Form 990 for tax year 2023

Filed by NEW MAJORITY CAPITAL FOUNDATION INC.

Totals

Total revenue: $1,529,464
Total expenses: $1,044,205
Contributions and grants received: $1,529,464
Grants paid: $0
Program service revenue: $0
Investment income: $0
Other revenue: $0
Total assets, end of year: $956,877
Total liabilities, end of year: $137,925
Net assets or fund balances, end of year: $818,952
Program services expenses (Part IX): $916,282
Management and general expenses: $63,590
Fundraising expenses: $64,333
Program service expenses (Part III): $916,282

Program services were 87.7% 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

$1,529,464
1g · Noncash contributions included above

$243,520

Functional expenses

Part IX, the statement of functional expenses.

5 · Compensation of officers, directors and key employees

total $120,000 · program services $120,000
7 · Other salaries and wages

total $143,868 · program services $57,366 · management and general $25,542 · fundraising $60,960
8 · Pension plan contributions

total $12,509 · program services $10,759 · management and general $1,750
10 · Payroll taxes

total $11,908 · program services $9,494 · fundraising $2,414
11g · Fees: other

total $372,104 · program services $371,599 · management and general $505
12 · Advertising and promotion

total $15,531 · program services $15,302 · fundraising $229
13 · Office expenses

total $15,892 · program services $14,264 · management and general $1,051 · fundraising $577
17 · Travel

total $111,838 · program services $111,179 · management and general $506 · fundraising $153
22 · Depreciation, depletion and amortization

total $1,418 · program services $1,418
23 · Insurance

total $2,700 · management and general $2,700
24a · Other expenses: IN-KIND DONATED SERVICE

total $130,000 · program services $130,000
24b · Other expenses: TRAINING STIPENDS

total $52,235 · program services $52,235
24c · Other expenses: PROFESSIONAL FEES

total $31,744 · program services $208 · management and general $31,536 · fundraising $0
24d · Other expenses: PROGRAM EVENTS

total $22,458 · program services $22,458

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $178,333 · end of year $406,831
3 · Pledges and grants receivable

beginning of year $155,360 · end of year $521,344
9 · Prepaid expenses and deferred charges

end of year $3,780
10a · Land, buildings and equipment: cost or other basis

$26,340
10b · Land, buildings and equipment: accumulated depreciation

$1,418
10c · Land, buildings and equipment, net

beginning of year $0 · end of year $24,922
17 · Accounts payable and accrued expenses

end of year $137,925
27 · Net assets without donor restrictions

beginning of year -$27,053 · end of year -$171,397
28 · Net assets with donor restrictions

beginning of year $360,746 · end of year $990,349

Mission and programs · 2023

Mission

Activities or mission (Part I)

THE FOUNDATION AIMS TO ATTACK THE GENDER AND RACIAL WEALTH GAPS WHILE ALSO PROVIDING SERVICES TO HELP ENSURE THAT RETIRING SMALL BUSINESS OWNERS CAN LEAVE A LEGACY BEHIND WITH THE JOBS THEY HAVE CREATED IN THEIR COMMUNITIES. THIS IS ACCOMPLISHED THROUGH EDUCATIONAL PROGRAMMING AND SUPPORT TO EMPOWER ENTREPRENEURS FROM UNDERREPRESENTED COMMUNITIES. ADDITIONALLY, THE FOUNDATION WILL ASSIST SMALL BUSINESS OWNERS CONSIDERING SUCCESSION PLANS AND EXIT STRATEGIES THROUGH TWO ACTIVE PROGRAMS: 1) ENTREPRENEURSHIP THROUGH ACQUISITION (ETA) ACCELERATOR PROGRAM EDUCATIONAL AND SUPPORT SERVICES SURROUNDING THE PROCESS OF BUYING AND SCALING AN EXISTING SMALL BUSINESS INSTEAD OF STARTING ONE FROM SCRATCH. 2) SUCCESSION READY PROGRAM EDUCATION AND SUPPORT TO HELP OWNERS OF BUSINESSES TO CREATE SUCCESSION PLANS.

ENTREPRENEURSHIP THROUGH ACQUISITION (ETA) ACCELERATOR PROGRAM EDUCATION AND SUPPORT SERVICES SURROUNDING THE PROCESS OF BUYING AND SCALING AN EXISTING SMALL BUSINESS INSTEAD OF STARTING ONE FROM SCRATCH.

Expenses $916,282
SUCCESSION READY PROGRAM EDUCATION AND SUPPORT SERVICES TO HELP OWNERS OF BUSINESSES CREATE SUCCESSION PLANS.

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

Listed in Part VII

Darryl LindieDARRYL LINDIE

PRESIDENT

Total calculated

$0

Hours/week

8
Havell RodriguesHAVELL RODRIGUES

CLERK

Total calculated

$0

Hours/week

8
Allegra StennettALLEGRA STENNETT

EXECUTIVE DIRECTOR

Total calculated

$120,000

From this org

$120,000

From related orgs

$0

Other

$0

Hours/week

32

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: 31 July 2024
IRS schema version: 2023v5.1
Source object: 202402219349301625

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