Accounting Aid Society
- Assets
- $2.4m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 79
- Location
- Detroit, MI
- Founding
- 01/1976
- Data as of
- 06/2022
- EIN
- 23-7310753
Organization Overview
Accounting Aid Society is located in Detroit, MI. The organization was established in 1976. According to its NTEE Classification (S50) the organization is classified as: Nonprofit Management, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Accounting Aid Society employed 79 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Accounting Aid Society 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 06/2022, Accounting Aid Society generated $3.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.6% each year . All expenses for the organization totaled $3.3m during the year ending 06/2022. While expenses have increased by 12.5% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ACCOUNTING AID SOCIETYS MISSION IS TO HELP GROW AN ECONOMY FOR INDIVIDUALS, FAMILIES AND SMALL BUSINESSES IN DETROIT AND SOUTHEASTERN MICHIGAN. WE DO THIS BY PROVIDING FREE TAX PREPARATION, SMALL BUSINESS FINANCIAL SERVICES, FINANCIAL COACHING AND CALL CENTER WORKFORCE TRAINING
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACCOUNTING AID SOCIETY TOUCHES OVER 14,000 LIVES ANNUALLY, WITH AN ECONOMIC IMPACT OF $27 MILLION ON LOW AND MIDDLE-INCOME HOUSEHOLDS. MORE THAN 150 VOLUNTEERS DONATE OVER 7,500 HOURS TO HELPING OUR CLIENTS BUILD A FOUNDATION FOR ECONOMIC INDEPENDENCE. THESE DOLLARS ARE DIVERTED DIRECTLY BACK TO DETROIT NEIGHBORHOODS, OFTEN PAYING FOR BASIC NEEDS SUCH AS FOOD, UTILITIES, TRANSPORTATION, AND RENT. ACCOUNTING AID SOCIETYS SERVICES ARE DESIGNED TO ADVANCE SUSTAINABLE AND EQUITABLE GROWTH IN DETROIT NEIGHBORHOODS AND ASSIST IN GAINING ECONOMIC SELF-SUFFICIENCY, ENABLING OUR CLIENTS TO PROSPER AND SHARE IN THE ECONOMIC FABRIC OF THE REGION.
THE ACCOUNTING AID ACADEMY GUIDES MICRO-ENTREPRENEURS IN HISTORICALLY UNDERSERVED NEIGHBORHOODS TO ACHIEVE SUSTAINABILITY AND GROWTH IN THEIR OPERATIONS. TRAINED STAFF PROVIDES EDUCATION AND TECHNICAL SERVICES TO SMALL BUSINESS OWNERS ON TOPICS THAT ARE INSTRUMENTAL IN THEIR SUCCESS, SUCH AS TAX PREPARATION, RECORD KEEPING, TRACKING REVENUE AND EXPENSES, FINANCIAL STATEMENTS, ACCOUNTING SOFTWARE, AND OTHER ISSUES IDENTIFIED BY CLIENTS AND STAFF.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Priscilla Perkins President And CEO | OfficerTrustee | 50 | $141,015 |
Harry Fredrick Cook Senior Director Of Fin And Ad | OfficerTrustee | 50 | $92,262 |
Anthony Mccree Director | Trustee | 2 | $0 |
Gregory A Nowak Director | Trustee | 2 | $0 |
Ron Lang Director | Trustee | 2 | $0 |
Tamara Johnson Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $296,680 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,405,641 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,541,849 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,244,170 |
| Total Program Service Revenue | $89,762 |
| Investment income | $2,086 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $82,836 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,418,854 |
| 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. | $233,251 |
| Compensation of current officers, directors, key employees. | $88,933 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,959,870 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $140,853 |
| Payroll taxes | $165,181 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $237,562 |
| Advertising and promotion | $18,444 |
| Office expenses | $52,299 |
| Information technology | $163,595 |
| Royalties | $0 |
| Occupancy | $180,672 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $39,626 |
| Insurance | $17,205 |
| All other expenses | $97,599 |
| Total functional expenses | $3,306,157 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $157,176 |
| Savings and temporary cash investments | $685,992 |
| Pledges and grants receivable | $1,263,983 |
| Accounts receivable, net | $0 |
| 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 | $56,259 |
| Net Land, buildings, and equipment | $108,044 |
| Investments—publicly traded securities | $88,341 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,359,795 |
| Accounts payable and accrued expenses | $240,118 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $240,118 |
| Net assets without donor restrictions | $1,512,239 |
| Net assets with donor restrictions | $607,438 |
| 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 | $2,359,795 |