Overview
What is Closed Loop Foundation Inc?
Closed Loop Foundation Inc, situated in New York, NY, serves as a catalyst for innovation in the realm of circular economy. As the managing partner of the Composting Consortium, they spearhead multi-year collaborations across the compostable packaging value chain, aiming to implement industry-wide solutions and map out a roadmap for investing in technologies and infrastructure that facilitate the recovery of compostable food packaging and food scraps. By supporting research and development of technologies and business models, the Foundation is dedicated to fostering a sustainable circular economy.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 74% (Two-Star out of Four Stars)
Closed Loop Foundation Inc has received a Two-Star rating from Charity Navigator, indicating a moderate level of accountability and transparency. The charity's overall score reflects strengths in areas such as a high program expense ratio of 96.32%, showing that a significant portion of its resources is directed toward its programs rather than administrative costs. Additionally, the organization is commendable for its strong policies regarding conflict of interest, whistleblower protection, and document retention.
However, the foundation has notable weaknesses that affect its rating. It has zero independent board members, which raises concerns about governance and oversight. Furthermore, the charity did not list its website on its tax form, nor does it have its tax forms readily accessible on its website, indicating a lack of transparency that could be improved. While the organization has a positive aspect in its material diversion of assets, the overall lack of independent governance is a significant limitation.
Overall, while Closed Loop Foundation Inc demonstrates a commitment to its mission through efficient program expenditure, it needs to enhance its governance practices and transparency efforts to bolster its ratings and public trust.
This AI summary has been generated from information found on Charity Navigator.
Is Closed Loop Foundation Inc legitimate?
Closed Loop Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Closed Loop Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Closed Loop Foundation Inc?
The Closed Loop Foundation supports the research and development of technologies and business models aimed at building a circular economy. As the managing partner of the Composting Consortium, they collaborate across the entire compostable packaging value chain to pilot industry-wide solutions and create a roadmap for investment in technologies and infrastructure that enable the recovery of compostable food packaging and food scraps. Their mission is focused on promoting a more sustainable approach to waste management and resource usage.
Who is the CEO of Closed Loop Foundation Inc?
Ron Gonen is the Executive Dir. of Closed Loop Foundation Inc.
What is the revenue of Closed Loop Foundation Inc?
Closed Loop Foundation Inc's revenue in 2022 was $400,000.
Who are the executives of Closed Loop Foundation Inc and what are their salaries?
There 4 volunteers at Closed Loop Foundation Inc.
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Closed Loop Foundation Inc?
Closed Loop Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Closed Loop Foundation Inc
The Closed Loop Foundation, an organization dedicated to innovation, focuses on research and development of technologies and business models aimed at fostering a circular economy. Specifically, they are engaged in initiatives that seek to recover and reuse compostable food packaging and food scraps, with a view to promoting sustainable waste management practices. As the Managing Partner of the Composting Consortium, a multi-year collaboration spanning the entire compostable packaging value chain, the Foundation is at the forefront of pilot-testing industry-wide solutions and mapping out a roadmap for investments in technologies and infrastructure that support this goal. Their mission is to drive the transition towards a circular economy, promoting the reuse and recycling of resources in a closed-loop system, thereby reducing waste and promoting a more sustainable world.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
June, 2024
Closed Loop Foundation Inc's impact is significant in advancing the development of technologies and business models that promote the circular economy. Through initiatives like the Composting Consortium, they are piloting industry-wide solutions and guiding investments in technologies and infrastructure to reduce waste and build more sustainable practices. Additionally, their work in recovering food-grade polypropylene (PP) is contributing to the creation of more sustainable circular economies for PP in the United States. Their efforts are helping drive positive change towards a more environmentally conscious future.
This information is meant to be a general summary of Closed Loop Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Gross Receipts: $400,000
Assets and Liabilities:
- Total Assets: $455,305
- Total Liabilities: $150,000
- Net Assets: $305,305
Want to help this charity, for free? You can click here to learn more about Give Freely
Organization Details
Founding Year
2013
Phone
(917) 822-6476Principal Officer
Ron Gonen
Main Address
888 SEVENTH AVENUE 10 FLOOR, NEW YORK, NY, 10106
NTEE Category
Code: C022 - Environment
If you are a representative of Closed Loop Foundation Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.