Summer of Bits Inc
- Assets
- $182.2k
- Revenue
- $689.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Sheridan, WY
- Founding
- Data as of
- 12/2022
- EIN
- 88-3415782
Organization Overview
Summer of Bits Inc is located in Sheridan, WY. Summer of Bits 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 12/2022, Summer of Bits Inc generated $689.8k in total revenue. All expenses for the organization totaled $378.0k during the year ending 12/2022.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
A. SUMMER OF BITS IS A PROGRAM THAT AIMS TO INTRODUCE AND BRING AWARENESS TO BITCOIN OPEN-SOURCE SOFTWARE DEVELOPMENT AND DESIGN TO THE YOUTH. WE ALSO PROVIDE MENTORSHIP TO OUR MEMBERS TO HELP INSPIRE YOUNG MINDS TO WORK ON BITCOIN DEVELOPMENT. B. BITCOIN DEVELOPMENT PROFESSIONALS AND CONSULTANTS WILL INSTRUCT STUDENTS ACCORDINGLY. IN ADDITION STUDENTS WILL PARTICIPATE AND CONTRIBUTE TO DEVELOPMENT OF OPEN-SOURCE BITCOIN PROJECTS. C. THIS ACTIVITY IS CONDUCTED PREDOMINATELY ONLINE. D. 100 PERCENT OF TOTAL TIME IS ALLOCATED TO THIS ACTIVITY. E. THE ACTIVITY IS FUNDED 100 PERCENT THUS FAR BY GRANTS AND DONATIONS AND 100 PERCENT OF EXPENSES ARE ALLOCATED TO THIS ACTIVITY. F. OUR PURPOSE IS TO HELP DEVELOP THE MINDS OF THE YOUTH THROUGH APPLICATION OF BITCOIN OPEN-SOURCE SOFTWARE DEVELOPMENT. OUR WORK IN NATURE IS CHARITABLE FOR WE ARE MAKING YOUNG INDIVIDUALS MORE AWARE OF AN EMERGING INDUSTRY SO THEY CAN BE MORE SUCCESSFUL IN THEIR FUTURE ENDEAVORS
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUMMER TRAINING PROGRAM FOR UNIVERSITY STUDENTS TO LEARN BITCOIN OPEN-SOURCE SOFTWARE DEVELOPMENT.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deepak Kathayat President | 30 | $0 | |
Parvati Kathayat Treasurer | 1 | $0 | |
Disha Kathayat Secretary | 1 | $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 | $689,777 |
| Noncash contributions included in lines 1a–1f | $219,800 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $689,777 |
| 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 | $689,777 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $9,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $236,922 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $99,996 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $547 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $159 |
| Fees for services: Accounting | $5,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $15,761 |
| Information technology | $1,275 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,538 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,665 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $377,963 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,443 |
| 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 | $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 | $158,708 |
| Other assets | $0 |
| Total assets | $182,151 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $182,151 |
| 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 | $182,151 |