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Nonprofiteer
← ECONOMIC OPPORTUNITY CENTER INC

Form 990 for tax year 2023

Filed by ECONOMIC OPPORTUNITY CENTER INC.

Totals

Total revenue
$328,190
Total expenses
$269,646
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$328,190
Investment income
$0
Other revenue
$0
Total assets, end of year
$52,589
Total liabilities, end of year
$255,376
Net assets or fund balances, end of year
-$202,787
Program services expenses (Part IX)
$229,198
Management and general expenses
$40,448
Fundraising expenses
$0
Program service expenses (Part III)
$229,198

Program services were 85.0% 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: RENTAL INCOME

    total $328,190 · related or exempt $328,190

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $54,611 · program services $46,419 · management and general $8,192

  • 8 · Pension plan contributions

    total $1,184 · program services $1,006 · management and general $178

  • 9 · Other employee benefits

    total $11,671 · program services $9,920 · management and general $1,751

  • 10 · Payroll taxes

    total $4,178 · program services $3,551 · management and general $627

  • 13 · Office expenses

    total $4,905 · program services $4,169 · management and general $736

  • 16 · Occupancy

    total $48,859 · program services $41,530 · management and general $7,329

  • 23 · Insurance

    total $15,602 · program services $13,262 · management and general $2,340

  • 24a · Other expenses: CONTRACTS

    total $72,329 · program services $61,480 · management and general $10,849

  • 24b · Other expenses: PROFESSIONAL FEES

    total $28,612 · program services $24,320 · management and general $4,292

  • 24c · Other expenses: REPAIRS

    total $27,629 · program services $23,485 · management and general $4,144

  • 24d · Other expenses: MISC

    total $66 · program services $56 · management and general $10

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $85,064 · end of year $49,603

  • 4 · Accounts receivable

    beginning of year $17,092 · end of year $2,986

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,685 · end of year $49,769

  • 19 · Deferred revenue

    beginning of year $24,400 · end of year $179,788

  • 25 · Other liabilities

    beginning of year $14,290 · end of year $25,819

  • 27 · Net assets without donor restrictions

    beginning of year $47,781 · end of year -$202,787

Mission and programs · 2023

Mission

THE OPPORTUNITY CENTER SEEKS TO MITIGATE THE SKILLS GAP THAT EXISTS BETWEEN THE WORKFORCE AND EMPLOYERS, AS WELL AS PREPARE THE WORKFORCE AND GROWING ENTREPRENEURS TO PARTICIPATE IN THE LOCAL ECONOMIC SYSTEMS, WHILE CREATING NEW SYSTEMS THAT PROMOTE SOCIAL ENTERPRISE.

  • THE OPPORTUNITY CENTER OPERATES AS A CAREER AND PERSONAL FINANCE SERVICE CENTER; PROVIDING EMPLOYMENT AND CAREER COUNSELING, ONE ON ONE FINANCIAL COACHING AND EDUCATION, AND LOW-COST FINANCIAL PRODUCTS THAT BUILD CREDIT, SAVINGS AND ASSETS. INTEGRATED OR "BUNDLED" SERVICES LEAD TO CONCRETE GAINS IN NET INCOME AND JOB RETENTION. ADDITIONALLY, LONG TERM JOB RETENTION - HOLDING A JOB FOR A YEAR OR MORE - ALMOST DOUBLES WHEN FINANCIAL COACHING REINFORCES THE WORK OF EMPLOYMENT COUNSELING.

    Expenses $229,198 · Revenue $328,190

  • THE PURPOSE OF THE BUSINESS INCUBATOR IS TO STIMULATE THE ESTABLISHMENT AND GROWTH OF SMALL BUSINESSES, WITH A FOCUS ON PROTECTING GROUPS SUCH AS MINORITY OR WOMEN OWNED BUSINESSES AND BUSINESS THAT TARGET LOW INCOME COMMUNITIES, AND TO INCREASE THE NUMBER OF SUCCESSFUL COMPANIES ORIGINATING AND DEVELOPING IN THE AREA. THE BUSINESS INCUBATOR IS AN IMPORTANT TOOL IN THE ECONOMIC DEVELOPMENT TOOLKIT OF THE AREA THAT WOULD BE A MEANS TO CREATE NEW JOB OPPORTUNITIES FOR AREA RESIDENTS, CREATE HIGHER WAGE JOBS, CONTRIBUTE TO THE GROWTH AND SUCCESS OF EMERGING SMALL BUSINESSES, AND AS A SOURCE TO GENERATE NEW TAX REVENUE FOR NORTH CHARLESTON.

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

Listed in Part VII

  • Dorothea Bernique

    TRUSTEE/DIRE

    Total calculated
    $0
    Hours/week
    1

  • Bernie Mazyck

    TRUSTEE/DIRE

    Total calculated
    $0
    Hours/week
    1

  • Cedric Muhammad

    TRUSTEE/DIRE

    Total calculated
    $0
    Hours/week
    1

  • Jennie Stephens

    TRUSTEE/DIRE

    Total calculated
    $0
    Hours/week
    1

  • Don Oglesby

    PRESIDENT AN

    Total calculated
    $0
    Hours/week
    1

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

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
10 May 2024
IRS schema version
2023v5.0
Source object
202421319349301347

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