Totals
- Total revenue
- $6,193,834
- Total expenses
- $3,585,434
- Contributions and grants received
- $4,845,430
- Grants paid
- $36,000
- Program service revenue
- $1,345,007
- Investment income
- $2,197
- Other revenue
- $1,200
- Total assets, end of year
- $31,611,129
- Total liabilities, end of year
- $23,680,893
- Net assets or fund balances, end of year
- $7,930,236
- Program services expenses (Part IX)
- $3,147,513
- Management and general expenses
- $412,251
- Fundraising expenses
- $25,670
- Program service expenses (Part III)
- $3,147,513
Program services were 87.8% 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.
-
1f · All other contributions, gifts and grants
$4,845,430
-
2a · Program service revenue: Income from loans
total $1,341,931 · related or exempt $1,341,931
-
2b · Program service revenue: Contract service fees
total $3,076 · related or exempt $3,076
-
3 · Investment income
total $2,197 · excluded $2,197
-
11a · Other revenue: Other income
total $1,200 · excluded $1,200
-
11e · Other revenue, total
$1,200
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $36,000 · program services $36,000
-
5 · Compensation of officers, directors and key employees
total $286,880 · program services $182,644 · management and general $98,498 · fundraising $5,738
-
7 · Other salaries and wages
total $373,760 · program services $237,955 · management and general $128,328 · fundraising $7,477
-
8 · Pension plan contributions
total $14,060 · program services $8,951 · management and general $4,827 · fundraising $282
-
9 · Other employee benefits
total $64,724 · program services $41,207 · management and general $22,223 · fundraising $1,294
-
10 · Payroll taxes
total $52,586 · program services $33,479 · management and general $18,055 · fundraising $1,052
-
11b · Fees: legal
total $7,363 · program services $5,196 · management and general $2,167
-
11c · Fees: accounting
total $31,415 · program services $22,167 · management and general $9,248
-
11g · Fees: other
total $145,795 · program services $115,619 · management and general $21,176 · fundraising $9,000
-
12 · Advertising and promotion
total $3,750 · program services $3,750
-
13 · Office expenses
total $11,041 · program services $6,650 · management and general $4,391
-
16 · Occupancy
total $42,089 · program services $26,316 · management and general $14,946 · fundraising $827
-
20 · Interest
total $748,438 · program services $748,438
-
24a · Other expenses: Provisions for losses o
total $1,493,654 · program services $1,493,654
-
24b · Other expenses: Subscription and dues
total $117,397 · program services $74,742 · management and general $42,655
-
24c · Other expenses: Other expenses
total $77,780 · program services $32,043 · management and general $45,737
-
24d · Other expenses: Bank fees
total $62,595 · program services $62,595
-
24e · All other expenses
total $16,107 · program services $16,107
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $5,407,526 · end of year $10,214,508
-
2 · Savings and temporary cash investments
beginning of year $623,362 · end of year $625,290
-
4 · Accounts receivable
beginning of year $636,144 · end of year $1,045,010
-
7 · Other notes and loans receivable
beginning of year $17,617,187 · end of year $18,467,102
-
10a · Land, buildings and equipment: cost or other basis
$681,444
-
10c · Land, buildings and equipment, net
beginning of year $681,444 · end of year $681,444
-
15 · Other assets
beginning of year $476,989 · end of year $577,775
-
17 · Accounts payable and accrued expenses
beginning of year $829,805 · end of year $478,858
-
19 · Deferred revenue
beginning of year $770
-
23 · Secured mortgages and notes payable
beginning of year $5,572,171 · end of year $5,352,427
-
24 · Unsecured notes and loans payable
beginning of year $10,500,000 · end of year $15,095,000
-
25 · Other liabilities
beginning of year $3,218,070 · end of year $2,754,608
-
27 · Net assets without donor restrictions
beginning of year $5,175,130 · end of year $4,766,186
-
28 · Net assets with donor restrictions
beginning of year $146,706 · end of year $3,164,050
Mission and programs · 2023
Mission
INSTITUTE CAPITAL, INC. IS A NOT-FOR-PROFIT ORGANIZATION WHOSE PURPOSE IS TO DEVELOP AND/OR PRESERVE AFFORDABLE HOUSING, ENCOURAGE AND STIMULATE COMMUNITY AND ECONOMIC DEVELOPMENT, AND EXPAND ECONOMIC OPPORTUNITIES AND PROVIDE FINANCING FOR COMMUNITY DEVELOPMENT. INSTITUTE CAPITAL INC. IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY AND IS SUPPORTED PRIMARILY BY GOVERNMENT GRANTS AND INCOME FROM LOANS. THE ORGANIZATION'S INVESTMENT AREA INCLUDES NORTH CAROLINA, SOUTH CAROLINA, VIRGINIA, WEST VIRGINIA, KENTUCKY, AND THE DC METRO AREA.
Activities or mission (Part I)
INSTITUTE CAPITAL, INC. IS A NOT-FOR-PROFIT ORGANIZATION WHOSE PURPOSE IS TO DEVELOP AND/OR PRESERVE AFFORDABLE HOUSING, ENCOURAGE AND STIMULATE COMMUNITY AND ECONOMIC DEVELOPMENT, AND EXPAND ECONOMIC OPPORTUNITIES AND PROVIDE FINANCING FOR COMMUNITY DEVELOPMENT ACTIVITIES. INSTITUTE CAPITAL INC. IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY AND IS SUPPORTED PRIMARILY BY GOVERNMENT GRANTS AND INCOME FROM LOANS. THE ORGANIZATION'S INVESTMENT AREA INCLUDES NORTH CAROLINA, SOUTH CAROLINA, VIRGINIA, WEST VIRGINIA, KENTUCKY, AND THE DC METRO AREA.
-
A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY. THIS STATE WIDE PUBLIC-PRIVATE PARTNERSHIP PROVIDES LEADERSHIP AND CAPITAL INVESTMENTS TO ENCOURAGE AND STIMULATE COMMUNITY DEVELOPMENT, EXPAND ECONOMIC OPPORTUNITIES, AND PROVIDE FINANCING FOR COMMUNITY AND ECONOMIC DEVELOPMENT ACTIVITIES.
Expenses $3,147,513 · Grants $36,000 · Revenue $1,345,007
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Kevin J PriceKEVIN J PRICE
PRESIDENT/CEO
- Total calculated
- $196,629
- From this org
- $0
- From related orgs
- $181,927
- Other
- $14,702
- Hours/week
- 20 + 20 related
Schedule J breakdown matched by us
- Base
- $0 + $181,927 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $0 + $181,927 related
-
Lisa JacksonLISA JACKSON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Lewis H MyersLEWIS H MYERS
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Suzanne MaloneSUZANNE MALONE
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Evan SittonEVAN SITTON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Tyrone Baines PhDTYRONE BAINES PHD
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Michael SuggsMICHAEL SUGGS
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Thurman SmithTHURMAN SMITH
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Roberta McCulloughROBERTA MCCULLOUGH
SENIOR VP OPERATIONS
- Total calculated
- $127,954
- From this org
- $0
- From related orgs
- $115,376
- Other
- $12,578
- Hours/week
- 40
-
Angela PooleANGELA POOLE
V.P. OF FINANCE
- Total calculated
- $129,737
- From this org
- $0
- From related orgs
- $117,184
- Other
- $12,553
- Hours/week
- 20 + 20 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
- 3 · Compensation committee
- 3 · Written employment contract
- 3 · Compensation survey or study
- 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.
-
NATIONAL INSTITUTE OF MINORITY
501(c)(3) · CHARITY · NC
Directly controlled by INSTITUTE
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 15 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202403209349322680
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