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← OPPORTUNITY THROUGH ENTREPRENEURSHIP FOUNDATION

Form 990 for tax year 2023

Filed by OPPORTUNITY THROUGH ENTREPRENEURSHIP FOUNDATION.

Totals

Total revenue
$64,930
Total expenses
$31,463
Contributions and grants received
$65,996
Grants paid
$0
Program service revenue
$0
Investment income
-$1,066
Other revenue
$0
Total assets, end of year
$224,346
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$224,346
Program services expenses (Part IX)
$25,022
Management and general expenses
$6,441
Fundraising expenses
$0
Program service expenses (Part III)
$25,022

Program services were 79.5% 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

    $65,996

  • 1g · Noncash contributions included above

    $500

  • 3 · Investment income

    total $15 · excluded $15

  • 7b · Less cost or other basis and sales expenses

    other assets $1,081

  • 7c · Gain or loss

    other assets -$1,081

  • 7d · Net gain or loss

    total -$1,081 · excluded -$1,081

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $15,734 · program services $15,734

  • 10 · Payroll taxes

    total $1,132 · program services $1,132

  • 11c · Fees: accounting

    total $3,106 · management and general $3,106

  • 12 · Advertising and promotion

    total $2,327 · management and general $2,327

  • 13 · Office expenses

    total $15 · management and general $15

  • 14 · Information technology

    total $983 · management and general $983

  • 19 · Conferences, conventions and meetings

    total $5,000 · program services $5,000

  • 24a · Other expenses: MISC PROGRAM EXPENSES

    total $3,156 · program services $3,156

  • 24b · Other expenses: LICENSES AND PERMITS

    total $10 · management and general $10

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,684 · end of year $6,284

  • 2 · Savings and temporary cash investments

    beginning of year $171,145 · end of year $143,062

  • 4 · Accounts receivable

    beginning of year $5,000 · end of year $0

  • 7 · Other notes and loans receivable

    end of year $50,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,000 · end of year $0

  • 13 · Investments: program-related

    end of year $25,000

  • 14 · Intangible assets

    beginning of year $1,050 · end of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $190,879 · end of year $224,346

Mission and programs · 2023

Mission

THE OPPORTUNITY THROUGH ENTREPRENEURSHIP FOUNDATION (OTEF) EDUCATES AND INVESTS IN PEOPLE AND ORGANIZATIONS THAT CREATE HOPE. OUR PROGRAMS INCLUDE EDUCATION FOR SMALL BUSINESSES AND ASPIRING ENTREPRENEURS, PROGRAMS TO SUPPORT STUDENTS IN EXPLORING FUTURE CAREERS, AND OUR AZADVANCES INITIATIVE WHICH SUPPORTS THE CREATION AND COMMERCIALIZATION OF ARIZONA-BASED HEALTH INNOVATIONS.

Activities or mission (Part I)

THE OPPORTUNITY THROUGH ENTREPRENEURSHIP FOUNDATION (OTEF) EDUCATES AND INVESTS IN PEOPLE AND ORGANIZATIONS THAT CREATE HOPE.

  • VOLUNTEERS FROM THE ARIZONA BIOINDUSTRY ASSOCIATION PROVIDED 1:1 MENTORING SESSIONS TO SMALL BUSINESS OWNERS AND ASPIRING ENTREPRENEURS. OUR STUDENT DISCOVERY ZONE PROGRAM (PART OF OUR AZADVANCES TALENT PROGRAM) PROVIDED HIGH SCHOOL AND UNIVERSITY STUDENTS THE OPPORTUNITY TO CONNECT WITH INDUSTRY LEADERS AND SHOWCASE THEIR RESEARCH PROJECTS. AS PART OF THIS PROGRAM, MERIT-BASED SCHOLARSHIP PRIZES WERE COMPETITIVELY AWARDED. THREE UNIVERSITY STUDENTS WERE EMPLOYED AS PART TIME STUDENT INTERNS IN 2023 FOR 3 TO 4 MONTHS EACH. THE AZADVANCES CAPITAL PROGRAM MADE THREE INVESTMENTS INTO EARLY STAGE LIFE SCIENCE COMPANIES. THESE EQUITIES WILL BE HELD BY OTEF AND THE FUTURE INVESTMENT PROCEEDS REMAIN WITH OTEF. ON DEC 29, 2022, THE ARIZONA STATE BOARD OF INVESTMENT APPROVED A CONTRACT WITH THE ARIZONA STATE TREASURER'S OFFICE (ASTO)FOR OTEF TO RECEIVE ONGOING DISTRIBUTIONS FROM THE ARIZONA HEALTH INNOVATION TRUST FUND TO SUPPORT ITS CHARITABLE PURPOSE AND TO PERFORM SPECIFIED SERVICES AS SET FORTH IN A.R.S. 41-177. THE FIRST DISTRIBUTIONS FROM ASTO WILL BEGIN IN 2027. NO MONETARY SUPPORT WAS PROVIDED FROM STATE OR FEDERAL SOURCES IN 2023.

    Expenses $25,022

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Joan Koerber-Walker MBA

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    10

  • Robert Dunaway JD

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Ed Nusbaum

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

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
2023
Filed
15 May 2024
IRS schema version
2023v5.0
Source object
202441369349317304

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