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Nonprofiteer
← ARKANSAS ECOMONIC ACCELERATION FOUNDATION

Form 990 for tax year 2023

Filed by ARKANSAS ECOMONIC ACCELERATION FOUNDATION.

Totals

Total revenue
$489,412
Total expenses
$420,863
Contributions and grants received
$489,412
Grants paid
$121,825
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$65,710
Total liabilities, end of year
$5,046
Net assets or fund balances, end of year
$60,664
Program services expenses (Part IX)
$336,592
Management and general expenses
$84,271
Fundraising expenses
$0
Program service expenses (Part III)
$336,592

Program services were 80.0% 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

    $180,212

  • 1f · All other contributions, gifts and grants

    $309,200

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $121,825 · program services $121,825

  • 7 · Other salaries and wages

    total $113,839 · program services $80,825 · management and general $33,014

  • 8 · Pension plan contributions

    total $8,668 · program services $6,154 · management and general $2,514

  • 9 · Other employee benefits

    total $8,491 · program services $6,029 · management and general $2,462

  • 10 · Payroll taxes

    total $8,396 · program services $5,961 · management and general $2,435

  • 11c · Fees: accounting

    total $9,718 · management and general $9,718

  • 11g · Fees: other

    total $10,100 · program services $10,100

  • 12 · Advertising and promotion

    total $17,422 · program services $7,720 · management and general $9,702

  • 13 · Office expenses

    total $9,409 · program services $3,794 · management and general $5,615

  • 14 · Information technology

    total $6,642 · program services $1,582 · management and general $5,060

  • 17 · Travel

    total $21,352 · program services $11,395 · management and general $9,957

  • 19 · Conferences, conventions and meetings

    total $85,001 · program services $81,207 · management and general $3,794

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $47,781 · end of year $49,597

  • 4 · Accounts receivable

    beginning of year $100

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,250 · end of year $16,113

  • 17 · Accounts payable and accrued expenses

    beginning of year $59,016 · end of year $5,046

  • 27 · Net assets without donor restrictions

    beginning of year -$31,229 · end of year -$32,291

  • 28 · Net assets with donor restrictions

    beginning of year $23,344 · end of year $92,955

Mission and programs · 2023

Mission

THE ORGANIZATION PROMOTES EDUCATIONAL ACTIVITIES WHICH FOSTER ENTREPRENEURIAL DEVELOPMENT IN ARKANSAS WITH THE GOAL OF INCREASING BUSINESS STARTUP CREATION AND LEADERSHIP DEVELOPMENT.

Activities or mission (Part I)

TO PROMOTE EDUCATIONAL ACTIVITIES WHICH FOSTER ENTREPRENEURIAL DEVELOPMENT IN ARKANSAS.

  • ANNUAL GOVERNOR'S AWARD FOR ENTREPRENEURIAL DEVELOPMENT IN ARKANSAS WHEREBY COLLEGE STUDENTS PRESENT BUSINESS PLANS FOR HYPOTHETICAL BUSINESSES; PLANS ARE JUDGED BY A PANEL OF EXPERTS AND DOLLAR AWARDS ARE PRESENTED TO WINNERS AT THE ANNUAL AWARDS LUNCHEON SUPPORTED BY THE BUSINESS COMMUNITY OF THE STATE. THE ENTITY ALSO SPONSORS A 5TH-8TH GRADE BUSINESS PLAN COMPETITION NAMED YOUTH ENTREPRENEURIAL SHOWCASE (Y.E.S.) FOR ARKANSAS.

    Expenses $319,514 · Grants $121,825

  • THE ORGANIZATION HOSTED AND ORGANIZED THE EDGE SUMMIT, A CONFERENCE FOR HIGHER EDUCATION FACULTY TO LEARN ENTREPRENEURSHIP PEDAGOGICAL BEST PRACTICES AND SHARE RESOURCES AND TOOLS TO DEVELOP ENTREPRENEURIAL STUDENTS.

    Expenses $17,078

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Sam Walls III

    PRESIDENT

    Total calculated
    $344,321
    From this org
    $0
    From related orgs
    $297,627
    Other
    $46,694
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $237,627 related
    Bonus
    $0 + $60,000 related
    Other
    $0
    Deferred
    $0 + $30,510 related
    Nontaxable benefits
    $0 + $16,184 related
    Filer's total
    $0 + $344,321 related

  • Leslie Lane

    VICE PRESIDENT

    Total calculated
    $298,193
    From this org
    $0
    From related orgs
    $265,744
    Other
    $32,449
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $193,744 related
    Bonus
    $0 + $72,000 related
    Other
    $0
    Deferred
    $0 + $26,816 related
    Nontaxable benefits
    $0 + $5,633 related
    Filer's total
    $0 + $298,193 related

  • Marie Bruno

    SECRETARY

    Total calculated
    $84,681
    From this org
    $0
    From related orgs
    $69,718
    Other
    $14,963
    Hours/week
    1 + 40 related

  • Rush Deacon

    TREASURER

    Total calculated
    $236,100
    From this org
    $0
    From related orgs
    $208,384
    Other
    $27,716
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $158,384 related
    Bonus
    $0 + $50,000 related
    Other
    $0
    Deferred
    $0 + $16,005 related
    Nontaxable benefits
    $0 + $11,711 related
    Filer's total
    $0 + $236,100 related

  • Rebecca Todd

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Drew Speed

    CFO

    Total calculated
    $139,769
    From this org
    $0
    From related orgs
    $121,755
    Other
    $18,014
    Hours/week
    1 + 40 related

  • Tiffany Henry

    SECRETARY

    Total calculated
    $42,152
    From this org
    $0
    From related orgs
    $40,731
    Other
    $1,421
    Hours/week
    1 + 40 related

  • Kathleen Lawson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations

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
THE OFFICERS OF ARKANSAS ECONOMIC ACCELERATION FOUNDATION ARE PAID BY ARKANSAS CAPITAL CORPORATION (ACC). COMPENSATION FOR EXECUTIVES AND KEY EMPLOYEES IS DETERMINED AND APPROVED BY THE BOARD OF DIRECTORS' COMPENSATION COMMITTEE. TO DETERMINE COMPENSATION, THE COMPENSATION COMMITTEE UTILIZES OUTSIDE ASSISTANCE FROM THE JOHNSON GROUP, AN INDEPENDENT, PROFESSIONAL COMPANY THAT SPECIALIZES IN COMPENSATION SURVEYS AND RECOMMENDATIONS FOR AMERICAN COMPANIES. THE COMPENSATION ACTUALLY PAID TO OFFICERS AND KEY EMPLOYEES IS WITHIN THE GUIDELINES RECOMMENDED BY THE OUTSIDE CONSULTANT.

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
2023
Filed
11 November 2024
IRS schema version
2023v5.1
Source object
202413209349303166

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