Civic Intelligence

Rainbow Serpent Inc.

990 • Fiscal year 2024 • EIN 92-2618393

Jul 01, 2023 to Jun 30, 2024 • Filed on Feb 28, 2025

1431 N Highland AvePittsburgh, PA 15206

(412) 846-6066

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$447,631

Up $420,383 (+1543%) from 2023

Net Assets

Up

$446,900

Up $419,652 (+1540%) from 2023

Liabilities

$731

No earlier filing loaded for comparison.

Revenue And Expenses

Revenue

Up

$611,736

Up $512,014 (+513%) from 2023

Expenses

Up

$192,084

Up $119,610 (+165%) from 2023

Net Income

Up

$419,652

Up $392,404 (+1440%) from 2023

Historical Trend

Balance Sheet Trend

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

$600K$400K$200K$0Assets 2023: $27,248Net Assets 2023: $27,2482023Assets 2024: $447,631Liabilities 2024: $731Net Assets 2024: $446,9002024Assets 2024: $459,619Liabilities 2024: $732Net Assets 2024: $458,8872024

Highlighted filing

2024

Assets$447,631
Liabilities$731
Net Assets$446,900

Operations Trend

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

$800K$600K$400K$200K$0Revenue 2023: $99,722Expenses 2023: $72,474Net Income 2023: $27,2482023Revenue 2024: $611,736Expenses 2024: $192,084Net Income 2024: $419,6522024Revenue 2024: $611,736Expenses 2024: $180,097Net Income 2024: $431,6392024

Highlighted filing

2024

Revenue$611,736
Expenses$192,084
Net Income$419,652
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Feb 28, 2025
Return Version
2023v6.0
Gross Receipts
$611,736
Mission and Program Overview

Mission

Rainbow serpent is committed to advancing black lgbtq culture through the exploration of emerging technologies, innovative healing protocols, african cosmologies, and multimedia art. We are dedicated to promoting and celebrating the diversity and richness of black lgbtq culture while advancing healing and empowerment within the community. Our largest aim is to create a new radiant reality, one as resplendent and diverse as the rainbow and as fertile and enduring as the serpent.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments-$270,103-
Pledges and Grants Receivable-$145,000-
Cash and Non-Interest-Bearing Accounts$27,248$29,530▲ $2,282
Land, Buildings, and Equipment, Net-$2,998-
Total Assets$27,248$447,631▲ $420,383
Liabilities
Accounts Payable and Accrued Expenses$0$731▲ $731
Total Liabilities$0$731▲ $731
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$27,248$251,900▲ $224,652
Net Assets With Donor Restrictions$0$195,000▲ $195,000
Total Net Assets Fund Balance$27,248$446,900▲ $419,652
Total Liabilities and Net Assets / Fund Balance$27,248$447,631▲ $420,383

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$0$0$0
Other Land Buildings$0$0$0
Land$0-$0
Equipment$2,998$368$0
Leasehold Improvements$0$0$0
Compensation and Service Providers

Board Members and Trustees

NameTitle
Anthony Emeka HarbourCommunications Chair
Dr Hasani BaharanyiPresident
Derrick WortesVice President
Marques ReddCofounder - Executive Director
Mikael OwunnaCofounder-executive Director
Marsalis GibsonSecretary
Dr Weslee GlennTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$599,274
Program Service Revenue
$9,975
Investment Income
$103
Other Revenue
$2,384
All Other Contributions
$599,274
Change in Net Assets
$419,652
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$141,654
Salaries, Compensation, and Employee Benefits$47,280
Total Fundraising Expense$8,146
Professional Fundraising Fees$3,150
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$69,015$4,077-$73,092
Other Salaries and Wages$28,500--$28,500
Office Expenses$18,095$5,201-$23,296
Travel$20,464$724-$21,188
Occupancy-$14,400-$14,400
Current Officers, Directors, Trustees, and Key Employees$3,846$3,846$3,846$11,538
Payroll Taxes-$4,430-$4,430
Fees for Services Management-$3,354-$3,354
Fees for Services Professional Fundraising--$3,150$3,150
Other Employee Benefits-$2,812-$2,812
Advertising$2,364$274-$2,638
Other Expenses$1,385$0$0$1,385
Depreciation Depletion-$368-$368
Insurance-$228-$228
Total Functional Expenses$143,682$40,256$8,146$192,084
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$3,150
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Family Member Owns the BuildingDonated Rental SpaceNo$14,400
Marques ReddOfficerTHE ORGANIZATION PAID $2,000 TO AN ENTITY IN WHICH THE OFFICER OWNS TO DIRECT A PERFORMANCENo$2,000
Mikael OwunnaOfficerTHE ORGANIZATION PAID $1,600 TO AN ENTITY IN WHICH THE OFFICER OWNS TO DIRECT A PERFORMANCENo$1,600
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
Business relationship with organization members
Yes
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
No
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

Organization's process to review form 990: prior to filing form 990 a detail review of the form 990 performed by the co-founders/executive directors. The full board of directors receives a copy of the form 990 for review prior to it being filed with the irs.

Form 990, Part VI, Section C, Line 19

Governing documents disclosure explanation: governing documents, conflicts of interest policy are not made available to the public; however, financial statements are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Rainbow Serpent Inc
EIN
92-2618393
Phone
4128466066
Address
1431 N HIGHLAND AVE, PITTSBURGH, PA 15206

Signing Officer

Name
Mikael Owunna
Title
Co-founder/executive Director
Phone
4128466066
Signed
2025-02-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mikael Owunna
Formed
2023
Legal Domicile
Pa
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
0

Preparer

Firm
Mbw Solutions LLC
Address
190-06 117th ROAD, QUEENS, NY 11412
Preparer
Michelle Emeh
Phone
9196751536
Supplemental Narrative

Additional Explanations

Form 990, Header, Line A

Change in accounting period: revenue procedure 85-58 rules applied

Form 990, Part III, Line 1

Rainbow serpent is committed to advancing black lgbtq culture through the exploration of emerging technologies, innovative healing protocols, african cosmologies, and multimedia art. We are dedicated to promoting and celebrating the diversity and richness of black lgbtq culture while advancing healing and empowerment within the community. Our largest aim is to create a new radiant reality, one as resplendent and diverse as the rainbow and as fertile and enduring as

Form 990, Part III, Line 4A

We create, publish, and promote artistic works, exhibitions, and performances that celebrate black lgbtq culture, including live performances, public artworks, literary works, photography, films, animations, paintings, installations, multimedia artworks, and works in emerging media.

Form 990, Part IX, Line 11G

Other fees for services: total $73,092 description and amount (photo/video/graphic design fees $15,620; program/project manager $14,000; ecommerce consulting fees $4,077; independent artist/artist in residence $25,795; marketing + communications $13,600)

Form 990, Part XII, Line 1

Accounting period explanation: from cash to accrual basis - accurate financial representation: accrual accounting provides a more accurate picture of a company's financial condition and operations by recording revenues and expenses when they are earned or incurred, regardless of when cash is exchanged.

Financial Statement Notes

Schedule D, Part VI, Line 1D

Equipment = computer hardware, $3,366

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IRS990ScheduleA/First5Years170Ind0X
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0ART & MERCHANDISE, $2,384
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Schedule A, Part II, Line 10
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0599274
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt090628
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0689902
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0103
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0103
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt02384
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt09094
IRS990ScheduleA/OtherIncome170Grp/TotalAmt011478
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportTotal170Amt0689902
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0599274
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt090628
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0689902
IRS990ScheduleA/TotalSupportAmt0701483
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt00
IRS990ScheduleD/BuildingsGrp/DepreciationAmt00
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/EquipmentGrp/BookValueAmt02998
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0368
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt03366
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/BookValueAmt00
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0EQUIPMENT = COMPUTER HARDWARE, $3,366
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part VI, Line 1d
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02998
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt0DCKC LLC
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0MIKAEL OWUNNA
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm1MARQUES REDD
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0OFFICER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1OFFICER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt2FAMILY MEMBER OWNS THE BUILDING
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd10
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd20
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt01600
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt12000
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt214400
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0THE ORGANIZATION PAID $1,600 TO AN ENTITY IN WHICH THE OFFICER OWNS TO DIRECT A PERFORMANCE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1THE ORGANIZATION PAID $2,000 TO AN ENTITY IN WHICH THE OFFICER OWNS TO DIRECT A PERFORMANCE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc2DONATED RENTAL SPACE
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: (1) NAME OF PERSON: MIKAEL OWUNNA, ORGANIZATION PAID $1,600 TO ENTITY, IN WHICH THE CO-FOUNDER OWNS, TO DIRECT A PROGRAM PERFORMANCE; (2) NAME OF PERSON: MARQUES REDD, ORGANIZATION PAID $2,000 TO ENTITY, IN WHICH THE CO-FOUNDER OWNS, TO DIRECT A PROGRAM PERFORMANCE; (3) NAME OF ORGANIZATION: DCKC LLC, ORGANIZATION RECEIVES DONATED RENTAL SPACE, $14,400, FROM THE ENTITY IN WHICH THE OWNER IS A FAMILY MEMBER OF THE CO-FOUNDER/EXECUTIVE DIRECTOR.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule L, Part IV
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CHANGE IN ACCOUNTING PERIOD: REVENUE PROCEDURE 85-58 RULES APPLIED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1RAINBOW SERPENT IS COMMITTED TO ADVANCING BLACK LGBTQ CULTURE THROUGH THE EXPLORATION OF EMERGING TECHNOLOGIES, INNOVATIVE HEALING PROTOCOLS, AFRICAN COSMOLOGIES, AND MULTIMEDIA ART. WE ARE DEDICATED TO PROMOTING AND CELEBRATING THE DIVERSITY AND RICHNESS OF BLACK LGBTQ CULTURE WHILE ADVANCING HEALING AND EMPOWERMENT WITHIN THE COMMUNITY. OUR LARGEST AIM IS TO CREATE A NEW RADIANT REALITY, ONE AS RESPLENDENT AND DIVERSE AS THE RAINBOW AND AS FERTILE AND ENDURING AS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2WE CREATE, PUBLISH, AND PROMOTE ARTISTIC WORKS, EXHIBITIONS, AND PERFORMANCES THAT CELEBRATE BLACK LGBTQ CULTURE, INCLUDING LIVE PERFORMANCES, PUBLIC ARTWORKS, LITERARY WORKS, PHOTOGRAPHY, FILMS, ANIMATIONS, PAINTINGS, INSTALLATIONS, MULTIMEDIA ARTWORKS, AND WORKS IN EMERGING MEDIA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ORGANIZATION'S PROCESS TO REVIEW FORM 990: PRIOR TO FILING FORM 990 A DETAIL REVIEW OF THE FORM 990 PERFORMED BY THE CO-FOUNDERS/EXECUTIVE DIRECTORS. THE FULL BOARD OF DIRECTORS RECEIVES A COPY OF THE FORM 990 FOR REVIEW PRIOR TO IT BEING FILED WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS DISCLOSURE EXPLANATION: GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC; HOWEVER, FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5OTHER FEES FOR SERVICES: TOTAL $73,092 DESCRIPTION AND AMOUNT (PHOTO/VIDEO/GRAPHIC DESIGN FEES $15,620; PROGRAM/PROJECT MANAGER $14,000; ECOMMERCE CONSULTING FEES $4,077; INDEPENDENT ARTIST/ARTIST IN RESIDENCE $25,795; MARKETING + COMMUNICATIONS $13,600)
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6ACCOUNTING PERIOD EXPLANATION: FROM CASH TO ACCRUAL BASIS - ACCURATE FINANCIAL REPRESENTATION: ACCRUAL ACCOUNTING PROVIDES A MORE ACCURATE PICTURE OF A COMPANY'S FINANCIAL CONDITION AND OPERATIONS BY RECORDING REVENUES AND EXPENSES WHEN THEY ARE EARNED OR INCURRED, REGARDLESS OF WHEN CASH IS EXCHANGED.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Header, Line A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part III, Line 1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part III, Line 4a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part IX, Line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part XII, Line 1
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0PA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt027248
IRS990/TotalAssetsEOYAmt0447631
IRS990/TotalAssetsGrp/BOYAmt027248
IRS990/TotalAssetsGrp/EOYAmt0447631
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0599274
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt08146
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt040256
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0143682
IRS990/TotalFunctionalExpensesGrp/TotalAmt0192084
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt00
IRS990/TotalLiabilitiesEOYAmt0731
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt0731
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt027248
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0446900
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalOthProgramServiceRevGrp/ExclusionAmt00
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt00

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