Cool Effect Inc
- Assets
- $6.7m
- Revenue
- $19.2m
- Investments
- $0.0
- Employees
- 3
- Location
- Greenbrae, CA
- Founding
- 02/2016
- Data as of
- 06/2022
- EIN
- 47-5068496
Organization Overview
Cool Effect Inc is located in Greenbrae, CA. The organization was established in 2016. According to its NTEE Classification (C60) the organization is classified as: Environmental Education, under the broad grouping of Environment and related organizations. As of 06/2022, Cool Effect Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cool Effect 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 06/2022, Cool Effect Inc generated $19.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.8% each year . All expenses for the organization totaled $18.7m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
COOL EFFECT'S MISSION IS TO HELP COOL THE EARTH BY SUPPORTING VERIFIED CARBON REDUCING PROJECTS ACROSS THE GLOBE THROUGH CROWD FUNDING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COOL EFFECTS MISSION IS TO REDUCE CARBON EMISSIONS BY SUPPORTING PROJECTS ACROSS THE GLOBE THAT REDUCE CO2. COOL EFFECT EDUCATES THE PUBLIC ON THE EFFECTS OF CLIMATE CHANGE AND SOLICITS DONATIONS TO SUPPORT CARBON REDUCTION PROJECTS, EMPOWERING INDIVIDUALS AND BUSINESSES TO TAKE ACTION IN THE FIGHT AGAINST CLIMATE CHANGE. COOL EFFECT PERFORMS A DEEP ANALYSIS ON BOTH THE SCIENCE AND THE BUSINESS STRUCTURE OF PROJECTS THAT CLAIM TO REMOVE CARBON FROM THE ATMOSPHERE. ALL PROJECTS UNDER CONSIDERATION MUST FIRST BE APPROVED BY THIRD-PARTY STANDARD-KEEPING ORGANIZATIONS SUCH AS THE GOLD STANDARD, VERIFIED CARBON STANDARD, AND CLIMATE ACTION RESERVE, AMONG OTHERS.COOL EFFECT THEN UNDERTAKES AN EXTENSIVE REVIEW PROCESS USING ITS TEAM OF SCIENTISTS TO ENSURE THE PROJECT MEETS VERY TOUGH STANDARDS. AT THAT SAME TIME, COOL EFFECT
ALSO REVIEWS PROJECT MANAGEMENT TO ASSESS WHETHER DONATIONS ARE GOING WHERE THEY SHOULD AND THAT THE PROJECT WILL OPERATE WELL INTO THE FUTURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jr Patterson Controller | 20 | $97,925 | |
Mike Bruce Cfo/coo | Officer | 15 | $92,922 |
Richard H Lawrence Jr Co-Founder | OfficerTrustee | 8 | $0 |
Dee Lawrence Co-Founder | OfficerTrustee | 8 | $0 |
Skye Lawrence Director | OfficerTrustee | 8 | $0 |
Hector Morales Advisory Board | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Inetz Media Group Website | 6/29/21 | $232,565 |
Demonstrate Pr Llc Public Relations | 6/29/21 | $344,702 |
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 | $18,358,826 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,358,826 |
| Total Program Service Revenue | $0 |
| Investment income | $853,213 |
| 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 | $19,212,039 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $92,922 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $705,945 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $35,411 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,242 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $354,892 |
| Office expenses | $28,275 |
| Information technology | $124,745 |
| Royalties | $0 |
| Occupancy | $82,500 |
| Travel | $40,948 |
| 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 | $417,618 |
| Insurance | $0 |
| All other expenses | -$82,500 |
| Total functional expenses | $18,714,007 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $745,328 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,205,122 |
| Prepaid expenses and deferred charges | $451,040 |
| Net Land, buildings, and equipment | $2,706 |
| Investments—publicly traded securities | $101,042 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $213,841 |
| Other assets | $0 |
| Total assets | $6,719,079 |
| Accounts payable and accrued expenses | $1,053,867 |
| Grants payable | $0 |
| Deferred revenue | $191,330 |
| 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 | $1,245,197 |
| Net assets without donor restrictions | $5,473,882 |
| 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 | $6,719,079 |