Climate Vault Inc
- Assets
- $14.4m
- Revenue
- $6.0m
- Investments
- $0.0
- Employees
- 21
- Location
- Chicago, IL
- Founding
- Data as of
- 11/2023
- EIN
- 85-4211960
Organization Overview
Climate Vault Inc is located in Chicago, IL. According to its NTEE Classification (C20) the organization is classified as: Pollution Abatement & Control, under the broad grouping of Environment and related organizations. As of 11/2023, Climate Vault Inc employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Climate Vault 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 11/2023, Climate Vault Inc generated $6.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (4.2%) each year. All expenses for the organization totaled $3.3m during the year ending 11/2023. 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 LOWER THE CONCENTRATION OF GREENHOUSE GASES IN THE ATMOSPHERE TO SLOW, AND EVEN REVERSE, THE EFFECTS OF CLIMATE CHANGE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REDUCE # OF CARBON ALLOWANCES AVAILABLE FOR CO2 EMITTERS IN ORDER TO ULTIMATELY REDUCE THE CO2 BEING EMITTED IN THE ATMOSPHERE.THE PROGRAM INVOLVES THE PURCHASE OF OFFSET ALLOWANCES, WHICH ARE CAPITALIZED AS PROGRAM RELATED INVESTMENTS, WHICH REDUCES FUTURE CARBON DIOXIDE EMISSIONS BY "VAULTING" THEM. THIS PREVENTS CARBON-EMITTING-COMPANIES FROM PURCHASING THOSE SAME ALLOWANCES AND CAPPING FUTURE CARBON DIOXIDE EMISSIONS. THE INTENTION TO MONETIZE SOME OF THE CARBON DIOXIDE ALLOWANCES IN ITS VAULT TO AWARD GRANTS TO PROMISING, CUTTING-EDGE RESEARCH AND TECHNOLOGY AIMED AT MAKING CARBON DIOXIDE REMOVAL MORE EFFECTIVE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Erin Trapp Executive Director | OfficerTrustee | 10 | $22,564 |
Harold Hall Director | Trustee | 10 | $6,563 |
Geoffrey Goodman Director | Trustee | 10 | $6,563 |
Michael Greenstone Chairperson | OfficerTrustee | 10 | $0 |
Andrew Dailey Secretary/treasurer | OfficerTrustee | 10 | $0 |
Bala Srinivasan Director | Trustee | 10 | $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 | $5,882,478 |
| Noncash contributions included in lines 1a–1f | $1,738 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,882,478 |
| Total Program Service Revenue | $0 |
| Investment income | $23 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $155,395 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,037,896 |
| 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. | $466,064 |
| Compensation of current officers, directors, key employees. | $45,579 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $773,914 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $100,181 |
| Payroll taxes | $127,969 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $36,444 |
| Fees for services: Accounting | $87,371 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,248,770 |
| Advertising and promotion | $44,276 |
| Office expenses | $36,304 |
| Information technology | $123,306 |
| Royalties | $0 |
| Occupancy | $900 |
| Travel | $62,890 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,704 |
| Interest | $63,098 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $57,393 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,281,999 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $712,861 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $441,000 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $17,198 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,252,029 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $14,423,088 |
| Accounts payable and accrued expenses | $68,505 |
| 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 | $2,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,475,200 |
| Total liabilities | $5,043,705 |
| Net assets without donor restrictions | $8,938,383 |
| Net assets with donor restrictions | $441,000 |
| 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 | $14,423,088 |