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Nonprofiteer
← GRID110 INC

Form 990 for tax year 2022

Filed by GRID110 INC.

Totals

Total revenue
$626,792
Total expenses
$703,209
Contributions and grants received
$626,792
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$155,027
Total liabilities, end of year
$129,164
Net assets or fund balances, end of year
$25,863
Program services expenses (Part IX)
$548,607
Management and general expenses
$137,585
Fundraising expenses
$17,017
Program service expenses (Part III)
$548,607

Program services were 78.0% 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.

  • 1e · Government grants (contributions)

    $327,993

  • 1f · All other contributions, gifts and grants

    $298,799

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $111,870 · program services $67,122 · management and general $33,561 · fundraising $11,187

  • 7 · Other salaries and wages

    total $350,512 · program services $350,512

  • 9 · Other employee benefits

    total $29,617 · program services $14,636 · management and general $14,981

  • 10 · Payroll taxes

    total $35,494 · program services $32,174 · management and general $2,490 · fundraising $830

  • 11b · Fees: legal

    total $1,950 · program services $780 · management and general $1,170

  • 11c · Fees: accounting

    total $10,851 · program services $8,020 · management and general $2,831

  • 11g · Fees: other

    total $26,267 · program services $16,251 · management and general $10,016

  • 12 · Advertising and promotion

    total $40,000 · management and general $40,000

  • 13 · Office expenses

    total $238 · management and general $238

  • 16 · Occupancy

    total $3,282 · program services $3,282

  • 17 · Travel

    total $2,371 · program services $496 · management and general $1,875

  • 19 · Conferences, conventions and meetings

    total $2,934 · management and general $2,934

  • 23 · Insurance

    total $1,205 · management and general $1,205

  • 24a · Other expenses: PROGRAM ACTIVITIES

    total $48,977 · program services $48,977

  • 24b · Other expenses: MISCELLANEOUS EXPENSES

    total $24,986 · program services $6,357 · management and general $18,629

  • 24c · Other expenses: DUES AND SUBSCRIPTIONS

    total $7,655 · management and general $7,655

  • 24d · Other expenses: FUNDRAISING EXPENSE

    total $5,000 · fundraising $5,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $171,678 · end of year $151,622

  • 3 · Pledges and grants receivable

    beginning of year $27,609 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    end of year $3,405

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,082 · end of year $3,700

  • 19 · Deferred revenue

    beginning of year $125,000 · end of year $125,000

  • 25 · Other liabilities

    beginning of year $822 · end of year $464

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $67,383 · end of year $25,863

Mission and programs · 2022

Mission

GRID110 IS AN ECONOMIC AND COMMUNITY DEVELOPMENT ORGANIZATION THAT CONNECTS EARLY-STAGE ENTREPRENEURS TO MENTORING AND CRITICAL RESOURCES THROUGH FREE PROGRAMS. THE FOCUS IS TO ACTIVATE COMMUNITY AND HELP ENTREPRENEURS REALIZE SUSTAINABLE GROWTH PATHS THAT ALLOW THEM TO SCALE THEIR BUSINESSES (AND TEAMS) RIGHT HERE IN LOS ANGELES. OUR MISSION IS TO FOSTER THE MOST THRIVING, INVITING & INCLUSIVE COMMUNITY FOR ENTREPRENEURS IN LOS ANGELES. WE BELIEVE THAT ANYONE WITH THE GOAL OF BECOMING AN ENTREPRENEUR SHOULD HAVE THE CHANCE TO PURSUE IT AND RECEIVE SUPPORT ALONG THE WAY. OUR WORK IMPACTS INDIVIDUALS WHO ARE OFTEN OVERLOOKED BY TRADITIONAL ENTREPRENEURIAL ECOSYSTEMS. THAT'S WHAT DRIVES US TO MAKE THE ENTREPRENEURIAL PATH MORE EQUITABLE, INCLUSIVE AND ACCESSIBLE.

Activities or mission (Part I)

CREATING CLEARER PATHWAYS TO SUCCESS FOR EARLY STAGE ENTREPRENEURS IN LOS ANGELES.

  • RESIDENCY PROGRAM: FACILITATED 1 BUSINESS ACCELERATOR COHORT (15 TOTAL COMPANIES), PROVIDING THEM WITH ACCESS TO FREE MENTORING AND CRITICAL BUSINESS RESOURCES FOR 3 MONTHS. THIS PROGRAM FOCUSED ON HISTORICALLY UNDERREPRESENTED ENTREPRENEURS (BLACK, LATINX, AAPI, WOMEN) ACROSS LOS ANGELES AND INCREASING THEIR BUSINESS ACCUMEN AND ACCESS TO CAPITAL.

    Expenses $246,873

  • PLEDGELA FUND FOR SOUTH LA FOUNDERS PROGRAM: FACILITATED 1 BUSINESS ACCELERATOR COHORT (20 TOTAL COMPANIES), PROVIDING THEM WITH ACCESS TO FREE MENTORING AND CRITICAL BUSINESS RESOURCES FOR 3 MONTHS. THIS PROGRAM SPECIFICALLY FOCUSED ON SUPPORTING BLACK AND LATINX ENTREPRENEURS IN SOUTH/SOUTH CENTRAL LOS ANGELES AND INCREASING THEIR ACCESS TO CAPITAL.

    Expenses $164,582

  • COMMUNITY PROGRAMS: SUPPORTED OVER 100 PREVIOUS PROGRAM PARTICIPANTS (ALUMNI) THROUGH OFFICE HOURS, EVENTS, WORKSHOPS. ALSO SUPPORTED OVER 1500 ENTREPRENEURS THROUGH EXTERNAL COMMUNITY EVENTS THAT WERE OPEN TO THE PUBLIC.

    Expenses $137,152

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Megan Sette

    SECRETARY

    Total calculated
    $0
    Hours/week
    3

  • Ashumi Shippee

    CFO

    Total calculated
    $0
    Hours/week
    1

  • Stephen Kane

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jared Goodner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Prashant Samant

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jade Turner-Bond

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Miki Reynolds

    CEO

    Total calculated
    $120,839
    From this org
    $114,361
    From related orgs
    $0
    Other
    $6,478
    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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202343199349327259

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