Liabilities / Assets
12th percentile
Higher debt load relative to assets than 12% of similar nonprofits.
Second Century Foundation
990 • Fiscal year 2024 • EIN 86-1654217
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.00x
Liabilities / Revenue
20th percentile
Higher debt load relative to revenue than 20% of similar nonprofits.
Net Margin
5th percentile
Higher net margin than 5% of similar nonprofits.
Top Officer Pay
36th percentile
Higher top officer pay than 36% of similar nonprofits.
Top officer pay equals 46.3% of source-year revenue.
Asset Growth
25th percentile
Faster asset growth than 25% of similar nonprofits.
Revenue Growth
53rd percentile
Faster revenue growth than 53% of similar nonprofits.
Balance Sheet
Assets
Down$5,534,084
Down $281,661 (-4.8%) from 2022
Net Assets
Down$5,528,201
Down $127,067 (-2.2%) from 2022
Liabilities
Down$5,883
Down $154,594 (-96%) from 2022
Revenue And Expenses
Revenue
Up$210,651
Up $188,007 (+830%) from 2022
Expenses
Up$332,855
Up $10,172 (+3.2%) from 2022
Net Income
Up-$122,204
Up $177,835 (+59%) from 2022
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2024 to Dec 31, 2024
- Signed
- Sep 16, 2025
- Return Version
- 2024v5.2
- Gross Receipts
- $210,651
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.
Foundation for innovation in real estate (the foundation) is (continued on schedule o) a charitable 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
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Savings and Temporary Cash Investments | $5,665,245 | $5,529,111 | ▼ $136,134 |
| Accounts Receivable | $12,400 | $4,973 | ▼ $7,427 |
| Total Assets | $5,677,645 | $5,534,084 | ▼ $143,561 |
| Liabilities | |||
| Grants Payable | $10,000 | - | - |
| Accounts Payable and Accrued Expenses | $11,700 | $5,883 | ▼ $5,817 |
| Other Liabilities | $5,540 | $0 | ▼ $5,540 |
| Total Liabilities | $27,240 | $5,883 | ▼ $21,357 |
| Net Assets / Fund Balance | |||
| Net Assets Without Donor Restrictions | $5,650,405 | $5,528,201 | ▼ $122,204 |
| Total Net Assets Fund Balance | $5,650,405 | $5,528,201 | ▼ $122,204 |
| Total Liabilities and Net Assets / Fund Balance | $5,677,645 | $5,534,084 | ▼ $143,561 |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Total |
|---|---|---|---|---|
| Matt Knight | President | FT | $97,500 | $97,500 |
Board Members and Trustees
| Name | Title |
|---|---|
| Ashley Stinton | Vice President |
| Dave Garland | Director |
| Tyler Thompson | Director |
| Johan Holmberg | Secretary and Treasurer |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $17,439
- Program Service Revenue
- $0
- Investment Income
- $193,212
- Other Revenue
- $0
- All Other Contributions
- $17,439
- Change in Net Assets
- $-122,204
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $210,651
- Revenue Not Reported on Financial Statements
- $0
- Revenue Not Reported on Form 990
- $18,112
- Total Revenue per Audited Statements
- $228,763
- Total Revenue per Form 990
- $210,651
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $218,455 |
| Salaries, Compensation, and Employee Benefits | $97,500 |
| Total Fundraising Expense | $45,000 |
| Grants and Similar Amounts Paid | $16,900 |
| Professional Fundraising Fees | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Current Officers, Directors, Trustees, and Key Employees | $36,000 | $16,500 | $45,000 | $97,500 |
| Advertising | $79,222 | - | - | $79,222 |
| Fees for Services Other | - | $65,809 | - | $65,809 |
| Conferences and Meetings | $58,917 | - | - | $58,917 |
| Fees for Services Accounting | - | $11,117 | - | $11,117 |
| Grants to Domestic Orgs | $9,500 | - | - | $9,500 |
| Grants to Domestic Individuals | $7,400 | - | - | $7,400 |
| Fees for Services Legal | - | $3,155 | - | $3,155 |
| Other Expenses | - | $235 | - | $235 |
| Total Functional Expenses | $191,039 | $96,816 | $45,000 | $332,855 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Total Expenses per Audited Statements | $350,967 |
| Expenses per Audited Statements | $332,855 |
| Total Expenses per Form 990 | $332,855 |
| Expenses Not Reported on Form 990 | $18,112 |
| Expenses Not Reported on Financial Statements | $0 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| 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
- Backup withholding compliance
- 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
- Yes
- 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 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, Section A, Line 4
“During the year, the organization changed its name from second century foundation to foundation for innovation in real estate.”
Form 990, Part VI, Section A, Line 8B
“There is no committee with the authority to act on behalf of the governing body.”
Form 990, Part VI, Section B, Line 11B
“Review of form 990 by governing body the return is prepared by the organization's external accounting firm. The organization provides a copy of the form 990 to its officers and board of directors for review before filing with the irs.”
Form 990, Part VI, Section B, 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 an 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 by the foundation board. 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, Section B, Line 15
“Process for determing compensation the foundation for innovation in real estate compensates its president as an independent contractor. Currently, there is no process in place for determining his compensation.”
Form 990, Part VI, Section C, 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.”
Filing and Contact Details
Filer
- Filer Name
- Foundation for Innovation in Real Estate
- EIN
- 86-1654217
- Phone
- 2159814385
- Address
- 430 N MICHIGAN AVE, CHICAGO, IL 60611
Signing Officer
- Name
- Johan Holmberg
- Title
- Secretary/treasurer
- Phone
- 2159814385
- Signed
- 2025-09-16
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Matt Knight
- Formed
- 2020
- Legal Domicile
- De
- Voting Board Members
- 2
- Independent Board Members
- 2
- Employees
- 0
- Volunteers
- 0
Preparer
- Firm
- Grant Thornton Advisors LLC
- Address
- 171 N CLARK ST STE 200, CHICAGO, IL 60601
- Preparer
- Bridget T Roche
- Phone
- 3128560200
Supplemental Narrative
Additional Explanations
Form 990, Part IX, Line 11G
“Consulting: program service expenses 0. Management and general expenses 65,809. Fundraising expenses 0. Total expenses 65,809.”
Financial Statement Notes
PART X, LINE 2:
“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, 2024 and 2023, there are no uncertain tax positions taken or expected to be taken that would require disclosure in the financial statements.”
Raw XML Appendix352 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/Desc | 0 | FOUNDATION FOR INNOVATION IN REAL ESTATE IS A CHARITABLE AND EDUCATIONAL ORGANIZATION CREATED TO CATALYZE PEOPLE AND IDEAS THAT ENHANCE THE BUILT WORLD. THE FOUNDATION FOR INNOVATION IN REAL ESTATE FOCUSES ON THE REAL ESTATE TECHNOLOGY INDUSTRY ("PROPTECH") AND ACCOMPLISHES ITS CHARITABLE GOALS BY SPONSORING ATTENDANCE AT INDUSTRY EVENTS. CREATING EDUCATIONAL CONTENT, BUILDING IN-PERSON TECHNOLOGY SHOWCASES, AND SUPPORTING MENTAL HEALTH FOR INNOVATORS IN THE ECOSYSTEM. |
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| IRS990/FeesForServicesOtherGrp/TotalAmt | 0 | 65809 |
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| IRS990/ForeignFinancialAccountInd | 0 | 0 |
| IRS990/ForeignOfficeInd | 0 | 0 |
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| IRS990/Form990PartVIISectionAGrp/OfficerInd | 2 | X |
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| IRS990/MissionDesc | 0 | FOUNDATION FOR INNOVATION IN REAL ESTATE 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 (CONTINUED ON SCHEDULE O) 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. |
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| IRS990ScheduleD/RevenueNotReportedFinclStmtAmt | 0 | 0 |
| IRS990ScheduleD/RevenueSubtotalAmt | 0 | 210651 |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | 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, 2024 AND 2023, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE DISCLOSURE IN THE FINANCIAL STATEMENTS. |
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| IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt | 0 | 350967 |
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| IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt | 0 | MENTAL HEALTH SERVICES |
| IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt | 0 | 2 |
| IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt | 0 | PROCEDURES FOR MONITORING USE OF GRANT FUNDS PRESENTLY, 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/FormAndLineReferenceDesc | 0 | SCHEDULE I, PART I, LINE 2: |
| IRS990/ScheduleJRequiredInd | 0 | 0 |
| IRS990/ScheduleORequiredInd | 0 | 1 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | FAMILY/BUSINESS RELATIONSHIPS AMONGST INTERESTED PERSONS DAVID GARLAND - BUSINESS RELATIONSHIP TYLER THOMPSON - BUSINESS RELATIONSHIP ASHLEY STINTON - BUSINESS RELATIONSHIP JOHAN HOLMBERG - BUSINESS RELATIONSHIP |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | DURING THE YEAR, THE ORGANIZATION CHANGED ITS NAME FROM SECOND CENTURY FOUNDATION TO FOUNDATION FOR INNOVATION IN REAL ESTATE. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | THERE IS NO COMMITTEE WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | REVIEW OF FORM 990 BY GOVERNING BODY THE RETURN IS PREPARED BY THE ORGANIZATION'S EXTERNAL ACCOUNTING FIRM. THE ORGANIZATION PROVIDES A COPY OF THE FORM 990 TO ITS OFFICERS AND BOARD OF DIRECTORS FOR REVIEW BEFORE FILING WITH THE IRS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | 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 AN 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 BY THE FOUNDATION BOARD. 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | PROCESS FOR DETERMING COMPENSATION THE FOUNDATION FOR INNOVATION IN REAL ESTATE COMPENSATES ITS PRESIDENT AS AN INDEPENDENT CONTRACTOR. CURRENTLY, THERE IS NO PROCESS IN PLACE FOR DETERMINING HIS COMPENSATION. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | CONSULTING: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 65,809. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 65,809. |
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| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI, SECTION A, LINE 4 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PART VI, SECTION A, LINE 8B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PART VI, SECTION B, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PART VI, SECTION B, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PART VI, SECTION B, LINE 15 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | FORM 990, PART VI, SECTION C, LINE 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 7 | FORM 990, PART IX, LINE 11G |
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| IRS990/SubjectToProxyTaxInd | 0 | 0 |
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| IRS990/TotalLiabilitiesEOYAmt | 0 | 5883 |
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| IRS990/UponRequestInd | 0 | X |
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| IRS990/USAddress/CityNm | 0 | CHICAGO |
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| IRS990/VotingMembersIndependentCnt | 0 | 2 |
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| ReturnHeader/BuildTS | 0 | 2025-03-06 01:10:19Z |
| ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd | 0 | 1 |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | JOHAN HOLMBERG |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | SECRETARY/TREASURER |
| ReturnHeader/BusinessOfficerGrp/PhoneNum | 0 | 2159814385 |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2025-09-16 |
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| ReturnHeader/Filer/BusinessNameControlTxt | 0 | FOUN |
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| ReturnHeader/Filer/PhoneNum | 0 | 2159814385 |
| ReturnHeader/Filer/USAddress/AddressLine1Txt | 0 | 430 N MICHIGAN AVE |
| ReturnHeader/Filer/USAddress/CityNm | 0 | CHICAGO |
| ReturnHeader/Filer/USAddress/StateAbbreviationCd | 0 | IL |
| ReturnHeader/Filer/USAddress/ZIPCd | 0 | 60611 |
| ReturnHeader/IRSResponsiblePrtyInfoCurrInd | 0 | 1 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 991856619 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt | 0 | GRANT THORNTON ADVISORS LLC |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt | 0 | 171 N CLARK ST STE 200 |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm | 0 | CHICAGO |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd | 0 | IL |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd | 0 | 60601 |
| ReturnHeader/PreparerPersonGrp/PhoneNum | 0 | 3128560200 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | BRIDGET T ROCHE |
| ReturnHeader/ReturnTs | 0 | 2025-09-16T12:40:43-05:00 |
| ReturnHeader/ReturnTypeCd | 0 | 990 |
| ReturnHeader/TaxPeriodBeginDt | 0 | 2024-01-01 |
| ReturnHeader/TaxPeriodEndDt | 0 | 2024-12-31 |
| ReturnHeader/TaxYr | 0 | 2024 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.
- Assets
- $5,534,084
- Liabilities
- $5,883
- Net assets
- $5,528,201
- Revenue
- $210,651
- Expenses
- $332,855
- Net income
- -$122,204
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