Bright Funds Foundation
- Assets
- $27.3m
- Revenue
- $69.9m
- Investments
- $0.0
- Employees
- 0
- Location
- San Jose, CA
- Founding
- 09/2014
- Data as of
- 12/2022
- EIN
- 46-2109112
Organization Overview
Bright Funds Foundation is located in San Jose, CA. The organization was established in 2014. According to its NTEE Classification (T12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bright Funds Foundation 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 12/2022, Bright Funds Foundation generated $69.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 44.7% each year . All expenses for the organization totaled $68.3m during the year ending 12/2022. While expenses have increased by 49.8% per year over the past 8 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.
Since 2015, Bright Funds Foundation has awarded 4,734 individual grants totaling $95,230,730. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
BRIGHT FUNDS FOUNDATION EXISTS TO EMPOWER PEOPLE TO BE MEANINGFUL, EFFECTIVE, AND ENGAGED PHILANTHROPISTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION PROVIDES A PLATFORM FOR SUPPORTING CHARITABLE PROGRAMS, CHARITABLE INITIATIVES, AND CHARITABLE ORGANIZATIONS IN ORDER TO ENHANCE AND IMPROVE THE LIVES OF THOSE IN NEED. TO ACCOMPLISH THESE PURPOSES, IT WILL ENCOURAGE AND FACILITATE ONLINE GIVING OPPORTUNITIES TO AND FOR ALL 501(C)(3) CHARITABLE ORGANIZATIONS WITH THE GOAL OF INCREASING PHILANTHROPY WHILE DECREASING THE COST OF FUNDRAISING AS A WHOLE BY PROVIDING THE PUBLIC WITH STRAIGHTFORWARD AND SECURE WAYS TO DONATE TO, OR VOLUNTEER FOR, THE CHARITY OF THEIR CHOICE, AND TRACK THEIR GIVING THROUGH STATE OF THE ART INTERNET-BASED TOOLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Srinagesh Vitthalana President | OfficerTrustee | 3 | $0 |
Andrew Flachner Secretary | OfficerTrustee | 3 | $0 |
Cliff Goldstein Treasurer | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $69,853,050 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $69,853,050 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $69,853,050 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $58,401,273 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $7,515,470 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,360,551 |
| Advertising and promotion | $0 |
| Office expenses | $12,954 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $68,290,248 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,427,826 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,845,216 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $27,273,042 |
| Accounts payable and accrued expenses | $1,797,894 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,283,701 |
| Total liabilities | $3,081,595 |
| Net assets without donor restrictions | $24,191,447 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $27,273,042 |
Grants Awarded
Over the last fiscal year, Bright Funds Foundation has awarded $38,186,512 in support to 1,690 organizations.
| Grant Recipient | Amount |
|---|---|
SAFE PASSAGE PURPOSE: GENERAL PURPOSE | $9,700 |
AKSHAYA PATRA FOUNDATION USA PURPOSE: GENERAL PURPOSE | $189,472 |
LOAVES & FISHES FOOD PANTRY INC PURPOSE: GENERAL PURPOSE | $5,517 |
LAKES REGION CONSERVATION TRUST PURPOSE: GENERAL PURPOSE | $6,604 |
NASHUA SOUP KITCHEN & SHELTER INC PURPOSE: GENERAL PURPOSE | $10,349 |
BOWDOIN COLLEGE PURPOSE: GENERAL PURPOSE | $9,739 |