Form 990 for tax year 2023

Totals

Total revenue

$249,602

Total expenses

$156,594

Contributions and grants received

$251,636

Grants paid

$0

Program service revenue

$0

Investment income

$59

Other revenue

-$2,093

Total assets, end of year

$219,318

Total liabilities, end of year

$3,889

Net assets or fund balances, end of year

$215,429

Program services expenses (Part IX)

$60,900

Management and general expenses

$34,965

Fundraising expenses

$60,729

Program service expenses (Part III)

$60,900

Program services were 38.9% 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.

Mission and programs · 2023

• OUR MAJOR PROGRAM AREAS INCLUDE TELLING STORIES, FORGING PARTNERSHIPS, AND PROVIDING UNBIASED INFORMATION AROUND ALL TYPES OF EMPLOYEE OWNERSHIP (EMPLOYEE STOCK OWNERSHIP PLANS (ESOPS), WORKER COOPERATIVES, AND EMPLOYEE OWNERSHIP TRUSTS (EOTS), BOTH AS AN EXIT PLANNING AND A BUSINESS GROWTH TOOL TO BUSINESSES AND A BROAD VARIETY OF STAKEHOLDERS (BUSINESS ADVISORS, ECONOMIC DEVELOPERS, COMMUNITY MEMBERS).SEE SCHEDULE O FOR ADDITIONAL DETAILS.WE ARE BUILDING A STRONG ECOSYSTEM TO PROVIDE SUPPORT FOR PRIVATELY HELD BUSINESSES TO CONVERT TO EMPLOYEE OWNERSHIP, AND WE MODEL DOING BUSINESS WITH EMPLOYEE-OWNED FIRMS. NCEOC HAS A PARTICULAR FOCUS ON INCREASING WEALTH BUILDING OPPORTUNITIES FOR BLACK, INDIGENOUS, PEOPLE OF COLOR (BIPOC)-OWNED BUSINESSES AND BUSINESSES WITH MAJORITY-BIPOC WORKFORCES. WE VIEW EMPLOYEE OWNERSHIP AS A CRITICAL TOOL TO ACHIEVE THESE GOALS. BY EDUCATING COMMUNITIES, BUSINESSES, AND ECONOMIC DEVELOPERS ON EMPLOYEE OWNERSHIP AND HELPING TO CONVERT BUSINESS TO ESOPS, WORKER COOPERATIVES, AND OTHER STRUCTURES, WE HELP BROADEN ECONOMIC OPPORTUNITY TO BENEFIT TRADITIONALLY DISADVANTAGED GROUPS. AS WE STRIVE TO ADDRESS THESE CHALLENGES, WE ARE OPTIMISTIC THAT THREE OPPORTUNITIES WILL ARISE:-GROWING AWARENESS AND INTEREST: EMPLOYEE OWNERSHIP CAN BE A POWERFUL TOOL FOR BUILDING WEALTH AND CREATING MORE EQUITABLE WORKPLACES, AND THERE IS GROWING INTEREST IN THIS MODEL ACROSS THE COUNTRY. A RECENT STUDY REVEALED THAT BEING PART OF AN ESOP RESULTED IN 92% HIGHER MEDIAN HOUSEHOLD WEALTH, 33% HIGHER MEDIAN INCOME FROM WAGES, AND 53% LONGER MEDIAN JOB TENURE.-COLLABORATIVE NETWORKS AND PARTNERSHIPS: THERE ARE MANY ORGANIZATIONS AND NETWORKS WORKING TO ADVANCE RACIAL EQUITY AND BUILD POWER IN COMMUNITIES OF COLOR, AND BUILDING STRONG PARTNERSHIPS ACROSS SECTORS CAN AMPLIFY OUR IMPACT.-SUPPORTIVE POLICIES AND INSTITUTIONS: POLICIES AND INSTITUTIONS THAT PROMOTE EQUITY AND INCLUSION CAN CREATE A MORE FAVORABLE ENVIRONMENT FOR POWER BUILDING AND HELP LEVEL THE PLAYING FIELD FOR COMMUNITIES OF COLOR.SINCE ITS FOUNDING IN 2019 NCEOC HAS SUCCESSFULLY BUILT STRONG RELATIONSHIPS IN COMMUNITIES AROUND THE STATE, DEVELOPED EFFECTIVE EDUCATION MATERIALS, AND NETWORKED WITH ADVISORS, PARTNERS, AND RETIRING BUSINESS OWNERS. ACTIVITIES INCLUDE:-THREE SUCCESSFUL BILINGUAL CELEBRATIONS OF EMPLOYEE OWNERSHIP IN OCTOBER 2020 (ONLINE), AND OCTOBER 2022 & OCTOBER 2023 (IN PERSON IN WINSTON-SALEM) HIGHLIGHTING RECENTLY CONVERTED EMPLOYEE OWNED COMPANIES AND LOCALLY ROOTED BIPOC WORKER COOPERATIVES (SOW TRUE SEED, SHOPBOT TOOLS, KONTEK, CAKTUS GROUP, PODER EMMA, LITTLE GENIUS CHILDCARE, EQUINOX WOODWORKS, CITI INC. SYSTEMS INTEGRATOR, OPPORTUNITY THREADS, AND VALDESE WEAVERS).-ONE-ON-ONE MEETINGS WITH MORE THAN 30 BUSINESSES, RESULTING IN 25% OF THEM ACTIVELY PURSUING EMPLOYEE OWNERSHIP CONVERSIONS.-OUTREACH TO 1,800 BLACK, INDIGENOUS, AND PEOPLE OF COLOR (BIPOC)-OWNED BUSINESSES THROUGHOUT THE STATE; PARTNERSHIP WITH THE CITY OF DURHAM ASSISTING LEGACY BLACK-OWNED BUSINESSES WITH SUCCESSION PLANNING.-50,000+ PEOPLE REACHED THROUGH PAID SOCIAL MEDIA, FOCUSING ON RETIRING BUSINESS OWNERS, RURAL AREAS, AND BIPOC-OWNED BUSINESSES.-50+ PRESENTATIONS TO ECONOMIC DEVELOPMENT ORGANIZATIONS ACROSS THE STATE.-QUARTERLY WEBINARS ON EMPLOYEE OWNERSHIP AND SUCCESSION PLANNING TO THE SMALL BUSINESS CENTER NETWORK IN 2023-2024; PRESENTATION TO ALL THE SMALL BUSINESS TECHNOLOGY DEVELOPMENT CENTER BUSINESS ADVISORS (SBTDCS) IN 2023.-COMMUNITY-BASED WORK IN DURHAM, WINSTON SALEM, CHARLOTTE, AND SMALLER EASTERN NC COUNTIES INCLUDING MARTIN AND HALIFAX COUNTY, WHILE ESTABLISHING PARTNERSHIPS AND SECURING FUNDING SOURCES FOR THE GREATER ASHEVILLE REGION.-CREATED NETWORK OF SERVICE PROVIDERS TO PROVIDE BUSINESS OWNERS WITH TECHNICAL ASSISTANCE.-COLLABORATED WITH INDIVIDUAL INVESTORS, LENDERS, AND FOUNDATIONS TO PROVIDE FUNDING FOR EMPLOYEE OWNERSHIP CONVERSIONS.-CREATED EMPLOYEE OWNERSHIP AMBASSADOR PROGRAM TO EDUCATE KEY COMMUNITY STAKEHOLDERS IN EMPLOYEE OWNERSHIP BASICS; SUCCESSFULLY GRADUATED THE FIRST THREE COHORTS AND EXPANDED THE PROGRAM TO INCLUDE A PARTNERSHIP WITH THE MINNESOTA CENTER FOR EMPLOYEE OWNERSHIP IN 2024.-WITH NC GROWTH, CREATED A PRIORITY BUSINESS INDEX OF MEDIUM TO LARGE PRIVATELY HELD BUSINESSES IN NC WITH OWNERS NEARING RETIREMENT AGE AND WITH SIGNIFICANT BIPOC WORKFORCES.IN OUR STATE THERE IS A LARGE NEED FOR SUCCESSION PLANNING SUPPORT TO SAVE JOBS, REVENUE, AND PAYROLL. EMPLOYEE OWNERSHIP COULD PROVIDE THESE EMPLOYEES WITH THE LASTING IMPACT OF WEALTH BUILDING OPPORTUNITIES THAT COULD IMPACT THEMSELVES, THEIR FAMILIES, AND THEIR COMMUNITIES FOR YEARS TO COME.

  Expenses $60,900

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

Listed in Part VII

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

2023

Filed

13 November 2024

IRS schema version

2023v5.1

Source object

202413199349303731

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

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