Civic Intelligence

Zcash Foundation

EIN 82-0707962 • 501(c)3 • McLean, VA

Profile

The Zcash Foundation is a public charity that builds financial privacy infrastructure for the public good, primarily serving the users of the Zcash protocol and blockchain. The Foundation also supports other applications of zero-knowledge cryptography, as well as other approaches to private cryptocurrency.

1390 Chain Bridge Road A132McLean, VA 22101

www.zfnd.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

12th percentile

0.00x

Higher debt load relative to assets than 12% of similar nonprofits.

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

Liabilities / Revenue

15th percentile

0.02x

Higher debt load relative to revenue than 15% of similar nonprofits.

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

Net Margin

3rd percentile

-111%

Higher net margin than 3% of similar nonprofits.

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

Top Officer Pay

67th percentile

$245,592

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 6.5% of source-year revenue.

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

Asset Growth

92nd percentile

45%

Faster asset growth than 92% of similar nonprofits.

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

Revenue Growth

13th percentile

-21%

Faster revenue growth than 13% of similar nonprofits.

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

Assets

Up

$23,362,496

Up $7,206,664 (+45%) from 2023

Liabilities

Down

$89,824

Down $55,742 (-38%) from 2023

Net Assets

Up

$23,272,672

Up $7,262,406 (+45%) from 2023

Revenue

Down

$3,769,087

Down $976,371 (-21%) from 2023

Expenses

Down

$7,952,534

Down $1,964,128 (-20%) from 2023

Net Income

Up

-$4,183,447

Up $987,757 (+19%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2017: $336,905Liabilities 2017: $6,607Net Assets 2017: $330,2982017Assets 2018: $8,549,182Liabilities 2018: $36,657Net Assets 2018: $8,512,5252018Assets 2019: $8,831,719Liabilities 2019: $63,402Net Assets 2019: $8,768,3172019Assets 2020: $15,535,732Liabilities 2020: $99,477Net Assets 2020: $15,436,2552020Assets 2021: $32,799,974Liabilities 2021: $1,678,837Net Assets 2021: $31,121,1372021Assets 2022: $21,828,619Liabilities 2022: $215,254Net Assets 2022: $21,613,3652022Assets 2023: $16,155,832Liabilities 2023: $145,566Net Assets 2023: $16,010,2662023Assets 2024: $23,362,496Liabilities 2024: $89,824Net Assets 2024: $23,272,6722024

Highlighted filing

2024

Assets$23,362,496
Liabilities$89,824
Net Assets$23,272,672

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$30M$20M$10M$0-$10MRevenue 2017: $409,899Expenses 2017: $166,794Net Income 2017: $243,1052017Revenue 2018: $14,294,238Expenses 2018: $1,171,302Net Income 2018: $13,122,9362018Revenue 2019: $6,505,470Expenses 2019: $2,664,792Net Income 2019: $3,840,6782019Revenue 2020: $4,321,617Expenses 2020: $2,818,733Net Income 2020: $1,502,8842020Revenue 2021: $26,447,593Expenses 2021: $5,647,560Net Income 2021: $20,800,0332021Revenue 2022: $12,972,220Expenses 2022: $7,098,547Net Income 2022: $5,873,6732022Revenue 2023: $4,745,458Expenses 2023: $9,916,662Net Income 2023: -$5,171,2042023Revenue 2024: $3,769,087Expenses 2024: $7,952,534Net Income 2024: -$4,183,4472024

Highlighted filing

2024

Revenue$3,769,087
Expenses$7,952,534
Net Income-$4,183,447

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 10, 2025
Return Version
2024v5.2
Gross Receipts
$8,172,987
Mission and Program Overview

Mission

Our mission is to be a public charity dedicated to building Internet payment and privacy infrastructure for the public good, primarily serving the users of the Zcash protocol and blockchain.

The Zcash Foundation builds financial privacy infrastructure for the public good, primarily serving users of the Zcash protocol and blockchain.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$10,183,381$19,572,744▲ $9,389,363
Savings and Temporary Cash Investments$5,001,500$2,872,025▼ $2,129,475
Intangible Assets$889,026$889,026→ $0
Prepaid Expenses and Deferred Charges$81,925$28,701▼ $53,224
Total Assets$16,155,832$23,362,496▲ $7,206,664
Liabilities
Accounts Payable and Accrued Expenses$130,566$89,824▼ $40,742
Grants Payable$15,000$0▼ $15,000
Total Liabilities$145,566$89,824▼ $55,742
Net Assets / Fund Balance
Net Assets With Donor Restrictions$19,737,154$17,696,246▼ $2,040,908
Net Assets Without Donor Restrictions$-3,726,888$5,576,426▲ $9,303,314
Total Net Assets Fund Balance$16,010,266$23,272,672▲ $7,262,406
Total Liabilities and Net Assets / Fund Balance$16,155,832$23,362,496▲ $7,206,664

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$19,572,744--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alex BornsteinChief Operating OfficerFT$211,500$34,092$245,592
Jack GaviganExecutive DirectorFT$201,647-$201,647
Danika DelanoOperations DirectorFT$126,042$13,600$139,642

Board Members and Trustees

NameTitle
Andrew MillerChairman/Treasurer
Amber BaldetDirector
Jay VerretDirector
Marta BelcherDirector
Peter Van ValkenburghDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Cpl Gouvea LtdaCryptography engineer and protocol desigPO Box 3401, Grand Junction, CO 81502, Br$240,987
Arya SolhiCore engineer and protocol designer50 Silver Linden Drive 59, Richmond Hill, Ca$173,047
Marek BielikCryptography engineer and protocol desigChaloupeckho 311/11, Prague, Ez$163,283
Alfredo GarciaRust systems engineer and protocol desig54 CL 7315 P MZ- M SOL 136 Y CALLE, Bella Vista, Uy$150,830
Livingston LLCResearcher and cryptographer-$143,287
Revenue and Support

Revenue Composition

Contributions and Grants
$4,430,505
Program Service Revenue
$0
Investment Income
$-661,418
Other Revenue
$0
All Other Contributions
$4,430,505
Change in Net Assets
$-4,183,447

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table24$4,422,105Fair Market Value (FMV)
Total Noncash Contributions24$4,422,105-

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,769,087
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$11,445,853
Total Revenue per Audited Statements
$15,214,940
Total Revenue per Form 990
$3,769,087
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$4,771,812
Other Expenses$2,099,466
Salaries, Compensation, and Employee Benefits$1,081,256
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$3,370,612--$3,370,612
Fees for Services Other$1,415,208$17,214-$1,432,422
Grants to Domestic Orgs$902,400--$902,400
Grants to Domestic Individuals$498,800--$498,800
Other Salaries and Wages$421,603$52,578-$474,181
Current Officers, Directors, Trustees, and Key Employees$319,990$127,249-$447,239
Office Expenses$103,012$106,690-$209,702
Fees for Services Legal$2,808$171,186-$173,994
Other Employee Benefits$84,263$14,596-$98,859
Conferences and Meetings$78,272$2,816-$81,088
Fees for Services Accounting-$59,731-$59,731
Payroll Taxes$30,394$12,086-$42,480
Insurance-$32,644-$32,644
Pension Plan Contributions$13,234$5,263-$18,497
Travel$12,384$445-$12,829
Information Technology$9,878$320-$10,198
Advertising-$1,789-$1,789
Other Expenses$1,035$34-$1,069
Total Functional Expenses$7,265,249$687,285$0$7,952,534

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,952,534
Total Expenses per Audited Statements$7,952,534
Total Expenses per Form 990$7,952,534
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
37 LainesSanta Monica, CA-Education$0
FathomX IncWilmington, DE-Research & Development$0
Red-Dev IncCheyenne, WY-Research & Development$0
The Tor Project IncWinchester, NH-Research & Development$0
Vergara Technologies LLCPlymouth, MN-Research & Development$0
ZecHub IncCucamonga, CA-Research & Development$0

International Summary

Offices
2
Employees
2
Spending
$3,763,802

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
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Middle East and North Africa - Algeria, Bahrain, Djibouti, Egypt,Research & Development Grant---$1,321,458
Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,Education, Research & Development GrantProtocol & Science11$1,164,134
Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumProgram Services---$215,041
North America - Canada and Mexico, but not the United StatesResearch & Development Grant---$185,000
Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumProgram services---$178,148
Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumResearch & Development GrantScience11$168,215
Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumResearch & Development Grant---$138,752
East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,Research & Development Grant---$137,500
South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,Research & Development Grant---$135,200
South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,Education Grant---$66,614
Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumResearch & Development Grant---$20,000
South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,Education Grant---$11,590
South Asia - Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal,Research & Development Grant---$10,000
Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumEducation Grant---$7,500
South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,Research & Development Grant---$3,000
Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumResearch and Development Grant---$1,200
South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,Research & Development Grant---$450
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
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 7A

The Members elect the Board at the annual meeting of the Members.

Form 990, Part VI, Section A, line 8B

The Organization had no other committees.

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

The Form 990 is to be submitted to the board and reviewed by each member.

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

Whenever a Director or officer has a financial or personal interest in any matter coming before the Board of Directors, the affected person shall a) fully disclose the nature of the interest and b) withdraw from discussion, lobbying, and voting on the matter. Any transaction or vote involving a potential conflict of interest shall be approved only when a majority of disinterested Directors determine that it is in the best interest of the Corporation to do so. The minutes of meetings at which such votes are taken shall record such disclosure, abstention, and rationale for approval. The Chairman and any officers they deem necessary shall maintain a list of potential conflicts of interest on file with existing Directors, who will be required to submit and update this information as soon as a conflict arises. Additionally, prospective Directors will be required to submit their potential conflicts of interest prior to their election and the information will be made available to all members of the existing Board, in a manner determined at the Chairman's discretion.

Form 990, Part VI, Section B, line 15

The Organzation conducted research on non-profit organizations with a similar budget, and the Executive Director's salary was created based on the research.

Form 990, Part VI, Section C, line 19

These documents are available on the Organization's website.

Filing and Contact Details

Filer

Filer Name
Zcash Foundation
EIN
82-0707962
Phone
5714185390
Address
1390 Chain Bridge Road A132, McLean, VA 22101

Signing Officer

Name
Andrew Miller
Title
Chair
Phone
5714185390
Signed
2025-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew Miller
Formed
2017
Legal Domicile
De
Voting Board Members
6
Independent Board Members
5
Employees
21
Volunteers
0

Preparer

Firm
Rogers & Company PLLC
Address
8300 Boone Boulevard Suite 600, Vienna, VA 22182
Preparer
Jie Chen CPA
Phone
7038930300
Supplemental Narrative

Additional Explanations

Form 990, Part IX, line 11G

Other Professional Fees: Program service expenses 1,415,208. Management and general expenses 17,214. Fundraising expenses 0. Total expenses 1,432,422.

Financial Statement Notes

Part X, Line 2:

Management has evaluated the Organization's tax positions and concluded that the financial statements do not include any uncertain tax positions.

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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/MissionDesc0The Zcash Foundation is a public charity that builds financial privacy infrastructure for the public good, primarily serving the users of the Zcash protocol and blockchain. The Foundation also supports other applications of zero-knowledge cryptography, as well as other approaches to private cryptocurrency.
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IRS990/PrincipalOfficerNm0Andrew Miller
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IRS990/ProgSrvcAccomActy2Grp/Desc0Protocol & Governance: The Zcash protocol and the open network it powers is valuable, privacy-protecting Internet infrastructure; it should be developed and maintained by an open and diverse community of experts and enthusiasts. It is a tool for financial privacy available to the general public. The Zcash Foundation acts as a steward of the Zcash protocol, providing leadership and supporting its continued maintenance and improvement.
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IRS990/ProgSrvcAccomActy3Grp/Desc0FROST: FROST (Flexible Round-Optimized Schnorr Threshold) is a cryptographic protocol that enables efficient and secure threshold signing--where only a minimum number of participants are required to generate a valid signature. FROST advances the state of the art in threshold Schnorr signature schemes by significantly reducing network overhead and supporting concurrent signing operations without compromising security. Its novel design includes safeguards against known forgery attacks, making it a robust and flexible tool for modern cryptographic applications. The Zcash Foundation supports the continued development and adoption of FROST as part of its mission to advance privacy-preserving infrastructure.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0Research: Technical decisions are best supported by scientific activities, such as rigorous validation, empirical measurement, and continued innovation and refinement. The Zcash Foundation therefore support these activities within our community. All cryptocurrencies, but especially Zcash, rely on cutting-edge contributions from the scientific research community, thus interaction with this community can also help the community stay healthy. We will encourage this scientific research and educate the public regarding the substance and benefits of these scientific developments.
IRS990/ProgSrvcAccomActyOtherGrp/Desc1Community: The Zcash Foundation supports the expansion of Zcash into a large and healthy community with diverse stakeholders, held accountable to our user-base in the broadest sense. Our goal is creating tools that help sustain open networks, which enable individuals to protect their privacy on their own terms. Privacy comprises both autonomy and consent, which are essential to human dignity and the healthy continuation of civil society.
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IRS990ScheduleD/OtherSecuritiesGrp/Desc0Virtual currency
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Management has evaluated the Organization's tax positions and concluded that the financial statements do not include any uncertain tax positions.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
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IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt0Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas,
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt1Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt2Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt3Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt4Middle East and North Africa - Algeria, Bahrain, Djibouti, Egypt,
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt5North America - Canada and Mexico, but not the United States
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt6East Asia and the Pacific - Australia, Brunei, Burma, Cambodia,
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt7Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt8Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt9South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt10South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt11South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt12South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt13South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador,
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt14South Asia - Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal,
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt15Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt16Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/SpecificServicesProvidedTxt0Protocol & Science
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/SpecificServicesProvidedTxt1Science
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/TypeOfActivitiesConductedTxt0Education, Research & Development Grant
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/TypeOfActivitiesConductedTxt1Research & Development Grant
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/TypeOfActivitiesConductedTxt2Research & Development Grant

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