Civic Intelligence

Climate Vault Inc.

990 • Fiscal year 2021 • EIN 85-4211960

Dec 01, 2020 to Nov 30, 2021 • Filed on Oct 14, 2022

Organization ProfileCLIMATEVAULT.ORG
5757 S University AveChicago, IL 60637

(844) 828-5848

Siviq Scores

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

Liabilities / Assets

75th percentile

0.40x

Higher debt load relative to assets than 75% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

72nd percentile

0.45x

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

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

93rd percentile

69%

Higher net margin than 93% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

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

Source year 2021

Revenue Growth

Score unavailable

No value available

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

Source year 2021

Balance Sheet
Liabilities / Assets75th percentile

Assets

$7,854,784

No earlier filing loaded for comparison.

Net Assets

$4,745,978

No earlier filing loaded for comparison.

Liabilities

$3,108,806

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue72nd percentileNet Margin93rd percentile

Revenue

$6,863,447

No earlier filing loaded for comparison.

Expenses

$2,116,723

No earlier filing loaded for comparison.

Net Income

$4,746,724

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$20M$15M$10M$5.0M$0Assets 2021: $7,854,784Liabilities 2021: $3,108,806Net Assets 2021: $4,745,9782021Assets 2022: $9,733,950Liabilities 2022: $3,609,353Net Assets 2022: $6,124,5972022Assets 2023: $14,423,088Liabilities 2023: $5,043,705Net Assets 2023: $9,379,3832023Assets 2024: $18,574,921Liabilities 2024: $4,876,888Net Assets 2024: $13,698,0332024

Highlighted filing

2021

Assets$7,854,784
Liabilities$3,108,806
Net Assets$4,745,978
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$8.0M$6.0M$4.0M$2.0M$0Revenue 2021: $6,863,447Expenses 2021: $2,116,723Net Income 2021: $4,746,7242021Revenue 2022: $5,293,047Expenses 2022: $3,914,428Net Income 2022: $1,378,6192022Revenue 2023: $6,037,896Expenses 2023: $3,281,999Net Income 2023: $2,755,8972023Revenue 2024: $5,991,551Expenses 2024: $1,672,901Net Income 2024: $4,318,6502024

Highlighted filing

2021

Revenue$6,863,447
Expenses$2,116,723
Net Income$4,746,724
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Dec 1, 2020 to Nov 30, 2021
Signed
Oct 14, 2022
Return Version
2020v4.2
Gross Receipts
$6,863,447
Mission and Program Overview

Mission

Climate vault's primary mission is to lower the concentration of greenhouse gases in the atmosphere to slow, and even reverse, the effects of climate change. Climate vault will accomplish its mission through 2 primary activities: (continued in schedule o) (1) reducing future co2 emissions and (2) removing co2 from the atmosphere.

Climate vault's primary mission is to lower the concentration of greenhouse (continued in sch o) gases in the atmosphere to slow, and even reverse, the effects of climate change. Climate vault will accomplish its mission through 2 primary activities: (1) reducing future co2 emissions and (2) removing co2 from the atmosphere.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related-$5,221,735-
Cash and Non-Interest-Bearing Accounts-$1,396,459-
Pledges and Grants Receivable-$1,075,550-
Prepaid Expenses and Deferred Charges-$104,914-
Intangible Assets$7,876$54,257▲ $46,381
Land, Buildings, and Equipment, Net$0$1,869▲ $1,869
Total Assets$7,876$7,854,784▲ $7,846,908
Liabilities
Mortgage Notes Payable Secured by Investment Property-$2,250,000-
Accounts Payable and Accrued Expenses$8,622$858,806▲ $850,184
Total Liabilities$8,622$3,108,806▲ $3,100,184
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-746$4,745,978▲ $4,746,724
Total Net Assets Fund Balance$-746$4,745,978▲ $4,746,724
Total Liabilities and Net Assets / Fund Balance$7,876$7,854,784▲ $7,846,908

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$1,869$420$2,289
Investment Program Related Org$5,221,735--
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
Michael GreenstoneChairperson
Bala SrinivasanDirector
Don WilsonDirector
Andrew DaileySecretary & Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$6,863,447
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$6,863,447
Change in Net Assets
$4,746,724
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,116,723
Total Fundraising Expense$920,423
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$300,123$252,257$543,286$1,095,666
Fees for Services Management-$288,425$187,200$475,625
Information Technology-$207,332$22,797$230,129
Advertising--$167,140$167,140
Fees for Services Accounting-$76,638-$76,638
Travel-$22,715-$22,715
Office Expenses-$15,936-$15,936
Occupancy-$15,175-$15,175
Depreciation Depletion-$9,130-$9,130
Fees for Services Legal-$8,569-$8,569
Total Functional Expenses$300,123$896,177$920,423$2,116,723
International Activity

International Summary

Offices
0
Employees
1
Spending
$187,200

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
North AmericaDonor Development-01$187,200
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
DrwORGANIZATION OWNED 100% BY BOARD MEMBERPurchase of Carbon Offset PermitsNo$5,221,735
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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 B, Line 11B

“Controller prepares the return, reviewed by outside accounting firm, then reviewed by management legal and then sent to the officers before filing.”

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

“At the annual board meeting, the secretary ensures everyone's conflict of interest signatures are current. The board shall approve only those contracts or transactions in which the terms are fair and reasonable to the corporation and the arrangements are consistent with the best interest of the corporation. The chairperson will ensure that any person with a conflict of interest will not be present at the meeting during such discussion or decision.”

Form 990, Part VI, Section C, Line 19

“Any of these documents are available upon request to the public.”

Filing and Contact Details

Filer

Filer Name
Climate Vault Inc
EIN
85-4211960
Phone
8448285848
Address
5757 S UNIVERSITY AVE, CHICAGO, IL 60637

Signing Officer

Name
Michael Greenstone
Title
Chairperson
Phone
8448285848
Signed
2022-10-14

Organization Details

Principal Officer
Michael Greenstone
Formed
2020
Legal Domicile
De
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
4
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Business development: program service expenses 300,123. Management and general expenses 252,257. Fundraising expenses 543,286. Total expenses 1,095,666.”

Form 990, Part X, Line 13

“The primary program for climate vault inc is to use donor funds to purchase the carbon offset allowances which are categorized to program-related investments and not an expense account. The intention is to monetize some of these carbon dioxide allowances in it's vault to award grants to companies making carbon dioxide removal more effective.”

Raw XML Appendix332 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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IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0PART III ACCOUNTING METHOD:
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IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART IV
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CONTROLLER PREPARES THE RETURN, REVIEWED BY OUTSIDE ACCOUNTING FIRM, THEN REVIEWED BY MANAGEMENT LEGAL AND THEN SENT TO THE OFFICERS BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AT THE ANNUAL BOARD MEETING, THE SECRETARY ENSURES EVERYONE'S CONFLICT OF INTEREST SIGNATURES ARE CURRENT. THE BOARD SHALL APPROVE ONLY THOSE CONTRACTS OR TRANSACTIONS IN WHICH THE TERMS ARE FAIR AND REASONABLE TO THE CORPORATION AND THE ARRANGEMENTS ARE CONSISTENT WITH THE BEST INTEREST OF THE CORPORATION. THE CHAIRPERSON WILL ENSURE THAT ANY PERSON WITH A CONFLICT OF INTEREST WILL NOT BE PRESENT AT THE MEETING DURING SUCH DISCUSSION OR DECISION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ANY OF THESE DOCUMENTS ARE AVAILABLE UPON REQUEST TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BUSINESS DEVELOPMENT: PROGRAM SERVICE EXPENSES 300,123. MANAGEMENT AND GENERAL EXPENSES 252,257. FUNDRAISING EXPENSES 543,286. TOTAL EXPENSES 1,095,666.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE PRIMARY PROGRAM FOR CLIMATE VAULT INC IS TO USE DONOR FUNDS TO PURCHASE THE CARBON OFFSET ALLOWANCES WHICH ARE CATEGORIZED TO PROGRAM-RELATED INVESTMENTS AND NOT AN EXPENSE ACCOUNT. THE INTENTION IS TO MONETIZE SOME OF THESE CARBON DIOXIDE ALLOWANCES IN IT'S VAULT TO AWARD GRANTS TO COMPANIES MAKING CARBON DIOXIDE REMOVAL MORE EFFECTIVE.
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART X, LINE 13
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt07876
IRS990/TotalAssetsEOYAmt07854784
IRS990/TotalAssetsGrp/BOYAmt07876
IRS990/TotalAssetsGrp/EOYAmt07854784
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt06863447
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt0920423
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0896177
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0300123
IRS990/TotalFunctionalExpensesGrp/TotalAmt02116723
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt08622
IRS990/TotalLiabilitiesEOYAmt03108806
IRS990/TotalLiabilitiesGrp/BOYAmt08622
IRS990/TotalLiabilitiesGrp/EOYAmt03108806
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-746
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04745978
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0300123
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt06863447
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt04
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt07876
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt07854784
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt022715
IRS990/TravelGrp/TotalAmt022715
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt05757 S UNIVERSITY AVE
IRS990/USAddress/CityNm0CHICAGO
IRS990/USAddress/StateAbbreviationCd0IL
IRS990/USAddress/ZIPCd060637
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0HTTPS://CLIMATEVAULT.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL GREENSTONE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRPERSON
ReturnHeader/BusinessOfficerGrp/PhoneNum08448285848
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-10-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CLIMATE VAULT INC
ReturnHeader/Filer/BusinessNameControlTxt0CLIM
ReturnHeader/Filer/EIN0854211960
ReturnHeader/Filer/PhoneNum08448285848
ReturnHeader/Filer/USAddress/AddressLine1Txt05757 S UNIVERSITY AVE
ReturnHeader/Filer/USAddress/CityNm0CHICAGO
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IL
ReturnHeader/Filer/USAddress/ZIPCd060637
ReturnHeader/ReturnTs02022-10-14T14:27:29-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MICHAEL
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0GREENSTONE
ReturnHeader/TaxPeriodBeginDt02020-12-01
ReturnHeader/TaxPeriodEndDt02021-11-30
ReturnHeader/TaxYr02020

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,854,784
Liabilities
$3,108,806
Net assets
$4,745,978
Revenue
$6,863,447
Expenses
$2,116,723
Net income
$4,746,724
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.6$4.88$13.7$5.99$1.67$4.32
2023Detailed filing. Detailed filing data is available for this year.$14.4$5.04$9.38$6.04$3.28$2.76
2022Detailed filing. Detailed filing data is available for this year.$9.73$3.61$6.12$5.29$3.91$1.38
2021Detailed filing. Detailed filing data is available for this year.$7.85$3.11$4.75$6.86$2.12$4.75