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PO BOX 476
Charleston SC 29402-0476
Charleston SC | IRS ruling year: 2016 | EIN: 47-5570019
TO ASSIST AND FINANCIALLY SUPPORT CHARITABLE ORGANIZATIONS THAT SEEK TO ENGAGE THE NEXT GENERATION OF PHILANTHROPISTS THROUGH THE USE OF SOCIAL MEDIA AND OTHER EMERG ... (More)
TO ASSIST AND FINANCIALLY SUPPORT CHARITABLE ORGANIZATIONS THAT SEEK TO ENGAGE THE NEXT GENERATION OF PHILANTHROPISTS THROUGH THE USE OF SOCIAL MEDIA AND OTHER EMERGING COMMUNICATION TOOLS. (Less)
Great
This charity's score is 100%, earning it a Four-Star rating. If this organization aligns with your passions and values, you can give with confidence.
This overall score is calculated from multiple beacon scores: 85% Accountability & Finance, 10% Leadership & Adaptability, 5% Culture & Community. Learn more about our criteria and methodology.
We recognize that not all metrics and beacons equally predict a charity’s success. The percentage each beacon contributes to the organization’s overall rating depends on the number of beacons an organization has earned.
Use the tool below to select different beacons to see how the weighting shifts when only one, two, or three beacons are earned.
Rating histories are available for a growing number of rated organizations. Check back later to see if this organization has a rating history!
The IRS is significantly delayed in processing nonprofits' annual tax filings (Forms 990). As a result, the Accountability & Finance score for Goodcoin Foundation is outdated and the overall rating may not be representative of its current operations. Please check with the charity directly for any questions you may have.
Goodcoin Foundation has earned a 100% for the Accountability & Finance beacon. See the metrics below for more information.
This beacon provides an assessment of a charity's financial health (financial efficiency, sustainability, and trustworthiness) and its commitment to governance practices and policies.
This Accountability & Finance score represents IRS Form 990 data up until FY 2020, which is the most recent Form 990 currently available to us.
Learn more
Full Credit
Partial Credit
No Credit
Not ApplicableBoard Composition - 5/5 - 25/25 ptsBoard Composition - 5/5 - 25/25 pts
Charity Navigator looks for at least 3 board members, with more than 50% of those members identified as independent (not salaried).
The presence of an independent governing body is strongly recommended by many industry professionals to allow for full deliberation and diversity of thinking on governance and other organizational matters.
Source: IRS Form 990
Independent Audit or Financial Review - Has Audit/Review - 20/20 ptsIndependent Audit or Financial Review - Has Audit/Review - 20/20 pts
An Audit, Review, or Compilation provides important information about financial accountability and accuracy. Organizations are scored based on their Total Revenue Amount:
| Total Revenue Amount | Expectation to Receive Credit |
|---|---|
| $1 million or higher | Expected to complete an audit |
| $500,000 - $1 million | Expected to complete an audit, review, or compilation |
| Less than $500,000 | No expectation (removed from scoring methodology) |
Source: IRS Form 990
Conflict of Interest Policy - Listed - 3/3 ptsConflict of Interest Policy - Listed - 3/3 pts
Charity Navigator looks for the existence of a conflict of interest policy on the Form 990 as an accountability and transparency measure.
This policy protects the organization and by extension those it serves, when it is considering entering into a transaction that may benefit the private interest of an officer, director and/or key employee of the organization.
Source: IRS Form 990
Board Meeting Minutes - Documented - 3/3 ptsBoard Meeting Minutes - Documented - 3/3 pts
Charity Navigator looks to confirm on the Form 990 that the organization has this process in place as an accountability and transparency measure.
An official record of the events that take place during a board meeting ensures that a contemporaneous document exists for future reference.
Source: IRS Form 990
Document Retention and Destruction - Listed - 3/3 ptsDocument Retention and Destruction - Listed - 3/3 pts
Charity Navigator looks for the existence of a document retention and destruction policy per the Form 990 as an accountability and transparency measure.
This policy establishes guidelines for the handling, backing up, archiving and destruction of documents. These guidelines foster good record keeping procedures that promote data integrity.
Source: IRS Form 990
Whistleblower Policy - Listed - 3/3 ptsWhistleblower Policy - Listed - 3/3 pts
Charity Navigator looks for the existence of a whistleblower policy per the Form 990 as an accountability and transparency measure.
This policy outlines procedures for handling employee complaints, as well as a confidential way for employees to report financial or other types of mismanagement.
Source: IRS Form 990
Website - Listed - 3/3 ptsWebsite - Listed - 3/3 pts
Charity Navigator looks for a website on the Form 990 as an accountability and transparency metric.
Nonprofits act in the public trust and reporting publicly on activities is an important component.
Source: IRS Form 990
Full CreditPartial CreditNo CreditNot ApplicableLiabilities to Assets Ratio - 2.65% - 15/15 ptsLiabilities to Assets Ratio - 2.65% - 15/15 pts
The Liabilities to Assets Ratio is determined by Total Liabilities divided by Total Assets (most recent 990). This ratio is an indicator of an organization’s solvency and/or long-term sustainability.
| Liabilities to Assets Ratio | Amount of Credit Received |
|---|---|
| Less than 50% | Full Credit |
| 50% - 59.9% | Partial Credit |
| 60% or more | No Credit |
Source: IRS Form 990
Program Expense Ratio - 98.45% - 25/25 ptsProgram Expense Ratio - 98.45% - 25/25 pts
The Program Expense Ratio is determined by Program Expenses divided by Total Expense (average of most recent three 990s). This measure reflects the percent of its total expenses a charity spends on the programs and services it exists to deliver.
| Program Expense Percentage | Amount of Credit Received |
|---|---|
| 70% or higher | Full Credit |
| 60% - 69.9% | Partial Credit |
| 50% - 59.9% | Zero Points for Program Expense Score |
| Below 50% | Zero Points for Both Program Expense AND Liabilities to Assets Scores |
Source: IRS Form 990
This chart displays the trend of revenue and expenses over the past several years for this organization, as reported on their IRS Form 990.
Presented here are up to five of this organization's highest compensated employees. This compensation data includes salary, cash bonuses, and expense accounts and is displayed exactly how it is reported to the IRS. The amounts do not include nontaxable benefits, deferred compensation, or other amounts not reported on Form W-2. In some cases, these amounts may include compensation from related organizations. Read the IRS policies for compensation reporting
Source: IRS Form 990 (page 7), filing year 2020
Below are some key data points from the Exempt Organization IRS Business Master File (BMF) for this organization. Learn more about the BMF on the IRS website
Activities:
Activity data not reported from the IRS
Foundation Status:
Organization that normally receives no more than one-third of its support from gross investment income and unrelated business income and at the same time more than one-third of its support from contributions, fees, and gross receipts related to exempt purposes. 509(a)(2) (BMF foundation code: 16)
Affiliation:
Independent - the organization is an independent organization or an independent auxiliary (i.e., not affiliated with a National, Regional, or Geographic grouping of organizations). (BMF affiliation code: 3)
The Form 990 is a document that nonprofit organizations file with the IRS annually. We leverage finance and accountability data from it to form Encompass ratings. Click here to search for this organization's Forms 990 on the IRS website (if any are available). Simply enter the organization's name (Goodcoin Foundation) or EIN (475570019) in the 'Search Term' field.
This organization was impacted by COVID-19 in a way that effected their financial health in 2020. This normally would have reduced their star rating. Due to the unprecedented nature of the pandemic, we give charities such as this one the opportunity to share the story of COVID's impact on them, and doing this pauses our revision of their rating. Charities may submit their own pandemic responses through their nonprofit portal.
Goodcoin Foundation reported being impacted by COVID-19 in the following ways:
Balance Sheet
How COVID-19 impacted the organization's operations financially:
The COVID-19 pandemic increased the profitability of several of our e-commerce clients resulting in an increase in charitable giving through the Foundation.
How COVID-19 impacted the organization's delivery of programs:
The COVID-19 pandemic made it slightly more difficult to send payments to charities as many were operating remotely. This increased the number of charities using direct deposit as an option for receiving funding.
How this organization adapted to changing conditions caused by COVID-19:
The staff and consultants associated with the foundation moved to cloud-based communications and database analysis tools.
Innovations the organization intends to continue permanently after the pandemic:
We will continue to encourage direct deposit options for the charities we fund. We have expanded our capabilities in remote working.
Not Currently Scored
Goodcoin Foundation cannot currently be evaluated by our Impact & Results methodology because either (A) it is eligible, but we have not yet received data; (B) we have not yet developed an algorithm to estimate its programmatic impact; (C) its programs are not direct services; or (D) it is not heavily reliant on contributions from individual donors.
Note: The absence of a score does not indicate a positive or negative assessment, it only indicates that we have not yet evaluated the organization.
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Goodcoin Foundation reported its three largest programs on its FY 2020 Form 990 as:
Spent in most recent FY
Percent of program expenses
THE GOODCOIN FOUNDATION PROVIDED CURATION, COMMUNICATION, AND PAYMENT PROCESSING SERVICES FOR IFONLY.COM AN INTERNET-BASED SERVICE THAT LINKS CELEBRITIES AND PROVIDERS OF ONE-OF-A-KIND EXPERIENCES WIT ... (More)
THE GOODCOIN FOUNDATION PROVIDED CURATION, COMMUNICATION, AND PAYMENT PROCESSING SERVICES FOR IFONLY.COM AN INTERNET-BASED SERVICE THAT LINKS CELEBRITIES AND PROVIDERS OF ONE-OF-A-KIND EXPERIENCES WITH CHARITABLE GIVING. USERS OF THE PLATFORM SELECT AN EXPERIENCE FROM A BROAD AND VARIED MENU OF OPTIONS AND SUPPORT CHARITIES SELECTED BY THE PROVIDERS OF THE EXPERIENCES. THE GOODCOIN FOUNDATION LINKED CHARITIES THAT WOULD OTHERWISE NOT BE ABLE TO PARTNER WITH WELL-KNOWN ENTERTAINMENT, SPORTS, AND BUSINESS FIGURES TO PROVIDE FUNDS FOR SOCIAL BETTERMENT AND GLOBAL IMPROVEMENT. (Less)
Spent in most recent FY
Percent of program expenses
THE GOODCOIN FOUNDATION PROVIDED CURATION, COMMUNICATION, PAYMENT PROCESSING, AND NETWORKING ADVICE TO TARGET CORPORATION AND POTENTIAL GRANTEES AS PART OF TARGET'S NEW, NATIONWIDE GIVING PLATFORM TAR ... (More)
THE GOODCOIN FOUNDATION PROVIDED CURATION, COMMUNICATION, PAYMENT PROCESSING, AND NETWORKING ADVICE TO TARGET CORPORATION AND POTENTIAL GRANTEES AS PART OF TARGET'S NEW, NATIONWIDE GIVING PLATFORM TARGET CIRCLE. THIS PLATFORM ALLOWS GUESTS AT TARGET STORES (Less)
Spent in most recent FY
Percent of program expenses
THE GOODCOIN FOUNDATION ENABLES BANKCARD HOLDERS TO CONVERT LOYALTY POINTS OR PAYMENTS FROM THEIR ACCOUNTS INTO CHARITABLE GIFTS TO CAUSES OF THE BANKING CUSTOMER'S CHOICE. THIS PROGRAM CREATES A SENS ... (More)
THE GOODCOIN FOUNDATION ENABLES BANKCARD HOLDERS TO CONVERT LOYALTY POINTS OR PAYMENTS FROM THEIR ACCOUNTS INTO CHARITABLE GIFTS TO CAUSES OF THE BANKING CUSTOMER'S CHOICE. THIS PROGRAM CREATES A SENSE OF LARGER PURPOSE FOR THE BANK EMPLOYEES AND FOR BANK (Less)
Goodcoin Foundation has earned a 100% for the Culture & Community beacon. See the metrics below for more information.
This beacon provides an assessment of the organization's culture and connectedness to the community it serves.
Learn more
Full CreditPartial CreditNo CreditNot ApplicableConstituent Feedback - Data Available - 100/100 ptsConstituent Feedback - Data Available - 100/100 pts
100% of beacon score
This organization reported that it is collecting feedback from the constituents and/or communities it serves. Charity Navigator believes nonprofit organizations that engage in inclusive practices, such as collecting feedback from the people and communities they serve, may be more effective.
How is your organization collecting feedback from the people you serve?
Focus groups or interviews (by phone or in person), Suggestion box/email
How is your organization using feedback from the people you serve?
To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To identify where we are less inclusive or equitable across demographic groups, To strengthen relationships with the people we serve
With whom does your organization share the feedback you got from the people you serve?
Our staff, Our board
What challenges does your organization face in collecting feedback from the people you serve?
We don't have any major challenges to collecting feedback
Briefly describe a recent change that your organization made in response to feedback from the people you serve.
The GoodCoin Foundation builds deep and lasting relationships with the nonprofit organizations we serve. We have changed our communication with charitable organizations to more explicitly describe the origin of funds when we are able to do so without violating donation provisions. In our relationship with for-profit companies we have expanded our charity review process to include more qualitative measures such as characteristics of the leadership of the organizations, the populations they serve, and their impact on social justice efforts in their community.
Equity Practices - No Data Available - UnscoredEquity Practices - No Data Available - Unscored
This organization has not provided information regarding the Equity Practices it is presently implementing. As such, the organization has not earned a score on this metric. Charity Navigator believes nonprofit organizations implementing effective equity policies and practices can enhance a nonprofit's decision-making, staff motivation, innovation, and effectiveness.
Goodcoin Foundation has earned a 100% for the Leadership & Adaptability beacon. See the metrics below for more information.
This beacon provides an assessment of the organization's leadership capacity, strategic thinking and planning, and ability to innovate or respond to changes in constituent demand/need or other relevant social and economic conditions to achieve the organization's mission.
Learn more
Full CreditPartial CreditNo CreditNot ApplicableMission - 10/10 ptsMission - 10/10 pts
The nonprofit organization presents evidence of strategic thinking through articulating the organization's mission
TO ASSIST AND FINANCIALLY SUPPORT CHARITABLE ORGANIZATIONS THAT SEEK TO ENGAGE THE NEXT GENERATION OF PHILANTHROPISTS THROUGH THE USE OF SOCIAL MEDIA AND OTHER EMERGING COMMUNICATION TOOLS.
Vision - 10/10 ptsVision - 10/10 pts
The nonprofit organization presents evidence of strategic thinking through articulating the organization’s vision.
To create an environment where corporate giving goes beyond simple platitudes to meaningful support for causes that matter.
Source: Nonprofit submitted responses
Goals - 20/20 ptsGoals - 20/20 pts
The nonprofit organization presents evidence of strategic thinking and goal setting through sharing their most important strategic goals.
Goal One: To reduce the cost of providing payment services to charities so that more than 99% of our charitable revenues pass through to them. (Currently 98%)
Goal Type: Invest in the capacity of our organization (financial, management, technical, etc.).
Goal Two: Expand our service offerings to include building a true community of charitable organizations that seek to engage the next generation of philanthropists.
Goal Type: New program(s) based on observed changes in needs among our constituencies/communities served.
Goal Three: Expand service offerings worldwide (Currently Australia, Canada, EU, UK, and US)
Goal Type: Grow, expand, scale or increase access to the existing programs and services.
Leadership Development - 15/15 ptsLeadership Development - 15/15 pts
The nonprofit provides evidence of investment in leadership development
Travel to meet face-to-face with clients involved in the selection of charities for corporate giving programs.
Mobilizing for Mission - 15/15 ptsMobilizing for Mission - 15/15 pts
The nonprofit provides evidence of leadership through focusing externally and mobilizing resources for the mission.
Strategic Partnerships
Thought Leadership
Raising Awareness
Community Building
We study and present research findings on patterns in charitable giving preferences by the customers of large and small businesses.
Adaptability Story - 30/30 ptsAdaptability Story - 30/30 pts
The nonprofit has an opportunity to tell the story of how the organization adapted to tremendous external changes in the last year.
We monitored and shifted our giving criteria in response to rapidly evolving preferences of our clients for COVID-19 relief, Black Lives Matter, Ukraine, and more local disaster situations. We strive to be nimble in this regard by gathering "what-if" opportunities in advance of crises. For example, by the time one of our large corporate clients made the shift in giving towards more BIPOC-led organizations we had already given to more than 20 organizations addressing the inequality in funding in the nonprofit sector for organizations lead by people of color.
Impact & Results
Accountability & Finance
Culture & Community
Leadership & Adaptability
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