Flywheel Foundation
- Assets
- $313.5k
- Revenue
- $499.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Winstonsalem, NC
- Founding
- 12/2015
- Data as of
- 12/2023
- EIN
- 47-3707235
Organization Overview
Flywheel Foundation is located in Winstonsalem, NC. The organization was established in 2015. According to its NTEE Classification (P80) the organization is classified as: Centers to Support the Independence of Specific Populations, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Flywheel 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 12/2023, Flywheel Foundation generated $499.5k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 31.6% each year . All expenses for the organization totaled $423.7k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT ENTREPRENEURSHIP THROUGH RESEARCH, ECOSYSTEM DEVELOPMENT, EDUCATION, INVESTMENT, ENTREPRENEURSHIP FOCUSED EVENTS, AND TRAINING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TECHNICAL SERVICES- ONE ON ONE TECHNICAL SERVICES INCLUDING DEVELOPING FINANCIAL PROJECTIONS, PITCH DECKS, AND MARKETING PLANS. FLYWHEEL COURSES LEARNING MANAGEMENT SYSTEM- DEVELOPMENT OF COURSES OFFERED TO ENTREPRENEURS. GRANTS WERE ISSUED TO SUPPORT NEW BUSINESS START-UPS. PRODUCTION OF ENTREPRENEURSHIP FOCUSED EVENTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jill Atherton Executive Di | Officer | 40 | $67,083 |
Peter Marsh Board Member | Trustee | 1 | $0 |
Page Castrodale Board Member | Trustee | 1 | $0 |
Irene Wong Board Member | Trustee | 1 | $0 |
Stephen Edwards Board Member | Trustee | 1 | $0 |
Fletcher Steele Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $432,888 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $437,888 |
| Total Program Service Revenue | $61,563 |
| 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 | $499,451 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $137,530 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $67,119 |
| Compensation of current officers, directors, key employees. | $67,119 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $34,819 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $97 |
| Payroll taxes | $7,796 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,845 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $59,897 |
| Advertising and promotion | $22,684 |
| Office expenses | $16,935 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,652 |
| Travel | $6,090 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $614 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,097 |
| Insurance | $1,507 |
| All other expenses | $0 |
| Total functional expenses | $423,672 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $203,946 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,715 |
| 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 | $649 |
| Net Land, buildings, and equipment | $88,124 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $10,032 |
| Other assets | $0 |
| Total assets | $313,466 |
| Accounts payable and accrued expenses | $99,625 |
| 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 | $0 |
| Total liabilities | $99,625 |
| Net assets without donor restrictions | $0 |
| 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 | $213,841 |
| Total liabilities and net assets/fund balances | $313,466 |
Grants Awarded
Over the last fiscal year, Flywheel Foundation has awarded $100,000 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
NUTRIBLE INC PURPOSE: OPERATIONS | $20,000 |
CLINISPAN HEALTH INC PURPOSE: OPERATIONS | $20,000 |
ZABS PLACE PURPOSE: OPERATIONS | $20,000 |
CAREYAYA HEALTH TECHNOLOGIES INC PURPOSE: OPERATIONS | $20,000 |
FELK AFTER-SCHOOL LLC PURPOSE: OPERATIONS | $20,000 |