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Nonprofiteer
← ANACOSTIA ENTREPRENEURSHIP CENTER INC

Form 990 for tax year 2024

Filed by ANACOSTIA ENTREPRENEURSHIP CENTER INC.

Totals

Total revenue
$992,244
Total expenses
$891,755
Contributions and grants received
$621,716
Grants paid
$0
Program service revenue
$370,528
Investment income
$0
Other revenue
$0
Total assets, end of year
$174,397
Total liabilities, end of year
$58,492
Net assets or fund balances, end of year
$115,905
Program services expenses (Part IX)
$891,755
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$891,755

Program services were 100.0% 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

    $621,716

  • 2a · Program service revenue: RENTAL INCOME

    total $364,563 · related or exempt $364,563

  • 2b · Program service revenue: ADMIN. SERVICE FEES

    total $5,965 · related or exempt $5,965

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $383,680 · program services $383,680

  • 8 · Pension plan contributions

    total $9,310 · program services $9,310

  • 9 · Other employee benefits

    total $38,083 · program services $38,083

  • 10 · Payroll taxes

    total $27,591 · program services $27,591

  • 11a · Fees: management

    total $11,775 · program services $11,775

  • 11b · Fees: legal

    total $1,100 · program services $1,100

  • 11c · Fees: accounting

    total $7,675 · program services $7,675

  • 11g · Fees: other

    total $66,234 · program services $66,234

  • 12 · Advertising and promotion

    total $3,505 · program services $3,505

  • 13 · Office expenses

    total $28,213 · program services $28,213

  • 14 · Information technology

    total $24,141 · program services $24,141

  • 16 · Occupancy

    total $144,376 · program services $144,376

  • 17 · Travel

    total $7,563 · program services $7,563

  • 19 · Conferences, conventions and meetings

    total $15,358 · program services $15,358

  • 20 · Interest

    total $95,313 · program services $95,313

  • 22 · Depreciation, depletion and amortization

    total $10,000 · program services $10,000

  • 23 · Insurance

    total $17,838 · program services $17,838

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $505,813 · end of year $148,306

  • 3 · Pledges and grants receivable

    beginning of year $41,641 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $4,900

  • 9 · Prepaid expenses and deferred charges

    beginning of year $144,577 · end of year $9,524

  • 10a · Land, buildings and equipment: cost or other basis

    $30,000

  • 10b · Land, buildings and equipment: accumulated depreciation

    $18,333

  • 10c · Land, buildings and equipment, net

    beginning of year $21,667 · end of year $11,667

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,170 · end of year $15,350

  • 25 · Other liabilities

    beginning of year $694,112 · end of year $43,142

  • 27 · Net assets without donor restrictions

    beginning of year $15,416 · end of year $115,905

Mission and programs · 2024

Mission

TO INTEGRALLY SUPPORT THE FUNCTIONS OF, AND CARRY OUT THE PURPOSES OF, THE WASHINGTON AREA COMMUNITY INVESTMENT FUND, INC (WACIF).

Activities or mission (Part I)

TO INTEGRALLY SUPPORT THE FUNCTIONS OF, AND CARRY OUT THE PURPOSES OF, WACIF.

  • SMALL BUSINESS SUPPORT - THE ANACOSTIA ENTREPRENEURSHIP CENTER, INC. (AEC) PROVIDED SUPPORT TO SMALL BUSINESSES, NONPROFITS, AND SOCIAL ENTERPRISES THROUGH OFFERING AFFORDABLE COMMERCIAL, RETAIL SPACE, AND COMMUNITY MEETING SPACE TO OVER 80 SMALL BUSINESSES WITHIN WASHINGTON, D.C.'S WARD 8 COMMUNITY THROUGH ITS RETAIL STORE FRONTS, THE "HIVE" CO-WORKING FACILITY, AND BLACK BOX THEATER. IN ADDITION, THE AEC WAS UTILIZED TO PROVIDE CONVENINGS IN SUPPORT AND IN CELEBRATION OF MINORITY-OWNED BUSINESSES, INCLUDING ARTISTS.

    Expenses $891,755 · Revenue $370,528

As filed on the 2024 return.

Listed in Part VII

  • Kevin Fryatt

    CFOO & COO-INTERIM CEO UNTIL 5/3/24

    Total calculated
    $94,825
    From this org
    $0
    From related orgs
    $82,837
    Other
    $11,988
    Hours/week
    2 + 42 related

  • Michael Johns

    SECRETARY

    Total calculated
    $89,017
    From this org
    $0
    From related orgs
    $88,535
    Other
    $482
    Hours/week
    2 + 40 related

  • Shannan Herbert

    BOARD CHAIR AND CEO

    Total calculated
    $233,491
    From this org
    $0
    From related orgs
    $209,947
    Other
    $23,544
    Hours/week
    2 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $194,947 related
    Bonus
    $0 + $15,000 related
    Other
    $0
    Deferred
    $0 + $9,937 related
    Nontaxable benefits
    $0 + $13,607 related
    Filer's total
    $0 + $233,491 related

  • David Maley

    VICE CHAIR AND TREASURER

    Total calculated
    $151,569
    From this org
    $0
    From related orgs
    $139,109
    Other
    $12,460
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $139,109 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,952 related
    Nontaxable benefits
    $0 + $6,508 related
    Filer's total
    $0 + $151,569 related

  • Messay Derebe

    DIR., GENERAL ANACOSTIA ARTS CENTER

    Total calculated
    $161,686
    From this org
    $0
    From related orgs
    $146,736
    Other
    $14,950
    Hours/week
    12 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $146,736 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,500 related
    Nontaxable benefits
    $0 + $7,450 related
    Filer's total
    $0 + $161,686 related

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

The filer's explanations (Part III)

PART I, LINE 3
AEC UTLIZES WACIF STAFF UNDER A SECONDMENT AGREEMENT. COMPENSATION IS DETERMINED THROUGH WACIF'S INTERNAL PROCESSES.

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.

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
2024
Filed
18 July 2025
IRS schema version
2024v5.2
Source object
202531999349300343

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