Civic Intelligence

Future Fund for Education Inc.

990 • Fiscal year 2021 • EIN 83-3955565

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 14, 2022

645 Madison Avenue 20 FLNew York, NY 10022

(212) 758-5822

Siviq Scores

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

Liabilities / Assets

78th percentile

0.00x

Higher debt load relative to assets than 78% of similar nonprofits.

2021 filings • NTEE B12 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

79th percentile

0.00x

Higher debt load relative to revenue than 79% of similar nonprofits.

2021 filings • NTEE B12 • <$500k nonprofits • Source year 2021

Net Margin

14th percentile

-90%

Higher net margin than 14% of similar nonprofits.

2021 filings • NTEE B12 • <$500k nonprofits • Source year 2021

Top Officer Pay

94th percentile

$0

Higher top officer pay than 94% of similar nonprofits.

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

2021 filings • NTEE B12 • <$500k nonprofits • Source year 2021

Asset Growth

82nd percentile

68%

Faster asset growth than 82% of similar nonprofits.

2021 filings • NTEE B12 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

17th percentile

-66%

Faster revenue growth than 17% of similar nonprofits.

2021 filings • NTEE B12 • <$500k nonprofits • Annualized from 2020 to 2021

Assets

Up

$323,055

Up $131,178 (+68%) from 2020

Net Assets

Up

$322,568

Up $137,574 (+74%) from 2020

Liabilities

Down

$487

Down $6,396 (-93%) from 2020

Revenue

Down

$160,064

Down $311,212 (-66%) from 2020

Expenses

Down

$304,604

Down $14,957 (-4.7%) from 2020

Net Income

Down

-$144,540

Down $296,255 (-195%) from 2020

Historical Trend

Balance Sheet Trend

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

$400K$300K$200K$100K$0Assets 2019: $35,150Liabilities 2019: $1,871Net Assets 2019: $33,2792019Assets 2020: $191,877Liabilities 2020: $6,883Net Assets 2020: $184,9942020Assets 2021: $323,055Liabilities 2021: $487Net Assets 2021: $322,5682021Assets 2022: $76,878Liabilities 2022: $767Net Assets 2022: $76,1112022Assets 2023: $3,301Liabilities 2023: $140Net Assets 2023: $3,1612023

Highlighted filing

2021

Assets$323,055
Liabilities$487
Net Assets$322,568

Operations Trend

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

$600K$400K$200K$0-$200KRevenue 2019: $200,527Expenses 2019: $167,248Net Income 2019: $33,2792019Revenue 2020: $471,276Expenses 2020: $319,561Net Income 2020: $151,7152020Revenue 2021: $160,064Expenses 2021: $304,604Net Income 2021: -$144,5402021Revenue 2022: $43,351Expenses 2022: $33,633Net Income 2022: $9,7182022Revenue 2023: $22,021Expenses 2023: $30,687Net Income 2023: -$8,6662023

Highlighted filing

2021

Revenue$160,064
Expenses$304,604
Net Income-$144,540
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 14, 2022
Return Version
2021v4.2
Gross Receipts
$283,107
Mission and Program Overview

Mission

To financially support entrepreneurs who are transforming education across the african continent.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$184,994$322,568▲ $137,574
Investments Other Securities$159,732$320,500▲ $160,768
Cash and Non-Interest-Bearing Accounts$30,898$2,555▼ $28,343
Other Notes and Loans Receivable, Net$1,247--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$191,877$323,055▲ $131,178
Liabilities
Accounts Payable and Accrued Expenses$6,883$487▼ $6,396
Total Liabilities$6,883$487▼ $6,396
Net Assets / Fund Balance
Total Net Assets Fund Balance$184,994$322,568▲ $137,574
Total Liabilities and Net Assets / Fund Balance$191,877$323,055▲ $131,178

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$320,500--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Matthew S TierneyPresident & Treasurer
Paul E TierneyVice President
Patricia E TierneyVice President & Secretary
Revenue and Support

Revenue Composition

Contributions and Grants
$219,971
Program Service Revenue
$0
Investment Income
$-60,685
Other Revenue
$778
All Other Contributions
$219,971
Change in Net Assets
$-144,540
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$217,771
Salaries, Compensation, and Employee Benefits$48,152
Other Expenses$38,681
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$217,771--$217,771
Other Salaries and Wages-$47,750-$47,750
Insurance-$9,537-$9,537
Fees for Services Legal-$6,029-$6,029
Fees for Services Management-$5,731-$5,731
Fees for Services Other-$4,279-$4,279
Fees for Services Accounting-$2,964-$2,964
Advertising-$2,345-$2,345
Office Expenses-$1,582-$1,582
Other Expenses-$1,099-$1,099
Payroll Taxes-$402-$402
Travel-$41-$41
Total Functional Expenses$217,771$86,833$0$304,604
International Activity

International Summary

Offices
0
Employees
0
Spending
$217,771

International Compliance

Foreign grant records maintained
Yes
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
Sub-saharan AfricaGrantmaking---$217,771
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
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
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

Paul e. Tierney is matthew tierney and patricia tierney's father

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

UPON REQUEST

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

Disclosure of all conflicts and potential conflicts. Pursuant to section 715-a(b)(2) of the n-pcl, all material facts concerning any situation that might be viewed as a conflict should be disclosed to the board of directors by the director or officer concerned. Where doubt exists regarding whether a conflict exists or appears to exist, the matter must be resolved by the board of directors. 2. Procedures necessary to approve any conflict. Pursuant to section 715-a(b)(3) of the n-pcl, no director or officer may be present for a vote by the board of directors on any decision or action by the corporation which would directly or indirectly benefit such director or officer. Such director or officer may, however, answer questions or respond to requests, at a meeting or otherwise, for factual information needed for the board to make an informed decision. Pursuant to section 715-a(b)(4) of the n-pcl, any attempt by the person with the conflict to influence improperly the deliberation or voting on the matter giving rise to such conflict is prohibited

Form 990, Part VI, Section B, Line 15A

At present, the charity has not retained any independent contractors that receive or will receive compensation of more than $50,000 per year. The charity anticipates that it may retain various contractors to assist it with the development of its website, fundraising, and similar routine services, as well as program consultants to help it with its grantmaking and other charitable programs. When selecting its independent contractors, the charity's directors and officers will comply with the terms of the charity's conflict of interest policy, a copy of which is attached in exhibit c, and negotiate arms-length agreements that are fair and reasonable and do not result in any private inurement or private benefit to third parties.

Form 990, Part VI, Section C, Line 19

AVAILABLE UPON REQUEST

Filing and Contact Details

Filer

Filer Name
Future Fund for Education Inc
EIN
83-3955565
Phone
2127585822
Address
645 MADISON AVENUE 20 FL, NEW YORK, NY 10022

Signing Officer

Name
Matthew S Tierney
Title
President
Phone
2127585822
Signed
2022-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew S Tierney
Formed
2019
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
SPRITZER KAUFMAN LLP CPA'S
Address
19 WEST 44 STREET, NEW YORK, NY 10036
Preparer
Sandra G Kaufman
Phone
2125931040
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IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt0EDUCATIONAL SUPPORT TO COMMUNITIES
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt1GIRLS EDUCATION
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt2CREATIVE EDUCATIONAL SOLUTIONS
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt3EXPANDING EDUCATIONAL OUTREACH
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt4EDUCATIONAL SUPPORT
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt5GENERAL SUPPORT
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt6GENERAL SUPPORT
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt7GENERAL SUPPORT
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt0SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO,
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt1SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO,
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt2SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO,
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt3SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO,
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt4SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO,
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt5SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO,
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt6SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO,
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt7SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO,
IRS990ScheduleF/InterestInForeignTrustInd00
IRS990ScheduleF/PassiveForeignInvestmestCoInd00
IRS990ScheduleF/SubtotalEmployeesCnt00
IRS990ScheduleF/SubtotalOfficesCnt00
IRS990ScheduleF/SubtotalSpentAmt0217771
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0PART III ACCOUNTING METHOD:
IRS990ScheduleF/TotalEmployeeCnt00
IRS990ScheduleF/TotalOfficeCnt00
IRS990ScheduleF/TotalSpentAmt0217771
IRS990ScheduleF/TransferToForeignCorpInd00
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PAUL E. TIERNEY IS MATTHEW TIERNEY AND PATRICIA TIERNEY'S FATHER
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DISCLOSURE OF ALL CONFLICTS AND POTENTIAL CONFLICTS. PURSUANT TO SECTION 715-A(B)(2) OF THE N-PCL, ALL MATERIAL FACTS CONCERNING ANY SITUATION THAT MIGHT BE VIEWED AS A CONFLICT SHOULD BE DISCLOSED TO THE BOARD OF DIRECTORS BY THE DIRECTOR OR OFFICER CONCERNED. WHERE DOUBT EXISTS REGARDING WHETHER A CONFLICT EXISTS OR APPEARS TO EXIST, THE MATTER MUST BE RESOLVED BY THE BOARD OF DIRECTORS. 2. PROCEDURES NECESSARY TO APPROVE ANY CONFLICT. PURSUANT TO SECTION 715-A(B)(3) OF THE N-PCL, NO DIRECTOR OR OFFICER MAY BE PRESENT FOR A VOTE BY THE BOARD OF DIRECTORS ON ANY DECISION OR ACTION BY THE CORPORATION WHICH WOULD DIRECTLY OR INDIRECTLY BENEFIT SUCH DIRECTOR OR OFFICER. SUCH DIRECTOR OR OFFICER MAY, HOWEVER, ANSWER QUESTIONS OR RESPOND TO REQUESTS, AT A MEETING OR OTHERWISE, FOR FACTUAL INFORMATION NEEDED FOR THE BOARD TO MAKE AN INFORMED DECISION. PURSUANT TO SECTION 715-A(B)(4) OF THE N-PCL, ANY ATTEMPT BY THE PERSON WITH THE CONFLICT TO INFLUENCE IMPROPERLY THE DELIBERATION OR VOTING ON THE MATTER GIVING RISE TO SUCH CONFLICT IS PROHIBITED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AT PRESENT, THE CHARITY HAS NOT RETAINED ANY INDEPENDENT CONTRACTORS THAT RECEIVE OR WILL RECEIVE COMPENSATION OF MORE THAN $50,000 PER YEAR. THE CHARITY ANTICIPATES THAT IT MAY RETAIN VARIOUS CONTRACTORS TO ASSIST IT WITH THE DEVELOPMENT OF ITS WEBSITE, FUNDRAISING, AND SIMILAR ROUTINE SERVICES, AS WELL AS PROGRAM CONSULTANTS TO HELP IT WITH ITS GRANTMAKING AND OTHER CHARITABLE PROGRAMS. WHEN SELECTING ITS INDEPENDENT CONTRACTORS, THE CHARITY'S DIRECTORS AND OFFICERS WILL COMPLY WITH THE TERMS OF THE CHARITY'S CONFLICT OF INTEREST POLICY, A COPY OF WHICH IS ATTACHED IN EXHIBIT C, AND NEGOTIATE ARMS-LENGTH AGREEMENTS THAT ARE FAIR AND REASONABLE AND DO NOT RESULT IN ANY PRIVATE INUREMENT OR PRIVATE BENEFIT TO THIRD PARTIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0FUTURE FUND FOR EDUCATION
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0FUTURE FUND FOR EDUCATION (INC IN NEW YORK)
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt0320796
IRS990ScheduleR/IdDisregardedEntitiesGrp/ForeignAddress/AddressLine1Txt0WRIGLEY FIELD BUILDING 57 SLOANE S
IRS990ScheduleR/IdDisregardedEntitiesGrp/ForeignAddress/CityNm0BRYANSTON
IRS990ScheduleR/IdDisregardedEntitiesGrp/ForeignAddress/CountryCd0SF
IRS990ScheduleR/IdDisregardedEntitiesGrp/ForeignAddress/ForeignPostalCd02191
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileForeignCountryCd0SF
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0SUPPORT EDUCATION AFRICA
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt0-60724
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ForeignAddress/AddressLine1Txt0THE MIRAGE TOWER 1 5TH FLOOR
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ForeignAddress/CityNm0WESTLANDS
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ForeignAddress/CountryCd0KE
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ForeignAddress/ProvinceOrStateNm0NAIROBI
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileForeignCountryCd0KE
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/OwnershipPct01.00000
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0SUPPORT EDUCATION AFRICA
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0MBELE FUND FOR EDUCATION LIMITED
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfEOYAssetsAmt0612
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfTotalIncomeAmt0-169921
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxableDistributionsInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0191877
IRS990/TotalAssetsEOYAmt0323055
IRS990/TotalAssetsGrp/BOYAmt0191877
IRS990/TotalAssetsGrp/EOYAmt0323055
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0219971
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt086833
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0217771
IRS990/TotalFunctionalExpensesGrp/TotalAmt0304604
IRS990/TotalGrossUBIAmt0-59907
IRS990/TotalLiabilitiesBOYAmt06883
IRS990/TotalLiabilitiesEOYAmt0487
IRS990/TotalLiabilitiesGrp/BOYAmt06883
IRS990/TotalLiabilitiesGrp/EOYAmt0487
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0184994
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0322568
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0217771
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0160064
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0-59907
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0191877
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0323055
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt041
IRS990/TravelGrp/TotalAmt041
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0645 MADISON AVENUE 20 FL

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