Civic Intelligence

Accelerating Circularity Inc.

990 • Fiscal year 2023 • EIN 84-3906295

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 23, 2024

Organization ProfileWWW.ACCELERATINGCIRCULARITY.ORG
22 E Main St 1006Middle Town, NY 10940

(917) 410-3188

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$3,040,385

Flat from 2023

Net Assets

Flat

$2,882,830

Flat from 2023

Liabilities

Flat

$157,555

Flat from 2023

Revenue And Expenses

Revenue

Flat

$2,367,399

Flat from 2023

Expenses

Flat

$1,290,148

Flat from 2023

Net Income

Flat

$1,077,251

Flat from 2023

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2020: $1,352,002Liabilities 2020: $4,800Net Assets 2020: $1,347,2022020Assets 2021: $1,543,837Liabilities 2021: $0Net Assets 2021: $1,543,8372021Assets 2022: $1,850,579Liabilities 2022: $45,000Net Assets 2022: $1,805,5792022Assets 2023: $3,040,385Liabilities 2023: $157,555Net Assets 2023: $2,882,8302023Assets 2023: $3,040,385Liabilities 2023: $157,555Net Assets 2023: $2,882,8302023Assets 2024: $2,333,264Liabilities 2024: $85,449Net Assets 2024: $2,247,8152024

Highlighted filing

2023

Assets$3,040,385
Liabilities$157,555
Net Assets$2,882,830
Open 2023 Filing

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2020: $1,668,390Expenses 2020: $346,662Net Income 2020: $1,321,7282020Revenue 2021: $784,623Expenses 2021: $587,988Net Income 2021: $196,6352021Revenue 2022: $1,085,091Expenses 2022: $823,349Net Income 2022: $261,7422022Revenue 2023: $2,367,399Expenses 2023: $1,290,148Net Income 2023: $1,077,2512023Revenue 2023: $2,367,399Expenses 2023: $1,290,148Net Income 2023: $1,077,2512023Revenue 2024: $835,976Expenses 2024: $1,470,991Net Income 2024: -$635,0152024

Highlighted filing

2023

Revenue$2,367,399
Expenses$1,290,148
Net Income$1,077,251
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 23, 2024
Return Version
2023v5.1
Gross Receipts
$2,367,399
Mission and Program Overview

Mission

To establish systems that will use the embedded value and resources in existing textiles for new products, reducing the millions of tons of textile waste annually going into landfills and thereby supporting the reduction of the industry's ghg emissions.

Operates for the charitable, education and scientific purposes of transforming textile supply chains from linear to circular, thereby reducing textile waste and helping the environment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,455,631$2,889,053▲ $1,433,422
Accounts Receivable$272,118$109,944▼ $162,174
Pledges and Grants Receivable$122,163$40,721▼ $81,442
Total Assets$1,850,579$3,040,385▲ $1,189,806
Other Assets Total$667$667→ $0
Liabilities
Accounts Payable and Accrued Expenses$45,000$157,555▲ $112,555
Total Liabilities$45,000$157,555▲ $112,555
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,242,686$1,504,081▲ $261,395
Net Assets Without Donor Restrictions$562,893$1,378,749▲ $815,856
Total Net Assets Fund Balance$1,805,579$2,882,830▲ $1,077,251
Total Liabilities and Net Assets / Fund Balance$1,850,579$3,040,385▲ $1,189,806
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Karla MagruderPresidentFT$150,000$150,000

Board Members and Trustees

NameTitle
Alice HartleyDirector
Eileen MockusDirector
Kate Kitchener Rot Off 123Director
Steven BethellDirector
Tricia CareySecretary
Edward DenesTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,500,000
Program Service Revenue
$845,227
Investment Income
$20,034
Other Revenue
$2,138
All Other Contributions
$1,500,000
Change in Net Assets
$1,077,251

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,367,399
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,367,399
Total Revenue per Form 990
$2,367,399
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$654,735
Salaries, Compensation, and Employee Benefits$635,413
Total Fundraising Expense$108,298
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$158,469$48,760$36,570$243,799
Payroll Taxes$123,557$38,018$28,513$190,088
Comp Disqual Persons$97,500$30,000$22,500$150,000
Fees for Services Other$146,797--$146,797
Travel$54,402$16,739$12,554$83,695
Other Employee Benefits$33,492$10,305$7,729$51,526
Office Expenses-$19,017-$19,017
Fees for Services Accounting-$18,500-$18,500
Fees for Services Legal-$6,118-$6,118
Insurance-$5,397-$5,397
Other Expenses$1,871$524$432$524
Total Functional Expenses$981,769$200,081$108,298$1,290,148

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,290,148
Total Expenses per Audited Statements$1,290,148
Total Expenses per Form 990$1,290,148
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Audit committee
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
Yes
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

“Line 11a explanation - each director was provided a copy of the form 990 prior to filing. The president and independent cpa were available to answer any questions.”

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

“Officers and trustees are required to sign a conflict of interest statement annually. Officers and trustees are also required to disclose at board meetings any change since signing the disclosure statement.”

Form 990, Part VI, Section C, Line 19

“All documents are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Accelerating Circularity Inc
EIN
84-3906295
Phone
9174103188
Address
22 E MAIN ST 1006, MIDDLE TOWN, NY 10940

Signing Officer

Name
Karla Magruder
Title
President
Phone
9174103188
Signed
2024-10-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Karla Magruder
Formed
2019
Legal Domicile
De
Voting Board Members
7
Independent Board Members
6
Employees
9
Volunteers
0

Preparer

Firm
Schulman Lobel Llp
Address
1001 AVENUE OF THE AMERICAS 2ND, FLOOR, NEW YORK, NY 10018
Preparer
Adam Reiss
Phone
2128685781
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Consulting fees: program service expenses 146,797. Management and general expenses 0. Fundraising expenses 0. Total expenses 146,797.”

Financial Statement Notes

Form 990, Part XIII, Line 2

“The organization is required to disclose unrecognized tax benefits resulting from uncertain tax positions. At december 31, 2023, the organization did not have any unrecognized tax benefits or liabilities. The organization operates in the united states and in state and local jurisdictions, and the previous three years remain subject to examination by tax authorities. There are presently no ongoing income tax examinations.”

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IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt01290148
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02367399
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS REQUIRED TO DISCLOSE UNRECOGNIZED TAX BENEFITS RESULTING FROM UNCERTAIN TAX POSITIONS. AT DECEMBER 31, 2023, THE ORGANIZATION DID NOT HAVE ANY UNRECOGNIZED TAX BENEFITS OR LIABILITIES. THE ORGANIZATION OPERATES IN THE UNITED STATES AND IN STATE AND LOCAL JURISDICTIONS, AND THE PREVIOUS THREE YEARS REMAIN SUBJECT TO EXAMINATION BY TAX AUTHORITIES. THERE ARE PRESENTLY NO ONGOING INCOME TAX EXAMINATIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART XIII, LINE 2
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt01290148
IRS990ScheduleD/TotalRevenuePerForm990Amt02367399
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02367399
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01290148
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0LINE 11A EXPLANATION - EACH DIRECTOR WAS PROVIDED A COPY OF THE FORM 990 PRIOR TO FILING. THE PRESIDENT AND INDEPENDENT CPA WERE AVAILABLE TO ANSWER ANY QUESTIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1OFFICERS AND TRUSTEES ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT ANNUALLY. OFFICERS AND TRUSTEES ARE ALSO REQUIRED TO DISCLOSE AT BOARD MEETINGS ANY CHANGE SINCE SIGNING THE DISCLOSURE STATEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CONSULTING FEES: PROGRAM SERVICE EXPENSES 146,797. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 146,797.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsEOYAmt03040385
IRS990/TotalAssetsGrp/BOYAmt01850579
IRS990/TotalAssetsGrp/EOYAmt03040385
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt01500000
IRS990/TotalEmployeeCnt09
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt0108298
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0200081
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0981769
IRS990/TotalFunctionalExpensesGrp/TotalAmt01290148
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt045000
IRS990/TotalLiabilitiesEOYAmt0157555
IRS990/TotalLiabilitiesGrp/BOYAmt045000
IRS990/TotalLiabilitiesGrp/EOYAmt0157555
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01805579
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02882830
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0981769
IRS990/TotalProgramServiceRevenueAmt0845227
IRS990/TotalReportableCompFromOrgAmt0150000
IRS990/TotalRevenueGrp/ExclusionAmt022172
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0845227
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02367399
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01850579
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03040385
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/FundraisingAmt012554
IRS990/TravelGrp/ManagementAndGeneralAmt016739
IRS990/TravelGrp/ProgramServicesAmt054402
IRS990/TravelGrp/TotalAmt083695
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt022 E MAIN ST 1006
IRS990/USAddress/CityNm0MIDDLE TOWN
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010940
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WWW.ACCELERATINGCIRCULARITY.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0KARLA MAGRUDER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum09174103188
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-10-23
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ACCELERATING CIRCULARITY INC
ReturnHeader/Filer/BusinessNameControlTxt0ACCE
ReturnHeader/Filer/EIN0843906295
ReturnHeader/Filer/PhoneNum09174103188
ReturnHeader/Filer/USAddress/AddressLine1Txt022 E MAIN ST 1006
ReturnHeader/Filer/USAddress/CityNm0MIDDLE TOWN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010940
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0223840651
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SCHULMAN LOBEL LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01001 AVENUE OF THE AMERICAS 2ND
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine2Txt0FLOOR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010018
ReturnHeader/PreparerPersonGrp/PhoneNum02128685781
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ADAM REISS
ReturnHeader/ReturnTs02024-10-25T14:05:45-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$3,040,385
Liabilities
$157,555
Net assets
$2,882,830
Revenue
$2,367,399
Expenses
$1,290,148
Net income
$1,077,251
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.33$0.09$2.25$0.84$1.47$0.64
2023Detailed filing. Detailed filing data is available for this year.$3.04$0.16$2.88$2.37$1.29$1.08
2023Summary only. Only limited summary data is available for this year.$3.04$0.16$2.88$2.37$1.29$1.08
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.85$0.05$1.81$1.09$0.82$0.26
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.54$0.00$1.54$0.78$0.59$0.20
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.35$0.00$1.35$1.67$0.35$1.32