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Nonprofiteer
← IGNITE CAPITAL INC

Form 990 for tax year 2023

Filed by IGNITE CAPITAL INC.

Totals

Total revenue
$263,432
Total expenses
$326,646
Contributions and grants received
$236,005
Grants paid
$92,200
Program service revenue
$0
Investment income
$27,427
Other revenue
$0
Total assets, end of year
$2,460,361
Total liabilities, end of year
$2,320,567
Net assets or fund balances, end of year
$139,794
Program services expenses (Part IX)
$266,607
Management and general expenses
$59,589
Fundraising expenses
$450
Program service expenses (Part III)
$266,607

Program services were 81.6% 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

    $236,005

  • 3 · Investment income

    total $27,427 · excluded $27,427

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $92,200 · program services $92,200

  • 7 · Other salaries and wages

    total $92,863 · program services $92,863

  • 9 · Other employee benefits

    total $15,507 · program services $15,507

  • 10 · Payroll taxes

    total $7,214 · program services $7,214

  • 11b · Fees: legal

    total $6,174 · management and general $6,174

  • 11c · Fees: accounting

    total $18,372 · management and general $18,372

  • 12 · Advertising and promotion

    total $4,875 · management and general $4,875

  • 17 · Travel

    total $5,330 · management and general $5,330

  • 19 · Conferences, conventions and meetings

    total $4,956 · management and general $4,956

  • 20 · Interest

    total $19,481 · program services $19,481

  • 23 · Insurance

    total $425 · management and general $425

  • 24a · Other expenses: TECHNOLOGY

    total $27,812 · program services $27,812

  • 24b · Other expenses: CONTRACTORS

    total $13,665 · program services $9,030 · management and general $4,635

  • 24c · Other expenses: SPECIAL EVENTS

    total $12,714 · management and general $12,714

  • 24d · Other expenses: TRAINING AND DEVELOPMEN

    total $2,500 · program services $2,500

  • 24e · All other expenses

    total $2,558 · management and general $2,108 · fundraising $450

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,270,402 · end of year $1,056,985

  • 7 · Other notes and loans receivable

    beginning of year $809,481 · end of year $1,345,876

  • 15 · Other assets

    beginning of year $0 · end of year $57,500

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,937 · end of year $54,048

  • 19 · Deferred revenue

    beginning of year $25,000 · end of year $25,000

  • 25 · Other liabilities

    beginning of year $1,839,938 · end of year $2,241,519

  • 27 · Net assets without donor restrictions

    beginning of year $203,008 · end of year $139,794

Mission and programs · 2023

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 $266,607 · Grants $92,200

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

Listed in Part VII

  • Patti Chandler

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    4

  • Murray Dalziel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Fr Richard McGowan

    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

  • Jay Nwachu

    PRESIDENT

    Total calculated
    $153,201
    From this org
    $0
    From related orgs
    $134,085
    Other
    $19,116
    Hours/week
    16

    Schedule J breakdown matched by us

    Base
    $0 + $134,085 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $19,116 related
    Filer's total
    $0 + $153,201 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 RELATED ORGANIZATION BY ITS BOARD MEMBERS 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

  • INFINITE FOCUS INC

    $40,000

    SUPPORT MISSION-RELATED PROGRAMS AND OPERATIONS

  • YOKE MANAGEMENT LLC

    $11,000

    SUPPORT MISSION-RELATED PROGRAMS AND OPERATIONS

  • TYKIA YAVONNIA OUZTS

    $8,500

    SUPPORT MISSION-RELATED PROGRAMS AND OPERATIONS

  • ACRES4CHANGE INC

    $8,000

    SUPPORT MISSION-RELATED PROGRAMS AND OPERATIONS

  • YACHTSY LLC

    $6,200

    SUPPORT MISSION-RELATED PROGRAMS AND OPERATIONS

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
202433209349312088

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