Totals
- Total revenue
- $1,113,447
- Total expenses
- $1,181,399
- Contributions and grants received
- $779,528
- Grants paid
- $0
- Program service revenue
- $0
- Investment income
- $239,109
- Other revenue
- $94,810
- Total assets, end of year
- $10,548,442
- Total liabilities, end of year
- $5,485,436
- Net assets or fund balances, end of year
- $5,063,006
- Program services expenses (Part IX)
- $889,230
- Management and general expenses
- $292,169
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $889,230
Program services were 75.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1a · Federated campaigns
$0
-
1b · Membership dues
$0
-
1c · Fundraising events
$0
-
1d · Related organizations
$0
-
1e · Government grants (contributions)
$0
-
1f · All other contributions, gifts and grants
$779,528
-
1g · Noncash contributions included above
$0
-
3 · Investment income
total $239,109 · related or exempt $239,109 · unrelated business $0 · excluded $0
-
4 · Income from investment of tax-exempt bond proceeds
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
5 · Royalties
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
7c · Gain or loss
securities $0 · other assets $0
-
8a · Fundraising events: contributions included on line 1c
$0
-
11d · All other revenue
total $94,810 · related or exempt $94,810 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$94,810
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $210,000 · program services $157,500 · management and general $52,500 · fundraising $0
-
6 · Compensation of disqualified persons
total $0 · fundraising $0
-
7 · Other salaries and wages
total $356,269 · program services $267,217 · management and general $89,052 · fundraising $0
-
9 · Other employee benefits
total $6,543 · program services $4,907 · management and general $1,636
-
10 · Payroll taxes
total $13,089 · program services $9,817 · management and general $3,272
-
11a · Fees: management
total $165,000 · program services $123,250 · management and general $41,750
-
11c · Fees: accounting
total $47,355 · program services $35,516 · management and general $11,839 · fundraising $0
-
11g · Fees: other
total $32,263 · program services $22,697 · management and general $9,566
-
12 · Advertising and promotion
total $93 · program services $70 · management and general $23
-
13 · Office expenses
total $14,851 · program services $11,138 · management and general $3,713
-
14 · Information technology
total $34,364 · program services $25,773 · management and general $8,591
-
16 · Occupancy
total $30,924 · program services $23,193 · management and general $7,731
-
17 · Travel
total $23,087 · program services $17,315 · management and general $5,772
-
20 · Interest
total $164,676 · program services $123,507 · management and general $41,169
-
22 · Depreciation, depletion and amortization
total $13,737 · program services $10,303 · management and general $3,434
-
23 · Insurance
total $12,585 · program services $9,439 · management and general $3,146
-
24a · Other expenses: Donations and Sponsorship
total $8,072 · program services $6,054 · management and general $2,018 · fundraising $0
-
24b · Other expenses: Dues and Subscriptions
total $12,664 · program services $9,498 · management and general $3,166 · fundraising $0
-
24c · Other expenses: Equipment
total $5,281 · program services $3,961 · management and general $1,320 · fundraising $0
-
24d · Other expenses: Program Expenses
total $12,725 · program services $12,725 · management and general $0 · fundraising $0
-
24e · All other expenses
total $17,821 · program services $15,350 · management and general $2,471 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,873,283 · end of year $4,241,919
-
2 · Savings and temporary cash investments
beginning of year $0 · end of year $0
-
3 · Pledges and grants receivable
beginning of year $176,371 · end of year $241,796
-
4 · Accounts receivable
beginning of year $7,674,166 · end of year $5,900,558
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0
-
7 · Other notes and loans receivable
beginning of year $0
-
8 · Inventories for sale or use
beginning of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $4,606 · end of year $4,606
-
10a · Land, buildings and equipment: cost or other basis
$404,127
-
10b · Land, buildings and equipment: accumulated depreciation
$284,955
-
10c · Land, buildings and equipment, net
beginning of year $110,382 · end of year $119,172
-
11 · Investments: publicly traded securities
beginning of year $0
-
12 · Investments: other securities
beginning of year $0
-
13 · Investments: program-related
beginning of year $0
-
14 · Intangible assets
beginning of year $0
-
15 · Other assets
beginning of year $40,390 · end of year $40,391
-
17 · Accounts payable and accrued expenses
beginning of year $59,990 · end of year $121,636
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $1,943,079 · end of year $2,890,442
-
23 · Secured mortgages and notes payable
beginning of year $3,343,739 · end of year $2,473,358
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $115,423
-
27 · Net assets without donor restrictions
beginning of year $733,266 · end of year -$1,052,617
-
28 · Net assets with donor restrictions
beginning of year $5,683,701 · end of year $6,115,623
Mission and programs · 2023
Mission
NewCorp, Inc. is a private non-profit 501(C)(3) CDFI that provides financial products and services, technical assistance, training, counseling and advisory services to small/medium, underserved businesses.
-
NewCorp, Inc. is a private non-profit 501(C)(3) CDFI that provides financial products and services, technical assistance, training, counseling and advisory services to small/medium, underserved businesses.
Expenses $889,230
As filed on the 2023 return.
Listed in Part VII
-
Vaughn Fauria
Executive Director
- Total calculated
- $210,000
- From this org
- $210,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $210,000
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $210,000
-
Vanessa Brown Claiborne
President
- Total calculated
- $0
- Hours/week
- 3
-
Angela Obyrne
Treasurer
- Total calculated
- $0
- Hours/week
- 2
-
Sheryl Howard
Secretary
- Total calculated
- $0
- Hours/week
- 2
-
Monica Edwards
Member
- Total calculated
- $0
- Hours/week
- 2
-
Gerald Johnson
Member
- Total calculated
- $0
- Hours/week
- 2
-
James Ross
Member
- Total calculated
- $0
- Hours/week
- 2
-
Rodderick Miller
Member
- Total calculated
- $0
- Hours/week
- 2
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 25 October 2024
- IRS schema version
- 2023v5.0
- Source object
- 202423179349305787
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