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Nonprofiteer
← THE NASDAQ ENTREPRENEURIAL CENTER INC

Form 990 for tax year 2023

Filed by THE NASDAQ ENTREPRENEURIAL CENTER INC.

Totals

Total revenue
$7,871,341
Total expenses
$4,814,734
Contributions and grants received
$7,832,663
Grants paid
$432,500
Program service revenue
$38,678
Investment income
$0
Other revenue
$0
Total assets, end of year
$9,407,024
Total liabilities, end of year
$2,623,026
Net assets or fund balances, end of year
$6,783,998
Program services expenses (Part IX)
$3,692,041
Management and general expenses
$527,680
Fundraising expenses
$595,013
Program service expenses (Part III)
$3,692,041

Program services were 76.7% 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

    $7,832,663

  • 2a · Program service revenue: EVENT SALES

    total $38,678 · related or exempt $38,678

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $432,500 · program services $432,500

  • 5 · Compensation of officers, directors and key employees

    total $748,293 · program services $583,669 · management and general $74,829 · fundraising $89,795

  • 7 · Other salaries and wages

    total $803,764 · program services $626,935 · management and general $80,377 · fundraising $96,452

  • 8 · Pension plan contributions

    total $19,598 · program services $15,286 · management and general $1,960 · fundraising $2,352

  • 9 · Other employee benefits

    total $57,250 · program services $44,655 · management and general $5,725 · fundraising $6,870

  • 10 · Payroll taxes

    total $89,669 · program services $69,942 · management and general $8,967 · fundraising $10,760

  • 11b · Fees: legal

    total $6,845 · management and general $6,845

  • 11c · Fees: accounting

    total $58,976 · management and general $58,976

  • 11g · Fees: other

    total $481,344 · program services $275,344 · management and general $67,714 · fundraising $138,286

  • 13 · Office expenses

    total $13,848 · program services $10,801 · management and general $1,385 · fundraising $1,662

  • 14 · Information technology

    total $51,600 · program services $43,860 · management and general $7,740

  • 16 · Occupancy

    total $1,166,634 · program services $909,975 · management and general $116,663 · fundraising $139,996

  • 17 · Travel

    total $54,726 · program services $27,363 · management and general $10,945 · fundraising $16,418

  • 22 · Depreciation, depletion and amortization

    total $429,764 · program services $335,216 · management and general $42,976 · fundraising $51,572

  • 23 · Insurance

    total $66,264 · program services $51,686 · management and general $6,626 · fundraising $7,952

  • 24a · Other expenses: PROPERTY & OTHER TAXES

    total $238,888 · program services $186,332 · management and general $23,889 · fundraising $28,667

  • 24b · Other expenses: DUES & SUBSCRIPTIONS

    total $59,975 · program services $50,979 · management and general $8,996

  • 24c · Other expenses: GENERAL & ADMINISTRATIV

    total $25,299 · program services $20,275 · management and general $1,905 · fundraising $3,119

  • 24d · Other expenses: TELEPHONE

    total $9,261 · program services $7,223 · management and general $926 · fundraising $1,112

  • 24e · All other expenses

    total $236 · management and general $236

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,269,470 · end of year $2,738,610

  • 3 · Pledges and grants receivable

    beginning of year $1,479,327 · end of year $4,755,357

  • 4 · Accounts receivable

    beginning of year $68,971 · end of year $112,814

  • 9 · Prepaid expenses and deferred charges

    beginning of year $69,282 · end of year $8,637

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

    $5,611,774

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

    $4,895,500

  • 10c · Land, buildings and equipment, net

    beginning of year $1,146,038 · end of year $716,274

  • 15 · Other assets

    beginning of year $1,889,252 · end of year $1,075,332

  • 17 · Accounts payable and accrued expenses

    beginning of year $708,883 · end of year $750,728

  • 18 · Grants payable

    beginning of year $1,157,004 · end of year $533,966

  • 25 · Other liabilities

    beginning of year $2,329,062 · end of year $1,338,332

  • 27 · Net assets without donor restrictions

    beginning of year $2,248,064 · end of year $2,180,041

  • 28 · Net assets with donor restrictions

    beginning of year $1,479,327 · end of year $4,603,957

Mission and programs · 2023

Mission

ESTABLISHED IN 2014, THE NASDAQ ENTREPRENEURIAL CENTER (THE "CENTER") IS AN INDEPENDENT CHARITY DEDICATED TO EDUCATING THE PUBLIC ABOUT ENTREPRENEURSHIP AND EDUCATING INDIVIDUAL ENTREPRENEURS ON SUBJECTS USEFUL TO THEM AND BENEFICIAL TO THE COMMUNITY. THE CENTER IS ALSO DEDICATED TO IMPROVING INCLUSION AND ACCESS TO COMMUNITIES UNDER-REPRESENTED IN ENTREPRENEURIAL ENDEAVORS.

Activities or mission (Part I)

DELIVER WORLD-CLASS RESOURCES AND MENTORING TO ENABLE EVERY ENTREPRENEUR ACROSS THE GLOBE TO REALIZE THEIR MAXIMUM POTENTIAL.

  • WE'RE HONORED TO HAVE WORKED WITH OVER 90,000 ENTREPRENEURS SINCE 2014, OVER HALF OF WHOM ARE WOMEN AND MORE THAN 60% OF WHOM ARE UNDER-RESOURCED. THE CENTER MEETS THE REAL TIME NEEDS OF ENTREPRENEURS THROUGH EDUCATIONAL PROGRAMMING AND THEN SHARES ITS LEARNINGS WITH POLICY-LEADERS, CAPITAL ALLOCATORS AND ACADEMIC INSTITUTIONS. TO DATE, OVER 10,000 HOURS OF FREE TECHNICAL ASSISTANCE AND MENTORING SUPPORT HAS BEEN PROVIDED BY OVER 250 TEACHING EXPERTS IN SUPPORT OF ADVANCING ACCESS AND EQUITY IN ENTREPRENEURSHIP. BASED ON CONVERGENT WORK FROM QUANTITATIVE ANALYSIS ON ENTREPRENEUR DATA AND POLICY LANDSCAPE SCAN WE ARE IN A UNIQUE POSITION TO USE EXISTING RESEARCH TO INFORM A MODEL TO IDENTIFY CITIES THAT SCORE THE HIGHEST IN BUILDING AN ECOSYSTEM OF SUPPORT FOR VENTURE BACKED/ASPIRING UNDER-RESOURCED FOUNDERSWHICH IS NOW UNDERWAY OF ACTIVATING A NETWORK OF CITY LEADERS AND POLICY CHAMPIONS IN SUPPORT OF HEALTHY ENTREPRENEURIAL ECOSYSTEMS THAT WILL INSPIRE THE NEXT WAVE OF CITIES TO HAVE ACTIONABLE INSIGHTS THAT DRIVE POSITIVE OUTCOMES ACROSS ALL STAKEHOLDER GROUPS.

    Expenses $3,692,041 · Grants $432,500 · Revenue $38,678

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

Listed in Part VII

  • Steve Bochner

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Roburta Burroughs Massenat

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Shaloo Garg

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Jailan Griffiths

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Jillian Manus

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Matt Paget

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Shivani Sopory

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Melissa Honeywell

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Melissa Rick

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Nicola Corzine

    CEO & EXECUTIVE DIRECTOR

    Total calculated
    $418,113
    From this org
    $402,479
    From related orgs
    $0
    Other
    $15,634
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,000
    Bonus
    $182,479
    Other
    $0
    Deferred
    $3,634
    Nontaxable benefits
    $12,000
    Filer's total
    $418,113

  • Celena Aponte

    VICE PRESIDENT OF STRATEGY

    Total calculated
    $330,182
    From this org
    $316,533
    From related orgs
    $0
    Other
    $13,649
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,000
    Bonus
    $136,533
    Other
    $0
    Deferred
    $1,649
    Nontaxable benefits
    $12,000
    Filer's total
    $330,182

  • Colin Mahin

    DIRECTOR OF PROGRAMS

    Total calculated
    $125,093
    From this org
    $117,577
    From related orgs
    $0
    Other
    $7,516
    Hours/week
    40

  • Brooke Palizi

    DIRECTOR OF MARKETING

    Total calculated
    $116,285
    From this org
    $104,285
    From related orgs
    $0
    Other
    $12,000
    Hours/week
    40

  • Kamyrisa Twiggs Taylor

    DIRECTOR OF MILESTONE CIRCLES

    Total calculated
    $129,577
    From this org
    $117,577
    From related orgs
    $0
    Other
    $12,000
    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. 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 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 5a · Pay contingent on this organization's revenues

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 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

The filer's explanations (Part III)

PART I, LINE 5
IN ADDITION TO BASE SALARY AND BENEFITS, THE ORGANIZATION PROVIDES INCENTIVE COMPENSATION TO INDIVIDUAL EMPLOYEES. FOR EMPLOYEES OTHER THAN THE EXECUTIVE DIRECTOR, QUARTERLY INCENTIVE COMPENSATION FOR AN EMPLOYEE IS CALCULATED ON THE BASIS OF PRE-SPECIFIED PERCENTAGES OF GROSS FUNDRAISING REVENUE ACHIEVED BY THE EMPLOYEE IN THAT QUARTER. PERCENTAGES VARY FROM 2.5% TO 20% ACCORDING TO THE SPECIFIC CATEGORY OF FUNDRAISING REVENUE REALIZED. TOTAL SALARY INCLUDING INCENTIVE COMPENSATION FOR THESE EMPLOYEES IS SUBJECT TO A FIXED CAP. THE EXECUTIVE DIRECTOR IS ELIGIBLE FOR QUARTERLY INCENTIVE COMPENSATION EQUAL TO 10% OF ANNUAL BASE SALARY FOR ACHIEVING CERTAIN PRE-DETERMINED PERFORMANCE GOALS. THE EXECUTIVE DIRECTOR IS FURTHER ELIGIBLE FOR ANNUAL INCENTIVE COMPENSATION OF UP TO 40% OF BASE SALARY AS A RESULT OF EXCEEDING PRE-DETERMINED PERFORMANCE GOALS BY A PRE-SPECIFIED MARGIN. FOR ALL EMPLOYEES, ANY AWARD OF INCENTIVE COMPENSATION IS SUBJECT TO THE ULTIMATE APPROVAL OF THE EXECUTIVE COMMITTEE OF THE ORGANIZATION'S BOARD OF DIRECTORS.

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

Provenance

Return type
form_990
Tax year
2023
Filed
30 October 2024
IRS schema version
2023v5.1
Source object
202403059349301715

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