Civic Intelligence

Summer of Bits Inc

EIN 88-3415782 • 501(c)3 • Sheridan, WY

Profile

A. Summer of bits is a program that aims to introduce and bring awareness to bitcoin open-source software development and design to the youth. We also provide mentorship to our members to help inspire young minds to work on bitcoin development. B. Bitcoin development professionals and consultants will instruct students accordingly. In addition students will participate and contribute to development of open-source bitcoin projects. C. This activity is conducted predominately online. D. 100 percent of total time is allocated to this activity. E. The activity is funded 100 percent thus far by grants and donations and 100 percent of expenses are allocated to this activity. F. Our purpose is to help develop the minds of the youth through application of bitcoin open-source software development. Our work in nature is charitable for we are making young individuals more aware of an emerging industry so they can be more successful in their future endeavors.

1309 Coffeen Avenue Ste 1200Sheridan, WY 82801

www.summerofbitcoin.org

Siviq Scores

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

Liabilities / Assets

33rd percentile

0.00x

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

501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

35th percentile

0.00x

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

501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

88th percentile

45%

Higher net margin than 88% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

86th percentile

$99,996

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 14.5% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

92nd percentile

84%

Faster asset growth than 92% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

98th percentile

500%

Faster revenue growth than 98% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets33rd percentile

Assets

Up

$182,151

Up $82,914 (+84%) from 2021

Liabilities

$0

No earlier filing loaded for comparison.

Net Assets

Up

$182,151

Up $82,914 (+84%) from 2021

Operations
Liabilities / Revenue35th percentileNet Margin88th percentile

Revenue

Up

$689,777

Up $574,777 (+500%) from 2021

Expenses

Up

$377,963

Up $362,200 (+2298%) from 2021

Net Income

Up

$311,814

Up $212,577 (+214%) from 2021

Trend Graphs

Balance Sheet Trend

Asset Growth92nd percentile

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

$200K$150K$100K$50K$0Assets 2021: $99,237Net Assets 2021: $99,2372021Assets 2022: $182,151Liabilities 2022: $0Net Assets 2022: $182,1512022

Highlighted filing

2022

Assets$182,151
Liabilities$0
Net Assets$182,151
Open 2022 Filing

Operations Trend

Revenue Growth98th percentile

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

$800K$600K$400K$200K$0Revenue 2021: $115,000Expenses 2021: $15,763Net Income 2021: $99,2372021Revenue 2022: $689,777Expenses 2022: $377,963Net Income 2022: $311,8142022

Highlighted filing

2022

Revenue$689,777
Expenses$377,963
Net Income$311,814
Open 2022 Filing

Filings

Most recent year

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

Open filing
Assets
$182,151
Liabilities
$0
Net assets
$182,151
Revenue
$689,777
Expenses
$377,963
Net income
$311,814
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$1.82$0.00$1.82$6.90$3.78$3.12
2021Detailed filing. Detailed filing data is available for this year.$0.99$0.99$1.15$0.16$0.99
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 15, 2023
Return Version
2022v5.0
Gross Receipts
$689,777
Mission and Program Overview

Mission

A. Summer of bits is a program that aims to introduce and bring awareness to bitcoin open-source software development and design to the youth. We also provide mentorship to our members to help inspire young minds to work on bitcoin development. B. Bitcoin development professionals and consultants will instruct students accordingly. In addition students will participate and contribute to development of open-source bitcoin projects. C. This activity is conducted predominately online. D. 100 percent of total time is allocated to this activity. E. The activity is funded 100 percent thus far by grants and donations and 100 percent of expenses are allocated to this activity. F. Our purpose is to help develop the minds of the youth through application of bitcoin open-source software development. Our work in nature is charitable for we are making young individuals more aware of an emerging industry so they can be more successful in their future endeavors.

A. Summer of bits is a program that aims to introduce and bring awareness to bitcoin open-source software development and design to the youth. We also provide mentorship to our members to help inspire young minds to work on bitcoin development. B. Bitcoin development professionals and consultants will instruct students accordingly. In addition students will participate and contribute to development of open-source bitcoin projects. C. This activity is conducted predominately online. D. 100 percent of total time is allocated to this activity. E. The activity is funded 100 percent thus far by grants and donations and 100 percent of expenses are allocated to this activity. F. Our purpose is to help develop the minds of the youth through application of bitcoin open-source software development. Our work in nature is charitable for we are making young individuals more aware of an emerging industry so they can be more successful in their future endeavors

Balance Sheet Detail
LineBeginningEndChange
Assets
Intangible Assets$0$158,708▲ $158,708
Cash and Non-Interest-Bearing Accounts$99,237$23,443▼ $75,794
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$99,237$182,151▲ $82,914
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$99,237$182,151▲ $82,914
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$99,237$182,151▲ $82,914
Total Liabilities and Net Assets / Fund Balance$99,237$182,151▲ $82,914
Compensation and Service Providers
Top Officer Pay86th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Deepak KathayatPresidentFT$99,996$99,996
Revenue and Support

Revenue Composition

Contributions and Grants
$689,777
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$689,777
Change in Net Assets
$311,814

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table10$219,800Fair Market Value (FMV) at the time of donation
Total Noncash Contributions10$219,800-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$245,922
Salaries, Compensation, and Employee Benefits$100,543
Other Expenses$31,498
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$0--$236,922
Current Officers, Directors, Trustees, and Key Employees$0$0$0$99,996
Office Expenses$0$0$0$15,761
Grants to Domestic Individuals$0--$9,000
Conferences and Meetings$0$0$0$5,665
Fees for Services Accounting$0$0$0$5,100
Travel$0$0$0$3,538
Information Technology$0$0$0$1,275
Other Salaries and Wages$0$0$0$547
Fees for Services Legal$0$0$0$159
Total Functional Expenses$0$0$0$377,963
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
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
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Line 2

“Deepak Kathayat Disha Kathayat Parvati Kathayat”

Part VI, Line 15

“We set compensation based on our budget and market rate for the position in question and further approved by the board.”

Filing and Contact Details

Filer

Filer Name
Summer of Bits Inc
EIN
88-3415782
In Care Of
% DEEPAK KATHAYAT
Phone
6464213432
Address
1309 COFFEEN AVENUE STE 1200, SHERIDAN, WY 82801
Doing Business As
Summer of Bits Inc

Signing Officer

Name
Deepak Kathayat
Title
Director
Signed
2023-05-15
Discuss with paid preparer
No

Organization Details

Principal Officer
Deepak Kathayat
Formed
2021
Legal Domicile
Wy
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
50
Supplemental Narrative

Additional Explanations

Part XI, Line 9

“| Description:, Explanation:, Amount:| Losses realized in intangible assets bitcoin calculated as per FMV on Dec 31 2022., Net realized losses in intangible asset, $-228900|”

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IRS990/MissionDesc0A. SUMMER OF BITS IS A PROGRAM THAT AIMS TO INTRODUCE AND BRING AWARENESS TO BITCOIN OPEN-SOURCE SOFTWARE DEVELOPMENT AND DESIGN TO THE YOUTH. WE ALSO PROVIDE MENTORSHIP TO OUR MEMBERS TO HELP INSPIRE YOUNG MINDS TO WORK ON BITCOIN DEVELOPMENT. B. BITCOIN DEVELOPMENT PROFESSIONALS AND CONSULTANTS WILL INSTRUCT STUDENTS ACCORDINGLY. IN ADDITION STUDENTS WILL PARTICIPATE AND CONTRIBUTE TO DEVELOPMENT OF OPEN-SOURCE BITCOIN PROJECTS. C. THIS ACTIVITY IS CONDUCTED PREDOMINATELY ONLINE. D. 100 PERCENT OF TOTAL TIME IS ALLOCATED TO THIS ACTIVITY. E. THE ACTIVITY IS FUNDED 100 PERCENT THUS FAR BY GRANTS AND DONATIONS AND 100 PERCENT OF EXPENSES ARE ALLOCATED TO THIS ACTIVITY. F. OUR PURPOSE IS TO HELP DEVELOP THE MINDS OF THE YOUTH THROUGH APPLICATION OF BITCOIN OPEN-SOURCE SOFTWARE DEVELOPMENT. OUR WORK IN NATURE IS CHARITABLE FOR WE ARE MAKING YOUNG INDIVIDUALS MORE AWARE OF AN EMERGING INDUSTRY SO THEY CAN BE MORE SUCCESSFUL IN THEIR FUTURE ENDEAVORS.
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