses
$5,426,330
Net income
$1,704,990
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Summary only. Only limited summary data is available for this year.$19.1$2.53$16.6$11.1$10.9$0.20
2023Summary only. Only limited summary data is available for this year.$18.3$2.61$15.7$9.17$7.64$1.53
2022Summary only. Only limited summary data is available for this year.$13.0$0.00$13.0$7.34$6.20$1.14
2021Detailed filing. Detailed filing data is available for this year.$12.8$0.01$12.8$7.13$5.43$1.70
2020Summary only. Only limited summary data is available for this year.$11.1$0.30$10.8$13.7$3.76$9.96
2019Summary only. Only limited summary data is available for this year.$0.90$0.03$0.88$3.92$3.93$0.01
2018Summary only. Only limited summary data is available for this year.$0.96$0.08$0.88$3.78$3.66$0.12
2017Summary only. Only limited summary data is available for this year.$0.84$0.07$0.77$3.10$2.89$0.22
2016Summary only. Only limited summary data is available for this year.$0.47$0.00$0.47$2.74$2.27$0.47
2015Summary only. Only limited summary data is available for this year.$0.37$0.00$0.37$1.94$1.99$0.05
2014Summary only. Only limited summary data is available for this year.$0.37$0.00$0.37$1.94$1.99$0.05
2013Summary only. Only limited summary data is available for this year.$0.43$0.12$0.31$1.90$1.59$0.31
2012Summary only. Only limited summary data is available for this year.$0.13$0.02$0.11$1.37$1.24$0.12
2011Summary only. Only limited summary data is available for this year.$0.45$0.40$0.05$1.03$0.99$0.04
2010Summary only. Only limited summary data is available for this year.$0.47$0.54$0.07$0.91$1.08$0.18
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2021 filings • 501(c)3 • $10M-$25M nonprofits