Civic Intelligence

Project Upstart Inc

990 • Fiscal year 2022 • EIN 84-2864795

Sep 01, 2021 to Aug 31, 2022 • Filed on Jul 10, 2023

Organization ProfileN/A
4246 South Riverboat Road Suite 15Taylorsville, UT 84123

(801) 576-4900

Siviq Scores

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

Liabilities / Assets

84th percentile

0.44x

Higher debt load relative to assets than 84% of similar nonprofits.

2022 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

53rd percentile

0.10x

Higher debt load relative to revenue than 53% of similar nonprofits.

2022 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2022

Net Margin

25th percentile

-5.8%

Higher net margin than 25% of similar nonprofits.

2022 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

96th percentile

$302,848

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 16.7% of source-year revenue.

2022 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2022

Asset Growth

3rd percentile

-52%

Faster asset growth than 3% of similar nonprofits.

2022 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

78th percentile

35%

Faster revenue growth than 78% of similar nonprofits.

2022 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets84th percentile

Assets

Down

$399,765

Down $439,243 (-52%) from 2021

Net Assets

Down

$224,968

Down $104,908 (-32%) from 2021

Liabilities

Down

$174,797

Down $334,335 (-66%) from 2021

Revenue And Expenses
Liabilities / Revenue53rd percentileNet Margin25th percentile

Revenue

Up

$1,810,830

Up $474,225 (+35%) from 2021

Expenses

Up

$1,915,738

Up $396,725 (+26%) from 2021

Net Income

Up

-$104,908

Up $77,500 (+42%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

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

$1.0M$500K$0Assets 2019: $350,000Liabilities 2019: $0Net Assets 2019: $350,0002019Assets 2021: $839,008Liabilities 2021: $509,132Net Assets 2021: $329,8762021Assets 2022: $399,765Liabilities 2022: $174,797Net Assets 2022: $224,9682022Assets 2023: $557,317Liabilities 2023: $122,663Net Assets 2023: $434,6542023Assets 2024: $515,289Liabilities 2024: $107,926Net Assets 2024: $407,3632024

Highlighted filing

2022

Assets$399,765
Liabilities$174,797
Net Assets$224,968
Open 2022 Filing

Operations Trend

Revenue Growth78th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2019: $350,000Expenses 2019: $0Net Income 2019: $350,0002019Revenue 2021: $1,336,605Expenses 2021: $1,519,013Net Income 2021: -$182,4082021Revenue 2022: $1,810,830Expenses 2022: $1,915,738Net Income 2022: -$104,9082022Revenue 2023: $2,590,405Expenses 2023: $2,380,719Net Income 2023: $209,6862023Revenue 2024: $1,896,045Expenses 2024: $1,923,336Net Income 2024: -$27,2912024

Highlighted filing

2022

Revenue$1,810,830
Expenses$1,915,738
Net Income-$104,908
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2021 to Aug 31, 2022
Signed
Jul 10, 2023
Return Version
2021v4.2
Gross Receipts
$1,810,830
Mission and Program Overview

Mission

Project upstart advocates to the public and legislative bodies for support of early childhood education intervention, particularly focusing on children from lower socioeconomic strata and other at-risk groups to combat disparities in educational opportunities.

Advocates for support of early childhood education intervention to promote equity for all learners.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$152,403$276,435▲ $124,032
Rtn Earn Endowment Incm Other Fnds$329,876$224,968▼ $104,908
Accounts Receivable$686,605$123,330▼ $563,275
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$839,008$399,765▼ $439,243
Liabilities
Accounts Payable and Accrued Expenses$509,132$174,797▼ $334,335
Total Liabilities$509,132$174,797▼ $334,335
Net Assets / Fund Balance
Total Net Assets Fund Balance$329,876$224,968▼ $104,908
Total Liabilities and Net Assets / Fund Balance$839,008$399,765▼ $439,243
Compensation and Service Providers
Top Officer Pay96th percentile

Board Members and Trustees

NameTitle
Allison Gushee MolkenthinChair of the Board
Thomas G NessPresident & Treasurer
Eric J MarxSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Legislative Executive ConsultingConsultant11671 GRANITE FLATS RD, Highland, UT 84003$305,000
Revenue and Support

Revenue Composition

Contributions and Grants
$1,810,830
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,810,830
Change in Net Assets
$-104,908
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,657,094
Salaries, Compensation, and Employee Benefits$258,644
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Lobbying$1,546,820--$1,546,820
Other Salaries and Wages$200,663--$200,663
Other Employee Benefits$57,981--$57,981
Fees for Services Accounting$15,896--$15,896
Other Expenses$1--$1
Total Functional Expenses$1,915,738$0$0$1,915,738
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
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Waterford institute, inc. Is the sole member of project upstart, inc.”

Form 990, Part VI, Section A, Line 7A

“The member has rights to make appointments.”

Form 990, Part VI, Section A, Line 7B

“The member has the right to amend bylaws and make goverance decisions.”

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

“The tax firm engaged by project upstart and the project upstart management team work together to gather the information necessary to complete the form 990. The tax firm prepares an initial draft form 990, which is reviewed by management as well as the board of trustees. Any recommended changes and comments are considered and the form 990 is updated with a final copy distributed to the board of trustees prior to the filing of the form 990 with the internal revenue service.”

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

“We request board members to disclose any conflicts at board meetings.”

Form 990, Part VI, Section C, Line 19

“These documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Project Upstart Inc
EIN
84-2864795
Phone
8015764900
Address
4246 SOUTH RIVERBOAT ROAD SUITE 15, TAYLORSVILLE, UT 84123

Signing Officer

Name
Tom Ness
Title
CFO
Phone
8015764900
Signed
2023-07-10
Discuss with paid preparer
Yes

Organization Details

Formed
2019
Legal Domicile
Ut
Voting Board Members
3
Independent Board Members
2
Employees
0
Volunteers
0

Preparer

Firm
Tanner LLC
Address
36 S STATE STREET SUITE 600, SALT LAKE CITY, UT 84111
Preparer
Marc a Metcalf
Phone
8015327444
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“Management of project upstart believes that it has appropriate support for the income tax positions taken and to be taken on its tax return. A liability for uncertain tax positions initially needs to be recognized in the financial statements when it is more-likely-than-not the position will not be sustained upon examination by tax authorities.”

Raw XML Appendix362 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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT OF PROJECT UPSTART BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE INCOME TAX POSITIONS TAKEN AND TO BE TAKEN ON ITS TAX RETURN. A LIABILITY FOR UNCERTAIN TAX POSITIONS INITIALLY NEEDS TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE-LIKELY-THAN-NOT THE POSITION WILL NOT BE SUSTAINED UPON EXAMINATION BY TAX AUTHORITIES.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0WATERFORD INSTITUTE, INC. IS THE SOLE MEMBER OF PROJECT UPSTART, INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE MEMBER HAS RIGHTS TO MAKE APPOINTMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE MEMBER HAS THE RIGHT TO AMEND BYLAWS AND MAKE GOVERANCE DECISIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE TAX FIRM ENGAGED BY PROJECT UPSTART AND THE PROJECT UPSTART MANAGEMENT TEAM WORK TOGETHER TO GATHER THE INFORMATION NECESSARY TO COMPLETE THE FORM 990. THE TAX FIRM PREPARES AN INITIAL DRAFT FORM 990, WHICH IS REVIEWED BY MANAGEMENT AS WELL AS THE BOARD OF TRUSTEES. ANY RECOMMENDED CHANGES AND COMMENTS ARE CONSIDERED AND THE FORM 990 IS UPDATED WITH A FINAL COPY DISTRIBUTED TO THE BOARD OF TRUSTEES PRIOR TO THE FILING OF THE FORM 990 WITH THE INTERNAL REVENUE SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4WE REQUEST BOARD MEMBERS TO DISCLOSE ANY CONFLICTS AT BOARD MEETINGS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THESE DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
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IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
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IRS990ScheduleR/SharingOfFacilitiesInd00
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0UT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd084111
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ReturnHeader/PreparerPersonGrp/PreparationDt02023-07-10
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MARC A METCALF
ReturnHeader/ReturnTs02023-07-17T14:17:29-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0TOM
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ReturnHeader/TaxPeriodBeginDt02021-09-01
ReturnHeader/TaxPeriodEndDt02022-08-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$399,765
Liabilities
$174,797
Net assets
$224,968
Revenue
$1,810,830
Expenses
$1,915,738
Net income
-$104,908
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.52$0.11$0.41$1.90$1.92$0.03
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.56$0.12$0.43$2.59$2.38$0.21
2022Detailed filing. Detailed filing data is available for this year.$0.40$0.17$0.22$1.81$1.92$0.10
2021Detailed filing. Detailed filing data is available for this year.$0.84$0.51$0.33$1.34$1.52$0.18
2019Summary only. Only limited summary data is available for this year.$0.35$0.00$0.35$0.35$0.00$0.35