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Nonprofit · EIN 85-4211960

CLIMATE VAULT INC

Also known as CARBON VAULT

Tax-exempt · CHICAGO, IL 60637

Financials

$6M$3.3M2022$6M$1.7M2023
Revenue Expenses · by fiscal year end
Financials of CLIMATE VAULT INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
November 30, 2024990$5,991,551$1,672,901$4,318,650$18,574,921$4,876,888$13,698,033
November 30, 2023990$6,037,896$3,281,999$2,755,897$14,423,088$5,043,705$9,379,383
Financial details: 990 for the year ended November 30, 2024

Revenue

Contributions, gifts and grants
$5,513,745
Program service revenue
$0
Investment income
$477,806
Net gain from sales of assets
$477,806
Other revenue
$0

Expenses

Grants and similar amounts paid
$0
Compensation of officers, directors and key employees
$63,000
Other salaries and wages
$40,691
Salaries, compensation and benefits (total)
$113,657
Professional fundraising fees
$874,064
Legal fees
$45,354
Accounting fees
$129,712
Occupancy
$880
Depreciation
$87
Program services (functional)
$185,644
Management and general (functional)
$438,800
Fundraising (functional)
$1,048,457

Balance sheet and other

Total assets, start of year
$14,423,088
Total assets, end of year
$18,574,921
Total liabilities, end of year
$4,876,888
Net assets, end of year
$13,698,033
Net assets without donor restrictions
$13,632,082
Net assets with donor restrictions
$65,951
Gross receipts
$8,201,932
Employees
2
Volunteers
4
Year formed
2020
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 November 30, 2024, highest compensation first.

NameTitleHours / weekCompensation
ERIN TRAPPEXECUTIVE CHAIR
Trustee or director, Officer
10$55,500
HAROLD HALLDIRECTOR
Trustee or director
3$7,500
MICHAEL GREENSTONECHAIRPERSON
Trustee or director, Officer
3$0
BALA SRINIVASANDIRECTOR
Trustee or director
3$0
DON WILSONDIRECTOR
Trustee or director
3$0
990 for the year ended November 30, 2023: 14 people
NameTitleHours / weekCompensationOther / benefits
CHRIS NEUFELDHEAD OF SALES
Key employee
40$324,000$0
KAREN THYSSEN RAABERGDIRECTOR OF CUSTOMER SUCCESS
Highest-paid employee
40$151,083$260
LINDSEY HIRSCHSUSTAINABILITY SOLUTIONS CONSULTANT
Highest-paid employee
40$147,176$260
ROBERT HITEFUNDRAISER
Highest-paid employee
40$131,250$6,251
ELIZABETH LEWISFUNDRAISER
Highest-paid employee
40$109,792$9,907
CRAIG STOKESACCOUNT EXECUTIVE
Highest-paid employee
40$105,403$13,071
JASON M GRANTCHIEF OPERATING OFFICER
Officer
40$87,000$0
ERIN TRAPPEXECUTIVE DIRECTOR
Trustee or director, Officer
10$22,564$0
HAROLD HALLDIRECTOR
Trustee or director
10$6,563$0
GEOFFREY GOODMANDIRECTOR
Trustee or director
10$6,563$0
MICHAEL GREENSTONECHAIRPERSON
Trustee or director, Officer
10$0$0
ANDREW DAILEYSECRETARY/TREASURER
Trustee or director, Officer
10$0$0
BALA SRINIVASANDIRECTOR
Trustee or director
10$0$0
DON WILSONDIRECTOR
Trustee or director
5$0$0

Address and contacts

Address (IRS master file)
5757 S UNIVERSITY AVE, CHICAGO, IL 60637-1507
In care of
% MICHAEL GREENSTONE
Principal officer (990 for 2023)
ERIN TRAPP, 5757 S UNIVERSITY AVE, CHICAGO, IL 60637
Signed the 990
ERIN TRAPP, EXECUTIVE CHAIR
Phone
(844) 828-5848
Return prepared by
BAKER TILLY ADVISORY GROUP LP

Mission

TO LOWER THE CONCENTRATION OF GREENHOUSE GASES IN THE ATMOSPHERE TO SLOW AND EVEN REVERSE THE EFFECTS OF CLIMATE CHANGE.

990 for the year ended November 30, 2024

Program accomplishments

  • REDUCE # OF CARBON ALLOWANCES AVAILABLE FOR CO2 EMITTERS IN ORDER TO ULTIMATELY REDUCE THE CO2 BEING EMITTED IN THE ATMOSPHERE.THE PROGRAM INVOLVES THE PURCHASE OF OFFSET ALLOWANCES, WHICH ARE CAPITALIZED AS PROGRAM RELATED INVESTMENTS, WHICH REDUCES FUTURE CARBON DIOXIDE EMISSIONS BY "VAULTING" THEM. THIS PREVENTS CARBON-EMITTING-COMPANIES FROM PURCHASING THOSE SAME ALLOWANCES AND CAPPING FUTURE CARBON DIOXIDE EMISSIONS. THE INTENTION TO MONETIZE SOME OF THE CARBON DIOXIDE ALLOWANCES IN ITS VAULT TO AWARD GRANTS TO PROMISING, CUTTING-EDGE RESEARCH AND TECHNOLOGY AIMED AT MAKING CARBON DIOXIDE REMOVAL MORE EFFECTIVE.
    Expenses $185,644

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 November, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2024November 30, 2025April 15, 2026Not on file
2023November 30, 2024April 15, 2025990 on file
2022November 30, 2023April 15, 2024990 on file

IRS record

EIN
85-4211960
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
2021
Accounting year ends
November
Files
Form 990 or 990-EZ
Category (NTEE)
Environment (C20)
Assets (IRS master file)
$18,574,921
Income (IRS master file)
$8,201,932

Filing history

FormYear endedRevenueExpensesAssetsReturn
990November 2024$5,991,551$1,672,901$18,574,921XML
990November 2023$6,037,896$3,281,999$14,423,088XML
990November 2022$5,293,047$3,914,428$9,733,950IRS
990November 2021–––IRS

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 85-4211960).

Questions about CLIMATE VAULT INC

What is the EIN of CLIMATE VAULT INC?
The employer identification number (EIN) of CLIMATE VAULT INC is 85-4211960.
Is CLIMATE VAULT INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2021.
Are donations to CLIMATE VAULT INC tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does CLIMATE VAULT 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 CLIMATE VAULT INC due?
The return for tax year 2024 (the year ending November 30, 2025) is due April 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did CLIMATE VAULT INC last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended November 2024.
Who is the principal officer of CLIMATE VAULT INC?
The 990 for the year ended November 30, 2024 names ERIN TRAPP.
Who are the officers and directors of CLIMATE VAULT INC?
The 990 for the year ended November 30, 2024 lists 5 people; 2 received compensation from the organization, the highest $55,500 (ERIN TRAPP, EXECUTIVE CHAIR).
How much revenue does CLIMATE VAULT INC have?
On its 990 for the year ended November 30, 2024 it reported revenue of $5,991,551, expenses of $1,672,901 and total assets of $18,574,921 at year end.

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