Because of our small size, we are not required by the IRS to file a form 990 which is the standard reporting form for non-profit organizations. We report once a year with a simple form called 990N which basically states we raised less than $50,000. Because of the way we applied for our exempt status for the first three years, we can’t raise over $50,000 so we will be filing the 990N for 2019 and 2020 as we continue to build the future of the Foundation.
With that, we felt it necessary for our donors and for transparency to publish this report on our performance for 2019. If you have any questions or comments you can reach us a info@nikolasfoundation.org.
We officially came out of ‘stealth mode’ in December of 2018. We completed the set up of the 501 (c) 3 structure and got our determination letter from the IRS before we let the public know of our existence. We started fund raising in December and spent from January through the first of June working out details for our engagement with our first hospital. We also completed our 5 year strategic plan (which you can view hereĀ https://nikolasfoundation.org/wp-content/uploads/2019/02/Nikolas-Strategic-Plan-2019-v_1.pdf) assembled our Executive Advisory Committee and put in place the process for applying for funding from the Foundation.
We completed our first agreement with the Social Work organization at Primary Children’s Hospital in Salt Lake City and started funding families.
Over the last 6 months we have helped 10 families based upon the recommendations of the Social Workers at the hospital. We funded rent, car payments, gas cards, baby furniture/needs and funeral expenses. We validated our model and the need and just completed a year end review with the Social Work group at Primary’s. The feedback we got was humbling and gratifying and we were assured that, as long as we have funding, they will be more than willing to work with us as the Foundation fills a void for very specific needs of their Special Needs families.
From an accounting standpoint, we did not make our goals for fundraising but we were able to raise almost $22,000 all from individual donors. Our donations ranged from $25 to $5000 from our donors. The good news is that we never had to tell someone no because we had a lack of funding.
As our Mission Statement says, 100% of net funds go to those in need. That said, there were no salaries paid and will not be paid for those involved in running the foundation. We did have three expenses incurred by the foundation. $10 for registering the Foundation, $15 in bank fees for setting up the accounts and $139.50 that went to the credit card company for processing fees on donations we received through our web site.
For 2020 we will continue to strive to raise our maximum amount of $50,000. We will also start to explore taking our model to other areas of the country. Based upon our research there are approximately 57 stand alone Children’s Hospitals in the US. All could be candidates for the Foundation.
Thank you to all that have given over the past year. Your confidence in our mission and in our Foundation are humbling and very gratifying. It has been a 30+ year dream that has finally come to fruition and we hope that it can continue to help special needs families up close and personal.
We hope for all of you a joyous holiday season.