Civic Intelligence

43 North Foundation Inc

990 • Fiscal year 2022 • EIN 86-1647131

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

Organization ProfileWWW.43NORTHFOUNDATION.ORG
1 West Seneca Street 24th FlrBuffalo, NY 14203

(716) 332-7980

Siviq Scores

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

Liabilities / Assets

4th percentile

0.00x

Higher debt load relative to assets than 4% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

9th percentile

0.02x

Higher debt load relative to revenue than 9% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

96th percentile

81%

Higher net margin than 96% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

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

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Asset Growth

2nd percentile

-30%

Faster asset growth than 2% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

1st percentile

-99%

Faster revenue growth than 1% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets4th percentile

Assets

Down

$47,245,822

Down $20,159,034 (-30%) from 2021

Net Assets

Down

$47,227,822

Down $20,177,034 (-30%) from 2021

Liabilities

Up

$18,000

Up $18,000 from 2021

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin96th percentile

Revenue

Down

$830,910

Down $55,653,294 (-99%) from 2021

Expenses

Up

$155,949

Up $92,172 (+145%) from 2021

Net Income

Down

$674,961

Down $55,745,466 (-99%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth2nd percentile

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

$80M$60M$40M$20M$0Assets 2021: $67,404,856Liabilities 2021: $0Net Assets 2021: $67,404,8562021Assets 2022: $47,245,822Liabilities 2022: $18,000Net Assets 2022: $47,227,8222022Assets 2023: $57,425,416Liabilities 2023: $0Net Assets 2023: $57,425,4162023Assets 2024: $61,207,539Liabilities 2024: $62,787Net Assets 2024: $61,144,7522024

Highlighted filing

2022

Assets$47,245,822
Liabilities$18,000
Net Assets$47,227,822
Open 2022 Filing

Operations Trend

Revenue Growth1st percentile

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

$60M$40M$20M$0-$20MRevenue 2021: $56,484,204Expenses 2021: $63,777Net Income 2021: $56,420,4272021Revenue 2022: $830,910Expenses 2022: $155,949Net Income 2022: $674,9612022Revenue 2023: $317,644Expenses 2023: $1,064,309Net Income 2023: -$746,6652023Revenue 2024: $3,396,466Expenses 2024: $258,205Net Income 2024: $3,138,2612024

Highlighted filing

2022

Revenue$830,910
Expenses$155,949
Net Income$674,961
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$830,910
Mission and Program Overview

Mission

Infuse our region with opportunities by investing in organizations, ideas, and innovation - and in making buffalo the best it can be

Provide buffalo/niagara region with opportunities by investing in organizations, ideas, and innovation and in making buffalo the best it can be. To provide financial and entrepreneurial support to make buffalo a beacon of technological innovation and economic growth.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$66,450,331$46,386,562▼ $20,063,769
Cash and Non-Interest-Bearing Accounts$954,525$859,260▼ $95,265
Total Assets$67,404,856$47,245,822▼ $20,159,034
Liabilities
Accounts Payable and Accrued Expenses$0$18,000▲ $18,000
Total Liabilities$0$18,000▲ $18,000
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$67,404,856$47,227,822▼ $20,177,034
Total Net Assets Fund Balance$67,404,856$47,227,822▼ $20,177,034
Total Liabilities and Net Assets / Fund Balance$67,404,856$47,245,822▼ $20,159,034
Compensation and Service Providers
Top Officer Pay9th percentile

Board Members and Trustees

NameTitle
William MaggioChairman
Allen Pete GrumBoard Member
Eric ReichBoard Member
Jordan LevyBoard Member
Ron SchreiberBoard Member
Adam PetrieTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$830,910
Other Revenue
$0
Change in Net Assets
$674,961

Audited Revenue Reconciliation

Revenue per Audited Statements
$830,910
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-20,851,995
Total Revenue per Audited Statements
$-20,021,085
Total Revenue per Form 990
$830,910
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$143,449
Grants and Similar Amounts Paid$12,500
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$102,621--$102,621
Fees for Services Legal-$40,828-$40,828
Grants to Domestic Orgs$12,500--$12,500
Total Functional Expenses$115,121$40,828$0$155,949

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$155,949
Total Expenses per Audited Statements$155,949
Total Expenses per Form 990$155,949
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Impellent Ventures LLCRochester, NY-Help Focus on Investments in Early Stage and Start-up Companies.$10,000
Buffalo PrepBuffalo, NY-Help Provide Access and Preparation for Talented Underrepresented Youth to Achieve Success in College Preparatory High Schools and Higher Education.$2,500
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
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The board reviews the 990 before filing with the irs.”

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

“The board regularly monitors any conflict of interest at their board meetings.”

Form 990, Part VI, Section C, Line 19

“The governing documents and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
43north Foundation Inc
EIN
86-1647131
Phone
7163327980
Address
1 WEST SENECA STREET 24TH FLR, BUFFALO, NY 14203

Signing Officer

Name
Adam Petrie
Title
CFO
Phone
7163327980
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William Maggio
Formed
2020
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
6

Preparer

Firm
Freed Maxick Cpas Pc
Address
ONE EVANS STREET, BATAVIA, NY 14020-3110
Preparer
Nicole M White
Phone
5853441967
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Contracted expense: program service expenses 102,621. Management and general expenses 0. Fundraising expenses 0. Total expenses 102,621.”

Form 990, Part XII, Line 2C

“There have been no changes in the oversight of the audit committee from the previous years.”

Raw XML Appendix337 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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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1HELP FOCUS ON INVESTMENTS IN EARLY STAGE AND START-UP COMPANIES.
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1IMPELLENT VENTURES LLC
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD REVIEWS THE 990 BEFORE FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD REGULARLY MONITORS ANY CONFLICT OF INTEREST AT THEIR BOARD MEETINGS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CONTRACTED EXPENSE: PROGRAM SERVICE EXPENSES 102,621. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 102,621.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THERE HAVE BEEN NO CHANGES IN THE OVERSIGHT OF THE AUDIT COMMITTEE FROM THE PREVIOUS YEARS.
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 XII, LINE 2C
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ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$47,245,822
Liabilities
$18,000
Net assets
$47,227,822
Revenue
$830,910
Expenses
$155,949
Net income
$674,961
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$61.2$0.06$61.1$3.40$0.26$3.14
2023Detailed filing. Detailed filing data is available for this year.$57.4$0.00$57.4$0.32$1.06$0.75
2022Detailed filing. Detailed filing data is available for this year.$47.2$0.02$47.2$0.83$0.16$0.67
2021Detailed filing. Detailed filing data is available for this year.$67.4$0.00$67.4$56.5$0.06$56.4