Civic Intelligence

Project 68 Education Fund Inc.

990 • Fiscal year 2020 • EIN 85-2737934

Jan 01, 2020 to Dec 31, 2020 • Filed on Jun 24, 2022

1861 NW South River Drive Unit 1705Miami, FL 33125

(301) 642-2016

Siviq Scores

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

Liabilities / Assets

15th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

15th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

44th percentile

2.5%

Higher net margin than 44% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

58th percentile

$78,200

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 7.5% of source-year revenue.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Assets

$25,978

No earlier filing loaded for comparison.

Net Assets

$25,978

No earlier filing loaded for comparison.

Liabilities

$0

No earlier filing loaded for comparison.

Revenue

$1,037,000

No earlier filing loaded for comparison.

Expenses

$1,011,022

No earlier filing loaded for comparison.

Net Income

$25,978

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$300K$200K$100K$0Assets 2020: $25,978Liabilities 2020: $0Net Assets 2020: $25,9782020Assets 2021: $2,641Liabilities 2021: $0Net Assets 2021: $2,6412021Assets 2022: $38,073Liabilities 2022: $300Net Assets 2022: $37,7732022Assets 2023: $230,951Liabilities 2023: $300Net Assets 2023: $230,6512023Assets 2024: $38,840Liabilities 2024: $0Net Assets 2024: $38,8402024

Highlighted filing

2020

Assets$25,978
Liabilities$0
Net Assets$25,978

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2020: $1,037,000Expenses 2020: $1,011,022Net Income 2020: $25,9782020Revenue 2021: $258,400Expenses 2021: $281,737Net Income 2021: -$23,3372021Revenue 2022: $430,000Expenses 2022: $394,868Net Income 2022: $35,1322022Revenue 2023: $507,400Expenses 2023: $314,522Net Income 2023: $192,8782023Revenue 2024: $735,950Expenses 2024: $858,759Net Income 2024: -$122,8092024

Highlighted filing

2020

Revenue$1,037,000
Expenses$1,011,022
Net Income$25,978
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jun 24, 2022
Return Version
2020v4.2
Gross Receipts
$1,037,000
Mission and Program Overview

Mission

The '68 project works to bridge the gap between established state-based organizations and many of the new athlete and artists-led initiatives to encourage strategic alignment and coordination. The project's goal is to secure concrete gains for black americans through proven and proactive strategies, public and economic pressure, and the advancement of a legislative agenda that seeks to dismantle institutional racism.

The '68 project works to bridge the gap between established state-based organizations and many of the new athlete- and artists-led initiatives to encourage strategic alignment and coordination. The project's goal is to secure concrete gains for black americans through proven and proactive strategies, public and economic pressure, and the advancement of a legislative agenda that seeks to dismantle institutional racism.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts-$25,978-
Rtn Earn Endowment Incm Other Fnds$0$25,978▲ $25,978
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$0$25,978▲ $25,978
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$25,978▲ $25,978
Total Liabilities and Net Assets / Fund Balance$0$25,978▲ $25,978
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Darryl BanksPresidentPT$35,300$42,900$78,200

Board Members and Trustees

NameTitle
Caleb MinerVice President
Revenue and Support

Revenue Composition

Contributions and Grants
$1,037,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,037,000
Change in Net Assets
$25,978
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$775,722
Grants and Similar Amounts Paid$200,000
Salaries, Compensation, and Employee Benefits$35,300
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Conferences and Meetings$150,016$350,037-$500,053
Grants to Domestic Orgs$200,000--$200,000
Fees for Services Other$46,812$109,228-$156,040
Travel$20,982$48,957-$69,939
Current Officers, Directors, Trustees, and Key Employees$10,590$24,710-$35,300
Advertising$3,304$7,708-$11,012
Information Technology$1,999$4,665-$6,664
Other Expenses$249$580-$829
Office Expenses$204$476-$680
Fees for Services Legal$151$354-$505
Total Functional Expenses$443,307$567,715$0$1,011,022
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
222 EvergreenWashington, DCUnknownUrgency 2020$100,000
Entertainment Industry FoundationLos Angeles, CA501(c)(3)Social Change$100,000
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Darryl BanksDirectorProject 68 Paid Consulting Fees to the Castle Partnership, Llc, an LLC Solely Owned by Darryl Banks.No$45,700
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
Yes
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 8A

A full board of directors had not been established and no board meetings had taken place as of 12/31/2020.

Form 990, Part VI, Section A, Line 8B

A full board of directors had not been established and no board meetings had taken place as of 12/31/2020.

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

Form 990 is reviewed with our tax specialists - accountants and attorneys - prior to filing with the irs.

Form 990, Part VI, Section B, Line 15

The director's compensation was determined through discussions with the interim executive director (founder).

Form 990, Part VI, Section C, Line 19

These documents will be provided upon request.

Filing and Contact Details

Filer

Filer Name
Project 68 Education Fund Inc
EIN
85-2737934
Phone
3016422016
Address
1861 NW SOUTH RIVER DRIVE UNIT 1705, MIAMI, FL 33125

Signing Officer

Name
Darryl Banks
Title
President
Phone
3016422016
Signed
2022-06-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Darryl Banks
Formed
2020
Legal Domicile
Fl
Voting Board Members
1
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Carr Riggs & Ingram LLC
Address
2633 CENTENNIAL BLVD STE 200, TALLAHASSEE, FL 32308
Preparer
Mark Jones
Phone
8508788777
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Consulting fees: program service expenses 35,412. Management and general expenses 82,628. Fundraising expenses 0. Total expenses 118,040. Other fees: program service expenses 11,400. Management and general expenses 26,600. Fundraising expenses 0. Total expenses 38,000.

Amended 990 Explanation

Form 990 has been amended to correct the organization's mailing address

Explanation for Paper Filing 990

We received a ltr 2694c indicating that our organization's 12/31/2020 form 990 has been returned because it was not electronically filed. The reason the 990 was not electronically filed is because 2020 was the organization's initial tax year and the organization had not received approval of its tax exempt application by the due date of the 2020 form 990. We thought we had to wait for the irs to approve our application and add our organization to its database of nonprofit organizations before we could file our 990 electronically. A determination letter was received on 2/22/22, indicating that we are now in the irs' database of nonprofit organizations. We request that you waive any penalties. We plan to file all future forms 990 electronically going forward.

Raw XML Appendix355 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/MissionDesc0THE '68 PROJECT WORKS TO BRIDGE THE GAP BETWEEN ESTABLISHED STATE-BASED ORGANIZATIONS AND MANY OF THE NEW ATHLETE AND ARTISTS-LED INITIATIVES TO ENCOURAGE STRATEGIC ALIGNMENT AND COORDINATION. THE PROJECT'S GOAL IS TO SECURE CONCRETE GAINS FOR BLACK AMERICANS THROUGH PROVEN AND PROACTIVE STRATEGIES, PUBLIC AND ECONOMIC PRESSURE, AND THE ADVANCEMENT OF A LEGISLATIVE AGENDA THAT SEEKS TO DISMANTLE INSTITUTIONAL RACISM.
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0ENTERTAINMENT INDUSTRY FOUNDATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1222 EVERGREEN
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IRS990ScheduleI/RecipientTable/RecipientEIN1852078055
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1700 13TH STREET NW SUITE 600
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0PROJECT 68 PAID CONSULTING FEES TO THE CASTLE PARTNERSHIP, LLC, AN LLC SOLELY OWNED BY DARRYL BANKS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A FULL BOARD OF DIRECTORS HAD NOT BEEN ESTABLISHED AND NO BOARD MEETINGS HAD TAKEN PLACE AS OF 12/31/2020.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A FULL BOARD OF DIRECTORS HAD NOT BEEN ESTABLISHED AND NO BOARD MEETINGS HAD TAKEN PLACE AS OF 12/31/2020.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990 IS REVIEWED WITH OUR TAX SPECIALISTS - ACCOUNTANTS AND ATTORNEYS - PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE DIRECTOR'S COMPENSATION WAS DETERMINED THROUGH DISCUSSIONS WITH THE INTERIM EXECUTIVE DIRECTOR (FOUNDER).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THESE DOCUMENTS WILL BE PROVIDED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CONSULTING FEES: PROGRAM SERVICE EXPENSES 35,412. MANAGEMENT AND GENERAL EXPENSES 82,628. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 118,040. OTHER FEES: PROGRAM SERVICE EXPENSES 11,400. MANAGEMENT AND GENERAL EXPENSES 26,600. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 38,000.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6FORM 990 HAS BEEN AMENDED TO CORRECT THE ORGANIZATION'S MAILING ADDRESS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7WE RECEIVED A LTR 2694C INDICATING THAT OUR ORGANIZATION'S 12/31/2020 FORM 990 HAS BEEN RETURNED BECAUSE IT WAS NOT ELECTRONICALLY FILED. THE REASON THE 990 WAS NOT ELECTRONICALLY FILED IS BECAUSE 2020 WAS THE ORGANIZATION'S INITIAL TAX YEAR AND THE ORGANIZATION HAD NOT RECEIVED APPROVAL OF ITS TAX EXEMPT APPLICATION BY THE DUE DATE OF THE 2020 FORM 990. WE THOUGHT WE HAD TO WAIT FOR THE IRS TO APPROVE OUR APPLICATION AND ADD OUR ORGANIZATION TO ITS DATABASE OF NONPROFIT ORGANIZATIONS BEFORE WE COULD FILE OUR 990 ELECTRONICALLY. A DETERMINATION LETTER WAS RECEIVED ON 2/22/22, INDICATING THAT WE ARE NOW IN THE IRS' DATABASE OF NONPROFIT ORGANIZATIONS. WE REQUEST THAT YOU WAIVE ANY PENALTIES. WE PLAN TO FILE ALL FUTURE FORMS 990 ELECTRONICALLY GOING FORWARD.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6AMENDED 990 EXPLANATION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7EXPLANATION FOR PAPER FILING 990
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IRS990/TotalCompGreaterThan150KInd00
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0443307
IRS990/TotalFunctionalExpensesGrp/TotalAmt01011022
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01037000
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IRS990/TypeOfOrganizationCorpInd0X
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0DARRYL BANKS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum03016422016
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-06-24
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PROJECT 68 EDUCATION FUND INC
ReturnHeader/Filer/BusinessNameControlTxt0PROJ
ReturnHeader/Filer/EIN0852737934
ReturnHeader/Filer/PhoneNum03016422016
ReturnHeader/Filer/USAddress/AddressLine1Txt01861 NW SOUTH RIVER DRIVE UNIT 1705
ReturnHeader/Filer/USAddress/CityNm0MIAMI
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0721396621
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CARR RIGGS & INGRAM LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02633 CENTENNIAL BLVD STE 200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0TALLAHASSEE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd032308
ReturnHeader/PreparerPersonGrp/PhoneNum08508788777
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MARK JONES
ReturnHeader/ReturnTs02022-06-24T08:15:09-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0DARRYL
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0BANKS
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

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