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Nonprofiteer
← ALT FINANCE CORPORATION

Form 990 for tax year 2024

Filed by ALT FINANCE CORPORATION.

What the amendment changed

Compared with the return it replaced , filed 14 November 2025. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Listed only on the later return

  • Eddie Keith III

Listed under a different title

  • Jonathan B Simon: VICE-PRESIDENT then VICE-CHAIR, CHAIR (AS OF MAY 2024)
  • Leslie Espy: VICE-PRES. OF STRATEGY AND OPERATION then V-P, STRATEGY AND OPERATION
  • Marcus Shaw: EXECUTIVE DIRECTOR then PRESIDENT AND C.E.O.
  • Rachel Ward: VICE-PRESIDENT OF OPERATION then V-P, PROGRAMS AND PARTNERSHIPS
  • Trey Pruitt: PRESIDENT then CHAIR

Totals

Total revenue
$9,458,011
Total expenses
$9,223,111
Contributions and grants received
$9,000,000
Grants paid
$2,233,496
Program service revenue
$0
Investment income
$458,011
Other revenue
$0
Total assets, end of year
$14,068,910
Total liabilities, end of year
$622,696
Net assets or fund balances, end of year
$13,446,214
Program services expenses (Part IX)
$8,880,223
Management and general expenses
$342,888
Fundraising expenses
$0
Program service expenses (Part III)
$8,880,223

Program services were 96.3% 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

    $9,000,000

  • 3 · Investment income

    total $458,011 · excluded $458,011

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,140,000 · program services $1,140,000

  • 2 · Grants to domestic individuals

    total $1,093,496 · program services $1,093,496

  • 5 · Compensation of officers, directors and key employees

    total $965,399 · program services $772,319 · management and general $193,080

  • 7 · Other salaries and wages

    total $255,007 · program services $204,006 · management and general $51,001

  • 8 · Pension plan contributions

    total $25,729 · program services $20,583 · management and general $5,146

  • 9 · Other employee benefits

    total $110,371 · program services $88,296 · management and general $22,075

  • 10 · Payroll taxes

    total $72,687 · program services $58,150 · management and general $14,537

  • 11c · Fees: accounting

    total $111,589 · program services $89,271 · management and general $22,318

  • 12 · Advertising and promotion

    total $227,827 · program services $227,827

  • 13 · Office expenses

    total $103,973 · program services $96,185 · management and general $7,788

  • 14 · Information technology

    total $24,460 · program services $19,568 · management and general $4,892

  • 16 · Occupancy

    total $6,660 · program services $5,328 · management and general $1,332

  • 17 · Travel

    total $129,012 · program services $116,216 · management and general $12,796

  • 23 · Insurance

    total $10,325 · program services $8,260 · management and general $2,065

  • 24a · Other expenses: FELLOWSHIP PROGRAM

    total $3,094,374 · program services $3,094,374

  • 24b · Other expenses: INSTITUTE PROGRAM

    total $1,745,040 · program services $1,745,040

  • 24c · Other expenses: LAMPLIGHTER PROGRAM

    total $77,871 · program services $77,871

  • 24d · Other expenses: MEALS

    total $29,291 · program services $23,433 · management and general $5,858

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,423,565 · end of year $1,372,470

  • 2 · Savings and temporary cash investments

    end of year $11,050,458

  • 3 · Pledges and grants receivable

    beginning of year $4,500,000 · end of year $1,500,000

  • 4 · Accounts receivable

    beginning of year $385 · end of year $75,924

  • 9 · Prepaid expenses and deferred charges

    beginning of year $49,433 · end of year $70,058

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,762,069 · end of year $622,696

  • 27 · Net assets without donor restrictions

    beginning of year $13,211,314 · end of year $13,446,214

Mission and programs · 2024

Mission

ALTFINANCE IS COMMITTED TO BUILDING AND EXPANDING PATHWAYS FOR HBCU STUDENTS WHO ENTER THE ALTERNATIVE INVESTMENT INDUSTRY. BY PROVIDING HBCU COMMUNITIES WITH ACCESS TO SPECIALIZED CURRICULUM, VALUABLE NETWORKS, AND SUSTAINABLE FINANCIAL SUPPORT, ALTFINANCE OPENS PATHWAYS FOR HBCU TALENT TO PURSUE CAREERS IN INVESTING. THROUGH INDUSTRY-FOCUSED EDUCATION, EXPOSURE, AND HANDS-ON EXPERIENCE, ALTFINANCE EQUIPS STUDENTS WITH THE TOOLS FOR SUCCESS.

Activities or mission (Part I)

ALT FINANCE CORPORATION ("ALTFINANCE") IS COMMITTED TO BUILDING AND EXPANDING PATHWAYS FOR STUDENTS AT HISTORICALLY BLACK COLLEGES AND UNIVERSITIES ("HBCU'S") WHO ENTER THE ALTERNATIVE INVESTMENT INDUSTRY. BY PROVIDING HBCU COMMUNITIES WITH ACCESS TO SPECIALIZED CURRICULUM, VALUABLE NETWORKS, AND SUSTAINABLE FINANCIAL SUPPORT, ALTFINANCE OPENS PATHWAYS FOR HBCU TALENT TO PURSUE CAREERS IN INVESTING. THROUGH INDUSTRY-FOCUSED EDUCATION, EXPOSURE, AND HANDS-ON EXPERIENCE, ALTFINANCE EQUIPS STUDENTS WITH THE TOOLS FOR SUCCESS.

  • SCHOLARSHIP PROGRAM - THIS PROGRAM PROVIDES NEED-BASED AND MERIT-BASED SCHOLARSHIPS FOR ALTFINANCE FELLOWS, IN ADDITION TO INSTITUTIONAL GRANTS FOR THE ORGANIZATION'S PARTNER HBCU'S. NEARLY 60 STUDENTS RECEIVED SCHOLARSHIPS, AND 2,800 STUDENTS WERE IMPACTED BY THE INSTITUTIONAL INVESTMENT.

    Expenses $2,773,674 · Grants $2,233,496

  • ALTFINANCE FELLOWSHIP PROGRAM - THIS PROGRAM SERVICES 118 STUDENTS BY PROVIDING THEM WITH TRAINING, MENTORSHIP, CAREER COACHING, AND SCHOLARSHIPS. THE ORGANIZATION HOSTS FIVE IN-PERSON WORKSHOPS A YEAR.

    Expenses $3,842,759

  • ALTFINANCE INSTITUTE - THE INSTITUTE PROVIDES CO-CURRICULAR LEARNING OPPORTUNITIES TO ALL INTERESTED HBCU STUDENTS TO INCREASE AWARENESS, SUPPORT INTEREST, AND CREATE PATHWAYS TO ALTERNATIVE INVESTMENT CAREERS. MANY OF THE INSTITUTE AMBASSADORS MEET IN PERSON ONCE A YEAR.

    Expenses $2,167,085

  • THE LAMPLIGHTER SERIES IS A REGIONAL SALON INITIATIVE DESIGNED TO CONNECT ALTFINANCE'S ECOSYSTEM OF HBCU'S, PARTNER FIRMS, AND INDUSTRY LEADERS WHILE ELEVATING AWARENESS OF ALTFINANCE'S MISSION. EACH EVENT SERVES AS AN INTIMATE, HIGH-IMPACT GATHERING TO SHOWCASE ADVISORY BOARD MEMBERS, ENGAGE LP'S, AND STRENGTHEN RELATIONSHIPS ACROSS REGIONS. THESE SMALLER, CURATED EVENTS ARE TAILORED TO EACH LOCATION'S COMMUNITY AND ALUMNI PRESENCE, FEATURING HBCU PRESIDENTS, FIRM LEADERS, AND OTHER INFLUENTIAL VOICES AS SPEAKERS. THE FORMAT ENCOURAGES MEANINGFUL NETWORKING AND THOUGHT LEADERSHIP.

    Expenses $96,705

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Trey Pruitt

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jonathan B Simon

    VICE-CHAIR, CHAIR (AS OF MAY 2024)

    Total calculated
    $0
    Hours/week
    1

  • Heather Berger

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Jerilyn McAniff

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Michelle Armstrong

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Milwood Hobbs Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Marcus Shaw

    PRESIDENT AND C.E.O.

    Total calculated
    $445,000
    From this org
    $445,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $325,000
    Bonus
    $120,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $445,000

  • Eddie Keith III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rachel Ward

    V-P, PROGRAMS AND PARTNERSHIPS

    Total calculated
    $189,276
    From this org
    $189,276
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,250
    Bonus
    $16,026
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $189,276

  • Leslie Espy

    V-P, STRATEGY AND OPERATION

    Total calculated
    $179,863
    From this org
    $179,863
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,300
    Bonus
    $11,563
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $179,863

  • Tulani Thomas

    CHIEF OF STAFF

    Total calculated
    $151,260
    From this org
    $151,260
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,000
    Bonus
    $26,260
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $151,260

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

  • 1a · First-class or charter travel
  • 1a · Health or social club dues or initiation fees
  • 3 · Compensation committee
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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 1A
THE ORGANIZATION'S PRESIDENT AND C.E.O. WILL OCCASIONALLY FLY FIRST CLASS DURING A RED-EYE FLIGHT, OR IF THAT IS THE ONLY FLIGHT AVAILABLE. THE ORGANIZATION ALSO COVERS THE DUES FOR THE GATHERING SPOT, WHICH IS A CO-WORKING SPACE AND SOCIAL CLUB.

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

Provenance

Return type
form_990
Tax year
2024
Filed
10 December 2025
IRS schema version
2024v5.2
Source object
202523449349300027

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