Nonprofit · EIN 84-3906295
ACCELERATING CIRCULARITY INC
Tax-exempt · MIDDLETOWN, NY 10940
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $835,976 | $1,470,991 | -$635,015 | $2,333,264 | $85,449 | $2,247,815 |
| December 31, 2023 | 990 | $2,367,399 | $1,290,148 | $1,077,251 | $3,040,385 | $157,555 | $2,882,830 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $15,000
- Program service revenue
- $748,252
- Investment income
- $72,088
- Other revenue
- $636
Expenses
- Grants and similar amounts paid
- $0
- Other salaries and wages
- $308,661
- Salaries, compensation and benefits (total)
- $774,020
- Professional fundraising fees
- $0
- Legal fees
- $10,499
- Accounting fees
- $26,989
- Travel
- $110,161
- Program services (functional)
- $1,078,364
- Management and general (functional)
- $259,569
- Fundraising (functional)
- $133,058
Balance sheet and other
- Total assets, start of year
- $3,040,385
- Total assets, end of year
- $2,333,264
- Total liabilities, end of year
- $85,449
- Net assets, end of year
- $2,247,815
- Net assets without donor restrictions
- $1,117,976
- Net assets with donor restrictions
- $1,129,839
- Gross receipts
- $835,976
- Employees
- 9
- Volunteers
- 0
- Year formed
- 2019
- State of legal domicile
- DE
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| KARLA MAGRUDER | PRESIDENT Trustee or director, Officer | 40 | $225,000 |
| SHELLY GOTTSCHAMER | VICE PRESIDENT Trustee or director, Officer | 40 | $160,000 |
| EDWARD DENES | TREASURER Trustee or director, Officer | 0.5 | $0 |
| TRICIA CAREY | SECRETARY Trustee or director, Officer | 0.5 | $0 |
| ALICE HARTLEY | DIRECTOR Trustee or director | 0.5 | $0 |
| EILEEN MOCKUS | DIRECTOR Trustee or director | 0.5 | $0 |
| STEVEN BETHELL | DIRECTOR Trustee or director | 0.5 | $0 |
990 for the year ended December 31, 2023: 7 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| KARLA MAGRUDER | PRESIDENT Trustee or director, Officer | 40 | $150,000 |
| EDWARD DENES | TREASURER Trustee or director, Officer | 0.5 | $0 |
| TRICIA CAREY | SECRETARY Trustee or director, Officer | 0.5 | $0 |
| ALICE HARTLEY | DIRECTOR Trustee or director | 0.5 | $0 |
| KATE KITCHENER ROT OFF 123 | DIRECTOR Trustee or director | 0.5 | $0 |
| EILEEN MOCKUS | DIRECTOR Trustee or director | 0.5 | $0 |
| STEVEN BETHELL | DIRECTOR Trustee or director | 0.5 | $0 |
Address and contacts
- Address (IRS master file)
- 22 E MAIN ST 1006, MIDDLETOWN, NY 10940-5808
- In care of
- % KARLA MAGRUDER
- Mailing address (990-N for 2019)
- 32 Briar Brook Lane, Campbell Hall NY 10926
- Principal officer (990 for 2024)
- KARLA MAGRUDER, 22 E MAIN ST 1006, MIDDLE TOWN, NY 10940
- Principal officer (990-N for 2019)
- Karla Magruder, 32 Briar Brook Lane, Campbell Hall NY 10926
- Signed the 990
- KARLA MAGRUDER, PRESIDENT
- Phone
- (917) 410-3188
- Return prepared by
- SCHULMAN LOBEL LLP
Mission
TO ESTABLISH SYSTEMS THAT WILL USE THE EMBEDDED VALUE AND RESOURCES IN EXISTING TEXTILES FOR NEW PRODUCTS, REDUCING THE MILLIONS OF TONS OF TEXTILE WASTE ANNUALLY GOING INTO LANDFILLS AND THEREBY SUPPORTING THE REDUCTION OF THE INDUSTRY'S GHG EMISSIONS.
Program accomplishments
- THE EXPENSES AS REPORTED IN PART IX WERE INCURRED TO TRANSFORM TEXTILE SUPPLY CHAINS FROM LINEAR TO CIRCULAR, THEREBY REDUCING TEXTILE WASTE AND HELPING THE ENVIRONMENT.Expenses $1,078,364
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 84-3906295
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2020
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Environment (C05)
- Assets (IRS master file)
- $2,333,264
- Income (IRS master file)
- $835,976
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $835,976 | $1,470,991 | $2,333,264 | XML |
| 990 | December 2023 | $2,367,399 | $1,290,148 | $3,040,385 | XML |
| 990 | December 2022 | $1,085,091 | $823,349 | $1,850,579 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990-N for 2019 Officer: Karla Magruder | December 31, 2019 | ≤ $50,000 receipts | – | – | e-Postcard |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 84-3906295).
Questions about ACCELERATING CIRCULARITY INC
- What is the EIN of ACCELERATING CIRCULARITY INC?
- The employer identification number (EIN) of ACCELERATING CIRCULARITY INC is 84-3906295.
- Is ACCELERATING CIRCULARITY INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2020.
- Are donations to ACCELERATING CIRCULARITY INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does ACCELERATING CIRCULARITY INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of ACCELERATING CIRCULARITY INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did ACCELERATING CIRCULARITY INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of ACCELERATING CIRCULARITY INC?
- The 990 for the year ended December 31, 2024 names KARLA MAGRUDER.
- Who are the officers and directors of ACCELERATING CIRCULARITY INC?
- The 990 for the year ended December 31, 2024 lists 7 people; 2 received compensation from the organization, the highest $225,000 (KARLA MAGRUDER, PRESIDENT).
- How much revenue does ACCELERATING CIRCULARITY INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $835,976, expenses of $1,470,991 and total assets of $2,333,264 at year end.
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