Liabilities / Assets
Score unavailable
Liabilities-to-assets requires both liabilities and assets on the latest valid filing.
Draper Hero Institute
EIN 82-4951039 • 501(c)3 • San Mateo, CA
Profile
Founded by legendary silicon valley venture capitalist and entrepreneur timothy c. Draper, draper hero institute(dhi) is a 501(c)3 nonprofit organization that provides applicable and modern resources for future entrepreneurs globally and ensures inclusiveness and opportunities for all.as an action-based research institution, dhi focuses its efforts on non-traditional pathways to guide future entrepreneurs in the new economy. Through programs that ignite innovative research; united through connectivity and networking; and mentoring efforts through applied education, dhi provides a portal for creative thinking and ultimately driving change to better prepare future entrepreneurs to take on heroic endeavors.
Siviq Scores
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
No value available
Liabilities / Revenue
Score unavailable
Liabilities-to-revenue requires both liabilities and revenue on the latest valid filing.
Net Margin
Score unavailable
Net margin requires both revenue and expenses on the latest valid filing.
Top Officer Pay
81st percentile
Higher top officer pay than 81% of similar nonprofits.
Asset Growth
Score unavailable
A valid growth rate could not be computed from the available filing history.
Revenue Growth
Score unavailable
A valid growth rate could not be computed from the available filing history.
Balance Sheet
Assets
Flat$0
Flat from 2023
Liabilities
Flat$0
Flat from 2023
Net Assets
Flat$0
Flat from 2023
Revenue
Up$0
Up $37,462 (+100%) from 2023
Expenses
Down$0
Down $695,807 (-100%) from 2023
Net Income
Up$0
Up $733,269 (+100%) from 2023
Trend Graphs
Filings
Most recent year
2024 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $0
- Liabilities
- $0
- Net assets
- $0
- Revenue
- $0
- Expenses
- $0
- Net income
- $0
Latest Filing Detail
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2024 to Jul 15, 2024
- Signed
- Feb 25, 2025
- Return Version
- 2024v5.0
- Gross Receipts
- $0
Mission and Program Overview
Mission
Founded by legendary silicon valley venture capitalist and entrepreneur timothy c. Draper, draper hero institute(dhi) is a 501(c)3 nonprofit organization that provides applicable and modern resources for future entrepreneurs globally and ensures inclusiveness and opportunities for all.as an action-based research institution, dhi focuses its efforts on non-traditional pathways to guide future entrepreneurs in the new economy. Through programs that ignite innovative research; united through connectivity and networking; and mentoring efforts through applied education, dhi provides a portal for creative thinking and ultimately driving change to better prepare future entrepreneurs to take on heroic endeavors.
To encourage and promote global entrepreneurship through a maker's space and virtual reality arcade.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Cash and Non-Interest-Bearing Accounts | - | $0 | - |
| Savings and Temporary Cash Investments | - | $0 | - |
| Accounts Receivable | - | $0 | - |
| Other Notes and Loans Receivable, Net | - | $0 | - |
| Pledges and Grants Receivable | - | $0 | - |
| Receivable From Disqualified Prsn | - | $0 | - |
| Receivables From Officers Etc | - | $0 | - |
| Investments Other Securities | - | $0 | - |
| Investments Program Related | - | $0 | - |
| Investments in Publicly Traded Securities | - | $0 | - |
| Land, Buildings, and Equipment, Net | - | $0 | - |
| Pd in Cap Srpls Land Bldg Eqp Fund | $0 | $0 | → $0 |
| Rtn Earn Endowment Incm Other Fnds | $0 | $0 | → $0 |
| Cap Stk Tr Prin Current Funds | $0 | $0 | → $0 |
| Intangible Assets | - | $0 | - |
| Inventories for Sale or Use | - | $0 | - |
| Prepaid Expenses and Deferred Charges | - | $0 | - |
| Other Assets Total | - | $0 | - |
| Total Assets | $0 | $0 | → $0 |
| Liabilities | |||
| Accounts Payable and Accrued Expenses | - | $0 | - |
| Total Liabilities | $0 | $0 | → $0 |
| Net Assets / Fund Balance | |||
| Total Net Assets Fund Balance | $0 | $0 | → $0 |
| Total Liabilities and Net Assets / Fund Balance | $0 | $0 | → $0 |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| Timothy Draper | Chairperson |
| Frank Creer | CEO/president |
| Roc Ryder | Director |
| Vivian Lufkin | Director |
| Desiree Omran | CFO/treasurer |
| Karen Mostes-withrow | Secretary |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $0
- Investment Income
- $0
- Other Revenue
- $0
- Change in Net Assets
- $0
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Grants and Similar Amounts Paid | $0 |
| Other Expenses | $0 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
| Total Fundraising Expense | $0 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
- Subject to proxy tax
- No
Insider Transactions and Loans
Loans and Receivables
| Line Item | Beginning | End | Change |
|---|---|---|---|
| Receivables from Disqualified Persons | - | $0 | - |
| Receivables from Officers, Directors, Trustees, and Key Employees | - | $0 | - |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- Annual disclosure for covered persons
- 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
- No
- Management duties delegated
- No
Governance Explanations
Form 990, Part VI, Section A, Line 2
“Timothy draper, karen mostes-withrow, and desiree omran have a business relationship.”
Form 990, Part VI, Section B, Line 11B
“Form 990 is provided to the directors. They have an opportunity to review and discuss amongst themselves or with the officers before approving. A unanimous written consent is signed before the form 990 is filed.”
Form 990, Part VI, Section B, Line 12C
“Conflicts of interest arise from personal relationships or from a financial interest. Conflicts can arise either directly or indirectly. A direct conflict can arise where an interested person has a personal or financial interest in any matter involving the corporation or has a financial or agency relationship (i.e., is a director, officer, manager, partner, associate, trustee or has a similar agency relationship) with an entity involved in a transaction or other business with the corporation. An indirect conflict can arise where someone related to an interested person by business affiliation, or a "family member" (spouse, parents-in-law, ancestors, brothers and sisters (whether whole or half blood), children (whether natural or adopted), grandchildren, great-grandchildren, and spouses of draper hero institute, brothers, sisters, children, grandchildren, and great-grandchildren) of the interested person has dealings with the corporation. By way of example, an interested person has a financial interest if such person has, directly or indirectly, through business, investment or a family member: a. An ownership or investment interest in any entity with which the corporation has a transaction or arrangement; b. A compensation arrangement with the corporation or with any entity or individual with which the corporation has a transaction or arrangement; c. Or a potential ownership or investment interest in, or compensation arrangement with, any entity or individual with which the corporation is negotiating a transaction or arrangement. Compensation includes direct and indirect remuneration as well as gifts or favors that are not insubstantial. Process of monitoring all consultants are reviewed and voted on by the board.”
Form 990, Part VI, Section C, Line 19
“No other documents available to the public.”
Filing and Contact Details
Filer
- Filer Name
- Draper Hero Institute
- EIN
- 82-4951039
- Phone
- 6502348541
- Address
- 55 EAST 3RD AVENUE, SAN MATEO, CA 94401
Signing Officer
- Name
- Desiree Omran
- Title
- CFO/treasurer
- Phone
- 6502348541
- Signed
- 2025-02-25
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Timothy Draper
- Formed
- 2018
- Legal Domicile
- CA
- Voting Board Members
- 4
- Independent Board Members
- 4
- Employees
- 0
- Volunteers
- 0
Preparer
- Firm
- Moss Adams Llp
- Address
- 3121 W MARCH LN STE 200, STOCKTON, CA 95219-2367
- Preparer
- Qi Wen Liang
- Phone
- 2099556100
Supplemental Narrative
Additional Explanations
Form 990, Part III, Line 3
“All activity stopped in 2023, therefore there were no program services in 2024. The organization dissolved on july 15, 2024.”
Raw XML Appendix342 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/DonorAdvisedFundInd | 0 | 0 |
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| IRS990/ElectionOfBoardMembersInd | 0 | 0 |
| IRS990/EmployeeCnt | 0 | 0 |
| IRS990/EngagedInExcessBenefitTransInd | 0 | 0 |
| IRS990/FamilyOrBusinessRlnInd | 0 | 1 |
| IRS990/FederalGrantAuditRequiredInd | 0 | 0 |
| IRS990/FinalReturnInd | 0 | X |
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| IRS990/ForeignFinancialAccountInd | 0 | 0 |
| IRS990/ForeignOfficeInd | 0 | 0 |
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| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 3 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 4 | 5.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 5 | 5.00 |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 0 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 1 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 2 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 3 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 0 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 1 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 2 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 3 | X |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 0 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 3 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 4 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 5 | 0 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 0 | TIMOTHY DRAPER |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 1 | FRANK CREER |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 2 | VIVIAN LUFKIN |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 3 | ROC RYDER |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 4 | KAREN MOSTES-WITHROW |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 5 | DESIREE OMRAN |
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| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 3 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 4 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 5 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 0 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 3 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 4 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 5 | 0 |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 0 | CHAIRPERSON |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 1 | CEO/PRESIDENT |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 2 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 3 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 4 | SECRETARY |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 5 | CFO/TREASURER |
| IRS990/Form990ProvidedToGvrnBodyInd | 0 | 1 |
| IRS990/FormationYr | 0 | 2018 |
| IRS990/FormerOfcrEmployeesListedInd | 0 | 0 |
| IRS990/FSAuditedInd | 0 | 0 |
| IRS990/FundraisingActivitiesInd | 0 | 0 |
| IRS990/GamingActivitiesInd | 0 | 0 |
| IRS990/GoverningBodyVotingMembersCnt | 0 | 4 |
| IRS990/GrantsToIndividualsInd | 0 | 0 |
| IRS990/GrantsToOrganizationsInd | 0 | 0 |
| IRS990/GrantToRelatedPersonInd | 0 | 0 |
| IRS990/GrossReceiptsAmt | 0 | 0 |
| IRS990/GroupReturnForAffiliatesInd | 0 | 0 |
| IRS990/IncludeFIN48FootnoteInd | 0 | 0 |
| IRS990/IndependentAuditFinclStmtInd | 0 | 0 |
| IRS990/IndependentVotingMemberCnt | 0 | 4 |
| IRS990/IndivRcvdGreaterThan100KCnt | 0 | 0 |
| IRS990/IndoorTanningServicesInd | 0 | 0 |
| IRS990/InfoInScheduleOPartIIIInd | 0 | X |
| IRS990/InfoInScheduleOPartVIInd | 0 | X |
| IRS990/IntangibleAssetsGrp/EOYAmt | 0 | 0 |
| IRS990/InventoriesForSaleOrUseGrp/EOYAmt | 0 | 0 |
| IRS990/InvestmentInJointVentureInd | 0 | 0 |
| IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt | 0 | 0 |
| IRS990/InvestmentsProgramRelatedGrp/EOYAmt | 0 | 0 |
| IRS990/InvestmentsPubTradedSecGrp/EOYAmt | 0 | 0 |
| IRS990/IRPDocumentCnt | 0 | 0 |
| IRS990/IRPDocumentW2GCnt | 0 | 0 |
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| IRS990/LoanOutstandingInd | 0 | 0 |
| IRS990/LobbyingActivitiesInd | 0 | 0 |
| IRS990/LocalChaptersInd | 0 | 0 |
| IRS990/MaterialDiversionOrMisuseInd | 0 | 0 |
| IRS990/MembersOrStockholdersInd | 0 | 0 |
| IRS990/MethodOfAccountingAccrualInd | 0 | X |
| IRS990/MinutesOfCommitteesInd | 0 | 1 |
| IRS990/MinutesOfGoverningBodyInd | 0 | 1 |
| IRS990/MissionDesc | 0 | FOUNDED BY LEGENDARY SILICON VALLEY VENTURE CAPITALIST AND ENTREPRENEUR TIMOTHY C. DRAPER, DRAPER HERO INSTITUTE(DHI) IS A 501(C)3 NONPROFIT ORGANIZATION THAT PROVIDES APPLICABLE AND MODERN RESOURCES FOR FUTURE ENTREPRENEURS GLOBALLY AND ENSURES INCLUSIVENESS AND OPPORTUNITIES FOR ALL.AS AN ACTION-BASED RESEARCH INSTITUTION, DHI FOCUSES ITS EFFORTS ON NON-TRADITIONAL PATHWAYS TO GUIDE FUTURE ENTREPRENEURS IN THE NEW ECONOMY. THROUGH PROGRAMS THAT IGNITE INNOVATIVE RESEARCH; UNITED THROUGH CONNECTIVITY AND NETWORKING; AND MENTORING EFFORTS THROUGH APPLIED EDUCATION, DHI PROVIDES A PORTAL FOR CREATIVE THINKING AND ULTIMATELY DRIVING CHANGE TO BETTER PREPARE FUTURE ENTREPRENEURS TO TAKE ON HEROIC ENDEAVORS. |
| IRS990/MoreThan5000KToIndividualsInd | 0 | 0 |
| IRS990/MoreThan5000KToOrgInd | 0 | 0 |
| IRS990/NetAssetsOrFundBalancesBOYAmt | 0 | 0 |
| IRS990/NetAssetsOrFundBalancesEOYAmt | 0 | 0 |
| IRS990/NetUnrelatedBusTxblIncmAmt | 0 | 0 |
| IRS990/NoListedPersonsCompensatedInd | 0 | X |
| IRS990/NondeductibleContributionsInd | 0 | 0 |
| IRS990/OfficerMailingAddressInd | 0 | 0 |
| IRS990/OperateHospitalInd | 0 | 0 |
| IRS990/Organization501c3Ind | 0 | X |
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| IRS990/PartialLiquidationInd | 0 | 0 |
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| IRS990/PoliticalCampaignActyInd | 0 | 0 |
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| IRS990/PrincipalOfficerNm | 0 | TIMOTHY DRAPER |
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| IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt | 0 | MISCELLANEOUS REVENUE - 2021 AMOUNT: $ 3,562. |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt | 1 | 2024 WAS A SHORT YEAR SINCE THE ORGANIZATION DISSOLVED ON JULY 15, 2024. |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc | 0 | SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: |
| IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc | 1 | SCHEDULE A, PART III, SHORT YEAR INFORMATION: |
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| IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt | 0 | PERSON(S) INVOLVED: ROC RYDER |
| IRS990ScheduleN/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART I, LINE 2E: |
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| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | ALL ACTIVITY STOPPED IN 2023, THEREFORE THERE WERE NO PROGRAM SERVICES IN 2024. THE ORGANIZATION DISSOLVED ON JULY 15, 2024. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | TIMOTHY DRAPER, KAREN MOSTES-WITHROW, AND DESIREE OMRAN HAVE A BUSINESS RELATIONSHIP. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | FORM 990 IS PROVIDED TO THE DIRECTORS. THEY HAVE AN OPPORTUNITY TO REVIEW AND DISCUSS AMONGST THEMSELVES OR WITH THE OFFICERS BEFORE APPROVING. A UNANIMOUS WRITTEN CONSENT IS SIGNED BEFORE THE FORM 990 IS FILED. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | CONFLICTS OF INTEREST ARISE FROM PERSONAL RELATIONSHIPS OR FROM A FINANCIAL INTEREST. CONFLICTS CAN ARISE EITHER DIRECTLY OR INDIRECTLY. A DIRECT CONFLICT CAN ARISE WHERE AN INTERESTED PERSON HAS A PERSONAL OR FINANCIAL INTEREST IN ANY MATTER INVOLVING THE CORPORATION OR HAS A FINANCIAL OR AGENCY RELATIONSHIP (I.E., IS A DIRECTOR, OFFICER, MANAGER, PARTNER, ASSOCIATE, TRUSTEE OR HAS A SIMILAR AGENCY RELATIONSHIP) WITH AN ENTITY INVOLVED IN A TRANSACTION OR OTHER BUSINESS WITH THE CORPORATION. AN INDIRECT CONFLICT CAN ARISE WHERE SOMEONE RELATED TO AN INTERESTED PERSON BY BUSINESS AFFILIATION, OR A "FAMILY MEMBER" (SPOUSE, PARENTS-IN-LAW, ANCESTORS, BROTHERS AND SISTERS (WHETHER WHOLE OR HALF BLOOD), CHILDREN (WHETHER NATURAL OR ADOPTED), GRANDCHILDREN, GREAT-GRANDCHILDREN, AND SPOUSES OF DRAPER HERO INSTITUTE, BROTHERS, SISTERS, CHILDREN, GRANDCHILDREN, AND GREAT-GRANDCHILDREN) OF THE INTERESTED PERSON HAS DEALINGS WITH THE CORPORATION. BY WAY OF EXAMPLE, AN INTERESTED PERSON HAS A FINANCIAL INTEREST IF SUCH PERSON HAS, DIRECTLY OR INDIRECTLY, THROUGH BUSINESS, INVESTMENT OR A FAMILY MEMBER: A. AN OWNERSHIP OR INVESTMENT INTEREST IN ANY ENTITY WITH WHICH THE CORPORATION HAS A TRANSACTION OR ARRANGEMENT; B. A COMPENSATION ARRANGEMENT WITH THE CORPORATION OR WITH ANY ENTITY OR INDIVIDUAL WITH WHICH THE CORPORATION HAS A TRANSACTION OR ARRANGEMENT; C. OR A POTENTIAL OWNERSHIP OR INVESTMENT INTEREST IN, OR COMPENSATION ARRANGEMENT WITH, ANY ENTITY OR INDIVIDUAL WITH WHICH THE CORPORATION IS NEGOTIATING A TRANSACTION OR ARRANGEMENT. COMPENSATION INCLUDES DIRECT AND INDIRECT REMUNERATION AS WELL AS GIFTS OR FAVORS THAT ARE NOT INSUBSTANTIAL. PROCESS OF MONITORING ALL CONSULTANTS ARE REVIEWED AND VOTED ON BY THE BOARD. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | NO OTHER DOCUMENTS AVAILABLE TO THE PUBLIC. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990, PART III, LINE 3 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI, SECTION A, LINE 2 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PART VI, SECTION B, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PART VI, SECTION B, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PART VI, SECTION C, LINE 19 |
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| ReasonableCauseExplanation/ExplanationTxt | 0 | UNDER IRC SECTION 6033(A), EVERY ORGANIZATION EXEMPT FROM TAX UNDER SECTION 501 IS REQUIRED TO FILE AN ANNUAL INFORMATION RETURN. THE INFORMATIONAL RETURN MUST BE FILED ON OR BEFORE THE 15TH DAY OF THE 5TH MONTH FOLLOWING THE CLOSE OF THE YEAR (IRC SECTION 6072(E)). IF THE RETURN IS NOT FILED TIMELY, IRC SECTION 6652(C)(1) IMPOSES A PENALTY, FOR ORGANIZATIONS WITH GROSS RECEIPTS EXCEEDING $1 MILLION FOR ANY YEAR, EQUAL TO THE LESSER OF $100 PER DAY OR 5% OF THE GROSS RECEIPTS OF THE ORGANIZATION NOT TO EXCEED $50,000, AMOUNTS SUBJECT TO CPI CHANGES. THE PENALTY FOR ORGANIZATIONS WITH GROSS RECEIPTS NOT EXCEEDING $1 MILLION IS EQUAL TO $20 PER DAY OR 5% OF THE GROSS RECEIPTS NOT TO EXCEED THE LESSER OF 5% OF THE GROSS RECEIPTS OR $10,000, AMOUNTS SUBJECT TO CPI CHANGES.HOWEVER, ACCORDING TO IRC SECTION 6652(C)(3), NO PENALTY SHALL BE IMPOSED FOR A FAILURE TO FILE UNDER THIS SUBSECTION IF IT IS SHOWN THAT SUCH FAILURE WAS DUE TO REASONABLE CAUSE. THE SUPREME COURT HAS RULED THAT REASONABLE CAUSE FOR FILING AN UNTIMELY RETURN RESULTS WHEN AFTER EXERCISING ORDINARY BUSINESS CARE AND PRUDENCE, A TAXPAYER IS NEVERTHELESS UNABLE TO FILE THE RETURN WITHIN THE PRESCRIBED TIME. BOYLE V. UNITED STATES [851 USTC 13,602], 469 U.S. 241 (1985). THE SUPREME COURT FURTHER HELD THAT CONSULTING WITH AN EXPERT IN THE FIELD CONSTITUTES THE EXERCISE OF ORDINARY BUSINESS CARE AND PRUDENCE. ID.IN THIS INSTANCE, THE ORGANIZATION EXERCISED ORDINARY BUSINESS CARE AND PRUDENCE BY ENGAGING CERTIFIED PUBLIC ACCOUNTING FIRM, MOSS ADAMS TO COMPLY WITH ALL FILING OBLIGATIONS. UNFORTUNATELY, THE FILING OF THE FORM 990 ENCOUNTERED AN ISSUE WHICH WAS OUT OF THEIR CONTROL AND RESULTED IN THE RETURN BEING PAPER FILED. DRAPER HERO INSTITUTE DISSOLVED ON JULY 15, 2024. THE FINAL RETURN WAS DUE DECEMBER 16, 2024. THE 2024 FORM 990 WAS NOT AVAILABLE AT THE TIME OF FILING, REQUIRING THE 2024 SHORT YEAR RETURN TO BE PREPARED IN THE 2023 FORM 990. UNFORTUNATELY, THE BEGINNING OF THE FISCAL YEAR (1/1/24) DID NOT FALL WITHIN THE TAX YEAR, CREATING ELECTRONIC FILING DIAGNOSTIC PREVENTING ELECTRONIC FILING. AFTER DISCUSSION WITH THE TAX SOFTWARE COMPANY, THEY ADVISED THE ORGANIZATION TO PAPER FILE THE RETURN. THE FINAL RETURN WAS TIMELY PAPER FILED ON DECEMBER 16, 2024.THE ORGANIZATION RECEIVED NOTICE LETTER 2694C INDICATING THAT THE RETURN COULD NOT BE PROCESSED BECAUSE IT WAS PAPER FILED. THE 2024 FORM 990 IS NOW AVAILABLE, AND CORRECTIVE ACTION IS BEING TAKEN TO ELECTRONICALLY FILE THE FORM.THIS WAS AN UNINTENTIONAL ERROR, NOT A DELIBERATE OMISSION, AND IMMEDIATE STEPS ARE BEING TIMELY TAKEN TO ADDRESS THE NOTICE RECEIVED.THE ORGANIZATION RESPECTFULLY REQUESTS THAT THE PENALTIES AND ASSOCIATED INTEREST BE ABATED DUE TO REASONABLE CAUSE. THE ORGANIZATION BELIEVES IN GOOD FAITH THERE IS REASONABLE CAUSE FOR THE INCOMPLETE FILING OF THE 2024 FORM 990. IF REASONABLE CAUSE IS NOT FOUND, ALTERNATIVELY THE ORGANIZATION WOULD LIKE THE SERVICE TO CONSIDER THE SERVICE'S FTA PROGRAM UNDER IRM 20.1.1.3.6., A PENALTY WILL NOT BE IMPOSED ON A TAXPAYER WHO HAS NOT BEEN ASSESSED A FAILURE TO FILE ("FTF"), FAILURE TO PAY ("FTP") AND/OR FAILURE TO DEPOSIT ("FTD") PENALTY WITHIN THE LAST THREE (3) YEARS. |
| ReturnHeader/BuildTS | 0 | 2025-03-06 01:10:19Z |
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| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | DESIREE OMRAN |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | CFO/TREASURER |
| ReturnHeader/BusinessOfficerGrp/PhoneNum | 0 | 6502348541 |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2025-02-25 |
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| ReturnHeader/Filer/USAddress/CityNm | 0 | SAN MATEO |
| ReturnHeader/Filer/USAddress/StateAbbreviationCd | 0 | CA |
| ReturnHeader/Filer/USAddress/ZIPCd | 0 | 94401 |
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| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 910189318 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt | 0 | MOSS ADAMS LLP |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt | 0 | 3121 W MARCH LN STE 200 |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm | 0 | STOCKTON |
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| ReturnHeader/PreparerPersonGrp/PhoneNum | 0 | 2099556100 |
| ReturnHeader/PreparerPersonGrp/PreparationDt | 0 | 2025-02-25 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | QI WEN LIANG |
| ReturnHeader/ReturnTs | 0 | 2025-02-26T18:14:25-06:00 |
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| ReturnHeader/TaxPeriodBeginDt | 0 | 2024-01-01 |
| ReturnHeader/TaxPeriodEndDt | 0 | 2024-07-15 |
| ReturnHeader/TaxYr | 0 | 2024 |
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