Steam Engine Inc

“During the fiscal year ended December 31, 2024, the organization experienced significant financial challenges resulting in liabilities exceeding its assets. As of year-end, the organization was insolvent and had discontinued regular program operations. The Executive Director separated from employment in October 2024. In summer 2025, subsequent to the close of the 2024 fiscal year, the former Executive Director initiated legal action against the organization. In addition, certain creditors have filed actions against the organization and the former Executive Director related to organizational credit accounts established during the former Executive Director's tenure. These matters remain pending as of the filing of this return. Following the cessation of program activities, all remaining program-related materials and office supplies - none of which had recorded book value - were transferred to Engage Learning, a 501(c)(3) organization with a similar charitable mission. One bank account was retained to cover ongoing administrative and legal expenses. The organization remains legally active and is being managed by a volunteer Board of Directors while addressing outstanding obligations and evaluating future operations. No formal plan of dissolution has been adopted at this time.”

“Description;Amount^Office Expenses;8843|Information Technology;3102|Conferences Conventions Meetings;18985|Interest;4886|Deprection Depletion Amortization;737|Insurance;3662|Community Event Food Beverage;8394|Bank Payment Licensure;1427|STEAM Program Supplies;7663|Loss on Disposal of Assets;3494^Total;61193^”

“Description;Amount^Prior Period Adjustment to correct bank reconciliation error;-6000^Total;-6000^”

“Description;EOY Amount^Accounts Payable;51153|Credit Cards Payable;28647^Total;79800^”