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← IDA AND ASSET BUILDING COLLABORATIVE OF NORTH CAROLINA

Form 990 for tax year 2022

Filed by IDA AND ASSET BUILDING COLLABORATIVE OF NORTH CAROLINA.

Totals

Total revenue
$176,505
Total expenses
$167,556
Contributions and grants received
$176,269
Grants paid
$0
Program service revenue
$0
Investment income
$236
Other revenue
$0
Total assets, end of year
$263,220
Total liabilities, end of year
$36,031
Net assets or fund balances, end of year
$227,189
Program services expenses (Part IX)
$115,751
Management and general expenses
$48,807
Fundraising expenses
$2,998
Program service expenses (Part III)
$115,751

Program services were 69.1% 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)

    $20,000

  • 1f · All other contributions, gifts and grants

    $156,269

  • 3 · Investment income

    total $236 · excluded $236

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $94,168 · program services $72,698 · management and general $18,677 · fundraising $2,793

  • 7 · Other salaries and wages

    total $7,688 · program services $7,688

  • 10 · Payroll taxes

    total $7,466 · program services $5,910 · management and general $1,351 · fundraising $205

  • 11c · Fees: accounting

    total $16,939 · program services $4,500 · management and general $12,439

  • 13 · Office expenses

    total $4,916 · program services $4,916

  • 16 · Occupancy

    total $6,954 · program services $3,823 · management and general $3,131

  • 23 · Insurance

    total $4,758 · management and general $4,758

  • 24a · Other expenses: OTHER

    total $15,993 · program services $7,542 · management and general $8,451

  • 24b · Other expenses: RECRUITING

    total $8,674 · program services $8,674

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $225,966 · end of year $234,531

  • 4 · Accounts receivable

    beginning of year $551 · end of year $1,179

  • 9 · Prepaid expenses and deferred charges

    end of year $1,730

  • 15 · Other assets

    beginning of year $0 · end of year $25,780

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,277 · end of year $10,093

  • 25 · Other liabilities

    beginning of year $0 · end of year $25,938

  • 27 · Net assets without donor restrictions

    beginning of year $48,847 · end of year $191,940

  • 28 · Net assets with donor restrictions

    beginning of year $169,393 · end of year $35,249

Mission and programs · 2022

Mission

THE COLLABORATIVE'S MISSION IS TO CLOSE THE WEALTH GAP IN NORTH CAROLINA. WE ADVOCATE ON BEHALF OF FINANCIALLY VULNERABLE COMMUNITIES BY COLLABORATING WITH FINANCIAL INSTITUTIONS, NONPROFITS, AND LOCAL GOVERNMENT AGENCIES ACROSS THE STATE TO EDUCATE PEOPLE ON BUILDING WEALTH. WE BELIEVE EVERYONE REGARDLESS OF THEIR SKIN COLOR, PHYSICAL ABILITIES, OR FINANCIAL CIRCUMSTANCES DESERVES AN EQUAL OPPORTUNITY TO BUILD WEALTH.

  • BANK ON NORTH CAROLINA IS A COLLABORATION BETWEEN FINANCIAL INSTITUTIONS, COMMUNITY BASED ORGANIZATIONS, AND LOCAL GOVERNMENT TO ENSURE THAT ALL RESIDENTS HAVE THE OPPORTUNITY TO BE FINANCIALLY HEALTHY. AN ESTIMATED 35 ORGANIZATIONS ARE INVOLVED IN THIS EFFORT. TOGETHER, WE ARE WORKING TO CONNECT PEOPLE TO SAFE, AFFORDABLE, AND CERTIFIED BANKING ACCOUNTS. OUR MEMBERS ALSO OFFER SERVICES AND EDUCATIONAL RESOURCES THAT HELP EMPOWER PEOPLE AND FAMILIES TO IMPROVE THEIR FINANCIAL CAPABILITY, HEALTH, AND INDEPENDENCE.

    Expenses $31,826

  • GROWING HOUSEHOLD INCOME: THROUGH THE AMERICORPS VISTA (VOLUNTEERS IN SERVICE TO AMERICA), THE COLLABORATIVE PROVIDES NORTH CAROLINA NONPROFITS WITH A FULL TIME, PAID VOLUNTEER WITH A BACHELORS DEGREE, FOR ONE YEAR TO BUILD CAPACITY WITHIN PROGRAMS THAT INCREASE FAMILIES' ECONOMIC STABILITY. THIS ADDITIONAL VISTA SUPPORT HAS BECOME AN INTEGRAL PART OF PARTICIPATING NONPROFITS, ESPECIALLY LEAN ORGANIZATIONS WHOSE STAFF IS LARGELY DEDICATED TO SERVING CLIENTS' NEEDS AND ARE THEREFORE UNABLE TO FOCUS ON PROGRAM DEVELOPMENT AND COMMUNITY NEEDS. IN ADDITION TO A LIVING STIPEND, THE VOLUNTEER VISTAS RECEIVE PROFESSIONAL DEVELOPMENT, HEALTHCARE COVERAGE, PAID TIME OFF, AND AN OPTIONAL EDUCATION OR CASH AWARD. THE VISTA SERVICE IS AVAILABLE TO ANY NONPROFIT OR GOVERNMENTAL AGENCY WITH WORK THAT IMPACTS LOW INCOME FAMILIES. OVER THE YEAR, THE COLLABORATIVE PLACED 15 VISTAS IN COMMUNITIES ACROSS THE STATE.

    Expenses $76,465

  • THE NORTH CAROLINA ASSETS ALLIANCE IS THE ADVOCACY ARM OF THE COLLABORATIVE, FOCUSING ON STUDENT LOAN, HOUSING, SMALL BUSINESS LENDING AND SUPPORT, AND FAIR FINANCIAL SERVICES FOR LOW INCOME POLICY. WE PROVIDED EDUCATION TO APPROXIMATELY 70 NONPROFITS ACROSS THE STATE OF NORTH CAROLINA.

    Expenses $7,460

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • KATI SESSOMS

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2

  • LATASHA BEST-GADDY

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • CATHERINE JARBOE

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • TIFFANY GLADNEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • DAN KORNELIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • TAMEKA REED

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • TYRAN HILL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • MARQUITA ROBERTSON

    EXECUTIVE DIRECTOR

    Total calculated
    $94,168
    From this org
    $90,264
    From related orgs
    $0
    Other
    $3,904
    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
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202323199349306192

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