Reversible Destiny Foundation Inc
- Assets
- $5.6m
- Revenue
- $6.6m
- Investments
- $3.4m
- Employees
- 0
- Location
- Brooklyn, NY
- Founding
- 03/2011
- Data as of
- 12/2023
- EIN
- 27-3097425
Organization Overview
Reversible Destiny Foundation Inc is located in Brooklyn, NY. The organization was established in 2011. According to its NTEE Classification (V20) the organization is classified as: Social Science, under the broad grouping of Social Science and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reversible Destiny Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Reversible Destiny Foundation Inc generated $6.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 36.8% each year . All expenses for the organization totaled $1.1m during the year ending 12/2023. While expenses have increased by 8.0% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE REVERSIBLE DESTINY FOUNDATION WAS FOUNDED BY ARAKAWA AND MADELINE GINS TO PROMOTE THEIR WORK AND PHILOSPHY IN THE AREAS OF ART, ARCHITECTURE AND WRITING. THE FOUNDATION IS DEDICATED TO SUPPORTING RESEARCH AND GREATER PUBLIC INTEREST IN THE IDEAS AND ARTISTIC PRACTICE OF ARAKAWA AND MADELINE GINS THROUGH A RANGE OF INITIATIVES TO FURTHER ADVANCE AND PRESERVE THEIR LEGACY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Spencer Director | 1 | $0 | |
Michael Govan Director | 1 | $0 | |
Momoyo Homma Executive Dir. | 1 | $0 | |
Alexandra Munroe Director | 1 | $0 | |
Sheung Tank Luk Project Manager | 40 | $114,224 | |
Amara S Magloughlin Research Associate | 40 | $76,246 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $6,574,438 |
| Interest on Savings | $23,274 |
| Dividends & Interest | $3,905 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,200 |
| Capital Gain Net Income | $1,200 |
| Net ST Capital Gain | $1,200 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $6,602,817 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $425,677 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $32,568 |
| Depreciation | $19,693 |
| Occupancy | $66,068 |
| Travel, conferences, and meetings | $494 |
| Printing and publications | $0 |
| Other expenses | $216,380 |
| Total operating and administrative expenses | $1,134,454 |
| Contributions, gifts, grants paid | $1,500 |
| Total expenses and disbursements | $1,135,954 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $89,029 |
| Savings and temporary cash investments | $1,196,812 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $904,658 |
| Other assets | $21,208 |
| Total assets | $5,615,534 |
| Accounts payable and accrued expenses | $53,920 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $7,622 |
| Total liabilities | $61,542 |