Civic Intelligence

43 North Foundation Inc

990 • Fiscal year 2023 • EIN 86-1647131

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 14, 2024

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

3rd percentile

0.00x

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

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

3rd percentile

0.00x

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

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

2nd percentile

-235%

Higher net margin than 2% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

6th percentile

$20,000

Higher top officer pay than 6% of similar nonprofits.

Top officer pay equals 6.3% of source-year revenue.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Asset Growth

82nd percentile

22%

Faster asset growth than 82% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

4th percentile

-62%

Faster revenue growth than 4% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets3rd percentile

Assets

Up

$57,425,416

Up $10,179,594 (+22%) from 2022

Net Assets

Up

$57,425,416

Up $10,197,594 (+22%) from 2022

Liabilities

Down

$0

Down $18,000 (-100%) from 2022

Revenue And Expenses
Liabilities / Revenue3rd percentileNet Margin2nd percentile

Revenue

Down

$317,644

Down $513,266 (-62%) from 2022

Expenses

Up

$1,064,309

Up $908,360 (+582%) from 2022

Net Income

Down

-$746,665

Down $1,421,626 (-211%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth82nd 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

2023

Assets$57,425,416
Liabilities$0
Net Assets$57,425,416
Open 2023 Filing

Operations Trend

Revenue Growth4th 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

2023

Revenue$317,644
Expenses$1,064,309
Net Income-$746,665
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 14, 2024
Return Version
2023v5.1
Gross Receipts
$28,822,388
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$46,386,562$31,547,499▼ $14,839,063
Cash and Non-Interest-Bearing Accounts$859,260$25,877,917▲ $25,018,657
Total Assets$47,245,822$57,425,416▲ $10,179,594
Liabilities
Accounts Payable and Accrued Expenses$18,000--
Total Liabilities$18,000$0▼ $18,000
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$47,227,822$57,425,416▲ $10,197,594
Total Net Assets Fund Balance$47,227,822$57,425,416▲ $10,197,594
Total Liabilities and Net Assets / Fund Balance$47,245,822$57,425,416▲ $10,179,594
Compensation and Service Providers
Top Officer Pay6th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Adam PetrieTreasurerPT$20,000$20,000

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$400,000
Program Service Revenue
$0
Investment Income
$-82,356
Other Revenue
$0
All Other Contributions
$400,000
Change in Net Assets
$-746,665

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded1$400,000Fair Market Value (FMV)
Total Noncash Contributions1$400,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$317,644
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$10,944,259
Total Revenue per Audited Statements
$11,261,903
Total Revenue per Form 990
$317,644
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,044,309
Salaries, Compensation, and Employee Benefits$20,000
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$919,433$53,763-$973,196
Fees for Services Accounting-$55,738-$55,738
Current Officers, Directors, Trustees, and Key Employees$20,000--$20,000
Fees for Services Legal-$8,583-$8,583
Office Expenses-$4,517-$4,517
Other Expenses-$2,275-$2,275
Total Functional Expenses$939,433$124,876$0$1,064,309

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,064,309
Total Expenses per Audited Statements$1,064,309
Total Expenses per Form 990$1,064,309
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
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
William Maggio
Title
Chairman
Phone
7163327980
Signed
2024-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William Maggio
Formed
2020
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7

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 919,433. Management and general expenses 0. Fundraising expenses 0. Total expenses 919,433. Outside services: program service expenses 0. Management and general expenses 53,763. Fundraising expenses 0. Total expenses 53,763.”

Form 990, Part XII, Line 2C

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

Raw XML Appendix349 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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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 919,433. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 919,433. OUTSIDE SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 53,763. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 53,763.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THERE HAVE BEEN NO CHANGES IN THE OVERSIGHT OF THE AUDIT FROM PRIOR 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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IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt047245822
IRS990/TotalAssetsEOYAmt057425416
IRS990/TotalAssetsGrp/BOYAmt047245822
IRS990/TotalAssetsGrp/EOYAmt057425416
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0400000
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0124876
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0939433
IRS990/TotalFunctionalExpensesGrp/TotalAmt01064309
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt057425416
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0939433
IRS990/TotalReportableCompFromOrgAmt020000
IRS990/TotalRevenueGrp/ExclusionAmt0930355
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0-1012711
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0317644
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt057425416
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0BUFFALO
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd014203
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.43NORTHFOUNDATION.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0WILLIAM MAGGIO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRMAN
ReturnHeader/BusinessOfficerGrp/PhoneNum07163327980
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt043NORTH FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt043NO
ReturnHeader/Filer/EIN0861647131
ReturnHeader/Filer/PhoneNum07163327980
ReturnHeader/Filer/USAddress/AddressLine1Txt01 WEST SENECA STREET 24TH FLR
ReturnHeader/Filer/USAddress/CityNm0BUFFALO
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd014203
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0454051133
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0FREED MAXICK CPAS PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0ONE EVANS STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BATAVIA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0140203110
ReturnHeader/PreparerPersonGrp/PhoneNum05853441967
ReturnHeader/PreparerPersonGrp/PreparationDt02024-11-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0NICOLE M WHITE
ReturnHeader/ReturnTs02024-11-15T09:13:04-06:00
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
$57,425,416
Liabilities
$0
Net assets
$57,425,416
Revenue
$317,644
Expenses
$1,064,309
Net income
-$746,665
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