Skip to content
Nonprofiteer
← THE AXIOM ADVANCEMENT CORPORATION

Form 990 for tax year 2023

Filed by THE AXIOM ADVANCEMENT CORPORATION.

Totals

Total revenue
$588,980
Total expenses
$345,903
Contributions and grants received
$564,194
Grants paid
$3,625
Program service revenue
$24,786
Investment income
$0
Other revenue
$0
Total assets, end of year
$553,613
Total liabilities, end of year
$11,945
Net assets or fund balances, end of year
$541,668
Program services expenses (Part IX)
$294,749
Management and general expenses
$34,101
Fundraising expenses
$17,053
Program service expenses (Part III)
$294,749

Program services were 85.2% 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)

    $364,094

  • 1f · All other contributions, gifts and grants

    $200,100

  • 2a · Program service revenue: FEE INCOME

    total $17,840 · related or exempt $17,840

  • 2b · Program service revenue: INTEREST INCOME

    total $6,946 · related or exempt $6,946

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,625 · program services $3,625

  • 6 · Compensation of disqualified persons

    total $160,333 · program services $136,283 · management and general $16,033 · fundraising $8,017

  • 7 · Other salaries and wages

    total $57,569 · program services $48,934 · management and general $5,757 · fundraising $2,878

  • 10 · Payroll taxes

    total $17,737 · program services $15,076 · management and general $1,774 · fundraising $887

  • 11b · Fees: legal

    total $8,002 · program services $6,802 · management and general $800 · fundraising $400

  • 11c · Fees: accounting

    total $16,818 · program services $14,295 · management and general $1,682 · fundraising $841

  • 11g · Fees: other

    total $9,150 · program services $7,965 · management and general $790 · fundraising $395

  • 12 · Advertising and promotion

    total $7,292 · program services $6,198 · management and general $729 · fundraising $365

  • 13 · Office expenses

    total $1,303 · program services $1,108 · management and general $130 · fundraising $65

  • 16 · Occupancy

    total $11,239 · program services $9,554 · management and general $1,123 · fundraising $562

  • 17 · Travel

    total $3,411 · program services $2,900 · management and general $340 · fundraising $171

  • 21 · Payments to affiliates

    total $20,033 · program services $17,028 · management and general $2,003 · fundraising $1,002

  • 23 · Insurance

    total $7,676 · program services $6,524 · management and general $768 · fundraising $384

  • 24a · Other expenses: BAD DEBT

    total $8,652 · program services $7,354 · management and general $865 · fundraising $433

  • 24b · Other expenses: SOFTWARE & APPS

    total $7,087 · program services $6,024 · management and general $709 · fundraising $354

  • 24c · Other expenses: MEMBERSHIPS & SUBSCRITPIO

    total $4,207 · program services $3,576 · management and general $421 · fundraising $210

  • 24d · Other expenses: MEALS

    total $1,235 · program services $1,049 · management and general $124 · fundraising $62

  • 24e · All other expenses

    total $534 · program services $454 · management and general $53 · fundraising $27

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $205,645 · end of year $261,079

  • 4 · Accounts receivable

    beginning of year $3,753

  • 7 · Other notes and loans receivable

    beginning of year $138,482 · end of year $292,534

  • 17 · Accounts payable and accrued expenses

    beginning of year $49,289 · end of year $11,945

  • 27 · Net assets without donor restrictions

    beginning of year $298,591 · end of year $541,668

Mission and programs · 2023

Mission

WE EXIST TO LEVEL THE PLAYING FIELD IN SMALL BUSINESS LENDING THROUGH OUR COMMITMENT TO FAIR LENDING LAWS, ACCOUNTABILITY TO THE COMMUNITIES WE SERVE AND BY IMPLEMENTING INDUSTRY BEST PRACTICES.

Activities or mission (Part I)

AXIOM IS A MICROLOAN FUND INTENTIONALLY FOCUSED ON SERVING MINORITY, WOMEN-OWNED AND DISADVANTAGED BUSINESS ENTERPRISES, BY PROVIDING ACCESS TO CAPITAL AND BUSINESS DEVELOPMENT SUPPORT.

  • AXIOM ADVANCEMENT CORPORATION EXISTS TO LEVEL THE PLAYING FIELD IN SMALL BUSINESS LENDING THROUGH OUR COMMITMENT TO FAIR LENDING LAWS, ACCOUNTABILITY TO THE COMMUNITIES WE SERVE AND BY IMPLEMENTING INDUSTRY BEST PRACTICES. AXIOM IS MORE THAN A FUNDING SOURCE, WE ARE A PEOPLE FOCUSED COMMUNITY SERVICES ORGANIZATION, PROMISING ECONOMIC IMPROVEMENT.

    Expenses $294,749 · Grants $3,625 · Revenue $24,786

As filed on the 2023 return.

Listed in Part VII

  • Michelle Chenn

    PRESIDENT

    Total calculated
    $197,676
    From this org
    $197,676
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,676
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $197,676

  • Benjamin Contrucci

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Lateshya Ellis

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

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.

Provenance

Return type
form_990
Tax year
2023
Filed
31 January 2025
IRS schema version
2023v6.0
Source object
202520359349301702

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.