2023-11-10T14:15:33-06:00 2022-12-31 420714325 RSM US LLP 1250 H STREET SUITE 700 WASHINGTON DC 20005 990 2022-01-01 873213298 PROJECT LIBERTY INC MCCO 3477731306 501 W 30TH ST SUITE 40A NEW YORK NY 10001 JOSEPH RILEY TREASURER 3477731306 2023-11-06 1 JOSEPH RILEY 999009999 0 ELIZABETH W HELLER P00397829 2022932200 2023-11-06 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X FRANK MCCOURT 501 W 30TH ST SUITE 40A NEW YORK NY 10001 13800000 0 X WWW.PROJECTLIBERTY.IO X 2021 DE TO PROMOTE THE ADVANCEMENT AND USE OF INFORMATION TECHNOLOGY FOR THE COMMON GOOD OF HUMANITY IN SUPPORT OF SUSTAINABLE DEMOCRACY AND A MORE EQUITABLE ECONOMY. 1 1 0 6 0 0 5000000 13800000 0 0 0 0 0 0 5000000 13800000 4700000 36620545 0 0 0 129643 0 0 0 0 2348580 4700000 39098768 300000 -25298768 300000 1261127 0 46127480 300000 -44866353 X THE PURPOSE OF PROJECT LIBERTY, INC. IS TO PROMOTE THE ADVANCEMENT AND USE OF INFORMATION TECHNOLOGY FOR THE COMMON GOOD OF HUMANITY IN SUPPORT OF SUSTAINABLE DEMOCRACY AND A MORE EQUITABLE ECONOMY. 1 0 36370545 36370545 0 PROJECT LIBERTY PROVIDES FUNDING FOR RESEARCH AND TECHNOLOGY PROJECTS THAT FURTHER THE EDUCATION OF THE PUBLIC AND THE SCIENTIFIC COMMUNITY'S UNDERSTANDING OF THE IMPACT OF TECHNOLOGY ON SOCIETY, INCLUDING AN ENHANCED UNDERSTANDING OF, AND ADVANCEMENT OF, DATA PRIVACY, ONLINE RELATIONSHIPS, AND NEW DIGITAL GOVERNANCE AND DIGITAL SHARED ECONOMIC MODELS. 893979 250000 0 PROJECT LIBERTY ORGANIZES AND PARTICIPATES IN REGULAR EVENTS, CONVENINGS AND EDUCATIONAL CAMPAIGNS OF TECHNOLOGISTS, ETHICISTS, LEGAL EXPERTS, ENTREPRENEURS, SOCIAL INNOVATORS AND OTHER EXPERTS IN THE UNITED STATES, UNITED KINGDOM, FRANCE, AND ELSEWHERE TO FOSTER DIALOGUE AND DEVELOP COMPREHENSIVE RECOMMENDATIONS TO EXPLORE AND ADVANCE BETTER MODELS OF DIGITAL ECOSYSTEMS. 37264524 1 1 0 0 0 0 0 1 0 0 1 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 5 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 1 1 1 1 0 0 1 1 1 1 1 0 0 1 1 1 1 0 0 0 0 0 NY X THE ORGANIZATION 3477731306 501 W 30TH ST SUITE 40A NEW YORK NY 10001 X FRANK MCCOURT PRESIDENT & BOARD MEMBER 20.00 X X 0 0 0 JOSEPH RILEY TREASURER 5.00 X 0 0 0 JOSEPH WHITE SECRETARY 5.00 X 0 0 0 0 0 0 0 0 0 0 0 13800000 13800000 13800000 0 0 0 15326162 15326162 21294383 21294383 109071 94405 14666 10959 10603 356 9613 8490 1123 119247 119247 3763 3763 1746236 441849 1304387 10658 10037 621 31719 25549 6170 14893 14893 57123 40523 16600 169390 12297 157093 2473 2473 RECRUITING EXPENSES 190774 190774 OTHER BUSINESS EXPENSES 2304 226 2078 39098768 37264524 1834244 0 300000 1183689 26176 44500 2473 0 42027 0 9235 300000 1261127 191318 45936162 0 46127480 X 300000 -44866353 300000 -44866353 300000 1261127 X -25298768 -19865617 -1968 X 0 1 X 0 0 X 5000000 13800000 18800000 5000000 13800000 18800000 18424000 376000 18800000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 44500 2473 42027 42027 X PART III, LINE 1A: ON NOVEMBER 28, 2022, PROJECT LIBERTY RECEIVED A NON-CASH GRANT OF 50,000,000 FREQUENCY DIGITAL TOKENS, THE NATIVE BLOCKCHAIN-BASED UTILITY TOKENS FOR THE FREQUENCY LAYER 1 BLOCKCHAIN INTEGRATED INTO THE POLKADOT PLATFORM. THE FREQUENCY TOKENS WERE MINTED IN NOVEMBER 2022 AND A MARKETPLACE FOR THE TOKENS HAS YET TO BE ESTABLISHED. PROJECT LIBERTY CONCLUDED THAT THE TOKENS HAD ZERO VALUE AT THE CONTRIBUTION DATE AND THEREFORE HAS NOT ASSIGNED A DOLLAR VALUE TO THE TOKENS. PART X, LINE 2: THE ORGANIZATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE CONSOLIDATED FINANCIAL STATEMENTS. THE ORGANIZATION RECOGNIZES INTEREST EXPENSE AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN NON-PERSONNEL EXPENSE ON THE CONSOLIDATED STATEMENTS OF ACTIVITIES AND ACCOUNTS PAYABLE IN THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION. THERE IS NO PROVISION IN THESE CONSOLIDATED FINANCIAL STATEMENTS FOR PENALTIES AND INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 0 3 PROGRAM SERVICES CONVENING TECHNOLOGISTS, ETHICISTS, ACADEMICS, ENTREPRENEURS, SOCIAL INNOVATORS AND OTHER EXPERTS TO FOSTER DIALOGUE AND DEVELOP COMPREHENSIVE RECOMMENDATIONS TO EXPLORE AND ADVANCE BETTER MODELS OF DIGITAL ECOSYSTEMS. 591328 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTS TO RECIPIENTS LOCATED IN REGION 21294383 0 3 0 0 0 3 21885711 0 21885711 EUROPE (INCLUDING ICELAND & GREENLAND) FUEL A BODY OF WORK ADDRESSING CRITICAL QUESTIONS CONCERNING THE IMPACT OF TECHNOLOGICAL INNOVATION ON SOCIETY AND HUMAN WELFARE, WITH A PARTICULAR FOCUS ON THE PUBLIC POLICY, LEGAL AND ETHICAL ASPECTS OF THOSE QUESTIONS AND AN INITIAL FOCUS ON SOCIAL NETWORKS; AND SUPPORT OF THE BUILDING KNOWN AS 'LE PAVILLON DE L'INNOVATION' ON THE GRANTEE'S SAINT THOMAS CAMPUS. 21294383 ACCRUAL BASIS 0 1 0 0 0 1 0 0 0 PART I, LINE 2: GRANT RECIPIENTS ARE SELECTED AFTER A REVIEW OF GRANT APPLICATIONS BY THE BOARD OF DIRECTORS, CAREFUL EVALUATION BY THE BOARD OF THE USE OF THE PROPOSED GRANT, AND A DETERMINATION BY THE BOARD THAT THE USE OF THE PROPOSED GRANT WILL SUPPORT THE TAX-EXEMPT PURPOSES OF THE ORGANIZATION. THE ORGANIZATION WILL ENTER INTO GRANT AGREEMENTS WITH RECIPIENTS, WHICH WILL REQUIRE PERIODIC REPORTS ON THE USE OF FUNDS. PART III ACCOUNTING METHOD: PART II: PROJECT LIBERTY ACCOUNTS FOR GRANT EXPENSE USING THE ACCRUAL METHOD WHEREBY GRANTS ARE EXPENSED, AND THE CORRESPONDING LIABILITIES ARE RECORDED, IN THE PERIODS IN WHICH THE OBLIGATIONS ARE INCURRED. GRANT PAYMENTS WILL BE MADE IN ANNUAL INSTALLMENTS OF $2,500,000. 1 CORTICO 177 HUNTINGTON AVE STE 1703 83518 BOSTON MA 02115 813975630 501(C)3 7325581 0 SUPPORT CORTICO'S DEVELOPMENT AND DEPLOYMENT OF TECHNOLOGIES AND METHODS TO ADVANCE, ACCELERATE, AND INTEGRATE THE REALTALK SYSTEM - A SOCIAL NETWORK DESIGNED FOR AUTHENTIC DIALOGUE, DEEP LISTENING AND CONNECTION - AND ITS TRANSITION TO THE PROJECT LIBERTY DECENTRALIZED SOCIAL NETWORK PROTOCOL (DSNP). MASSACHUSETTS INSTITUTE OF TECHNOLOGY 77 MASSACHUSETTS AVENUE CAMBRIDGE MA 02139 042103594 501(C)3 7325581 0 PROVIDE SUPPORT FOR THE MIT CENTER FOR CONSTRUCTIVE COMMUNICATION'S RESEARCH AND DEVELOPMENT OF TECHNOLOGIES AND METHODS TO ADVANCE, ACCELERATE AND DEPLOY THE REALTALK SYSTEM - A SOCIAL NETWORK DESIGNED FOR AUTHENTIC DIALOGUE, DEEP LISTENING AND CONNECTION. HETERODOX ACADEMY 82 NASSAU STREET 646 NEW YORK NY 10038 822903153 501(C)3 250000 0 ENABLE THE ORGANIZATION TO HOST DISCUSSIONS BRINGING TOGETHER EDUCATORS FROM MULTIPLE FIELDS WITH TECHNOLOGISTS TO EXPLORE THE EFFECTS OF TECHNOLOGY ON DEMOCRATIC AND EPISTEMIC INSTITUTIONS AS WELL AS CONDUCT A MEMBERSHIP DRIVE TO EXPAND THE ORGANIZATION'S COMMUNITY. COMMON SENSE MEDIA 699 8TH ST SUITE C150 SAN FRANCISCO CA 94103 412024986 501(C)3 425000 0 RESEARCH AND DEVELOPMENT OF A PROJECT CURRENTLY KNOWN AS THE "DUTY OF CARE" PROJECT WHICH WILL DELIVER AN ONLINE HARMS MAP AND HAS THE PURPOSE OF ESTABLISHING A DUTY OF CARE STANDARD TO COMPEL SOCIAL MEDIA PLATFORMS TO BE ACCOUNTABLE TO THEIR USERS AND SOCIETY. 4 0 PART I, LINE 2: GRANT RECIPIENTS ARE SELECTED AFTER A REVIEW OF GRANT APPLICATIONS BY THE BOARD OF DIRECTORS, CAREFUL EVALUATION BY THE BOARD OF THE USE OF THE PROPOSED GRANT, AND A DETERMINATION BY THE BOARD THAT THE USE OF THE PROPOSED GRANT WILL SUPPORT THE TAX-EXEMPT PURPOSES OF THE ORGANIZATION. THE ORGANIZATION WILL ENTER INTO GRANT AGREEMENTS WITH RECIPIENTS, WHICH WILL REQUIRE PERIODIC REPORTS ON THE USE OF FUNDS. PART II: PROJECT LIBERTY ACCOUNTS FOR GRANT EXPENSE USING THE ACCRUAL METHOD WHEREBY GRANTS ARE EXPENSED, AND THE CORRESPONDING LIABILITIES ARE RECORDED, IN THE PERIODS IN WHICH THE OBLIGATIONS ARE INCURRED. FORM 990, PART III, LINE 2 PROJECT LIBERTY PROVIDES FUNDING FOR RESEARCH AND TECHNOLOGY PROJECTS THAT FURTHER THE EDUCATION OF THE PUBLIC AND THE SCIENTIFIC COMMUNITY'S UNDERSTANDING OF THE IMPACT OF TECHNOLOGY ON SOCIETY, INCLUDING AN ENHANCED UNDERSTANDING OF, AND ADVANCEMENT OF, DATA PRIVACY, ONLINE RELATIONSHIPS, AND NEW DIGITAL GOVERNANCE AND DIGITAL SHARED ECONOMIC MODELS. PROJECT LIBERTY ORGANIZES AND PARTICIPATES IN REGULAR EVENTS, CONVENINGS AND EDUCATIONAL CAMPAIGNS OF TECHNOLOGISTS, ETHICISTS, LEGAL EXPERTS, ENTREPRENEURS, SOCIAL INNOVATORS AND OTHER EXPERTS IN THE UNITED STATES, UNITED KINGDOM, FRANCE, AND ELSEWHERE TO FOSTER DIALOGUE AND DEVELOP COMPREHENSIVE RECOMMENDATIONS TO EXPLORE AND ADVANCE BETTER MODELS OF DIGITAL ECOSYSTEMS. FORM 990, PART VI, SECTION A, LINE 2 JOSEPH WHITE AND JOSEPH RILEY HAVE BUSINESS RELATIONSHIPS WITH FRANK MCCOURT. FORM 990, PART VI, SECTION A, LINE 3 PROJECT LIBERTY HAS A PROFESSIONAL EMPLOYER ORGANIZATION AGREEMENT WITH TRINET HR CORPORATION TO PROVIDE PERSONNEL, BENEFIT, AND ADMINISTRATIVE SERVICES FOR THE STAFF OF THE ORGANIZATION. PROJECT LIBERTY DOES NOT DIRECTLY EMPLOY ITS PERSONNEL; ALL SUCH SERVICES ARE PROVIDED THROUGH THE TRINET CONTRACT. FORM 990, PART VI, SECTION A, LINE 6 FRANK MCCOURT IS THE FOUNDING MEMBER. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CORPORATION SHALL CONSIST OF THE FOUNDING MEMBER AND OTHER SUCH PERSONS AS MAY BE APPOINTED BY HIM FROM TIME TO TIME BY WRITTEN INSTRUMENT DELIVERED TO THE SECRETARY OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7B ONE-THIRD OF THE ENTIRE BOARD SHALL CONSTITUTE A QUORUM FOR THE TRANSACTION OF BUSINESS OR OF ANY SPECIFIED ITEM OF BUSINESS, AND, EXCEPT AS OTHERWISE PROVIDED BY LAW OR BY THE CERTIFICATE OF INCORPORATION OR THESE BY-LAWS, THE VOTE OF A MAJORITY OF THE DIRECTORS PRESENT AT THE MEETING AT THE TIME OF SUCH VOTE, IF A QUORUM IS THEN PRESENT, SHALL BE THE ACT OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD WILL REVIEW THE FORM 990 PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C NO MEMBER OF THE BOARD OR ANY COMMITTEE OF THE BOARD SHALL PARTICIPATE DIRECTLY OR INDIRECTLY IN THE CONSIDERATION OF ANY MATTER IN WHICH HE OR SHE HAS A DIRECT OR INDIRECT FINANCIAL INTEREST UNLESS SUCH INTEREST IS DISCLOSED AND A MAJORITY OF THE DISINTERESTED MEMBERS OF THE BOARD OR COMMITTEE APPROVES IN ADVANCE THE MEMBER'S PARTICIPATION IN CONSIDERATION OF THE MATTER. NEITHER THE BOARD NOR ANY COMMITTEE OF THE BOARD SHALL APPROVE ANY SUCH MEMBER'S PARTICIPATION IN THE CONSIDERATION OF ANY MATTER THAT IS OTHERWISE PROHIBITED BY LAW. FORM 990, PART VI, SECTION C, LINE 19 THESE DOCUMENTS ARE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART XI, LINE 9: FOREIGN CURRENCY EXCHANGE GAIN/LOSS -1,968. PART XI, LINE 8: PRIOR PERIOD ADJUSTMENTS CONSIST OF ACCRUAL BASIS GRANT EXPENSES INCURRED BUT NOT REPORTED ON THE PRIOR YEAR RETURN. 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