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Nonprofit · EIN 38-3581515

FOLLOW YOUR DREAM FOUNDATION INC

Tax-exempt · NEW YORK, NY 10018

Financials

$67.2M$69.1M2023$1.3M$26.7M2024
Revenue Expenses · by fiscal year end
Financials of FOLLOW YOUR DREAM FOUNDATION INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$1,250,476$26,669,090-$25,418,614$29,658,116$21,347,765$8,310,351
June 30, 2024990$67,234,901$69,109,934-$1,875,033$59,275,935$24,035,807$35,240,128
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$399,999
Program service revenue
$136,244
Investment income
$714,233
Net gain from sales of assets
$159,380
Other revenue
$0

Expenses

Grants and similar amounts paid
$20,931,602
Compensation of officers, directors and key employees
$0
Other salaries and wages
$269,498
Salaries, compensation and benefits (total)
$344,499
Professional fundraising fees
$0
Legal fees
$118,119
Accounting fees
$19,083
Occupancy
$43,649
Travel
$102,175
Program services (functional)
$26,435,153
Management and general (functional)
$233,937

Balance sheet and other

Total assets, start of year
$59,275,935
Total assets, end of year
$29,658,116
Total liabilities, end of year
$21,347,765
Net assets, end of year
$8,310,351
Publicly traded securities
$11,518,436
Net assets without donor restrictions
$8,310,351
Gross receipts
$21,091,096
Employees
5
Volunteers
5
Year formed
2004
State of legal domicile
NY

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.

NameTitleHours / weekCompensation
Jeremy HockensteinPresident/Treas
Trustee or director, Officer
5$59,333
Amolo NgwenoDirector
Trustee or director
1$0
Noelia MoshiDirector
Trustee or director
1$0
Vernon NaidooSecretary
Trustee or director, Officer
1$0
Sari MillerDirector
Trustee or director
1$0
990 for the year ended June 30, 2024: 8 people
NameTitleHours / weekCompensationOther / benefits
ABIGAIL STEINBERGExecutive director40$184,441$11,591
Jana HardyDir. Impact Lab40$178,307$6,246
Kate SabotDir. Evid & Learn40$141,223$20,849
Jeremy HockensteinPresident/Treas
Trustee or director, Officer
5$0$0
Amolo NgwenoDirector
Trustee or director
1$0$0
Noelia MoshiDirector
Trustee or director
1$0$0
Vernon NaidooSecretary
Trustee or director, Officer
1$0$0
Sari MillerDirector
Trustee or director
1$0$0

Address and contacts

Address (IRS master file)
45 WEST 36TH ST 8TH FLOOR, NEW YORK, NY 10018-7633
In care of
% JEREMY HOCKENSTEIN
Principal officer (990 for 2024)
Jeremy Hockenstein, 45 west 36th street 8th floor, new york, NY 10018
Signed the 990
Jeremy Hockenstein, president/Treasurer
Phone
(212) 461-3703
Return prepared by
NCHENG LLP CERTIFIED PUBLIC ACCOUNTANTS

Mission

To create better futures for disadvantaged people

990 for the year ended December 31, 2024

Program accomplishments

  • Running the Livelihood Impact Fund program, which provides grants and loans and intensive consulting support for organizations working to increase incomes for the poor.As part of the Livelihood Impact Fund program, Follow Your Dream has a team of staff, consultants and volunteers who work closely with our grantees. This team has specialized skills and expertise in a range of relevant areas. They provide capacity building support to our grantees and also oversee our research grants. In some areas, such as our eyeglass initiative, our director supervises and directs the activities of grantee organizations as part of our work to significantly increase the number of reading glasses distributed to low-income people. In these cases, grantees conduct activities under the general direction and supervision of Follow Your Dream.FYD has made program-related investments in several for-profit social enterprises, such as Kuza Koolers, Rashak and Farmworks. In these cases, we work closely with the organizations to build their capacity and help them strengthen their long-term impact.
    Expenses $25,552,905 · grants $20,761,340 · revenue $136,244
  • Running programs to benefit poor youth
    Expenses $667,241
  • Providing educational scholarships and mentorship
    Expenses $215,007 · grants $170,262

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024Check at the IRS

IRS record

EIN
38-3581515
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (509(a)(2))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
2001
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$29,658,116
Income (IRS master file)
$21,091,096

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$1,250,476$26,669,090$29,658,116IRS
990June 2024$67,234,901$69,109,934$59,275,935IRS
990June 2023$45,679,342$25,506,103$43,670,233IRS
990June 2022$14,548,416$6,127,607$16,436,926IRS
990June 2021–––IRS
990-EZJune 2019–––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 38-3581515).

Questions about FOLLOW YOUR DREAM FOUNDATION INC

What is the EIN of FOLLOW YOUR DREAM FOUNDATION INC?
The employer identification number (EIN) of FOLLOW YOUR DREAM FOUNDATION INC is 38-3581515.
Is FOLLOW YOUR DREAM FOUNDATION INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2001.
Are donations to FOLLOW YOUR DREAM FOUNDATION INC tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does FOLLOW YOUR DREAM FOUNDATION 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 FOLLOW YOUR DREAM FOUNDATION 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 FOLLOW YOUR DREAM FOUNDATION 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 FOLLOW YOUR DREAM FOUNDATION INC?
The 990 for the year ended December 31, 2024 names Jeremy Hockenstein.
Who are the officers and directors of FOLLOW YOUR DREAM FOUNDATION INC?
The 990 for the year ended December 31, 2024 lists 5 people; 1 received compensation from the organization, the highest $59,333 (Jeremy Hockenstein, President/Treas).
How much revenue does FOLLOW YOUR DREAM FOUNDATION INC have?
On its 990 for the year ended December 31, 2024 it reported revenue of $1,250,476, expenses of $26,669,090 and total assets of $29,658,116 at year end.

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