East Lake Initiative A Nonprofit Corporation
- Assets
- $1.9m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 9
- Location
- Birmingham, AL
- Founding
- 03/2011
- Data as of
- 12/2023
- EIN
- 27-1941412
Organization Overview
East Lake Initiative A Nonprofit Corporation is located in Birmingham, AL. The organization was established in 2011. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, East Lake Initiative A Nonprofit Corporation employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. East Lake Initiative A Nonprofit Corporation 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, East Lake Initiative A Nonprofit Corporation generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 31.5% each year . All expenses for the organization totaled $788.9k during the year ending 12/2023. While expenses have increased by 41.1% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
EAST LAKE INITIATIVE (ELI) STRATEGICALLY PARTNERS TO PROVIDE HOLISTIC COMMUNITY DEVELOPMENT WITHIN JEFFERSON COUNTY. WE BELIEVE THAT A HOLISTIC PROGRAM, FOCUSED ON CREATING A BETTER CIRCUMSTANCE IN MULTIPLE AREAS OF EACH INDIVIDUAL'S LIFE CAN RESULT IN LONG TERM CHANGE. WE HAVE COMMITTED TO BE IN RELATIONSHIP WITH THE FAMILIES OF JEFFERSON COUNTY FOR A MINIMUM OF 25 YEARS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING - ELI IS HELPING TO BRING BACK PRIDE IN THE NEIGHBORHOOD THROUGH HOUSE TO HOME TRANSFORMATIONS. BY ACQUIRING DISTRESSED PROPERTIES AND RENOVATING THEM TO BE QUALITY HOMES ELI IS ABLE TO OFFER TENANTS SAFE AND SECURE HOUSING OPTIONS. RESIDENTS ENTER INTO A MENTORING RELATIONSHIP THAT PREPARES THEM TO BE HOMEOWNERS. THE MENTORSHIP INCLUDES FINANCIAL COUNCELING AND OTHER TYPES OF SUPPORT AS THEY MOVE TOWARDS SUCCESSFUL HOME OWNERSHIP. THROUGH ELI'S LAUNCH HOMEOWNERSHIP PROGRAM FAMILIES CAN MOVE INTO AN ELI OWNED APARTMENT FOR 12 MONTHS WHILE THEY BEGIN PREPARING FOR THE ROAD TO HOMEOWNERSHIP.
EDUCATION AND COMMUNITY DEVELOPMENT - ELI SEEKS TO WORK WITH LOCAL ENTREPRENEURS TO SEE POSITIVE BUSINESSES COME TO THE 1ST AVENUE NORTH BUSINESS DISTRICT. THE ULTIMATE GOAL WOULD BE TO POSITIVELY IMPACT THE LIVES OF LOW-INCOME FAMILIES BY INCREASING THEIR ACCESS TO GOOD AND SERVICES.
THRIVE - THIS PROGRAM UTILIZES OUR ALREADY EXISTING HOLISTIC SERVICES OF HOUSING, TUTORING, AND THE NEIGHBORHOOD GARDEN IN CONJUNCTION WITH OUR COLLABORATIVE PARTNER, SERVING YOU MINISTRIES, PROVIDING EMERGENCY SERVICES: FOOD MARKET AND UTILITY ASSISTANCE AS WELL AS JOB SKILLS TRAINING WITH A KEY NEW COMPONENT BEING COACHES TO WORK WITH EACH FAMILY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Candi Forbes Board Member | Trustee | 1 | $0 |
Jonathan Benoit Board Member | Trustee | 1 | $0 |
Dr Christian Adedoyin Msw PHD Board Member | Trustee | 1 | $0 |
Matt Bates Board Member | Trustee | 1 | $0 |
Ben Birdsong Chairperson | OfficerTrustee | 1 | $0 |
James Rodgers Board Member | Trustee | 1 | $0 |
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 | $1,096,613 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,096,613 |
| Total Program Service Revenue | $55,459 |
| Investment income | $49,265 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $116,716 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,325,664 |
| 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. | $118,392 |
| Compensation of current officers, directors, key employees. | $20,492 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $356,307 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $9,242 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,768 |
| Fees for services: Accounting | $11,020 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,000 |
| Advertising and promotion | $15,422 |
| Office expenses | $16,965 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $11,070 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,110 |
| Interest | $10 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,273 |
| Insurance | $13,489 |
| All other expenses | $50,320 |
| Total functional expenses | $788,870 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,205,472 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $653,176 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $22,512 |
| Total assets | $1,881,160 |
| Accounts payable and accrued expenses | $937 |
| 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 | $937 |
| Net assets without donor restrictions | $1,334,227 |
| Net assets with donor restrictions | $545,996 |
| 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 | $1,881,160 |