2020-11-15T14:17:17-08:00 2019-12-31 611417530 Avni & Fogel CPAs PC 151 OVERLOOK TERRACE EAST HILLS NY 11577 990 2019-01-01 472452889 CLOSED LOOP FOUNDATION INC CLOS 9178226476 888 SEVENTH AVENUE 10 FLOOR NEW YORK NY 10106 RON GONEN Director 2020-11-15 true ERIK AVNI P00621953 7188862054 2019 2021-01-29 14:40:06Z X RON GONEN 227 CENTRAL PARK WEST 6A NEW YORK NY 10024 350000 false X N/A X 2013 DE CLOSED LOOP FOUNDATION SUPPORTS RESEARCH AND DEVELOPMENT OF TECHNOLOGIES AND BUSINESS MODELS FOCUSED ON BUILDING THE CIRCULAR ECONOMY. 5 2 1 4 0 200000 350000 0 0 0 200000 350000 0 0 78543 27911 0 0 107633 130649 186176 158560 13824 191440 140644 342491 9593 20000 131051 322491 CLOSED LOOP FOUNDATION SUPPORTS RESEARCH AND DEVELOPMENT OF TECHNOLOGIES AND BUSINESS MODELS FOCUSED ON BUILDING THE CIRCULAR ECONOMY. false false 128283 300000 The Closed Loop Foundation (CL Foundation) is an independent 501(c)(3) supported by Closed Loop Partners that is building an investment strategy to advance recycling infrastructure in Puerto Rico. The initial effort, with a project period of September 2018 to July 2019, is co-funded by the Coca-Cola Foundation and consists of two stages: (i) Mapping the relevant recyclable materials, stakeholders, and recycling opportunities in Puerto Rico, and (ii) Identifying and selecting one to two pilot projects that will demonstrate the recycling investment opportunity. CL Foundation plans to expand this initial effort in ambition and scope to create additional recycling investment opportunities and demonstration projects in the region with additional partners and in 2019 and beyond. 50000 Closed Loop Foundation and The Center for the Circular Economy envisions a future where post-use plastics are reused or transformed into valuable building blocks for new materials. To address the barriers to scaling advanced recycling in North America, we have launched an 11-month project to publish an advanced recycling Investor and Partnerships Roadmap by December 2020. 128283 true true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 3 0 true 1 true false false false false false false false 0 false false false false false false false X 5 2 false false false false false false false true true false false true true true true true true true true false NY X RON GONEN 9178226476 3 COLUMBUS CIRCLE SUITE 1656 NEW YORK NY 10019 BRIDGET CROKE Secretary 20.00 0.00 X X 25000 0 0 RON GONEN Executive Dir. 1.00 0.00 X X 0 0 0 KYLE WESTAWAY Director 1.00 0.00 X 0 0 0 PAUL MACHT Director 1.00 0.00 X 0 0 0 ERIK AVNI Treasurer 1.00 0.00 X X 0 0 0 25000 0 false false false 0 350000 350000 0 0 0 0 0 0 0 0 0 0 350000 0 0 0 0 25000 25000 0 0 1000 1000 0 1911 1911 0 0 20000 20000 0 0 0 0 0 0 0 0 0 4283 4283 0 0 0 0 0 1520 1520 CONSULTANTS 104000 104000 PAYROLL PROCESSING 705 705 FILING FEES 124 124 BANK FEES 17 17 0 158560 128283 30277 0 140644 342490 0 0 0 0 0 0 0 0 0 0 0 0 0 1 140644 342491 9593 20000 9593 20000 X 26547 104504 322491 131051 322491 140644 342491 191440 X false false false X 994469 385000 200000 350000 1929469 0 0 994469 385000 200000 350000 1929469 897055 1032414 0 0 0 1929469 X 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED Form 990, Part VI, Line 11b: Form 990 Review Process THE 990 WAS PREPARED BY THE CONTROLLER AND THE BOARD WAS ABLE TO REVIEW AND APPROVE PRIOR TO SUBMISSION. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts THE ORGANIZATION REQUIRES ANNUAL DISCLOSURE OF THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALLDECIDE IF A CONFLICT OF INTEREST EXISTS. THE BOARD OR COMMITTEE SHALL USE THE FOLLOWING PROCEDURE TO ADDRESS CONFLICTS OF INTEREST:A. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE BOARD OR COMMITTEE MEETING, BUT AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST.B. THE CHAIRPERSON OF THE BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT.C. AFTER EXERCISING DUE DILIGENCE, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE CORPORATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST.D. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE CORPORATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. IF THE BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE BOARD OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION.EACH DIRECTOR, PRINCIPAL OFFICER AND MEMBER OF A COMMITTEE WITH GOVERNING BOARDDELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS SUCH PERSON:A. HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST POLICY, CLOSED LOOP FOUNDATION, INC. 47-2452889B. HAS READ AND UNDERSTANDS THE POLICY,C. HAS AGREED TO COMPLY WITH THE POLICY, AND UNDERSTANDS THE ORGANIZATION IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAXEXEMPT PURPOSES. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available THE DOCUMENTS ARE AVAILABLE BY REQUEST