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Nonprofiteer
← NORTHEAST COMMUNITY INNOVATION CORP

Form 990 for tax year 2022

Filed by NORTHEAST COMMUNITY INNOVATION CORP.

Totals

Total revenue
$2,573,962
Total expenses
$1,140,237
Contributions and grants received
$0
Grants paid
$128,616
Program service revenue
$2,526,710
Investment income
$302,300
Other revenue
-$255,048
Total assets, end of year
$24,949,698
Total liabilities, end of year
$16,426,345
Net assets or fund balances, end of year
$8,523,353
Program services expenses (Part IX)
$1,140,237
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$1,140,237

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.

  • 2a · Program service revenue: INCOME FROM PREMIUM TA

    total $2,526,710 · related or exempt $2,526,710

  • 3 · Investment income

    total $93,817 · related or exempt $93,817

  • 7a · Gross sales of assets other than inventory

    other assets $208,483

  • 7b · Less cost or other basis and sales expenses

    other assets $0

  • 7c · Gain or loss

    other assets $208,483

  • 7d · Net gain or loss

    total $208,483 · related or exempt $208,483

  • 11a · Other revenue: PASSTHROUGH LOSS

    total -$255,048 · related or exempt -$255,048

  • 11e · Other revenue, total

    -$255,048

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $128,616 · program services $128,616

  • 11b · Fees: legal

    total $182,533 · program services $182,533

  • 11c · Fees: accounting

    total $82,466 · program services $82,466

  • 11g · Fees: other

    total $5,741 · program services $5,741

  • 20 · Interest

    total $498,348 · program services $498,348

  • 22 · Depreciation, depletion and amortization

    total $242,533 · program services $242,533

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $514,809 · end of year $335,354

  • 2 · Savings and temporary cash investments

    beginning of year $2,953,124 · end of year $655,135

  • 4 · Accounts receivable

    beginning of year -$1,320 · end of year $56,382

  • 9 · Prepaid expenses and deferred charges

    beginning of year $228,635 · end of year $0

  • 14 · Intangible assets

    beginning of year $2,046,926 · end of year $1,561,840

  • 15 · Other assets

    beginning of year $20,677,161 · end of year $22,340,987

  • 19 · Deferred revenue

    beginning of year $432,740 · end of year $432,740

  • 24 · Unsecured notes and loans payable

    beginning of year $16,159,073 · end of year $13,622,740

  • 25 · Other liabilities

    beginning of year $2,786,164 · end of year $2,370,865

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $5,657,663 · end of year $5,657,663

  • 31 · Retained earnings, endowment or other funds

    beginning of year $1,383,695 · end of year $2,865,690

Mission and programs · 2022

Mission

NCIC'S MISSION IS TO DEVELOP ORIGINAL EDUCATIONAL PROGRAMS AND MENTORING PROGRAMS TO ASSIST ENTREPRENEURS AND INCREASE ECONOMIC ACTIVITY AND JOB GROWTH IN THE NORTHEASTERN UNITED STATES. NCIC HAS A PARTICULAR FOCUS AND UNDERSERVED COMMUNITIES AND WILL CONTINUE SIC'S WORK AND OUTREACH WITH UNDERPRIVILEGED YOUTH AND LOCAL NOT FOR PROFIT ORGANIZATIONS.

Activities or mission (Part I)

THE NORTHEAST COMMUNITY INNOVATION CORP (NCIC) IS ORGANIZED TO ORIGINATE, HOUSE AND DEVELOP A BROAD PORTFOLIO OF ORIGINAL EDUCATIONAL AND COMMUNITY OUTREACH PROGRAMS CREATED AND PIONEERED BY ITS GRANTEES.NCIC'S MISSION IS TO DEVELOP ORIGINAL EDUCATIONAL PROGRAMS AND MENTORING PROGRAMS TO ASSIST ENTREPRENEURS AND INCREASE ECONOMIC ACTIVITY AND JOB GROWTH IN THE NORTHEASTERN UNITED STATES. NCIC HAS A PARTICULAR FOCUS AND UNDERSERVED COMMUNITIES AND WILL CONTINUE SIC'S WORK AND OUTREACH WITH UNDERPRIVILEGED YOUTH AND LOCAL NOT FOR PROFIT ORGANIZATIONS.

  • NCIC'S MISSION IS TO DEVELOP ORIGINAL EDUCATIONAL PROGRAMS AND MENTORING PROGRAMS TO ASSIST ENTREPRENEURS AND INCREASE ECONOMIC ACTIVITY AND JOB GROWTH. ALL REVENUES AND EXPENSES EARNED AND INCURRED RELATE SOLELY TO THAT PURPOSE.

    Expenses $1,140,237 · Grants $128,616 · Revenue $2,573,962

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • BARRY SCHWIMMER

    PRESIDENT, TREASURER, DIRE

    Total calculated
    $0
    Hours/week
    5

  • IVY EISENBERG

    SECRETARY, DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • JOSH FEDELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

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

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Provenance

Return type
form_990
Tax year
2022
Filed
13 May 2024
IRS schema version
2022v5.0
Source object
202431349349303913

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