Civic Intelligence

Unchain Foundation Inc

990 • Fiscal year 2018 • EIN 82-5015251

Mar 29, 2018 to Dec 31, 2018 • Filed on Nov 15, 2019

Organization Profileunchain.org
263 Tresser Blvd Suite 1400stamford, CT 06901

(203) 920-1716

Siviq Scores

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

Liabilities / Assets

20th percentile

0.00x

Higher debt load relative to assets than 20% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

17th percentile

0.00x

Higher debt load relative to revenue than 17% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

99th percentile

100%

Higher net margin than 99% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

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

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Balance Sheet
Liabilities / Assets20th percentile

Assets

$2,580,843

No earlier filing loaded for comparison.

Net Assets

$2,574,343

No earlier filing loaded for comparison.

Liabilities

$6,500

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue17th percentileNet Margin99th percentile

Revenue

$2,580,843

No earlier filing loaded for comparison.

Expenses

$6,500

No earlier filing loaded for comparison.

Net Income

$2,574,343

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$3.0M$2.0M$1.0M$0Assets 2018: $2,580,843Liabilities 2018: $6,500Net Assets 2018: $2,574,3432018Assets 2019: $0Liabilities 2019: $0Net Assets 2019: $02019

Highlighted filing

2018

Assets$2,580,843
Liabilities$6,500
Net Assets$2,574,343
Open 2018 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$4.0M$2.0M$0-$2.0M-$4.0MRevenue 2018: $2,580,843Expenses 2018: $6,500Net Income 2018: $2,574,3432018Revenue 2019: -$19,473Expenses 2019: $3,453,049Net Income 2019: -$3,472,5222019

Highlighted filing

2018

Revenue$2,580,843
Expenses$6,500
Net Income$2,574,343
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Mar 29, 2018 to Dec 31, 2018
Signed
Nov 15, 2019
Return Version
2018v3.1
Gross Receipts
$2,580,843
Mission and Program Overview

Mission

Our mission is to enlighten the world to the truth of modern-day slavery and inspire people everywhere to break its invisible chains.

Our Mission is to enlighten the world to the truth of modern-day slavery and inspire people everywhere to break its invisible chain.

Balance Sheet Detail
LineBeginningEndChange
Assets
Intangible Assets$0$2,550,843▲ $2,550,843
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$0$2,580,843▲ $2,580,843
Other Assets Total$0$30,000▲ $30,000
Liabilities
Accounts Payable and Accrued Expenses$0$6,500▲ $6,500
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$6,500▲ $6,500
Net Assets / Fund Balance
Unrestricted Net Assets$0$2,574,343▲ $2,574,343
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$0$2,574,343▲ $2,574,343
Total Liabilities and Net Assets / Fund Balance$0$2,580,843▲ $2,580,843
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

NameTitle
Krishna PatelPresident
Carl Hartmandirector
Carl Prellerdirector
Mohammed AmersiDirector
Paul WilliamsonDirector
Richard SchechterSecretary
Sharon PrinceTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,580,843
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$2,580,843
Change in Net Assets
$2,574,343

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
Intellectual Property1$2,550,843Fair Market Value (FMV)
Works of Art1$30,000Fair Market Value (FMV)
Total Noncash Contributions2$2,580,843-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,500
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other-$6,500-$6,500
Total Functional Expenses$0$6,500$0$6,500
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

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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, Line 11A

“The Foundation commenced operations in 2018 and had very limited activity. The Form 990 was prepared by an independent accounting firm in conjunction with the Foundation's financial team. The Form 990 was distributed to the full Board of Directors for comment and filed with the Internal revenue Service after approval by the Board. Form 990, Part VI, Line 12 The Foundation implemented a conflicts of interest policy as part of its initial set-up of the organization. The conflicts of interest policy requires the Foundation's officers and trustees to disclose any potential conflicts with the organization. To the extent a conflict presents itself, the officer or trustee is required to disclose such conflict in the Annual Board question which is reviewed by the full Board of Directors. The Foundation anticipates implementing a more extensive review policy as the organization grows and develops. Form 990, Part VI, Line 19 The Foundation makes its Form 990 available to the public at its place of business and on the internet at www.guidestar.org. The Foundation's organizing documents and financial statements are available to the public at management's discretion.”

Filing and Contact Details

Filer

Filer Name
Unchain Foundation Inc
EIN
82-5015251
In Care Of
% SHARON PRINCE
Address
263 Tresser Blvd Suite 1400, stamford, CT 06901

Signing Officer

Name
Sharon Prince
Title
Treasurer
Signed
2019-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Krishna Patel
Formed
2018
Legal Domicile
Ct
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
0

Preparer

Firm
Grant Thornton Llp
Address
757 THIRD AVENUE 4TH FLOOR, NEW YORK, NY 10017-2013
Preparer
Scott Thompsett
Phone
2125990100
Supplemental Narrative

Additional Explanations

Form 990 Part IX Line 11G

“Description:outside consultant total fees:6500”

Financial Statement Notes

Form 990, Schedule D, Part X, Line 2

“The Unchain Foundation follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the consolidated financial statements if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The Foundation is exempt from federal income tax under IRC section 501(c)(3), though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the Code. The Foundation has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated business income; to determine its filing and tax obligations in jurisdictions for which it was nexus; and to identify and evaluate other matters that may be considered tax positions. The Foundation has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. In addition, the Foundation has not recorded a provision for income taxes as it has no material tax liability from unrelated business income activities.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Unchain Foundation follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the consolidated financial statements if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The Foundation is exempt from federal income tax under IRC section 501(c)(3), though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the Code. The Foundation has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated business income; to determine its filing and tax obligations in jurisdictions for which it was nexus; and to identify and evaluate other matters that may be considered tax positions. The Foundation has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. In addition, the Foundation has not recorded a provision for income taxes as it has no material tax liability from unrelated business income activities.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Foundation commenced operations in 2018 and had very limited activity. The Form 990 was prepared by an independent accounting firm in conjunction with the Foundation's financial team. The Form 990 was distributed to the full Board of Directors for comment and filed with the Internal revenue Service after approval by the Board. Form 990, Part VI, Line 12 The Foundation implemented a conflicts of interest policy as part of its initial set-up of the organization. The conflicts of interest policy requires the Foundation's officers and trustees to disclose any potential conflicts with the organization. To the extent a conflict presents itself, the officer or trustee is required to disclose such conflict in the Annual Board question which is reviewed by the full Board of Directors. The Foundation anticipates implementing a more extensive review policy as the organization grows and develops. Form 990, Part VI, Line 19 The Foundation makes its Form 990 available to the public at its place of business and on the internet at www.guidestar.org. The Foundation's organizing documents and financial statements are available to the public at management's discretion.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DESCRIPTION:OUTSIDE CONSULTANT TOTAL FEES:6500
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,580,843
Liabilities
$6,500
Net assets
$2,574,343
Revenue
$2,580,843
Expenses
$6,500
Net income
$2,574,343
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2019Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.02$3.45$3.47
2018Detailed filing. Detailed filing data is available for this year.$2.58$0.01$2.57$2.58$0.01$2.57