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Nonprofiteer
← IGNITE CAPITAL INC

Form 990 for tax year 2024

Filed by IGNITE CAPITAL INC.

What the amendment changed

Compared with the return it replaced , filed 14 May 2025. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$283,280 changed to $765,308
Total expenses
$199,751 changed to $440,396
Contributions and grants received
$277,475 changed to $731,521
Grants paid
$38,850 changed to $53,550
Investment income
$5,805 changed to $33,787
Total assets, end of year
$3,315,853 changed to $5,002,991
Total liabilities, end of year
$3,092,530 changed to $4,630,965
Net assets or fund balances, end of year
$223,323 changed to $372,026
Program services expenses
$148,068 changed to $384,289
Management and general expenses
$51,683 changed to $23,107
Fundraising expenses
$0 changed to $33,000
Program service expenses (Part III)
$148,068 changed to $384,289

Listed only on the earlier return

  • CARRIE MCKELLOG
  • FR RICHARD MCGOWAN

Listed only on the later return

  • AL GOURRIER
  • CARRIE MCKELLOGG
  • DANIELLE TORAIN-VICTOR
  • RICHARD MCGOWAN SJ

Listed under a different title

  • JAY NWACHU: PRESIDENT then CEO
  • MURRAY DALZIEL: DIRECTOR then SECRETARY
  • PATTI CHANDLER: CHAIRMAN then CHAIRMAN & TREASURER

Totals

Total revenue
$765,308
Total expenses
$440,396
Contributions and grants received
$731,521
Grants paid
$53,550
Program service revenue
$0
Investment income
$33,787
Other revenue
$0
Total assets, end of year
$5,002,991
Total liabilities, end of year
$4,630,965
Net assets or fund balances, end of year
$372,026
Program services expenses (Part IX)
$384,289
Management and general expenses
$23,107
Fundraising expenses
$33,000
Program service expenses (Part III)
$384,289

Program services were 87.3% 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

    $731,521

  • 3 · Investment income

    total $33,787 · excluded $33,787

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $53,550 · program services $53,550

  • 7 · Other salaries and wages

    total $180,640 · program services $180,640

  • 11b · Fees: legal

    total $6,050 · management and general $6,050

  • 11c · Fees: accounting

    total $11,108 · management and general $11,108

  • 11e · Fees: professional fundraising services

    total $25,000 · fundraising $25,000

  • 12 · Advertising and promotion

    total $2,182 · program services $2,182

  • 20 · Interest

    total $37,629 · program services $37,629

  • 23 · Insurance

    total $1,193 · management and general $1,193

  • 24a · Other expenses: TECHNOLOGY

    total $51,196 · program services $48,084 · management and general $3,112

  • 24b · Other expenses: CONTRACTORS

    total $33,273 · program services $32,758 · management and general $515

  • 24c · Other expenses: SPECIAL EVENTS

    total $13,898 · program services $13,898

  • 24d · Other expenses: TRAINING AND DEVELOPMEN

    total $8,146 · program services $7,986 · management and general $160

  • 24e · All other expenses

    total $16,531 · program services $7,562 · management and general $969 · fundraising $8,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,838,386 · end of year $2,921,089

  • 7 · Other notes and loans receivable

    beginning of year $1,476,707 · end of year $1,814,967

  • 9 · Prepaid expenses and deferred charges

    beginning of year $760 · end of year $760

  • 15 · Other assets

    beginning of year $0 · end of year $266,175

  • 17 · Accounts payable and accrued expenses

    beginning of year $55,744 · end of year $103,538

  • 19 · Deferred revenue

    beginning of year $0 · end of year $1,050,000

  • 22 · Loans and payables to officers and key people

    beginning of year $260,000 · end of year $260,000

  • 24 · Unsecured notes and loans payable

    beginning of year $2,675,000 · end of year $3,050,000

  • 25 · Other liabilities

    beginning of year $101,786 · end of year $167,427

  • 27 · Net assets without donor restrictions

    beginning of year $223,323 · end of year $372,026

Mission and programs · 2024

Mission

IGNITE CAPITAL IS A SOCIAL IMPACT FUND WITH THE MISSION TO 1) EMPOWER AND RESOURCE BALTIMORE SOCIAL ENTERPRISES IN ECONOMICALLY DISTRESSED COMMUNITITES, 2)SUPPORT THE OVERALL EFFORTS OF THESE SOCIAL ENTERPRISES TO ATTRACT FUTURE INVESTMENTS IN SUPPORT OF THEIR MISSION AND, 3) CONTRIBUTE TO ONGOING EFFORTS IN ENSURING BALTIMORE NEIGHBORHOODS ARE THRIVING SUSTAINABLY.

Activities or mission (Part I)

IGNITE CAPITAL IS A SOCIAL IMPACT FUND WITH THE MISSION TO 1) EMPOWER AND RESOURCE BALTIMORE SOCIAL ENTERPRISES IN ECONOMICALLY DISTRESSED COMMUNITIES, 2) SUPPORT THE OVERALL EFFORTS OF THESE SOCIAL ENTERPRISES TO ATTRACT FUTURE INVESTMENTS IN SUPPORT OF THEIR MISSION AND, 3) CONTRIBUTE TO ONGOING EFFORTS IN ENSURING BALTIMORE NEIGHBORHOODS ARE THRIVING SUSTAINABLY.

  • EMPOWER AND RESOURCE BALTIMORE SOCIAL ENTERPRISES IN ECONOMICALLY DISTRESSED COMMUNITIES.

    Expenses $384,289 · Grants $53,550

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • PATTI CHANDLER

    CHAIRMAN & TREASURER

    Total calculated
    $0
    Hours/week
    4

  • MURRAY DALZIEL

    SECRETARY

    Total calculated
    $0
    Hours/week
    4

  • RICHARD MCGOWAN SJ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • DAN RIZZO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • BREE JONES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • MARY ANN SCULLY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • CARRIE MCKELLOGG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • AL GOURRIER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • DANIELLE TORAIN-VICTOR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • JAY NWACHU

    CEO

    Total calculated
    $169,009
    From this org
    $0
    From related orgs
    $144,502
    Other
    $24,507
    Hours/week
    16

    Schedule J breakdown matched by us

    Base
    $0 + $144,502 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $24,507 related
    Filer's total
    $0 + $169,009 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

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

The filer's explanations (Part III)

PART I, LINE 3
COMPENSATION FOR CEO IS DETERMINED BY A COMMITTEE MADE UP OF BOARD MEMBERS FROM THE ORGANIZATION AND RELATED ORGANIZATION AFTER REVIEWING COMPARABLE DATA FROM OTHER ORGANIZATIONS.

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

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
2024
Filed
15 May 2026
IRS schema version
2024v5.5
Source object
202601359349313345

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