CIRCULATE INITIATIVE INC

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2018

Legal Domicile

Principal Officer

MICHAEL SADOWSKI

Phone

6467831943

Tax Period

2024-01-01 to 2024-12-31

CIRCULATE INITIATIVE INC, founded in 2018, is a community nonprofit in the Environment sector that reported $2.0M in total revenue in fiscal year 2024. Revenue surged 45% from the prior year, signaling strong growth momentum. Expenses of $2.5M exceeded revenue, resulting in a 27% operating deficit.

Mission

THE ORGANIZATION'S PURPOSE IS TO TARGET THE REDUCTION OF OCEAN PLASTICS AND RELATED ENVIRONMENTAL POLLUTION AND COMBATTING ENVIRONMENTAL DETERIORATION BY CONDUCTING ACTIVITY IN SOUTH AND SOUTH EAST ASIA THROUGH THREE OF ITS CORE STRATEGIES: INCUBATION AND TECHNICAL ASSISTANCE; IMPACT MEASUREMENT AND KNOWLEDGE MANAGEMENT; AND AMPLIFICATION AND AWARENESS BUILDING IN FURTHERANCE OF THE SOCIAL AND ENVIRONMENTAL IMPACTS OF REDUCING THE AMOUNT OF PLASTIC ENTERING THE ENVIRONMENT AND CREATING ECONOMIC VALUE FOR MARGINALIZED LOCAL COMMUNITIES.

Program Service Accomplishments

Program 1

Expenses: $525,753

PROVIDE FIELD-LEADING TOOLS AND METRICS THAT ALLOW STAKEHOLDERS TO UNDERSTAND THE OCEAN PLASTIC PROBLEM, SET BASELINES AND TARGETS, AND TRACK THE ENVIRONMENTAL AND SOCIAL IMPACTS OF THEIR...

PROVIDE FIELD-LEADING TOOLS AND METRICS THAT ALLOW STAKEHOLDERS TO UNDERSTAND THE OCEAN PLASTIC PROBLEM, SET BASELINES AND TARGETS, AND TRACK THE ENVIRONMENTAL AND SOCIAL IMPACTS OF THEIR INTERVENTIONS TO MAKE BETTER DECISIONS.

Program 2

Expenses: $241,716

PROVIDE DECISIONMAKERS, INVESTORS, AND BUSINESSES WITH KNOWLEDGE, INSPIRATION, NETWORKS AND RESOURCES TO REPLICATE AND SCALE SUCCESSES.

Program 3

Expenses: $1,425,123

PROVIDE SUPPORT TO EXISTING PROGRAMS AIMED AT ENDING OCEAN PLASTIC THAT INCENTIVIZE, CREATE, SUPPORT AND OPERATE PLASTIC WASTE-REDUCING, INCLUSIVE, CIRCULAR ECONOMIES..

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,738,577

Program Service Revenue $200,445

Investment Income $35,055

Other Revenue $0

TOTAL REVENUE $1,974,077

Expense Breakdown

Grants Paid $274,267

Salaries & Benefits $311,357

Fundraising Expenses $0

Program Expenses $2,192,592

Other Expenses $1,924,853

TOTAL EXPENSES $2,510,477

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,974,077	$1,364,382	+0.4%
Expenses	$2,510,477	$2,004,736	+0.3%
Net Income	$-536,400	$-640,354	-0.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$311,357

Total Directors

$141,750

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT KAPLAN	BOARD MEMBER/TREASURER	1.00	Officer Director	$0	$0	$0
MICHAEL SADOWSKI	EXEC DIRECTOR AND BOARD MEMBER	16.00	Officer Director	$141,750	$0	$141,750
HEATHER CANON	BOARD MEMBER	1.00	Director	$0	$0	$0
ARIEL MULLERTHRU DEC 2024	BOARD MEMBER/SECRETARY	1.00	Officer Director	$0	$0	$0
KAVITA PRAKASH-MANI	BOARD MEMBER	1.00	Director	$0	$0	$0
KHUNAPONG KHUNARAKSA	SR. DIRECTOR, FINANCE & OPS	40.00	Officer	$165,293	$4,314	$169,607

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2024	$1,974,077	$2,510,477	$3,322,495	$-536,400
2023	$1,364,382	$2,004,736	$2,268,604	$-640,354
2022	$4,096,428	$3,951,480	$2,645,356	$144,948
2021	$3,893,164	$3,958,123	$3,225,449	$-64,959
2020	$3,202,863	$4,000,724	$3,395,567	$-797,861
2019	$6,540,474	$1,616,964	$4,984,810	$4,923,510