Genesis Block Foundation Inc
Public records show a registered, tax-exempt organization in good standing.
What it says it does
Genesis Block Foundation advances entrepreneurship in underrepressented communities by reducing barriers to acces in support of equity in entrepreneurship.
- Income
- $280,599
- Spending
- $151,111
- Spent on programs
- 82%
- Reserves
- 11.9 months of spending
- Largest source of income
- donations and private grants, 100%
- Employees
- 1
- Volunteers
- 4
- Highest pay
- $57,680, executive director
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Strong: 93 out of 100. Higher than 79% of charities in its peer group (human services, $250k to $1m).
Reserves
28 of 35Spendable reserves would cover 11.9 months of spending.
Debt
20 of 20It owes 2% of what it owns.
Living within its means
15 of 15Income exceeded spending by 46% of income.
Income trend
15 of 15Income rose 10% on the year before.
Spending floor
15 of 1582% of spending went to programs and raising each dollar of donations cost 0 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Weak: 32 out of 100. Higher than 7% of charities in its peer group (human services, $250k to $1m).
Independent board
5 of 251 of 11 voting board members are independent.
Conflict of interest policy
0 of 15Reports no written conflict of interest policy.
Whistleblower policy
0 of 8Reports no written whistleblower policy.
Record keeping policy
0 of 7Reports no written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
0 of 10Did not give the board a copy of this return before filing it.
Pay set independently
0 of 5Reports no independent review process for its chief executive's pay.
Independent check of accounts
12 of 15Its accounts were reviewed or compiled by an independent accountant, but not audited.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (3)
- $62,142 spent. Provided capacity assistance for Block Eatz a ground breaking partnership to foster innovation and entrepreneur support for aspiring local entreprenuers in the culinary industry. Block eatz a food hall incubator was established at the McKeithan Center on the Nort Campus of Cape Fear Community College. Grand opening occured on 09/19/2023. Assistance included purchase of all kitchen equipment and facilitation of all programming elements including training,and onsite assistance.
- $37,285 spent. Block Academy in collaboration with Cape Fear Community College builds pipelines of diverse and qualified minority owned businesses to support the Cape Fear Region and beyond. Block Academy also provides entpreneurial training services to these companies through the Jumpstart Academy and Wits Begin programs. In 2024 90% of the founders that participated in Jumpstart Academy were referred from CFCC Small Business Center as part of the collaboration. Over 80% of the founders that particpated in the Wits Begin Incubator were referred from same. We graduated (2) cohorts of 7 companies for Jumpstart Academy and (1) Cohort of 8 Wits begin companies. We also participated in business expansion of (8) companies through our accelerator program.
- $24,857 spent. The vocation to entrepreneurship (V2E) program advances entrepreneurship access for students and graduates of vocational training programs. Vocational school porgram graduates receive active support to convert their training either by career ladders to become middle-level employees or to pursue self-employment. Developed technical and virtual program, developed workforce placement program.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Worth knowing.
Status was revoked on May 15, 2023 for not filing returns for three years, and reinstated on May 15, 2023.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since October 2023.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.