Form 990 for tax year 2024

Filed by NEW MAJORITY CAPITAL FOUNDATION INC.

Totals

Total revenue: $3,307,793
Total expenses: $2,164,918
Contributions and grants received: $3,286,033
Grants paid: $0
Program service revenue: $0
Investment income: $10,023
Other revenue: $11,737
Total assets, end of year: $2,854,583
Total liabilities, end of year: $892,756
Net assets or fund balances, end of year: $1,961,827
Program services expenses (Part IX): $2,164,918
Management and general expenses: $0
Fundraising expenses: $0
Program service expenses (Part III): $2,164,918

Program services were 100.0% 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.

1f · All other contributions, gifts and grants

$3,286,033
1g · Noncash contributions included above

$44,634
3 · Investment income

total $10,023 · related or exempt $10,023
11a · Other revenue: OTHER INCOME

total $11,737 · related or exempt $11,737
11e · Other revenue, total

$11,737

Functional expenses

Part IX, the statement of functional expenses.

5 · Compensation of officers, directors and key employees

total $129,415 · program services $129,415
7 · Other salaries and wages

total $78,995 · program services $78,995
8 · Pension plan contributions

total $18,635 · program services $18,635
10 · Payroll taxes

total $14,148 · program services $14,148
11g · Fees: other

total $1,004,849 · program services $1,004,849
12 · Advertising and promotion

total $27,370 · program services $27,370
13 · Office expenses

total $53,392 · program services $53,392
17 · Travel

total $254,068 · program services $254,068
22 · Depreciation, depletion and amortization

total $5,247 · program services $5,247
23 · Insurance

total $7,569 · program services $7,569
24a · Other expenses: PROGRAM EVENTS

total $333,777 · program services $333,777
24b · Other expenses: TRAINING STIPENDS

total $199,364 · program services $199,364
24c · Other expenses: PROFESSIONAL FEES

total $38,089 · program services $38,089

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $406,831 · end of year $2,262,820
3 · Pledges and grants receivable

beginning of year $521,344 · end of year $565,711
9 · Prepaid expenses and deferred charges

beginning of year $3,780 · end of year $3,777
10a · Land, buildings and equipment: cost or other basis

$27,522
10b · Land, buildings and equipment: accumulated depreciation

$5,247
10c · Land, buildings and equipment, net

beginning of year $24,922 · end of year $22,275
17 · Accounts payable and accrued expenses

beginning of year $137,925 · end of year $97,282
19 · Deferred revenue

end of year $795,474
27 · Net assets without donor restrictions

beginning of year -$171,397 · end of year $217,895
28 · Net assets with donor restrictions

beginning of year $990,349 · end of year $1,743,932

Mission and programs · 2024

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 $2,164,918
SUCCESSION READY PROGRAM EDUCATION AND SUPPORT SERVICES TO HELP OWNERS OF BUSINESSES CREATE SUCCESSION PLANS.

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

Listed in Part VII

DARRYL LINDIE

PRESIDENT

Total calculated

$0

Hours/week

4
HAVELL RODRIGUES

CLERK

Total calculated

$0

Hours/week

8
CRYSTAL WARD

DIRECTOR

Total calculated

$0

Hours/week

1
DEENEAUS POLK

DIRECTOR

Total calculated

$0

Hours/week

1
ROGER RICHARDS

DIRECTOR

Total calculated

$0

Hours/week

1
MELISSA CASTRO

DIRECTOR

Total calculated

$0

Hours/week

1
ALLEGRA STENNETT

TREASURER

Total calculated

$129,415

From this org

$129,415

From related orgs

$0

Other

$0

Hours/week

40

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: 2024
Filed: 14 July 2025
IRS schema version: 2024v5.2
Source object: 202531989349301313

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