Skip to content
Nonprofiteer
← MAC FOUNDATION

Form 990 for tax year 2023

Filed by MAC FOUNDATION.

Totals

Total revenue
$64,404
Total expenses
$50,428
Contributions and grants received
$38,947
Grants paid
$11,000
Program service revenue
$17,500
Investment income
$0
Other revenue
$7,957
Total assets, end of year
$36,500
Total liabilities, end of year
$2,950
Net assets or fund balances, end of year
$33,550
Program services expenses (Part IX)
$32,585
Management and general expenses
$16,790
Fundraising expenses
$1,053
Program service expenses (Part III)
$32,585

Program services were 64.6% 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.

  • 1d · Related organizations

    $7,729

  • 1f · All other contributions, gifts and grants

    $31,218

  • 2a · Program service revenue: RISING CEO'S

    total $10,000 · related or exempt $10,000

  • 2b · Program service revenue: SCHOLARSHIP FUND

    total $7,500 · related or exempt $7,500

  • 8a · Fundraising events: gross income

    $22,850

  • 8b · Fundraising events: direct expenses

    $14,893

  • 8c · Net income from fundraising events

    total $7,957 · excluded $7,957

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $11,000 · program services $11,000

  • 11a · Fees: management

    total $30,000 · program services $15,000 · management and general $15,000

  • 11c · Fees: accounting

    total $674 · program services $225 · management and general $225 · fundraising $224

  • 11g · Fees: other

    total $1,610 · program services $537 · management and general $537 · fundraising $536

  • 12 · Advertising and promotion

    total $350 · program services $117 · management and general $117 · fundraising $116

  • 13 · Office expenses

    total $501 · management and general $501

  • 24a · Other expenses: RISING CEOS

    total $2,150 · program services $2,150

  • 24b · Other expenses: UMOJA PROGRAM EXPENSES

    total $1,823 · program services $1,823

  • 24c · Other expenses: SCHOLARSHIP FUND EXPENS

    total $1,556 · program services $1,556

  • 24d · Other expenses: PROCESSING FEES

    total $496 · program services $165 · management and general $166 · fundraising $165

  • 24e · All other expenses

    total $268 · program services $12 · management and general $244 · fundraising $12

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $55,611 · end of year $36,500

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,512 · end of year $2,950

  • 27 · Net assets without donor restrictions

    beginning of year $41,099 · end of year $33,550

Mission and programs · 2023

Mission

TO CONNECT, EMPOWER, AND ELEVATE UNDERREPRESENTED ENTREPRENEURS.

  • THE RISING CEOS PROGRAM IS DESIGNED TO CREATE OPPORTUNITIES FOR TEENS IN AT-RISK POPULATIONS IN BLACK AND BROWN, IMMIGRANT AND REFUGEE COMMUNITIES TO INSPIRE AND FEED THE PIPELINE OF FUTURE MINORITY ENTREPRENEURS. IN THE TEN-WEEK PROGRAM, PARTICIPANTS WILL PARTICIPATE IN WORKSHOPS LEAD BY LOCAL BUSINESS LEADERS PAIRED UP WITH A K-12 TEACHER, CREATE A BUSINESS PLAN, AND COMPETE IN A BUSINESS PITCH COMPETITION TO WIN FUNDING OF $500 FOR THEIR IDEA. THE CULMINATION OF THE PROGRAM WILL BE THE ANNUAL RISING CEOS SUMMIT.

    Expenses $7,502 · Revenue $10,000

  • MAC FOUNDATION SCHOLARSHIPS HAVE BEEN ESTABLISHED TO ASSIST BLACK, REFUGEE, AND IMMIGRANT HIGH SCHOOL SENIORS AND COLLEGE STUDENTS STUDYING ACCOUNTING, FINANCE, LAW, AND STEM (SCIENCE, TECHNOLOGY, ENGINEERING, AND MATHEMATICS).

    Expenses $17,908 · Grants $11,000 · Revenue $7,500

  • THE MAC FOUNDATION'S UMOJA PROGRAM IS AIMED AT INCREASING UNITY, COLLABORATION, AND SYNERGY BETWEEN AFRICAN AMERICAN AND AFRICAN IMMIGRANT COMMUNITIES IN THE MIDWEST. OUR PROGRAM RECOGNIZES THE IMPORTANCE OF BUILDING STRONG, DIVERSE COMMUNITIES, AND WE BELIEVE THAT BY BRINGING TOGETHER AFRICAN AMERICAN AND AFRICAN IMMIGRANT COMMUNITIES, WE CAN CREATE A MORE UNIFIED AND POWERFUL VOICE FOR CHANGE.

    Expenses $7,175

As filed on the 2023 return.

Listed in Part VII

  • Karine Sokpoh

    PRESIDENT

    Total calculated
    $57,692
    From this org
    $0
    From related orgs
    $57,692
    Other
    $0
    Hours/week
    10

  • Jordan Young

    SECRETARY

    Total calculated
    $0
    Hours/week
    10

  • Dr Albert Kate

    TREASURER

    Total calculated
    $0
    Hours/week
    10

  • Dr Matthew Omojola

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Tierra Nesbitt

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Obiozor Okolo

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

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.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
9 October 2024
IRS schema version
2023v5.1
Source object
202402839349300040

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.