Form 990 for tax year 2022

Totals

Total revenue

$215,810

Total expenses

$149,324

Contributions and grants received

$216,654

Grants paid

$0

Program service revenue

$0

Investment income

$59

Other revenue

-$903

Total assets, end of year

$124,456

Total liabilities, end of year

$2,035

Net assets or fund balances, end of year

$122,421

Program services expenses (Part IX)

$71,211

Management and general expenses

$24,142

Fundraising expenses

$53,971

Program service expenses (Part III)

$71,211

Program services were 47.7% 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.

Mission and programs · 2022

• OUR MAJOR PROGRAM AREAS INCLUDE TELLING STORIES, FORGING PARTNERSHIPS, AND PROVIDING UNBIASED INFORMATION AROUND ALL TYPES OF EMPLOYEE OWNERSHIP (EMPLOYEE STOCK OWNERSHIP PLANS (ESOPS), WORKER COOPERATIVES, AND EMPLOYEE OWNERSHIP TRUSTS (EOTS), BOTH AS AN EXIT PLANNING AND A BUSINESS GROWTH TOOL TO BUSINESSES AND A BROAD VARIETY OF STAKEHOLDERS (BUSINESS ADVISORS, ECONOMIC DEVELOPERS, COMMUNITY MEMBERS).SEE SCHEDULE O FOR ADDITIONAL DETAILS.WE ARE BUILDING A STRONG ECOSYSTEM TO PROVIDE SUPPORT FOR PRIVATELY HELD BUSINESSES TO CONVERT TO EMPLOYEE OWNERSHIP, AND WE MODEL DOING BUSINESS WITH EMPLOYEE-OWNED FIRMS. NCEOC HAS A PARTICULAR FOCUS ON INCREASING WEALTH BUILDING OPPORTUNITIES FOR BLACK, INDIGENOUS, PEOPLE OF COLOR (BIPOC)-OWNED BUSINESSES AND BUSINESSES WITH MAJORITY-BIPOC WORKFORCES. WE VIEW EMPLOYEE OWNERSHIP AS A CRITICAL TOOL TO ACHIEVE THESE GOALS. BY EDUCATING COMMUNITIES, BUSINESSES, AND ECONOMIC DEVELOPERS ON EMPLOYEE OWNERSHIP AND HELPING TO CONVERT BUSINESS TO ESOPS, WORKER COOPERATIVES, AND OTHER STRUCTURES, WE HELP BROADEN ECONOMIC OPPORTUNITY TO BENEFIT TRADITIONALLY DISADVANTAGED GROUPS. AS WE STRIVE TO ADDRESS THESE CHALLENGES, WE ARE OPTIMISTIC THAT THREE OPPORTUNITIES WILL ARISE:-GROWING AWARENESS AND INTEREST: EMPLOYEE OWNERSHIP CAN BE A POWERFUL TOOL FOR BUILDING WEALTH AND CREATING MORE EQUITABLE WORKPLACES, AND THERE IS GROWING INTEREST IN THIS MODEL ACROSS THE COUNTRY. A RECENT STUDY REVEALED THAT BEING PART OF AN ESOP RESULTED IN 92% HIGHER MEDIAN HOUSEHOLD WEALTH, 33% HIGHER MEDIAN INCOME FROM WAGES, AND 53% LONGER MEDIAN JOB TENURE.-COLLABORATIVE NETWORKS AND PARTNERSHIPS: THERE ARE MANY ORGANIZATIONS AND NETWORKS WORKING TO ADVANCE RACIAL EQUITY AND BUILD POWER IN COMMUNITIES OF COLOR, AND BUILDING STRONG PARTNERSHIPS ACROSS SECTORS CAN AMPLIFY OUR IMPACT.-SUPPORTIVE POLICIES AND INSTITUTIONS: POLICIES AND INSTITUTIONS THAT PROMOTE EQUITY AND INCLUSION CAN CREATE A MORE FAVORABLE ENVIRONMENT FOR POWER BUILDING AND HELP LEVEL THE PLAYING FIELD FOR COMMUNITIES OF COLOR.SINCE ITS FOUNDING IN 2019 NCEOC HAS SUCCESSFULLY BUILT STRONG RELATIONSHIPS IN COMMUNITIES AROUND THE STATE, DEVELOPED EFFECTIVE EDUCATION MATERIALS, AND NETWORKED WITH ADVISORS, PARTNERS, AND RETIRING BUSINESS OWNERS. ACTIVITIES INCLUDE:-A SUCCESSFUL ONLINE BILINGUAL CELEBRATION OF EMPLOYEE OWNERSHIP IN OCT. 2020 AND AN IN-PERSON CELEBRATION OF EMPLOYEE OWNERSHIP IN WINSTON-SALEM IN OCT. 2022 HIGHLIGHTING RECENTLY CONVERTED EO COMPANIES (SOW TRUE SEED, SHOPBOT TOOLS, KONTEK, CAKTUS GROUP).-ONE-ON-ONE MEETINGS WITH MORE THAN 20 BUSINESSES, RESULTING IN 25% OF THEM ACTIVELY PURSUING EMPLOYEE OWNERSHIP CONVERSIONS-OUTREACH TO 1,800 BLACK, INDIGENOUS, AND PEOPLE OF COLOR (BIPOC)-OWNED BUSINESSES THROUGHOUT THE STATE; PARTNERSHIP WITH THE CITY OF DURHAM ASSISTING LEGACY BLACK-OWNED BUSINESSES WITH SUCCESSION PLANNING-50,000+ PEOPLE REACHED THROUGH PAID SOCIAL MEDIA, FOCUSING ON RETIRING BUSINESS OWNERS, RURAL AREAS, AND BIPOC-OWNED BUSINESSES-20+ PRESENTATIONS TO ECONOMIC DEVELOPMENT ORGANIZATIONS ACROSS THE STATE-COMMUNITY-BASED WORK IN DURHAM, WINSTON SALEM, CHARLOTTE, AND SMALLER EASTERN NC COUNTIES INCLUDING MARTIN AND HALIFAX COUNTY, WHILE ESTABLISHING PARTNERSHIPS AND SECURING FUNDING SOURCES FOR THE GREATER ASHEVILLE REGION.-CREATION OF SERVICE PROVIDER NETWORK TO PROVIDE BUSINESS OWNERS WITH TECHNICAL ASSISTANCE-COLLABORATION WITH INDIVIDUAL INVESTORS, LENDERS, AND FOUNDATIONS TO PROVIDE FUNDING FOR EMPLOYEE OWNERSHIP CONVERSIONS-CREATION OF EMPLOYEE OWNERSHIP AMBASSADOR PROGRAM TO EDUCATE KEY COMMUNITY STAKEHOLDERS IN EMPLOYEE OWNERSHIP BASICS; SUCCESSFULLY GRADUATED THE FIRST TWO COHORTS-WITH NC GROWTH, CREATED A PRIORITY BUSINESS INDEX OF MEDIUM TO LARGE PRIVATELY HELD BUSINESSES IN NC WITH OWNERS NEARING RETIREMENT AGE AND WITH SIGNIFICANT BIPOC WORKFORCES.IN OUR STATE THERE IS A LARGE NEED FOR SUCCESSION PLANNING SUPPORT TO SAVE JOBS, REVENUE, AND PAYROLL. EMPLOYEE OWNERSHIP COULD PROVIDE THESE EMPLOYEES WITH THE LASTING IMPACT OF WEALTH BUILDING OPPORTUNITIES THAT COULD IMPACT THEMSELVES, THEIR FAMILIES, AND THEIR COMMUNITIES FOR YEARS TO COME.

  Expenses $71,211 · Revenue $250

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

Listed in Part VII

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

14 November 2023

IRS schema version

2022v5.0

Source object

202323199349308477

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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