Civic Intelligence

Worthless Foundation Inc.

990 • Fiscal year 2020 • EIN 83-4240559

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 08, 2021

Organization ProfileWORTHLESSSTUDIOS.ORG

View Organization Page

16 Desbrosses St No 1NNew York, NY 10013-1777

(917) 576-3999

Siviq Scores

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

Liabilities / Assets

36th percentile

0.02x

Higher debt load relative to assets than 36% of similar nonprofits.

2020 filings • NTEE A • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

28th percentile

0.02x

Higher debt load relative to revenue than 28% of similar nonprofits.

2020 filings • NTEE A • $500k-$1M nonprofits • Source year 2020

Net Margin

97th percentile

83%

Higher net margin than 97% of similar nonprofits.

2020 filings • NTEE A • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

54th percentile

$28,900

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 3.4% of source-year revenue.

2020 filings • NTEE A • $500k-$1M nonprofits • Source year 2020

Asset Growth

99th percentile

1209%

Faster asset growth than 99% of similar nonprofits.

2020 filings • NTEE A • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

99th percentile

420%

Faster revenue growth than 99% of similar nonprofits.

2020 filings • NTEE A • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets36th percentile

Assets

Up

$757,758

Up $699,853 (+1209%) from 2019

Net Assets

Up

$742,903

Up $713,285 (+2408%) from 2019

Liabilities

Down

$14,855

Down $13,432 (-47%) from 2019

Revenue And Expenses
Liabilities / Revenue28th percentileNet Margin97th percentile

Revenue

Up

$860,043

Up $694,608 (+420%) from 2019

Expenses

Up

$146,758

Up $10,941 (+8.1%) from 2019

Net Income

Up

$713,285

Up $683,667 (+2308%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth99th percentile

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

$15M$10M$5.0M$0Assets 2019: $57,905Liabilities 2019: $28,287Net Assets 2019: $29,6182019Assets 2020: $757,758Liabilities 2020: $14,855Net Assets 2020: $742,9032020Assets 2021: $10,452,954Liabilities 2021: $3,399,370Net Assets 2021: $7,053,5842021Assets 2022: $9,141,108Liabilities 2022: $3,275,684Net Assets 2022: $5,865,4242022Assets 2023: $9,011,506Liabilities 2023: $3,067,487Net Assets 2023: $5,944,0192023Assets 2024: $6,115,991Liabilities 2024: $18,832Net Assets 2024: $6,097,1592024

Highlighted filing

2020

Assets$757,758
Liabilities$14,855
Net Assets$742,903
Open 2020 Filing

Operations Trend

Revenue Growth99th percentile

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

$10M$5.0M$0-$5.0MRevenue 2019: $165,435Expenses 2019: $135,817Net Income 2019: $29,6182019Revenue 2020: $860,043Expenses 2020: $146,758Net Income 2020: $713,2852020Revenue 2021: $6,977,240Expenses 2021: $635,168Net Income 2021: $6,342,0722021Revenue 2022: $662,563Expenses 2022: $1,741,558Net Income 2022: -$1,078,9952022Revenue 2023: $733,409Expenses 2023: $2,110,083Net Income 2023: -$1,376,6742023Revenue 2024: $977,606Expenses 2024: $888,906Net Income 2024: $88,7002024

Highlighted filing

2020

Revenue$860,043
Expenses$146,758
Net Income$713,285
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 8, 2021
Return Version
2020v4.1
Gross Receipts
$860,043
Mission and Program Overview

Mission

To promote the arts and social welfare by encouraging economic development in the sector of art and other creative endeavors, including sculpture, painting, and photography and performance, and to support new, aspiring, or emerging artists in various ways.

To promote the arts and provide support to new, aspiring, or emerging artist.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments-$649,829-
Cash and Non-Interest-Bearing Accounts$57,905$105,179▲ $47,274
Prepaid Expenses and Deferred Charges-$2,750-
Total Assets$57,905$757,758▲ $699,853
Liabilities
Accounts Payable and Accrued Expenses$28,287$14,855▼ $13,432
Total Liabilities$28,287$14,855▼ $13,432
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$29,618$742,903▲ $713,285
Total Net Assets Fund Balance$29,618$742,903▲ $713,285
Total Liabilities and Net Assets / Fund Balance$57,905$757,758▲ $699,853
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Katherine CooperManaging DirectorFT$28,900$28,900

Board Members and Trustees

NameTitle
Neil HamamotoFounder, President & Creative Director
Allen MurabayashiDirector
Ann HarakawaDirector
Jordan HuelskampDirector
Mike FormanSecretary
David HamamotoTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$854,405
Program Service Revenue
$5,634
Investment Income
$4
Other Revenue
$0
All Other Contributions
$854,405
Change in Net Assets
$713,285
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$117,858
Salaries, Compensation, and Employee Benefits$28,900
Total Fundraising Expense$5,115
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$52,246$10,903$5,115$68,264
Current Officers, Directors, Trustees, and Key Employees$28,900--$28,900
Fees for Services Legal-$15,949-$15,949
Fees for Services Accounting-$11,980-$11,980
Office Expenses-$3,849-$3,849
Advertising-$1,508-$1,508
Travel$460$346-$806
Other Expenses$3,366$545-$545
Total Functional Expenses$94,507$47,136$5,115$146,758
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
Yes
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
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

“Neil hamamoto and david hamamoto have a family relationship.”

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

“The form 990 is reviewed and approved by the authorized officials prior to filing with the irs.”

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

“The foundation's conflict policy requires directors to disclose any conflict of interest. To the extent there is a disclosure or the board otherwise becomes aware of a potential conflict, the foundation follows the procedures set forth in the policy.”

Form 990, Part VI, Section C, Line 18

“Governing documents available to the public upon written request, form 990 and form 1023 will be provided.”

Form 990, Part VI, Section C, Line 19

“Governing documents available to the public upon written request, form 990 and form 1023 will be provided.”

Filing and Contact Details

Filer

Filer Name
Worthless Foundation Inc
EIN
83-4240559
Phone
9175763999
Address
16 DESBROSSES ST NO 1N, NEW YORK, NY 10013-1777
Doing Business As
Worthless Studios

Signing Officer

Name
Neil Hamamoto
Title
Founder, President & Creative Director
Phone
9175763999
Signed
2021-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Neil Hamamoto
Formed
2019
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
6

Preparer

Firm
Skody Scot & Co Cpas Pc
Address
520 EIGHTH AVE SUITE 2200, NEW YORK, NY 10018
Preparer
William Skody
Phone
2129671100
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Consultants & outside contractors: program service expenses 46,198. Management and general expenses 10,903. Fundraising expenses 5,115. Total expenses 62,216. Professional fees: program service expenses 6,048. Management and general expenses 0. Fundraising expenses 0. Total expenses 6,048.”

FORM 990. PART XII, LINE 2C:

“The process has not changed from prior year.”

Raw XML Appendix356 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/Form990PartVIISectionAGrp/TitleTxt0FOUNDER, PRESIDENT & CREATIVE DIR.
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IRS990/MissionDesc0TO PROMOTE THE ARTS AND SOCIAL WELFARE BY ENCOURAGING ECONOMIC DEVELOPMENT IN THE SECTOR OF ART AND OTHER CREATIVE ENDEAVORS, INCLUDING SCULPTURE, PAINTING, AND PHOTOGRAPHY AND PERFORMANCE, AND TO SUPPORT NEW, ASPIRING, OR EMERGING ARTISTS IN VARIOUS WAYS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0NEIL HAMAMOTO AND DAVID HAMAMOTO HAVE A FAMILY RELATIONSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS REVIEWED AND APPROVED BY THE AUTHORIZED OFFICIALS PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FOUNDATION'S CONFLICT POLICY REQUIRES DIRECTORS TO DISCLOSE ANY CONFLICT OF INTEREST. TO THE EXTENT THERE IS A DISCLOSURE OR THE BOARD OTHERWISE BECOMES AWARE OF A POTENTIAL CONFLICT, THE FOUNDATION FOLLOWS THE PROCEDURES SET FORTH IN THE POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST, FORM 990 AND FORM 1023 WILL BE PROVIDED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST, FORM 990 AND FORM 1023 WILL BE PROVIDED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CONSULTANTS & OUTSIDE CONTRACTORS: PROGRAM SERVICE EXPENSES 46,198. MANAGEMENT AND GENERAL EXPENSES 10,903. FUNDRAISING EXPENSES 5,115. TOTAL EXPENSES 62,216. PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 6,048. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 6,048.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR.
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 C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990. PART XII, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt057905
IRS990/TotalAssetsEOYAmt0757758
IRS990/TotalAssetsGrp/BOYAmt057905
IRS990/TotalAssetsGrp/EOYAmt0757758
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0854405
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt05115
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt047136
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt094507
IRS990/TotalFunctionalExpensesGrp/TotalAmt0146758
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt028287
IRS990/TotalLiabilitiesEOYAmt014855
IRS990/TotalLiabilitiesGrp/BOYAmt028287
IRS990/TotalLiabilitiesGrp/EOYAmt014855
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt029618
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0742903
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt094507
IRS990/TotalProgramServiceRevenueAmt05634
IRS990/TotalReportableCompFromOrgAmt028900
IRS990/TotalRevenueGrp/ExclusionAmt04
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt05634
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0860043
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt06
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt057905
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0757758
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt0346
IRS990/TravelGrp/ProgramServicesAmt0460
IRS990/TravelGrp/TotalAmt0806
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt016 DESBROSSES ST NO 1N
IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd0100131777
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WORTHLESSSTUDIOS.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0NEIL HAMAMOTO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0FOUNDER, PRESIDENT & CREATIVE DIR.
ReturnHeader/BusinessOfficerGrp/PhoneNum09175763999
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0WORTHLESS FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0WORT
ReturnHeader/Filer/EIN0834240559
ReturnHeader/Filer/PhoneNum09175763999
ReturnHeader/Filer/USAddress/AddressLine1Txt016 DESBROSSES ST NO 1N
ReturnHeader/Filer/USAddress/CityNm0NEW YORK
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd0100131777
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0133597814
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SKODY SCOT & CO CPAS PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0520 EIGHTH AVE SUITE 2200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010018
ReturnHeader/PreparerPersonGrp/PhoneNum02129671100
ReturnHeader/PreparerPersonGrp/PreparationDt02021-11-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0WILLIAM SKODY
ReturnHeader/ReturnTs02021-11-08T13:31:44-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0NEIL
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0HAMAMOTO
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$757,758
Liabilities
$14,855
Net assets
$742,903
Revenue
$860,043
Expenses
$146,758
Net income
$713,285
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.12$0.02$6.10$0.98$0.89$0.09
2023Detailed filing. Detailed filing data is available for this year.$9.01$3.07$5.94$0.73$2.11$1.38
2022Detailed filing. Detailed filing data is available for this year.$9.14$3.28$5.87$0.66$1.74$1.08
2021Detailed filing. Detailed filing data is available for this year.$10.5$3.40$7.05$6.98$0.64$6.34
2020Detailed filing. Detailed filing data is available for this year.$0.76$0.01$0.74$0.86$0.15$0.71
2019Detailed filing. Detailed filing data is available for this year.$0.06$0.03$0.03$0.17$0.14$0.03