Civic Intelligence

Rising Spear Garnet Spirit Inc

EIN 87-3938296 • 501(c)3 • Tallahassee, FL

Profile

NONE

3551 Blairstone Rd Ste 128-277Tallahassee, FL 32301

risingspear.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

23rd percentile

0.00x

Higher debt load relative to assets than 23% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

20th percentile

0.00x

Higher debt load relative to revenue than 20% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

29th percentile

-4.5%

Higher net margin than 29% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

66th percentile

$99,744

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 3.6% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

3rd percentile

-64%

Faster asset growth than 3% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

71st percentile

24%

Faster revenue growth than 71% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets23rd percentile

Assets

Down

$91,567

Down $163,215 (-64%) from 2023

Liabilities

Down

$132

Down $36,557 (-100%) from 2023

Net Assets

Down

$91,435

Down $126,658 (-58%) from 2023

Operations
Liabilities / Revenue20th percentileNet Margin29th percentile

Revenue

Up

$2,804,062

Up $550,532 (+24%) from 2023

Expenses

Up

$2,930,720

Up $523,731 (+22%) from 2023

Net Income

Up

-$126,658

Up $26,801 (+17%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth3rd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$400K$300K$200K$100K$0Assets 2022: $371,552Liabilities 2022: $0Net Assets 2022: $371,5522022Assets 2023: $254,782Liabilities 2023: $36,689Net Assets 2023: $218,0932023Assets 2024: $91,567Liabilities 2024: $132Net Assets 2024: $91,4352024

Highlighted filing

2024

Assets$91,567
Liabilities$132
Net Assets$91,435
Open 2024 Filing

Operations Trend

Revenue Growth71st percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2022: $1,179,445Expenses 2022: $807,893Net Income 2022: $371,5522022Revenue 2023: $2,253,530Expenses 2023: $2,406,989Net Income 2023: -$153,4592023Revenue 2024: $2,804,062Expenses 2024: $2,930,720Net Income 2024: -$126,6582024

Highlighted filing

2024

Revenue$2,804,062
Expenses$2,930,720
Net Income-$126,658
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$91,567
Liabilities
$132
Net assets
$91,435
Revenue
$2,804,062
Expenses
$2,930,720
Net income
-$126,658
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.09$0.00$0.09$2.80$2.93$0.13
2023Detailed filing. Detailed filing data is available for this year.$0.25$0.04$0.22$2.25$2.41$0.15
2022Detailed filing. Detailed filing data is available for this year.$0.37$0.00$0.37$1.18$0.81$0.37
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 31, 2025
Return Version
2024v5.2
Gross Receipts
$2,804,062
Mission and Program Overview

Mission

NONE

Designed to empower fsu student-athletes to positively impact underserved communities in the tallahassee area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$218,475--
Savings and Temporary Cash Investments-$91,567-
Accounts Receivable$36,307$0▼ $36,307
Total Assets$254,782$91,567▼ $163,215
Liabilities
Accounts Payable and Accrued Expenses$36,689$132▼ $36,557
Total Liabilities$36,689$132▼ $36,557
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$218,093$91,435▼ $126,658
Total Net Assets Fund Balance$218,093$91,435▼ $126,658
Total Liabilities and Net Assets / Fund Balance$254,782$91,567▼ $163,215
Compensation and Service Providers
Top Officer Pay66th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Will CowenCEOFT$99,744$99,744

Board Members and Trustees

NameTitle
Ed BurrPresident
Brian MurphyDirector
Brian PhilpotDirector
Derrick BrooksDirector
Ken CashinDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$2,795,671
Program Service Revenue
$0
Investment Income
$20
Other Revenue
$8,371
All Other Contributions
$2,795,671
Change in Net Assets
$-126,658

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 Traded4$35,666Fair Market Value (FMV)
Total Noncash Contributions4$35,666-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,804,062
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,804,062
Total Revenue per Form 990
$2,804,062
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,619,906
Other Expenses$155,947
Salaries, Compensation, and Employee Benefits$154,867
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$2,619,906--$2,619,906
Current Officers, Directors, Trustees, and Key Employees-$99,744-$99,744
Fees for Services Other-$57,000-$57,000
Fees for Services Legal-$44,613-$44,613
Payroll Taxes-$40,655-$40,655
Fees for Services Accounting-$32,957-$32,957
Other Salaries and Wages-$14,468-$14,468
Other Expenses-$11,664-$11,664
Office Expenses-$6,740-$6,740
Information Technology-$2,973-$2,973
Total Functional Expenses$2,619,906$310,814$0$2,930,720

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,930,720
Total Expenses per Audited Statements$2,930,720
Total Expenses per Form 990$2,930,720
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
No
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 4

“On may 13, 2024, the organization changed its name from rising spear garnet spirit, inc to garnet impact, inc.”

Form 990, Part VI, Section A, Line 7B

“All motions must be brought forward to the board and approved.”

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

“Form 990 and accompanying schedules are prepared by an independent accounting firm. The organization reviews the form 990 and accompanying schedules. All questions and issues are resolved with the independent accounting firm prior to filing with the internal service center.”

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

“The organization has a written conflict of interest policy that requires the officers, directors, chief employed executive, and chief employed finance executive to annually disclose potential conflicts of themselves and their family members on a form distributed by the entity. The president of the board ensures that all forms are completed, reviews them for conflicts, and submits to the board for review of any actual or potential conflicts.”

Form 990, Part VI, Section B, Line 15A

“The organization has a compensation committee comprised of board members that meet at least annually. All compensation packages are approved during the budget process.”

Form 990, Part VI, Section C, Line 19

“The organization makes its three most current years of form 990 and its form 1023 available upon request. No other documents are made available to the public.”

Filing and Contact Details

Filer

Filer Name
Garnet Impact Inc
EIN
87-3938296
Phone
4072340974
Address
3551 BLAIRSTONE RD STE 128-277, TALLAHASSEE, FL 32301

Signing Officer

Name
Will Cowen
Title
President
Phone
4072340974
Signed
2025-10-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Will Cowen
Formed
2022
Legal Domicile
Fl
Voting Board Members
5
Independent Board Members
5
Employees
3
Volunteers
5

Preparer

Firm
Thomas Howell Ferguson Pa
Address
2615 CENTENNIAL BLVD SUITE 200, TALLAHASSEE, FL 32308
Preparer
Stacey T Kolka
Phone
8506688100
Supplemental Narrative

Additional Explanations

Regulation Section 1.263(A)-1(F) - De Minimis Safe Harbor Election

“Taxpayer name: garnet impact, inc. Taxpayer address: 3130 rue royale, tallahassee, fl 32308 taxpayer id number: 87-3938296 year-end: 12/31/24 under irc regulation section 1.263(a)-1(f), the taxpayer hereby elects to apply the de minimis safe harbor election.”

Financial Statement Notes

PART X, LINE 2:

“The company is subject to tax examinations by major tax jurisdictions through the year ended december 31, 2021 (the year of incorporation).”

Raw XML Appendix366 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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IRS990ScheduleD/TotalRevenuePerForm990Amt02804062
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02804062
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02930720
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt02619906
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0ASSISTANCE TO STUDENT-ATHLETES
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt0139
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS AN INTERNAL COMMITTEE THAT REVIEWS THE GRANT EXPENDITURES FOR COMPLIANCE WITH STATED REQUIREMENTS.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ON MAY 13, 2024, THE ORGANIZATION CHANGED ITS NAME FROM RISING SPEAR GARNET SPIRIT, INC TO GARNET IMPACT, INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL MOTIONS MUST BE BROUGHT FORWARD TO THE BOARD AND APPROVED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990 AND ACCOMPANYING SCHEDULES ARE PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. THE ORGANIZATION REVIEWS THE FORM 990 AND ACCOMPANYING SCHEDULES. ALL QUESTIONS AND ISSUES ARE RESOLVED WITH THE INDEPENDENT ACCOUNTING FIRM PRIOR TO FILING WITH THE INTERNAL SERVICE CENTER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT REQUIRES THE OFFICERS, DIRECTORS, CHIEF EMPLOYED EXECUTIVE, AND CHIEF EMPLOYED FINANCE EXECUTIVE TO ANNUALLY DISCLOSE POTENTIAL CONFLICTS OF THEMSELVES AND THEIR FAMILY MEMBERS ON A FORM DISTRIBUTED BY THE ENTITY. THE PRESIDENT OF THE BOARD ENSURES THAT ALL FORMS ARE COMPLETED, REVIEWS THEM FOR CONFLICTS, AND SUBMITS TO THE BOARD FOR REVIEW OF ANY ACTUAL OR POTENTIAL CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION HAS A COMPENSATION COMMITTEE COMPRISED OF BOARD MEMBERS THAT MEET AT LEAST ANNUALLY. ALL COMPENSATION PACKAGES ARE APPROVED DURING THE BUDGET PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION MAKES ITS THREE MOST CURRENT YEARS OF FORM 990 AND ITS FORM 1023 AVAILABLE UPON REQUEST. NO OTHER DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6TAXPAYER NAME: GARNET IMPACT, INC. TAXPAYER ADDRESS: 3130 RUE ROYALE, TALLAHASSEE, FL 32308 TAXPAYER ID NUMBER: 87-3938296 YEAR-END: 12/31/24 UNDER IRC REGULATION SECTION 1.263(A)-1(F), THE TAXPAYER HEREBY ELECTS TO APPLY THE DE MINIMIS SAFE HARBOR ELECTION.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 4
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6REGULATION SECTION 1.263(A)-1(F) - DE MINIMIS SAFE HARBOR ELECTION
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IRS990/WebsiteAddressTxt0HTTPS://RISINGSPEAR.COM/
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0WILL COWEN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum04072340974
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-10-31
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GARNET IMPACT INC
ReturnHeader/Filer/BusinessNameControlTxt0GARN
ReturnHeader/Filer/EIN0873938296
ReturnHeader/Filer/PhoneNum04072340974
ReturnHeader/Filer/USAddress/AddressLine1Txt03551 BLAIRSTONE RD STE 128-277
ReturnHeader/Filer/USAddress/CityNm0TALLAHASSEE
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0593186310
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0THOMAS HOWELL FERGUSON PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02615 CENTENNIAL BLVD SUITE 200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0TALLAHASSEE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd032308
ReturnHeader/PreparerPersonGrp/PhoneNum08506688100
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STACEY T KOLKA
ReturnHeader/ReturnTs02025-11-14T12:09:30-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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