Common Capital Inc
- Assets
- $7.7m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 5
- Location
- Springfield, MA
- Founding
- 10/1990
- Data as of
- 06/2021
- EIN
- 22-3051402
Organization Overview
Common Capital Inc is located in Springfield, MA. The organization was established in 1990. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Common Capital Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Common Capital 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, Common Capital Inc generated $1.6m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $1.1m during the year ending 06/2021. 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
COMMON CAPITAL, INC. IS A NONPROFIT COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, CERTIFIED BY THE U.S. TREASURY DEPARTMENT, WORKING TO IMPROVE THE REGIONAL ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES BUSINESS LOANS AND TECHNICAL ASSISTANCE TO HELP BUSINESS OWNERS AND ORGANIZATIONS ESTABLISH AND GROW IN ORDER TO IMPROVE INCOME LEVELS, EXPAND JOB OPPORTUNITIES AND STRENGTHEN THE LOCAL COMMUNITIES. ALSO PROVIDES DIRECT ACCESS TO ALTERNATIVE FINANCING SOURCES.
PROVIDES BUSINESS LOANS AND TECHNICAL ASSISTANCE TO HELP BUSINESS OWNERS AND ORGANIZATIONS ESTABLISH AND GROW IN ORDER TO IMPROVE INCOME LEVELS, EXPAND JOB OPPORTUNITIES AND STRENGTHEN THE LOCAL COMMUNITIES. ALSO PROVIDES DIRECT ACCESS TO ALTERNATIVE FINANCING SOURCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Hickson Chair | OfficerTrustee | 1 | $0 |
Linda Dunlavy Clerk | OfficerTrustee | 1 | $0 |
Pascale Desir Assistant Clerk | OfficerTrustee | 1 | $0 |
Jay Leonard Treasurer | OfficerTrustee | 1 | $0 |
Keith Fairey Vice Chair | OfficerTrustee | 1 | $0 |
Raymond Lanza-Weil CEO | Officer | 37.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $475,046 |
| All other contributions, gifts, grants, and similar amounts not included above | $619,008 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,094,054 |
| Total Program Service Revenue | $441,102 |
| Investment income | -$6,334 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $27,308 |
| 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 | $1,556,130 |
| 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. | $144,025 |
| Compensation of current officers, directors, key employees. | $144,025 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $291,895 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $35,284 |
| Payroll taxes | $35,835 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,940 |
| Fees for services: Accounting | $36,007 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $54,828 |
| Advertising and promotion | $0 |
| Office expenses | $7,894 |
| Information technology | $29,194 |
| Royalties | $0 |
| Occupancy | $29,076 |
| Travel | $600 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $975 |
| Interest | $46,787 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $389 |
| Insurance | $15,535 |
| All other expenses | $0 |
| Total functional expenses | $1,130,686 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,842,095 |
| Pledges and grants receivable | $119,005 |
| Accounts receivable, net | $822 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,677,414 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $234 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $31,216 |
| Intangible assets | $0 |
| Other assets | $20,196 |
| Total assets | $7,690,982 |
| Accounts payable and accrued expenses | $141,872 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $20,000 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,850,879 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,012,751 |
| Net assets without donor restrictions | $4,264,471 |
| Net assets with donor restrictions | $413,760 |
| 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 | $7,690,982 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Common Capital Inc has recieved totaling $50,000.
| Awarding Organization | Amount |
|---|---|
Opportunity Finance Network Philadelphia, PA PURPOSE: COVID-19 GRANT | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Center For Civic Innovation Inc New York, NY | $21,208,939 | $12,582,443 |
Masschallenge Boston, MA | $11,733,602 | $12,993,021 |
Entrepreneurship For All Inc Lowell, MA | $9,819,862 | $9,183,052 |
Trickle Up Program Inc New York, NY | $7,710,130 | $4,721,602 |
Commonwealth Kitchen Inc Dorchester, MA | $6,037,148 | $6,037,848 |
World Trade Center Small Business Recovery Fund Inc Albany, NY | $0 | $35,625 |
Latin American Venture Capital Association New York, NY | $0 | $1,998,213 |
Launch New York Inc Buffalo, NY | $5,910,787 | $3,470,565 |
I C A Group Incorporated Northampton, MA | $909,769 | $1,456,484 |
Media Law Resource Center Inc New York, NY | $2,775,500 | $1,755,345 |
New York & New Jersey Minority Supplier Development Council Inc New York, NY | $2,004,201 | $2,414,706 |
Business Training Institute Inc Utica, NY | $245,817 | $1,451,359 |