2024-05-15T18:09:23-07:00 2023-12-31 371420474 Fontanello Duffield & Otake LLP 44 Montgomery Street Suite 1305 San Francisco CA 94104 990 2023-01-01 030368814 Underdog Foundation UNDE 8027239919 PO Box 443 Island Pond VT 05846 David Berge President/Sec 2024-05-15 false David Berge 999009999 true Antonio Tellez Jr P01716904 4159830200 2 AAL1 IAL1 FAL1 2023 2023-04-26 12:10:37Z David Berge PO Box 443 Island Pond VT 05846 2949 false X underdogventures.com/underdog-foundation X 2001 VT The Underdog Foundation ("the Foundation") through its grant making, community investment, technical assistance and strategic partnerships provides mentoring and technical expertise to support non-profit organizations doing important work in our communities. 5 4 2 4 0 0 0 3416 2949 3457 0 6873 2949 7500 20000 0 166857 27915 0 0 69324 59033 243681 106948 -236808 -103999 459402 350403 295 295 459107 350108 The Underdog Foundation ("the Foundation") works to meet community and environmental needs the cannot be met through simple investments. The interest areas of the Foundation are:- Environment and Conservation- Community Investment- Women's Entrepreneurship- International Community Investment and Community Development.The Foundation achieves its mission through grantmaking, community investments, technical assistance and strategic not-for-profit partnerships. false false 93905 20000 The Underdog Foundation's program in 2023 was to provide technical assistance, grants, mentoring and community investments in order to further our charitable mission, all of which is consistent with that of our supported organization. This community development, job creation, strategic partnership and impact/community investment work was the program for 2023. 93905 true false false false false true false false false false true true false false false false false false false false false false false false false false false true false false false false false false false false false false false false false false false true false false false true 2 0 true 2 true false false false false false false false 0 false false false false false false false X 5 4 false false false false false true false true false false false false true true true false false true false false X David Berge 8027239919 PO Box 443 Island Pond VT 05846 David Berge President/Sec 20.00 0.00 X X 22500 0 0 Alisa Gravitz Chairman 0.60 0.00 X X 0 0 0 Drummond Pike Director 0.60 0.00 X 0 0 0 Joel Solomon Director 0.60 0.00 X 0 0 0 Lauri Thompson Treasurer 0.60 0.00 X X 0 0 0 22500 0 false false false 0 0 0 2949 2949 0 0 0 0 0 0 0 0 2949 2949 20000 20000 0 0 0 22500 19125 3375 0 2345 1993 352 0 1084 921 163 1986 1688 298 0 10472 8901 1571 14011 11909 2102 0 0 0 660 561 99 0 247 210 37 6863 5834 1029 0 8210 6979 1231 6564 5579 985 0 0 0 0 0 1069 909 160 State Taxes 4625 3931 694 Education 4246 3609 637 Membership Dues 1446 1229 217 Bank Service Charges 534 454 80 86 73 13 106948 93905 13043 0 22720 71879 112191 129051 0 0 0 0 0 0 0 2987 2987 0 0 314473 139473 0 0 10018 10000 459402 350403 295 295 295 295 X 459107 350108 459107 350108 459402 350403 -103999 -5000 X false false false X X 1 Tides Foundation 510198509 7 false 0 0 1 0 true false false false false false false false false true true false false false false true true true X true true Part IV, Section A, Line 9b: Disqualified Persons Holding Controlling Interest In Same Entity As Sup David Berge, President, served as the managing member of Underdog Ventures LLC, and Underdog Foundation has an interest in Underdog Ventures LLC. Part IV, Section A, Line 9c: Disqualified Persons Ownership Interest In Assets Of Same Entity As Sup David Berge, President, served as the managing member of Underdog Ventures LLC. Underdog Foundation has an ownership interest, through contributed securities, in Underdog Ventures LLC. Part IV, Section D, Line 3: Role The Organization's Supported Orgs. Played The Underdog Foundation is responsive to the needs of the Tides Foundation. We have a 20 plus year supporting relationship. The Tides Foundation has the right to choose one Underdog Foundation board member annually. That member is currently Drummond Pike, the founder of Tides. The Tides representative board member represents the Tides Foundation and participates in conversations regarding finance, strategy and priorities, and sees Underdog Foundation investments, programs and grants. Currently, Joel Solomon, a former Tides Foundation board member, also sits on the Underdog Foundation board. There are a total of five board members.The CEO of the Underdog Foundation has met with several CEOs and senior staff members of the Tides Foundation over the years, looking at ways to collaborate, innovate and support. On March 9, 2023 the CEO of the Underdog Foundation met with Dan Shannon, Chief Partnerships Officer, Suneela Jain, Chief Legal and Compliance Officer, and Peter Martin, Executive Director to discuss the two organizations shared history and go-forward strategies.The CEO of the Underdog Foundation highlighted ways in which the Tides Foundation and Underdog Foundation have worked together historically and got feedback from Tides about the Underdog Foundations current work (impact investing and advice and community investing and in helping increase the charitable impact of wealthy families). Peter noted the challenges of the supporting org structure and we committed to a follow-up conversation on that issue. Part IV, Section E, Line 2a: Identify Supported Orgs. and Explain How Activities Furthered Exempt Pu As a functionally integrated Type III supporting organization, we understand that our support of the Tides Foundation is important, and substantially all the programs of the Underdog Foundation support the mission of the Tides Foundation. The impact investments, grants, and more importantly the advice and capacity building provided by the Underdog Foundation builds the infrastructure, increases the social, environmental and financial impact, and readies these non-profits for grants and investments. But for the work of the Underdog Foundation, the Tides Foundation would have to increase its social change work in those areas. The work and leadership of the Underdog Foundation in advocating more wealthy impact investors direct money to social justice and community development intermediaries and social ventures, and in creating effective deal and fund structures and organizations in those areas means that the Tides Foundation can focus even more on investments and grants by Tides and its donors into organizations with high impact and strong structures. Our work with mission-related entrepreneurs who donate parts of their companies early in the companys life helps to create a next generation of donors and potential DAF-holders. Over the last several years, the importance of impact investing, social ventures and socially responsible investing have really increased at the Tides Foundation. Given the special expertise of the Underdog Foundation on capital structure, deal structure, fund structure and community investing, we hope that creates opportunities for increasing collaboration with the Tides Foundation. The Underdog Foundation provides advice to asset owners, intermediaries and entrepreneurs. Through that program, we identify high impact (social and environmental) intermediaries, impact investors and social enterprises/social ventures. We look for those ready to evolve, capable of taking advice and increasing impact, and provide them with deep advice on financial and capital structures, negotiations, strategy and operations. Some of the groups we have chosen as winners do work supported by the Tides Foundation. One previous Underdog Foundation Impact Award winner (New Media Ventures) also became a grantmaking partner of the Tides Foundation. Another example is our work with entrepreneurs who gift a part of their companys equity to support philanthropic work. We help those companies to increase their charitable impact. Previously, AltruShare Securities (a majority non-profit owned brokerage firm, founded to support community investing, with our assistance, donated 1/3 of their equity to the Tides Foundation to support diverse entrepreneurship and 1/3 to the Underdog Foundation to support community investing. This resulted in distributions to Tides and the Underdog Foundation of $970,000 of cash during the life of the company and provided an example for other companies.The work done by the Underdog Foundation to relentlessly build the infrastructure of intermediaries (community investment groups and CDFIs) will push more lending and investment into low-income communities. Our work helps make those groups investment and grant-ready by the Tides Foundation and its DAF holders. Our work with social enterprises and diverse, change-making non-profits prepares them for donors in the Tides community.Both the Tides Foundation and the Underdog Foundation are committed to getting wealthy families and institutions move more of their assets and investments to be consistent with and enhancing their charitable mission. Part IV, Section E, Line 2b: Reasons For The Organization's Position Substantially all the programs of the Underdog Foundation support the mission of the Tides Foundation. The grants, and more importantly the advice provided by the Underdog Foundation builds the infrastructure, increases the social, environmental and financial impact, and readies these non-profits for grants and investments. But for the work of the Underdog Foundation, the Tides Foundation would have to increase its social change work in those areas. The work and leadership of the Underdog Foundation in advocating more wealthy impact investors direct money to social justice and community development intermediaries and social ventures, and in creating effective deal structures and organizations in those areas, means that the Tides Foundation can focus even more on investments and grants by Tides and its donors into organizations with high impact and strong structures. Our work with impact entrepreneurs who donate parts of their companies early in the companys life helps to create a next generation of donors and potential DAF holders. Our work with wealthy families to look deeply and innovatively at impact, helps to create a next generation of potential Tides Foundation donors. And our work with high-integrity world-changing entrepreneurs helps them prepare for donor-funds, and to use-donor funds more effectively for more impact. But for that work by the Underdog Foundation, the Tides Foundation would have less resources available to support its goals and maximize its impact.The Tides Foundation is committed to help donors make a difference in historically excluded groups and communities with their philanthropic dollars and impact investment dollars. But for the work and innovation of the Underdog Foundation in those areas, using and leveraging philanthropic dollars, advice and impact investment to maximize change, the Tides Foundation and its donors and partners would have less opportunities to support marginalized communities and less help with organizations in those communities. Tides Foundations effectiveness is increased by the support of the Underdog Foundation building new models and capital structures which will make the Tides Foundations work in these areas more impactful and effective. But for the work of the Underdog Foundation, DAF holders at the Tides Foundation would have fewer and less effective impact investment and grant opportunities. 6 20000 253612 true true 2987 2987 139473 true Community Food Cupboard 40 Jeff Williams Way Manchester VT 05255 030335781 501(c)(3) 20000 0 Program Support 1 0 Additional Supplemental Information The Foundation monitors whether grant funds are spent according to the intended purpose by requiring and reviewing the respective grantee's financial and outcome reports. Form 990, Part VI, Section B, Line 11b The President reviews the Form 990 prior to filing. The Board discusses tax and financial issues during board meetings and receives completed tax filings. Form 990, Part VI, Section B, Line 12c The Organization continually monitors compliance with the conflict of interest policy, and the Board is conscientious about conflict issues. Form 990, Part VI, Section B, Line 15a Board reviewed compensation arrangement, per the market for compensation, and legal counsel was also sought. Form 990, Part VI, Section C, Line 19 The Organization makes available to the public, upon request, governing documents, conflict of interest policy and financial statements. Additional Information - Schedule D Part VII Holdings in Underdog Ventures, LLC, RSF Social Investment Fund, Impact Makers, and r. Cup, LLC are related to the charitable mission of Underdog Foundation and are not UBTI transactions. Tides Foundation 1014 Torney Avenue San Francisco CA 94129 510198509 Philanthropy and Social Change CA 501(c)(3) Line 7 NA false false false false false false false false false false false false false false false false false false false false