New Orleans Startup Fund Inc
- Assets
- $2.8m
- Revenue
- $682.6k
- Investments
- $0.0
- Employees
- 1
- Location
- New Orleans, LA
- Founding
- 02/2010
- Data as of
- 12/2021
- EIN
- 27-1126668
Organization Overview
New Orleans Startup Fund Inc is located in New Orleans, LA. The organization was established in 2010. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Orleans Startup Fund 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 12/2021, New Orleans Startup Fund Inc generated $682.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (17.8%) each year. All expenses for the organization totaled $251.9k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (27.3%) per year over the past 7 years. 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
THE NEW ORLEANS STARTUP FUND INC. IS A SEED CAPITAL FUND ESTABLISHED BY GREATER NEW ORLEANS BUSINESSES AND FINANCIAL LEADERS TO ACCELERATE THE GROWTH OF EARLY-STAGE, INNOVATIVE BUSINESSES INTO VENTURE-READY COMPANIES. THE STARTUP FUND'S MISSION IS TO CREATE JOBS AND ECONOMIC PROSPERITY FOR THE TEN PARISH REGION OF GREATER N.O. BY PROVIDING SEED CAPITAL AND BUSINESS ASSISTANCE TO EARLY-STAGE FIRMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONDUCTED MARKET RESEARCH AND BUSINESS SUPPORT TO EARLY STAGE COMPANIES DEMONSTRATING THE POTENTIAL FOR JOB CREATION AND POSITIVE ECONOMIC DEVELOPMENT ON THE GREATER NEW ORLEANS AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Roussel President & CEO | OfficerTrustee | 40 | $150,000 |
Matt Wisdom Director (chairman) | OfficerTrustee | 2 | $0 |
Ben Allen Director (vice-Chairman) | OfficerTrustee | 2 | $0 |
George Wilson Director | Trustee | 2 | $0 |
Michael Hecht Director | Trustee | 2 | $0 |
Leslie Jacobs Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fountainebleau Florida Hotel Llc N/a | 12/30/16 | $239,851 |
Phidereka Foust N/a | 12/30/16 | $177,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $330,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $330,000 |
| Total Program Service Revenue | $0 |
| Investment income | $352,641 |
| 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 | $682,641 |
| 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. | $150,000 |
| Compensation of current officers, directors, key employees. | $150,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $11,035 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $150 |
| Fees for services: Accounting | $7,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $51,700 |
| Advertising and promotion | $0 |
| Office expenses | $2,455 |
| Information technology | $360 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $10,310 |
| All other expenses | $0 |
| Total functional expenses | $251,886 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $892,219 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $160,000 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,827 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,105 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,754,450 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,834,601 |
| Accounts payable and accrued expenses | $1,250 |
| 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 | $1,250 |
| Net assets without donor restrictions | $2,733,351 |
| Net assets with donor restrictions | $100,000 |
| 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 | $2,834,601 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that New Orleans Startup Fund Inc has recieved totaling $235,000.
| Awarding Organization | Amount |
|---|---|
The Greater New Orleans Foundation New Orleans, LA PURPOSE: FUND RAISING & FUND DISTRIBUTION | $185,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: PUBLIC, SOCIETAL BENEFIT | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Liftfund Inc San Antonio, TX | $95,784,141 | $59,155,631 |
Peoplefund Austin, TX | $66,108,373 | $14,535,836 |
Houston Business Development Inc Houston, TX | $15,684,831 | $3,620,643 |
Mississippi Life And Health Insurance Guaranty Association Jackson, MS | $33,007,367 | $1,692,715 |
Dallas-Fort Worth Minority Supplier Development Council Inc Dallas, TX | $2,296,676 | $2,035,236 |
Community Certified Development Corporation Houston, TX | $1,043,060 | $1,562,471 |
Maestro Leadership Foundation San Antonio, TX | $111,028 | $560,727 |
Louisiana Minority Business Council Inc New Orleans, LA | $480,017 | $745,389 |
Feed The Soul Foundation Houston, TX | $1,697,498 | $2,202,752 |
South Central Texas Regional Certification Agency San Antonio, TX | $105,207 | $402,040 |
Forward Progression Development Inc Biloxi, MS | $325,000 | $425,500 |
North Mississippi Enterprise Inc Oxford, MS | $264,914 | $373,569 |