Circulate Initiative Inc
- Assets
- $2.3m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- Data as of
- 12/2023
- EIN
- 83-4505154
Organization Overview
Circulate Initiative Inc is located in New York, NY. According to its NTEE Classification (C01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Environment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Circulate Initiative 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, Circulate Initiative Inc generated $1.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (26.9%) each year. All expenses for the organization totaled $2.0m 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
THE ORGANIZATION'S PURPOSE IS TO TARGET THE REDUCTION OF OCEAN PLASTICS AND RELATED ENVIRONMENTAL POLLUTION AND COMBATING ENVIRONMENTAL DETERIORATION BY CONDUCTING ACTIVITY IN SOUTH AND SOUTH EAST ASIA THROUGH THREE OF ITS CORE STRATEGIES: INCUBATION AND TECHNICAL ASSISTANCE; IMPACT MEASUREMENT AND KNOWLEDGE MANAGEMENT; AND AMPLIFICATION AND AWARENESS BUILDING IN FURTHERANCE OF THE SOCIAL AND ENVIRONMENTAL IMPACTS OF REDUCING THE AMOUNT OF PLASTIC ENTERING THE ENVIRONMENT AND CREATING ECONOMIC VALUE FOR MARGINALIZED LOCAL COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENCOURAGE MORE AND BETTER BUSINESSES AND ENTREPRENEURS TO BE INVOLVED IN THE CIRCULAR ECONOMY IN EMERGING COUNTRIES, SUPPORT THEM AS THEY DEVELOP THEIR BUSINESSES AND CREATE THE ENABLING CONDITIONS THEY NEED TO SUCCEED.
PROVIDE SUPPORT TO EXISTING PROGRAMS AIMED AT ENDING OCEAN PLASTIC THAT INCENTIVIZE, CREATE, SUPPORT AND OPERATE PLASTIC WASTE-REDUCING, INCLUSIVE, CIRCULAR ECONOMIES.
PROVIDE FIELD-LEADING TOOLS AND METRICS THAT ALLOW STAKEHOLDERS TO UNDERSTAND THE OCEAN PLASTIC PROBLEM, SET BASELINES AND TARGETS, AND TRACK THE ENVIRONMENTAL AND SOCIAL IMPACTS OF THEIR INTERVENTIONS TO MAKE BETTER DECISIONS.
PROVIDE DECISIONMAKERS, INVESTORS, AND BUSINESSES WITH KNOWLEDGE, INSPIRATION, NETWORKS AND RESOURCES TO REPLICATE AND SCALE SUCCESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Kaplan Board Member/treasurer | OfficerTrustee | 1 | $0 |
Michael Sadowski Exec Director And Board Member | OfficerTrustee | 16 | $155,300 |
Heather Canon Board Member | Trustee | 1 | $0 |
Ariel Muller Board Member/secretary | OfficerTrustee | 1 | $0 |
Kavita Prakash-Mani Board Member | Trustee | 1 | $0 |
Khunapong Khunaraksa Director Of Operations And Strategy | Officer | 40 | $144,300 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Circulate Capital Management Pte Ltd Consulting Services | 12/30/23 | $233,318 |
Pt Golden Ratio For Regeneration Consulting Services | 12/30/23 | $167,683 |
Rpck Rastegar Panchal Llp Legal Services | 12/30/23 | $140,488 |
Baldwin Boyle Group Consulting Services | 12/30/23 | $119,592 |
Eisner Advisory Group Llc Accounting Services | 12/30/23 | $114,225 |
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 | $1,191,806 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,191,806 |
| Total Program Service Revenue | $151,726 |
| Investment income | $25,643 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,793 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,364,382 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,280 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $71,164 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $299,600 |
| Compensation of current officers, directors, key employees. | $118,267 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,459 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $159,443 |
| 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 | $260,029 |
| Advertising and promotion | $4,303 |
| Office expenses | $201 |
| Information technology | $4,398 |
| Royalties | $0 |
| Occupancy | $3,276 |
| Travel | $123,141 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,629 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $12,292 |
| All other expenses | $0 |
| Total functional expenses | $2,004,736 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,087,981 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $126,846 |
| 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 | $53,777 |
| 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 | $2,268,604 |
| Accounts payable and accrued expenses | $194,396 |
| Grants payable | $0 |
| Deferred revenue | $267,767 |
| 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 | $2,625 |
| Total liabilities | $464,788 |
| Net assets without donor restrictions | $1,803,816 |
| 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 | $2,268,604 |
Grants Awarded
Over the last fiscal year, Circulate Initiative Inc has awarded $109,900 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF GEORGIA RESEARCH FOUNDATION PURPOSE: CONDUCT CIRCULARITY ASSESSMENT PROTOCOLS FOR THE URBAN OCEAN PROGRAM | $99,900 |
RESOURCE RECYCLING SYSTEMS INC PURPOSE: CONDUCT A FEASIBILITY STUDY TO ESTABLISH A PILOT FOR FILM AND FLEXIBLE COLLECTION AND RECYCLING IN PENANG, MALAYSIA | $10,000 |