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Nonprofiteer
← NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT

Form 990 for tax year 2023

Filed by NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT.

Totals

Total revenue
$12,194,431
Total expenses
$7,819,600
Contributions and grants received
$9,328,500
Grants paid
$0
Program service revenue
$1,531,500
Investment income
$700
Other revenue
$1,333,731
Total assets, end of year
$18,823,541
Total liabilities, end of year
$4,294,909
Net assets or fund balances, end of year
$14,528,632
Program services expenses (Part IX)
$5,147,144
Management and general expenses
$2,523,888
Fundraising expenses
$148,568
Program service expenses (Part III)
$5,147,144

Program services were 65.8% 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.

  • 1e · Government grants (contributions)

    $7,828,700

  • 1f · All other contributions, gifts and grants

    $1,499,800

  • 2a · Program service revenue: CONTRACTS

    total $1,158,600 · related or exempt $1,158,600

  • 2b · Program service revenue: PROGRAM FEES

    total $372,900 · related or exempt $372,900

  • 3 · Investment income

    total $700 · excluded $700

  • 6a · Gross rents

    real property $347,300

  • 6b · Less rental expenses

    real property $68,628

  • 6c · Rental income or loss

    real property $278,672

  • 6d · Net rental income or loss

    total $278,672 · related or exempt $278,672

  • 11a · Other revenue: SHARED SERVICE REIMBURSEMENT

    total $1,044,659 · excluded $1,044,659

  • 11b · Other revenue: MISCELLANEOUS INCOME

    total $10,400 · excluded $10,400

  • 11e · Other revenue, total

    $1,055,059

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $499,209 · program services $369,198 · management and general $111,294 · fundraising $18,717

  • 7 · Other salaries and wages

    total $2,415,005 · program services $1,786,057 · management and general $538,404 · fundraising $90,544

  • 8 · Pension plan contributions

    total $40,700 · program services $30,455 · management and general $8,795 · fundraising $1,450

  • 9 · Other employee benefits

    total $249,850 · program services $186,962 · management and general $53,988 · fundraising $8,900

  • 10 · Payroll taxes

    total $230,400 · program services $172,406 · management and general $49,786 · fundraising $8,208

  • 11b · Fees: legal

    total $87,141 · program services $1,162 · management and general $85,979

  • 11c · Fees: accounting

    total $39,800 · program services $531 · management and general $39,269

  • 11g · Fees: other

    total $1,337,403 · program services $235,661 · management and general $1,099,145 · fundraising $2,597

  • 13 · Office expenses

    total $52,622 · program services $33,765 · management and general $18,857

  • 16 · Occupancy

    total $233,329 · program services $226,593 · management and general $6,736

  • 17 · Travel

    total $335,894 · program services $270,373 · management and general $63,591 · fundraising $1,930

  • 20 · Interest

    total $92,103 · program services $85,903 · management and general $6,200

  • 22 · Depreciation, depletion and amortization

    total $372,547 · program services $175,820 · management and general $196,727

  • 23 · Insurance

    total $27,752 · program services $27,752

  • 24a · Other expenses: PROGRAM EXPENSE

    total $480,989 · program services $453,787 · management and general $27,202

  • 24b · Other expenses: EQUIPMENT PURCHASE

    total $462,730 · program services $462,730

  • 24c · Other expenses: SPECIALIZED TECHNICAL A

    total $362,660 · program services $250,232 · management and general $97,428 · fundraising $15,000

  • 24d · Other expenses: OTHER EXPENSES

    total $275,806 · program services $236,289 · management and general $39,317 · fundraising $200

  • 24e · All other expenses

    total $223,660 · program services $141,468 · management and general $81,170 · fundraising $1,022

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,864,909 · end of year $1,213,798

  • 2 · Savings and temporary cash investments

    beginning of year $1,266,746 · end of year $632,800

  • 4 · Accounts receivable

    beginning of year $1,461,543 · end of year $8,867,871

  • 9 · Prepaid expenses and deferred charges

    beginning of year $102,608 · end of year $71,700

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

    $7,646,372

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

    $2,714,600

  • 10c · Land, buildings and equipment, net

    beginning of year $3,921,708 · end of year $4,931,772

  • 13 · Investments: program-related

    beginning of year $3,122,837 · end of year $3,105,600

  • 17 · Accounts payable and accrued expenses

    beginning of year $980,783 · end of year $471,609

  • 18 · Grants payable

    end of year $1,000,000

  • 19 · Deferred revenue

    beginning of year $26,639 · end of year $32,800

  • 25 · Other liabilities

    beginning of year $1,579,128 · end of year $2,790,500

  • 27 · Net assets without donor restrictions

    beginning of year $6,910,499 · end of year $7,629,127

  • 28 · Net assets with donor restrictions

    beginning of year $3,243,302 · end of year $6,899,505

Mission and programs · 2023

Mission

TO STRENGTHEN THE ASSET BASE OF DIVERSE POPULATIONS THROUGH POLICY, EDUCATION AND ECONOMIC OPPORTUNITIES.

  • WOMEN'S BUSINESS CENTER - ARE LOCATED IN THE RALEIGH-DURHAM AREA, CHARLOTTE, RICHMOND, AND GREENSBORO AND STRIVE TO PROMOTE ECONOMIC SELF-SUFFICIENCY FOR WOMEN IN NORTH CAROLINA AND VIRGINA, IN BOTH RURAL AND URBAN COMMUNITIES, THROUGH ENTREPRENEURSHIP. THE WBCS ARE PARTIALLY FUNDED BY THE U.S. SMALL BUSINESS ADMINISTRATION AWARDS.

    Expenses $1,196,997

  • INSTITUTE CAPITAL - A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY. THIS STATEWIDE PUBLIC PRIVATE PARTNERSHIP PROVIDES LEADERSHIP AND CAPITAL INVESTMENTS TO ENCOURAGE AND STIMULATE COMMUNITY DEVELOPMENT, EXPAND ECONOMICOPPORTUNITIES, AND PROVIDE FINANCING FOR COMMUNITY AND ECONOMIC DEVELOPMENT ACTIVITIES.

    Expenses $1,079,940

  • SMALL BUSINESS NONPROFIT INCUBATOR - RENTAL SPACE IS PROVIDED TO SMALL BUSINESSES / NONPROFIT ORGANIZATIONS AT BELOW-MARKET RATES IN AN EFFORT TO HELP STRENGTHEN THEIR OPERATING CAPACITY AND ABILITY TO GROW.

    Expenses $528,803

  • OTHER PROGRAMS INCLUDE BUSINESS AND MARKET DEVELOPMENT, PUBLIC ALLIES, CENTER FOR PROFESSIONAL SERVICES, POLICY & RESEARCH AND SMALL BUSINESS TRANSPORTATION RESOURCE CENTER.

    Expenses $2,341,404

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

Listed in Part VII

  • Nikitra Bailey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Tyrone R Baines

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Martin Eakes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ted Edwards

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Edward Fort

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Karla Haynes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Adam Klein

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sue Malone

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Lewis H Myers

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Troy Roberts

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Suggs

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Thurman Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jeanne Tedrow

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kevin J Price

    PRESIDENT/CEO

    Total calculated
    $196,629
    From this org
    $181,927
    From related orgs
    $0
    Other
    $14,702
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,927
    Bonus
    $0
    Other
    $0
    Deferred
    $5,612
    Nontaxable benefits
    $9,090
    Filer's total
    $196,629

  • Kaye Gantt

    CHIEF OP OFFICER

    Total calculated
    $139,166
    From this org
    $126,352
    From related orgs
    $0
    Other
    $12,814
    Hours/week
    40

  • Tanya Branch

    CHIEF FINANCIAL OFFI

    Total calculated
    $59,583
    From this org
    $59,583
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Roberta McCullough

    SENIOR VP OPERATIONS

    Total calculated
    $127,954
    From this org
    $115,376
    From related orgs
    $0
    Other
    $12,578
    Hours/week
    40

  • Angela Poole

    VP OF FINANCE

    Total calculated
    $129,737
    From this org
    $117,184
    From related orgs
    $0
    Other
    $12,553
    Hours/week
    40

  • Lea Henry

    DIRECTOR

    Total calculated
    $100,904
    From this org
    $100,904
    From related orgs
    $0
    Other
    $0
    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

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

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
15 November 2024
IRS schema version
2023v5.1
Source object
202433209349319908

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