Civic Intelligence

Second Century Foundation

990 • Fiscal year 2023 • EIN 86-1654217

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 08, 2024

Organization Profilewww.innovatere.org
430 N MIchigan AveChicago, IL 60611

(215) 981-4385

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$5,677,645

Down $138,100 (-2.4%) from 2022

Net Assets

Down

$5,650,405

Down $4,863 (-0.1%) from 2022

Liabilities

Down

$27,240

Down $133,237 (-83%) from 2022

Revenue And Expenses

Revenue

Up

$192,142

Up $169,498 (+749%) from 2022

Expenses

Down

$197,005

Down $125,678 (-39%) from 2022

Net Income

Up

-$4,863

Up $295,176 (+98%) from 2022

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2021: $6,000,000Liabilities 2021: $44,693Net Assets 2021: $5,955,3072021Assets 2022: $5,815,745Liabilities 2022: $160,477Net Assets 2022: $5,655,2682022Assets 2023: $5,677,645Liabilities 2023: $27,240Net Assets 2023: $5,650,4052023Assets 2024: $5,534,084Liabilities 2024: $5,883Net Assets 2024: $5,528,2012024

Highlighted filing

2023

Assets$5,677,645
Liabilities$27,240
Net Assets$5,650,405
Open 2023 Filing

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2021: $6,000,000Expenses 2021: $44,693Net Income 2021: $5,955,3072021Revenue 2022: $22,644Expenses 2022: $322,683Net Income 2022: -$300,0392022Revenue 2023: $192,142Expenses 2023: $197,005Net Income 2023: -$4,8632023Revenue 2024: $210,651Expenses 2024: $332,855Net Income 2024: -$122,2042024

Highlighted filing

2023

Revenue$192,142
Expenses$197,005
Net Income-$4,863
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 8, 2024
Return Version
2023v5.1
Gross Receipts
$192,142
Mission and Program Overview

Mission

Second Century Foundation (The Foundation) is a charitable and educational organization created to introduce, empower, and advance underrepresented candidates in the real estate technology industry ("PropTech") through its support and contribution to educational and career-based opportunities. The Foundation accomplishes its charitable goals primarily by paying for the cost of attendance at various industry seminars and events for underrepresented persons who wish to participate.

Second Century Foundation (The Foundation) is a charitable and educational organization created to introduce, empower, and advance underrepresented candidates in the real estate technology industry ("PropTech") through its support and contribution to educational and career-based opportunities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$5,810,741$5,665,245▼ $145,496
Accounts Receivable$0$12,400▲ $12,400
Prepaid Expenses and Deferred Charges$5,004$0▼ $5,004
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$5,815,745$5,677,645▼ $138,100
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$11,700▲ $11,700
Grants Payable$78,000$10,000▼ $68,000
Other Liabilities$82,477$5,540▼ $76,937
Total Liabilities$160,477$27,240▼ $133,237
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,655,268$5,650,405▼ $4,863
Total Net Assets Fund Balance$5,655,268$5,650,405▼ $4,863
Total Liabilities and Net Assets / Fund Balance$5,815,745$5,677,645▼ $138,100
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
-PRESIDENT (BEG June 2023)FT$65,717$65,717

Board Members and Trustees

NameTitle
-Vice President
-Director
-Secretary and Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$192,142
Other Revenue
$0
Change in Net Assets
$-4,863

Audited Revenue Reconciliation

Revenue per Audited Statements
$192,142
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$10,500
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$202,642
Total Revenue per Form 990
$192,142
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$171,001
Grants and Similar Amounts Paid$26,004
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$0$120,917$0$120,917
Advertising$38,150--$38,150
Grants to Domestic Orgs$21,000--$21,000
Fees for Services Accounting-$7,469-$7,469
Foreign Grants$5,004--$5,004
Fees for Services Legal-$4,450-$4,450
Other Expenses-$15-$15
Total Functional Expenses$64,154$132,851$0$197,005

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$207,505
Expenses per Audited Statements$197,005
Total Expenses per Form 990$197,005
Expenses Not Reported on Form 990$10,500
Expenses Not Reported on Financial Statements$0
Other Expense Adjustments$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Nawrb FoundationIrvine, CA501(c)3Nawrb Annual Summit and Diversity Leadership Council$11,000
Mit Design XCambridge, MA501(c)3Support for Mit Design X Academic Program$10,000

International Summary

Offices
0
Employees
0
Spending
$5,004

International Compliance

Foreign grant records maintained
Yes
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
Europe (Including Iceland and Greenland)GrantmakingInternational alliance to promote PropTech and environmental, social and governance issues.00$5,004
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payable to SCV$5,540
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, Line 15 PROCESS FOR DETERMING COMPENSATION

“THE Foundation for Innovation in Real Estate DOES NOT HAVE ANY COMPENSATED OFFICERS OR KEY EMPLOYEES; THEREFORE, THESE QUESTIONS ARE NOT APPLICABLE.”

Form 990, Part VI, Line 2 Family/business relationships amongst interested persons

“DAVID GARLAND - Business relationship, TYLER THOMPSON - Business relationship, ASHLEY STINTON - Business relationship, JOHAN HOLMBERG - Business relationship”

Form 990, Part VI, Line 11B Review of form 990 by governing body

“The return is prepared and completed internally by the organization. Once an initial review of the return is completed, the draft form 990 is reviewed by a public accounting firm. The organization provides a final draft copy of the form 990 to the officers the board of directors for review before filing.”

Form 990, Part VI, Line 12C Conflict of interest policy

“Each year the conflict of interest policy is distributed to the current officers and directors. These individuals are asked to disclose any current or potential conflicts. In addition, on an annual basis, they receive a questionnaire designed to determine if there are conflict issues that need to be addressed by the governing body or reported on the irs form 990. Any potential or actual conflicts of interest are reviewed and evaluated initially by the foundation board, then by the nar legal department and followed up on by the nar general counsel. After hearing the findings of the general counsel, the foundation board of directors determine the appropriate steps to alleviate, monitor and deal with conflicts, such as restricting the actions of persons with a conflict by prohibiting them from participating in the governing body's deliberations and decisions for a particular transaction.”

Form 990, Part VI, Line 19 Required documents available to the public

“The organization makes its governing documents and financial statements available to the public on a case-by-case basis upon request. Conflict of interest policies are available upon request at any time.”

FORM 990, PART VII, SECTION A, LINE 1A

“THE Foundation for Innovation in Real Estate's OFFICERS AND DIRECTORS' COMPENSATION IS PROVIDED BY SECOND CENTURY VENTURES (SCV), A RELATED ORGANIZATION, AND IS NOT RELATED TO THE INDIVIDUALS' ROLES AS OFFICERS OR DIRECTORS OF THE FILING ORGANIZATION.”

Filing and Contact Details

Filer

Filer Name
Second Century Foundation
EIN
86-1654217
Phone
2159814385
Address
430 N MIchigan Ave, Chicago, IL 60611
Doing Business As
Foundation for Innovation in Real Estate

Signing Officer

Name
Matt Knight
Title
President
Signed
2024-11-08
Discuss with paid preparer
Yes

Organization Details

Formed
2020
Legal Domicile
De
Voting Board Members
2
Independent Board Members
0
Employees
0
Volunteers
5

Preparer

Firm
Grant Thornton Advisors LLC
Address
75 STATE ST 13TH FLOOR, BOSTON, MA 02109
Preparer
Bridget T Roche
Phone
6177237900
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G Other Fees

“CONSULTING - Total Expense: 120917, Program Service Expense: , Management and General Expenses: 120917, Fundraising Expenses: ;”

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“The Foundation for Innovation in Real Estate follows guidance issued by the Financial Accounting Standards Board ("FASB") for accounting for uncertain tax positions and requires management to evaluate tax positions taken by the Foundation. Management has analyzed the tax positions taken by the Foundation and has concluded that as of and for the year ended December 31, 2023 and 2022, there are no uncertain tax positions taken or expected to be taken that would require disclosure in the financial statements.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Foundation for Innovation in Real Estate follows guidance issued by the Financial Accounting Standards Board ("FASB") for accounting for uncertain tax positions and requires management to evaluate tax positions taken by the Foundation. Management has analyzed the tax positions taken by the Foundation and has concluded that as of and for the year ended December 31, 2023 and 2022, there are no uncertain tax positions taken or expected to be taken that would require disclosure in the financial statements.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
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IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt0Second Century Foundation utilizes their global REACH programs to monitor any grants outside the US. The Foundation will be putting more formal processes in place to monitor the use/impact of all our grants in the future.
IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt1EUROPE (INCLUDING ICELAND AND GREENLAND)-Cash
IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt2EUROPE (INCLUDING ICELAND AND GREENLAND)-Cash
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule F, Part I, Line 2 Procedures for monitoring use of grant funds
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule F, Part II, Line 1 Method used to account for expenditures on org's financial statements
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0NAWRB ANNUAL SUMMIT AND DIVERSITY LEADERSHIP COUNCIL
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1SUPPORT FOR MIT DESIGN X ACADEMIC PROGRAM
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1MIT DESIGN X
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt177 MASSACHUSETTS AVENUE 7-336
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0PRESENTLY, THE PROCEDURES FOR OVERSIGHT OF THE GRANTS ARE STILL BEING DEVELOPED. THE Foundation for Innovation in Real Estate PLANS TO MAINTAIN RECORDS OF ALL GRANT RECIPIENTS AND THEIR PROGRESS IN EACH TRAINING SESSION. ALL FUNDING DECISIONS WILL BE MADE BY A COMMITTEE COMPRISED OF THE OFFICERS OF THE Foundation for Innovation in Real Estate.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BusinessName/BusinessNameLine1Txt2ASHLEY STINTON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BusinessName/BusinessNameLine1Txt3JOHAN HOLMBERG
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt3SECRETARY AND TREASURER
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$5,677,645
Liabilities
$27,240
Net assets
$5,650,405
Revenue
$192,142
Expenses
$197,005
Net income
-$4,863
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.53$0.01$5.53$0.21$0.33$0.12
2023Detailed filing. Detailed filing data is available for this year.$5.68$0.03$5.65$0.19$0.20$0.00
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.82$0.16$5.66$0.02$0.32$0.30
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.00$0.04$5.96$6.00$0.04$5.96