Harlem Commonwealth Council Inc
- Assets
- $23.1m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 57
- Location
- New York, NY
- Founding
- 04/1997
- Data as of
- 06/2021
- EIN
- 13-6271908
Organization Overview
Harlem Commonwealth Council Inc is located in New York, NY. The organization was established in 1997. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Harlem Commonwealth Council Inc employed 57 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Harlem Commonwealth Council 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 06/2021, Harlem Commonwealth Council Inc generated $4.6m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $3.3m during the year ending 06/2021. While expenses have increased by 2.7% per year over the past 6 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
STIMULATE OVERALL ECONOMIC DEVELOPMENT THROUGH CREATION OF ENTERPRISES, GENERATION OF JOBS AND IMPROVEMENT OF SERVICES. MISSION ACCOMPLISHED THROUGH COMMUNITY DEVELOPMENT PROJECTS, EDUCATION, TRAINING, ENTREPRENEURIAL LOAN PROGRAM, AND OTHER SUPPORT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENTREPRENEURSHIP, EDUCATIONAL AND TRAINING PROGRAMS - IN SUPPORT OF THE DIRECT ECONOMIC DEVELOPMENT INITIATIVES,THE ORGANIZATION CONDUCTS PROGRAMS THAT DELIVER TECHNICAL ASSISTANCE TO ENTREPRENEURS, PROVIDES TRAINING IN ADULT LITERACY, OFFICE AND COMPUTER SKILLS, MENTORING TO YOUNG ADULTS IN THE CRIMINAL JUSTICE SYSTEM AND AFTER SCHOOL PROGRAMMING.
HARLEM ENTREPRENEURIAL FUND (HEF) IS A FEDERALLY CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION. HEFS MISSION IS TO SERVE LOW-INCOME AND MINORITY POPULATIONS BY BEING A DIRECT LENDER OF CAPITAL TO FACILITATE SMALL BUSINESS CREATION AND EXPANSION, AND JOB GROWTH IN THE UNDER-SERVED COMMUNITIES OF HARLEM AND THE BRONX. HEF CONTINUES TO OFFER LENDING PRODUCTS ALONG WITH PRE- AND POST- LOAN TECHNICAL ASSISTANCE TO ENTREPRENEURS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Joseph L Tait COO | OfficerTrustee | 10 | $140,125 |
E Hamil Douglas President & CEO | Officer | 25 | $132,693 |
Anthony D Watson Chairman | OfficerTrustee | 2 | $0 |
Michelle Hardy Vice Chair | OfficerTrustee | 1 | $0 |
Robert Horsford Board Director | Trustee | 1 | $0 |
Barbara Askins Board Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $800,000 |
| Government grants | $1,534,289 |
| All other contributions, gifts, grants, and similar amounts not included above | $88,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,422,289 |
| Total Program Service Revenue | $1,781,678 |
| Investment income | $40,509 |
| 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 | $4,625,925 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,494,229 |
| Pension plan accruals and contributions | $23,884 |
| Other employee benefits | $365,589 |
| Payroll taxes | $145,406 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,747 |
| Fees for services: Accounting | $124,074 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $485,743 |
| Advertising and promotion | $3,428 |
| Office expenses | $211,623 |
| Information technology | $42,496 |
| Royalties | $0 |
| Occupancy | $105,011 |
| Travel | $17 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,499 |
| Interest | $13,545 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $145,082 |
| Insurance | $20,800 |
| All other expenses | $0 |
| Total functional expenses | $3,300,998 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,340 |
| Savings and temporary cash investments | $3,875,683 |
| Pledges and grants receivable | $539,566 |
| Accounts receivable, net | $43,394 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $67,696 |
| Net Land, buildings, and equipment | $6,068,892 |
| Investments—publicly traded securities | $2,532,621 |
| Investments—other securities | $0 |
| Investments—program-related | $9,759,107 |
| Intangible assets | $0 |
| Other assets | $203,791 |
| Total assets | $23,103,090 |
| Accounts payable and accrued expenses | $275,988 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $475,571 |
| Other liabilities | $4,558,107 |
| Total liabilities | $5,309,666 |
| Net assets without donor restrictions | $17,793,424 |
| Net assets with donor restrictions | $0 |
| 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 | $23,103,090 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Harlem Commonwealth Council Inc has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
New York Building Foundation Inc New York, NY | | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |