Civic Intelligence

Millennial Debt Foundation

990 • Fiscal year 2023 • EIN 84-2250005

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

Organization Profilemillennialdebt.org
401 CHESTNUT STREET Suite 226Chattanooga, TN 37402

(423) 503-8793

Siviq Scores

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

Liabilities / Assets

74th percentile

0.04x

Higher debt load relative to assets than 74% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

72nd percentile

0.02x

Higher debt load relative to revenue than 72% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Net Margin

18th percentile

-23%

Higher net margin than 18% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Top Officer Pay

99th percentile

$120,000

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 26.8% of source-year revenue.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Asset Growth

18th percentile

-28%

Faster asset growth than 18% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

84th percentile

62%

Faster revenue growth than 84% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets74th percentile

Assets

Flat

$239,659

Flat from 2023

Net Assets

Flat

$230,471

Flat from 2023

Liabilities

Flat

$9,188

Flat from 2023

Revenue And Expenses
Liabilities / Revenue72nd percentileNet Margin18th percentile

Revenue

Flat

$447,825

Flat from 2023

Expenses

Flat

$552,026

Flat from 2023

Net Income

Flat

-$104,201

Flat from 2023

Historical Trend

Balance Sheet Trend

Asset Growth18th percentile

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

$800K$600K$400K$200K$0Assets 2019: $107,397Liabilities 2019: $0Net Assets 2019: $107,3972019Assets 2020: $193,500Liabilities 2020: $02020Assets 2021: $310,212Liabilities 2021: $0Net Assets 2021: $310,2122021Assets 2022: $334,672Liabilities 2022: $0Net Assets 2022: $334,6722022Assets 2023: $239,659Liabilities 2023: $9,188Net Assets 2023: $230,4712023Assets 2023: $239,659Liabilities 2023: $9,188Net Assets 2023: $230,4712023Assets 2024: $620,654Liabilities 2024: $4,204Net Assets 2024: $616,4502024

Highlighted filing

2023

Assets$239,659
Liabilities$9,188
Net Assets$230,471
Open 2023 Filing

Operations Trend

Revenue Growth84th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2019: $110,000Expenses 2019: $2,603Net Income 2019: $107,3972019Revenue 2020: $182,500Expenses 2020: $96,397Net Income 2020: $86,1032020Revenue 2021: $350,904Expenses 2021: $234,192Net Income 2021: $116,7122021Revenue 2022: $276,290Expenses 2022: $251,830Net Income 2022: $24,4602022Revenue 2023: $447,825Expenses 2023: $552,026Net Income 2023: -$104,2012023Revenue 2023: $447,825Expenses 2023: $552,026Net Income 2023: -$104,2012023Revenue 2024: $1,046,763Expenses 2024: $660,784Net Income 2024: $385,9792024

Highlighted filing

2023

Revenue$447,825
Expenses$552,026
Net Income-$104,201
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$447,825
Mission and Program Overview

Mission

The millennial debt foundation was launched in mid-2019 by tennessean weston wamp and other millennial entrepreneurs to lead a generational conversation about fiscal stewardship, the role of the federal government and america's deficit spending crisis.

Public education about national debt and federal deficit.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$334,672$239,659▼ $95,013
Rtn Earn Endowment Incm Other Fnds$334,672$230,471▼ $104,201
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
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$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$334,672$239,659▼ $95,013
Other Assets Total$0$0→ $0
Liabilities
Other Liabilities$0$9,188▲ $9,188
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$9,188▲ $9,188
Net Assets / Fund Balance
Total Net Assets Fund Balance$334,672$230,471▼ $104,201
Total Liabilities and Net Assets / Fund Balance$334,672$239,659▼ $95,013
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Lindsay ConradDirectorFT$120,000$120,000

Board Members and Trustees

NameTitle
Weston WampPresident
Adam BoeselagerDirector
Zach WampDirector
Nick MaccoSecretary
Travis TruettTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$81,000
Program Service Revenue
$366,825
Investment Income
$0
Other Revenue
$0
All Other Contributions
$81,000
Change in Net Assets
$-104,201
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Total Fundraising Expense$312,938
Other Expenses$308,193
Salaries, Compensation, and Employee Benefits$243,833
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages--$243,833$243,833
Advertising$14,026-$23,723$37,749
Other Expenses$213,339-$33,609$33,609
Office Expenses$6,352$4,554$3,156$14,062
Travel-$317$6,779$7,096
Fees for Services Legal-$500-$500
Total Functional Expenses$233,717$5,371$312,938$552,026
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Credit Card Payable$9,188
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“A draft copy is provided to the president for their review prior to signing and filing the return.”

Form 990, Part VI, Section C, Line 19:

“Information is shared by request via phone or email.”

Filing and Contact Details

Filer

Filer Name
Millennial Debt Foundation
EIN
84-2250005
In Care Of
% SMITH & HOWARD ADVISORY LLC
Phone
4235038793
Address
401 CHESTNUT STREET Suite 226, CHATTANOOGA, TN 37402

Signing Officer

Name
Thomas Weston Wamp
Title
President
Phone
4235038793
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Weston Wamp
Formed
2019
Legal Domicile
Tn
Voting Board Members
5
Independent Board Members
0
Employees
0

Preparer

Firm
Smith & Howard Advisory LLC
Address
715 MARKET ST STE 303, CHATTANOOGA, TN 37402
Preparer
Josh C Moore
Phone
4238031440
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt081000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0260250
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IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0984654
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IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
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IRS990ScheduleD/FederalIncomeTaxLiabilityAmt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt09188
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CREDIT CARD PAYABLE
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IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A draft copy is provided to the president for their review prior to signing and filing the return.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Information is shared by request via phone or email.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11B:
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IRS990/WebsiteAddressTxt0https://millennialdebt.org
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Thomas Weston Wamp
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum04235038793
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MILLENNIAL DEBT FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0MILL
ReturnHeader/Filer/EIN0842250005
ReturnHeader/Filer/InCareOfNm0% SMITH & HOWARD ADVISORY LLC

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$239,659
Liabilities
$9,188
Net assets
$230,471
Revenue
$447,825
Expenses
$552,026
Net income
-$104,201
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.62$0.00$0.62$1.05$0.66$0.39
2023Detailed filing. Detailed filing data is available for this year.$0.24$0.01$0.23$0.45$0.55$0.10
2023Summary only. Only limited summary data is available for this year.$0.24$0.01$0.23$0.45$0.55$0.10
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.33$0.00$0.33$0.28$0.25$0.02
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.31$0.00$0.31$0.35$0.23$0.12
2020Summary only. Only limited summary data is available for this year.$0.19$0.00$0.18$0.10$0.09
2019Detailed filing. Detailed filing data is available for this year.$0.11$0.00$0.11$0.11$0.00$0.11