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← MAC FOUNDATION

Form 990 for tax year 2024

Filed by MAC FOUNDATION.

Totals

Total revenue
$137,842
Total expenses
$77,968
Contributions and grants received
$68,343
Grants paid
$13,000
Program service revenue
$18,500
Investment income
$0
Other revenue
$50,999
Total assets, end of year
$69,459
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$69,459
Program services expenses (Part IX)
$46,779
Management and general expenses
$23,634
Fundraising expenses
$7,555
Program service expenses (Part III)
$46,779

Program services were 60.0% 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.

  • 1d · Related organizations

    $16,898

  • 1f · All other contributions, gifts and grants

    $51,445

  • 2a · Program service revenue: SCHOLARSHIP FUND

    total $13,500 · related or exempt $13,500

  • 2b · Program service revenue: RISING CEO'S

    total $5,000 · related or exempt $5,000

  • 8a · Fundraising events: gross income

    $80,012

  • 8b · Fundraising events: direct expenses

    $29,013

  • 8c · Net income from fundraising events

    total $50,999 · excluded $50,999

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $13,000 · program services $13,000

  • 11a · Fees: management

    total $30,560 · program services $15,280 · management and general $15,280

  • 11b · Fees: legal

    total $650 · program services $217 · management and general $217 · fundraising $216

  • 11c · Fees: accounting

    total $13,540 · program services $4,514 · management and general $4,513 · fundraising $4,513

  • 11g · Fees: other

    total $879 · program services $293 · management and general $293 · fundraising $293

  • 12 · Advertising and promotion

    total $210 · program services $70 · management and general $70 · fundraising $70

  • 13 · Office expenses

    total $2,556 · program services $586 · management and general $1,384 · fundraising $586

  • 24a · Other expenses: RISING CEOS

    total $10,759 · program services $10,759

  • 24b · Other expenses: DONATIONS

    total $5,100 · program services $1,700 · management and general $1,700 · fundraising $1,700

  • 24c · Other expenses: PROCESSING FEES

    total $531 · program services $177 · management and general $177 · fundraising $177

  • 24d · Other expenses: SUIT UP

    total $183 · program services $183

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $36,500 · end of year $69,459

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,950 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $33,550 · end of year $69,459

Mission and programs · 2024

Mission

TO CONNECT, EMPOWER, AND ELEVATE UNDERREPRESENTED ENTREPRENEURS.

  • THE RISING CEOS PROGRAM IS DESIGNED TO CREATE OPPORTUNITIES FOR TEENS IN AT-RISK POPULATIONS IN BLACK AND BROWN, IMMIGRANT AND REFUGEE COMMUNITIES TO INSPIRE AND FEED THE PIPELINE OF FUTURE MINORITY ENTREPRENEURS. IN THE TEN-WEEK PROGRAM, PARTICIPANTS WILL PARTICIPATE IN WORKSHOPS LEAD BY LOCAL BUSINESS LEADERS PAIRED UP WITH A K-12 TEACHER, CREATE A BUSINESS PLAN, AND COMPETE IN A BUSINESS PITCH COMPETITION TO WIN FUNDING OF $500 FOR THEIR IDEA. THE CULMINATION OF THE PROGRAM WILL BE THE ANNUAL RISING CEOS SUMMIT.

    Expenses $8,371 · Revenue $5,000

  • MAC FOUNDATION SCHOLARSHIPS HAVE BEEN ESTABLISHED TO ASSIST BLACK, REFUGEE, AND IMMIGRANT HIGH SCHOOL SENIORS AND COLLEGE STUDENTS STUDYING ACCOUNTING, FINANCE, LAW, AND STEM (SCIENCE, TECHNOLOGY, ENGINEERING, AND MATHEMATICS).

    Expenses $30,613 · Grants $13,000 · Revenue $13,500

  • THE MISSION OF THE MAC FOUNDATION'S SUIT UP PROGRAM IS TO EMPOWER YOUNG MEN AND WOMEN TO ACHIEVE ECONOMIC INDEPENDENCE BY PROVIDING A NETWORK OF SUPPORT, PROFESSIONAL ATTIRE, HEADSHOT, AND JOB READINESS WORKFORCE PREPARATION. THIS PROGRAM IS DESIGNED TO CREATE OPPORTUNITIES FOR TEENS AND YOUNG ADULTS IN AT-RISK POPULATIONS IN BLACK AND BROWN, IMMIGRANT, AND REFUGEE COMMUNITIES SO AS TO INSPIRE AND FEED THE PIPELINE OF FUTURE MINORITY ENTREPRENEURS. WE AIM TO REFRAME THEIR VISION OF A FUTURE AWAY FROM GANG ACTIVITY, VIOLENCE, CRIMES, AND DRUGS. THIS PROGRAM IS A PATHWAY TO HELPING YOUNG PEOPLE ENVISION HOW THEY CAN ACHIEVE A POSITIVE AND PROSPEROUS LIFE, BY INVESTING IN THEMSELVES AND THEIR BUSINESS IDEAS.

    Expenses $7,795

As filed on the 2024 return.

Listed in Part VII

  • Karine Sokpoh

    BOARD PRESIDENT

    Total calculated
    $60,000
    From this org
    $0
    From related orgs
    $60,000
    Other
    $0
    Hours/week
    10

  • Jordan Young

    SECRETARY

    Total calculated
    $0
    Hours/week
    10

  • Dr Albert Kate

    TREASURER

    Total calculated
    $0
    Hours/week
    10

  • Dr Matthew Omojola

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Tierra Nesbitt

    VP MARKETING

    Total calculated
    $0
    Hours/week
    5

  • Obiozor Okolo

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

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.

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
2024
Filed
20 May 2025
IRS schema version
2024v5.1
Source object
202521409349300427

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