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Nonprofiteer
← VESTEDIN

Form 990 for tax year 2023

Filed by VESTEDIN.

Totals

Total revenue
$1,428,855
Total expenses
$2,619,074
Contributions and grants received
$819,987
Grants paid
$0
Program service revenue
$585,056
Investment income
$11,751
Other revenue
$12,061
Total assets, end of year
$6,877,654
Total liabilities, end of year
$1,027,139
Net assets or fund balances, end of year
$5,850,515
Program services expenses (Part IX)
$2,253,411
Management and general expenses
$341,586
Fundraising expenses
$24,077
Program service expenses (Part III)
$2,253,411

Program services were 86.0% 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.

  • 1e · Government grants (contributions)

    $381,000

  • 1f · All other contributions, gifts and grants

    $438,987

  • 2a · Program service revenue: INVESTMENT INCOME FROM JOINT VENTURE

    total $467,740 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: LOAN FEES

    total $95,102 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: INTEREST INCOME - LOANS

    total $22,214 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $11,751 · unrelated business $0 · excluded $11,751

  • 8a · Fundraising events: gross income

    $50,997

  • 8b · Fundraising events: direct expenses

    $38,936

  • 8c · Net income from fundraising events

    total $12,061 · unrelated business $0 · excluded $12,061

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $133,250 · program services $86,238 · management and general $47,012 · fundraising $0

  • 7 · Other salaries and wages

    total $515,473 · program services $471,473 · management and general $44,000 · fundraising $0

  • 9 · Other employee benefits

    total $78,190 · program services $56,642 · management and general $21,548 · fundraising $0

  • 10 · Payroll taxes

    total $55,267 · program services $43,771 · management and general $11,496 · fundraising $0

  • 11b · Fees: legal

    total $12,111 · program services $4,076 · management and general $8,035 · fundraising $0

  • 11c · Fees: accounting

    total $97,491 · program services $61,357 · management and general $36,134 · fundraising $0

  • 11g · Fees: other

    total $70,757 · program services $45,036 · management and general $25,721 · fundraising $0

  • 12 · Advertising and promotion

    total $53,138 · program services $1,384 · management and general $50,289 · fundraising $1,465

  • 13 · Office expenses

    total $4,647 · program services $160 · management and general $4,487 · fundraising $0

  • 16 · Occupancy

    total $89,489 · program services $56,050 · management and general $33,439 · fundraising $0

  • 17 · Travel

    total $13,407 · program services $0 · management and general $13,407 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $48,659 · program services $6,251 · management and general $19,796 · fundraising $22,612

  • 22 · Depreciation, depletion and amortization

    total $4,744 · program services $0 · management and general $4,744 · fundraising $0

  • 23 · Insurance

    total $14,713 · program services $8,935 · management and general $5,778 · fundraising $0

  • 24a · Other expenses: SMALL BUSINESS RELIEF GRANTS

    total $1,118,847 · program services $1,118,847 · management and general $0 · fundraising $0

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $183,011 · program services $183,011 · management and general $0 · fundraising $0

  • 24c · Other expenses: WESGOLD FELLOWS

    total $86,137 · program services $86,137 · management and general $0 · fundraising $0

  • 24d · Other expenses: LOAN SERVICING

    total $4,015 · program services $4,015 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $35,728 · program services $20,028 · management and general $15,700 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,756,393 · end of year $2,293,495

  • 2 · Savings and temporary cash investments

    beginning of year $1,282,017 · end of year $1,314,692

  • 4 · Accounts receivable

    beginning of year $324,050 · end of year $155,233

  • 7 · Other notes and loans receivable

    beginning of year $1,020,913 · end of year $483,512

  • 9 · Prepaid expenses and deferred charges

    beginning of year $11,847 · end of year $14,309

  • 10a · Land, buildings and equipment: cost or other basis

    $265,571

  • 10b · Land, buildings and equipment: accumulated depreciation

    $156,194

  • 10c · Land, buildings and equipment, net

    beginning of year $51,861 · end of year $109,377

  • 12 · Investments: other securities

    beginning of year $73,008 · end of year $73,958

  • 15 · Other assets

    beginning of year $2,573,986 · end of year $2,433,078

  • 17 · Accounts payable and accrued expenses

    beginning of year $96,012 · end of year $101,843

  • 23 · Secured mortgages and notes payable

    beginning of year $567,206 · end of year $541,627

  • 25 · Other liabilities

    beginning of year $390,123 · end of year $383,669

  • 27 · Net assets without donor restrictions

    beginning of year $5,226,710 · end of year $5,123,270

  • 28 · Net assets with donor restrictions

    beginning of year $1,814,024 · end of year $727,245

Mission and programs · 2023

Mission

VESTEDINS MISSION IS TO FACILITATE ECONOMIC EMPOWERMENT TO SMALL BUSINESSES & THE COMMUNITY AND INCREASED EMPLOYMENT OPPORTUNITIES IN THE PHILADELPHIA AREA.

  • PROVIDES ECONOMIC EMPOWERMENT TO SMALL BUSINESSES & THE COMMUNITY AND INCREASED EMPLOYMENT OPPORTUNITIES IN THE PHILADELPHIA AREA. PROVIDES CAPITAL, TECHNICAL ASSISTANCE AND FINANCIAL SERVICES AS AN INNOVATIVE RESPONSE TO A LOW-INCOME COMMUNITY HISTORICALLY UNDER SERVED BY TRADITIONAL FINANCIAL INSTITUTIONS. VESTEDIN ALSO OPERATES A PROGRAM FOR HIGH SCHOOL STUDENTS TO PROVIDE INSIGHT INTO FINANCIAL EDUCATION, COLLEGE PLANNING AND CAREER PLANNING.

    Expenses $2,253,411 · Grants $1,118,847 · Revenue $585,056

As filed on the 2023 return.

Listed in Part VII

  • James R Burnett

    EXECUTIVE DIRECTOR

    Total calculated
    $151,772
    From this org
    $117,511
    From related orgs
    $0
    Other
    $34,261
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,511
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,261
    Filer's total
    $151,772

  • Ismail Shahid

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Robyn Chin

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Naja Muhammad

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Malcolm Yates

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Kimberly Reed

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Andre Andrews

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Vanessa Williams

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Darryl Ridgeway

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Alan Wilson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Cierrah West-Williams

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jacqueline Lopez

    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. 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

  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

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

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
21 February 2025
IRS schema version
2023v6.0
Source object
202530529349301913

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