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Nonprofiteer
← THE AXIOM ADVANCEMENT CORPORATION

Form 990 for tax year 2022

Filed by THE AXIOM ADVANCEMENT CORPORATION.

Totals

Total revenue
$578,609
Total expenses
$237,582
Contributions and grants received
$574,000
Grants paid
$5,000
Program service revenue
$4,609
Investment income
$0
Other revenue
$0
Total assets, end of year
$347,880
Total liabilities, end of year
$49,289
Net assets or fund balances, end of year
$298,591
Program services expenses (Part IX)
$202,693
Management and general expenses
$23,258
Fundraising expenses
$11,631
Program service expenses (Part III)
$202,693

Program services were 85.3% 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)

    $350,000

  • 1f · All other contributions, gifts and grants

    $224,000

  • 2a · Program service revenue: FEE INCOME

    total $2,750 · related or exempt $2,750

  • 2b · Program service revenue: INTEREST INCOME

    total $1,859 · related or exempt $1,859

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

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

  • 6 · Compensation of disqualified persons

    total $116,333 · program services $98,883 · management and general $11,633 · fundraising $5,817

  • 7 · Other salaries and wages

    total $32,614 · program services $27,722 · management and general $3,261 · fundraising $1,631

  • 10 · Payroll taxes

    total $3,077 · program services $2,615 · management and general $308 · fundraising $154

  • 11b · Fees: legal

    total $9,902 · program services $8,417 · management and general $990 · fundraising $495

  • 11c · Fees: accounting

    total $4,587 · program services $3,899 · management and general $459 · fundraising $229

  • 11g · Fees: other

    total $10,543 · program services $8,962 · management and general $1,054 · fundraising $527

  • 12 · Advertising and promotion

    total $6,937 · program services $5,896 · management and general $694 · fundraising $347

  • 13 · Office expenses

    total $10,154 · program services $8,631 · management and general $1,015 · fundraising $508

  • 16 · Occupancy

    total $8,429 · program services $7,164 · management and general $843 · fundraising $422

  • 17 · Travel

    total $8,668 · program services $7,368 · management and general $867 · fundraising $433

  • 23 · Insurance

    total $7,225 · program services $6,141 · management and general $722 · fundraising $362

  • 24a · Other expenses: MEMBERSHIPS & SUBSCRITPIO

    total $5,710 · program services $4,853 · management and general $571 · fundraising $286

  • 24b · Other expenses: SOFTWARE & APPS

    total $5,359 · program services $4,555 · management and general $536 · fundraising $268

  • 24c · Other expenses: MEALS

    total $2,685 · program services $2,282 · management and general $269 · fundraising $134

  • 24d · Other expenses: BANK FEES & SERVICE CHARG

    total $357 · program services $303 · management and general $36 · fundraising $18

  • 24e · All other expenses

    total $2 · program services $2

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $52,755 · end of year $205,645

  • 4 · Accounts receivable

    end of year $3,753

  • 15 · Other assets

    beginning of year $35,268 · end of year $138,482

  • 17 · Accounts payable and accrued expenses

    beginning of year $130,459 · end of year $49,289

  • 27 · Net assets without donor restrictions

    beginning of year -$42,436 · end of year $298,591

Mission and programs · 2022

Mission

PROVDE SMALL LOW INTEREST LOANS TO START UP BUSINESSES.

Activities or mission (Part I)

AXIOM IS A MICROLOAN FUND INTENTIONALLY FOCUSED ON SERVING MINORITY, WOMEN-OWNED AND DISADVANTAGED BUSINESS ENTERPRISES, BY PROVIDING ACCESS TO CAPITAL AND BUSINESS DEVELOPMENT SUPPORT.

  • AXIOM ADVANCEMENT CORPORATION EXISTS TO LEVEL THE PLAYING FIELD IN SMALL BUSINESS LENDING THROUGH OUR COMMITMENT TO FAIR LENDING LAWS, ACCOUNTABILITY TO THE COMMUNITIES WE SERVE AND BY IMPLEMENTING INDUSTRY BEST PRACTICES. AXIOM IS MORE THAN A FUNDING SOURCE, WE ARE A PEOPLE FOCUSED COMMUNITY SERVICES ORGANIZATION, PROMISING ECONOMIC IMPROVEMENT.

    Expenses $202,693 · Grants $5,000 · Revenue $4,609

As filed on the 2022 return.

Listed in Part VII

  • Michelle Chenn

    PRESIDENT

    Total calculated
    $116,333
    From this org
    $116,333
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Benjamin Contrucci

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Lateshya Ellis

    VICE CHAIR

    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
2022
Filed
28 September 2023
IRS schema version
2022v5.0
Source object
202312789349300341

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