Nectar Community Investments Inc
- Assets
- $20.0m
- Revenue
- $6.6m
- Investments
- $0.0
- Employees
- 17
- Location
- Lawrence, MA
- Founding
- 07/2009
- Data as of
- 12/2023
- EIN
- 04-3571892
Organization Overview
Nectar Community Investments Inc is located in Lawrence, MA. The organization was established in 2009. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Nectar Community Investments Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nectar Community Investments Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Nectar Community Investments Inc generated $6.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 46.1% each year . All expenses for the organization totaled $5.7m during the year ending 12/2023. While expenses have increased by 47.9% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Nectar Community Investments Inc has awarded 120 individual grants totaling $1,604,707. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
GROW THE ASSETS AND WEALTH OF HISTORICALLY DISINVESTED INDIVIDUALS AND THEIR COMMUNITIES BY PROVIDING A COMBINATION OF ROBUST ADVICE, RESOURCED NETWORKS AND CAPITAL IN THE MERRIMACK VALLEY AND ACROSS MASSACHUSETTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES BOTH CAPITAL AND ADVISORY SERVICES TO ENABLE UNDERSERVED BUSINESS OWNERS TO REACH THEIR FULL POTENTIAL AND BUILD WEALTH FOR THE OWNERS, FAMILIES, AND COMMUNITIES. THE ORGANIZATION OFFERS A RANGE OF LOW-COST, FLEXIBLE SMALL BUSINESS DEBT AND EQUITY CAPITAL PRODUCTS WITH TRAINING AND TECHNICAL ASSISTANCE THAT ADDRESS KEY FINANCING CHALLENGES.
THE ORGANIZATION'S RESIDENTIAL LENDING PROGRAMS HELP HOMEOWNERS IMPROVE THE HEALTH AND QUALITY OF THEIR HOMES THROUGH A SUSTAINABLE LENS. LENDING PRODUCTS OFFERED ASSIST HOMEOWNERS WITH REPAIRS, LEAD REMOVAL, AND ENERGY- EFFICIENT UPGRADES NEEDED TO HELP TRANSITION THEIR HOMES TO CLEAN ENERGY.
THE ORGANIZATION OPERATES THE BUSINESS EQUITY INITIATIVE (BEI) PROGRAM, WHICH PROVIDES BLACK AND LATINX BUSINESS OWNERS WITH QUALITY HIGH TOUCH ADVISORY SERVICES DEVELOPING BUSINESS OWNERS WITH A TRACK RECORD AND GROWTH TRAJECTORY POTENTIAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Malia Lazu President | OfficerTrustee | 5 | $0 |
Yun-Ju Choi Vice Preside | OfficerTrustee | 5 | $0 |
Abel Vargas Clerk | OfficerTrustee | 5 | $0 |
Kristen Harol Assistant Cl | OfficerTrustee | 5 | $0 |
Lisa Kozol Treasurer | OfficerTrustee | 5 | $0 |
Lisa Torissi Director | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nbef Investment Managers Llc Management Fee | 12/30/23 | $270,000 |
Next Level Now Inc Accounting | 12/30/23 | $262,653 |
Tbm Consulting Llc Consulting | 12/30/23 | $199,217 |
Meaghan Phillips Development | 12/30/23 | $127,658 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,000,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,689,344 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,689,344 |
| Total Program Service Revenue | $784,609 |
| Investment income | $100,109 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,574,062 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $317,000 |
| Grants and other assistance to domestic individuals. | $12,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $228,263 |
| Compensation of current officers, directors, key employees. | $114,131 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,110,647 |
| Pension plan accruals and contributions | $27,025 |
| Other employee benefits | $116,753 |
| Payroll taxes | $120,584 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $59,793 |
| Fees for services: Accounting | $341,446 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,490,144 |
| Advertising and promotion | $85,337 |
| Office expenses | $297,700 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $41,387 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $153,515 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $671 |
| Insurance | $1,095 |
| All other expenses | $0 |
| Total functional expenses | $5,652,803 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,053,680 |
| Savings and temporary cash investments | $2,877,223 |
| Pledges and grants receivable | $1,032,669 |
| Accounts receivable, net | $74,562 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,542,828 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $116,099 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $10,566 |
| Investments—other securities | $0 |
| Investments—program-related | $1,701,852 |
| Intangible assets | $0 |
| Other assets | $602,870 |
| Total assets | $20,012,349 |
| Accounts payable and accrued expenses | $196,055 |
| Grants payable | $0 |
| Deferred revenue | $12,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $174,978 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $50,000 |
| Unsecured mortgages and notes payable | $10,106,243 |
| Other liabilities | $186,896 |
| Total liabilities | $10,726,172 |
| Net assets without donor restrictions | $6,624,373 |
| Net assets with donor restrictions | $2,661,804 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $20,012,349 |
Grants Awarded
Over the last fiscal year, Nectar Community Investments Inc has awarded $312,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
TLE CENTER FOR URBAN ENTERPRENEURS PURPOSE: COMM. EMPOWERMENT | $150,000 |
THE BOSTON FOUNDATION PURPOSE: LOAN LOSS | $120,000 |
ENTERPRENEURSHIP FOR ALL INC PURPOSE: COMM. EMPOWERMENT | $42,000 |