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Nonprofiteer
← URBAN EMPOWERMENT FUND

Form 990 for tax year 2022

Filed by URBAN EMPOWERMENT FUND.

Totals

Total revenue
$463,039
Total expenses
$457,303
Contributions and grants received
$132,500
Grants paid
$0
Program service revenue
$117,086
Investment income
$0
Other revenue
$213,453
Total assets, end of year
$3,939,534
Total liabilities, end of year
$1,671,596
Net assets or fund balances, end of year
$2,267,938
Program services expenses (Part IX)
$457,303
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$457,303

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.

  • 1e · Government grants (contributions)

    $125,000

  • 1f · All other contributions, gifts and grants

    $7,500

  • 2a · Program service revenue: INTEREST INCOME FROM P

    total $110,286 · related or exempt $110,286

  • 2b · Program service revenue: CLOSING INCOME FROM PR

    total $6,800 · related or exempt $6,800

  • 11a · Other revenue: CHARTER GRANT TRANSFER

    total $213,453 · related or exempt $213,453

  • 11e · Other revenue, total

    $213,453

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $149,085 · program services $149,085

  • 8 · Pension plan contributions

    total $1,957 · program services $1,957

  • 9 · Other employee benefits

    total $15,881 · program services $15,881

  • 10 · Payroll taxes

    total $10,300 · program services $10,300

  • 11b · Fees: legal

    total $6,695 · program services $6,695

  • 11c · Fees: accounting

    total $3,450 · program services $3,450

  • 11f · Fees: investment management

    total $13,628 · program services $13,628

  • 11g · Fees: other

    total $138,971 · program services $138,971

  • 13 · Office expenses

    total $1,641 · program services $1,641

  • 20 · Interest

    total $22,486 · program services $22,486

  • 24a · Other expenses: BAD DEBTS

    total $89,023 · program services $89,023

  • 24b · Other expenses: SUBSCRIPTIONS/PUBLICATI

    total $1,333 · program services $1,333

  • 24e · All other expenses

    total $2,853 · program services $2,853

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,255,803 · end of year $1,204,237

  • 4 · Accounts receivable

    beginning of year $200,000 · end of year $232,199

  • 7 · Other notes and loans receivable

    beginning of year $2,186,147 · end of year $2,130,256

  • 13 · Investments: program-related

    beginning of year $250,000 · end of year $353,592

  • 15 · Other assets

    beginning of year $0 · end of year $19,250

  • 17 · Accounts payable and accrued expenses

    beginning of year $129,748 · end of year $171,596

  • 23 · Secured mortgages and notes payable

    beginning of year $500,000 · end of year $500,000

  • 25 · Other liabilities

    beginning of year $1,000,000 · end of year $1,000,000

  • 27 · Net assets without donor restrictions

    beginning of year $2,262,202 · end of year $2,267,938

Mission and programs · 2022

Mission

THE URBAN EMPOWERMENT FUND'S MISSION IS TO HELP MINORITY BUSINESS ENTERPRISES (MBES) GAIN ACCESS TO CAPITAL, SURVIVE, PROSPER, GROW, CREATE JOBS AND GENERATE INDIVIDUAL AND COMMUNITY WEALTH.

  • TO PROVIDE BUSINESS ADVISORY SERVICES, OFFER A RANGE OF SMALL BUSINESS LOAN PRODUCTS IN THE $50,000-$250,000 RANGE AND PROVIDE POLICY ADVOCACY TO IMPROVE THE BUSINESS CLIMATE FOR MINORITY BUSINESS ENTERPRISES (MBES).

    Expenses $457,303 · Revenue $330,539

As filed on the 2022 return.

Listed in Part VII

  • Marc H Morial

    BOARD CHAIR

    Total calculated
    $1,208,640
    From this org
    $0
    From related orgs
    $1,139,194
    Other
    $69,446
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $589,194 related
    Bonus
    $0 + $400,000 related
    Other
    $0 + $150,000 related
    Deferred
    $0 + $13,835 related
    Nontaxable benefits
    $0 + $55,611 related
    Filer's total
    $0 + $1,208,640 related

  • Jeffrey Buller

    BOARD MEMBER-SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Khary P Barnes

    BOARD MEMBER-TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Donald R Cravins

    BOARD MEMBER

    Total calculated
    $314,294
    From this org
    $0
    From related orgs
    $312,341
    Other
    $1,953
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $312,341 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $1,953 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $314,294 related

  • Oseremi Adekoye

    VP OF LENDING

    Total calculated
    $143,091
    From this org
    $128,587
    From related orgs
    $0
    Other
    $14,504
    Hours/week
    40

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 · Written employment contract
  • 3 · Approval by the board or compensation committee

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.

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
2022
Filed
25 September 2023
IRS schema version
2022v5.0
Source object
202312699349300101

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