Center For Creative Economy
- Assets
- $146.4k
- Revenue
- $255.8k
- Investments
- $0.0
- Employees
- 5
- Location
- Winstonsalem, NC
- Founding
- 05/2011
- Data as of
- 06/2023
- EIN
- 27-5003133
Organization Overview
Center For Creative Economy is located in Winstonsalem, NC. The organization was established in 2011. 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 06/2023, Center For Creative Economy employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Center For Creative Economy 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 06/2023, Center For Creative Economy generated $255.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $312.0k during the year ending 06/2023. While expenses have increased by 7.0% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO LAUNCH, GROW, AND ACCELERATE CREATIVE ENTREPRENEURS AND BUSINESS OWNERS. OUR VISION FOR CENTER FOR CREATIVE ECONOMY IS TO BE KNOWN AS A PREMIER ECONOMIC DEVELOPMENT ORGANIZATION THAT IS BUILDING THE CREATIVE ECONOMY AND CREATIVE COMMUNITY IN WINSTON-SALEM, THE TRIAD, NORTH CAROLINA, AND THE SOUTHEAST REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022 THE CENTER FOR CREATIVE ECONOMY HOSTED THE VELOCITY ACCELERATOR FOR CREATIVE BUSINESSES. THIS IS THE SEVENTH CONSECUTIVE YEAR OF HOSTING A BUSINESS ACCELERATOR; AND THE FOURTH UNDER THE REBRANDED NAME OF VELOCITY. THE ORGANIZATION MARKETS TO CREATIVE BUSINESSES IN NC, AND NATIONALLY. THE VELOCITY BUSINESS ACCELERATOR HELPS ENTREPRENEURS DEVELOP VIABLE BUSINESSES ROOTED IN CREATIVITY. THIS 10-WEEK, COHORT-BASED PROGRAM INCLUDES A ROBUST CURRICULUM (WITH IN-PERSON AND REMOTE OPTIONS), SKILLED FACILITATORS, AND A CUSTOMIZED MENTOR TEAM OF SUBJECT MATTER EXPERTS FROM EVERY BUSINESS DISCIPLINE. PARTICIPANTS MASTER BUSINESS BASICS, SOLIDIFY THEIR POSITIONING, AND REFINE THEIR PITCH. THE PROGRAM CULMINATES IN VELOCITY WEEK WHERE ALL PARTICIPANTS COME TO WINSTON-SALEM, NC FOR AN IMMERSIVE IN-PERSON EXPERIENCE OF WORKSHOPS AND IN-PERSON MENTORING. VELOCITY WEEK CONCLUDES WITH A PUBLIC DEMO DAY OPEN TO THE COMMUNITY, AND A PITCH COMPETITION IN WHICH THREE COMPANIES ARE CHOSEN TO SPLIT 50,000 IN SEED STAGE INVESTMENT.
IN 2022 CCE CONTINUED THE MONTHLY MOMENTUM PROGRAM. THIS MARKED THE SEVENTH CONSECUTIVE YEAR FOR THE PROGRAM WHICH IS A HUB FOR CREATIVES IN WINSTON-SALEM AND THE TRIAD. THE PROGRAM IS ORGANIZED WITH 4-6 EVENTS PER YEAR FEATURING SPEAKERS FOCUSED ON HELPING CREATIVES GROW THEIR BUSINESSES. THE PROGRAM IS MEMBERSHIP FEE BASED WHICH INCLUDES A LUNCH OR AN EVENING RECEPTION. EVENTS ARE OFFERED IN HYBRID FORMAT, BOTH VIRTUALLY AND IN PERSON.
IN 2022, CCE HOSTED KINETIC, A 6-WEEK, COHORT-BASED PROGRAM THAT HELPS ASPIRING ENTREPRENEURS WORKSHOP THEIR EARLY-STAGE CREATIVE BUSINESS IDEAS AND EXPLORE THEIR CUSTOMER BASE. WEEKLY CURRICULUM (WITH IN-PERSON AND REMOTE OPTIONS) IS TAUGHT BY A TEAM OF SUBJECT MATTER EXPERTS WHO MENTOR AND COUNSEL FOUNDERS. KINETIC GRADUATES HAVE SUCCESSFULLY LAUNCHED THEIR STARTUPS, EARNED SPOTS IN BUSINESS ACCELERATORS, AND SECURED GRANTS. HISTORICALLY, CCE HAS SERVED MOSTLY WOMEN AND PEOPLE OF COLOR DESIRING TO START AND RUN A BUSINESS. KINETIC INTENTIONALLY FOCUSES ON THIS DEMOGRAPHIC AS WE BUILD AND GROW THE PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margaret Collins Executive Di | OfficerTrustee | 40 | $75,000 |
Bill Knowles Member | Trustee | 1 | $0 |
Lee Thompson Member | Trustee | 1 | $0 |
Shuyi Mo Member | Trustee | 1 | $0 |
Daryl Shaw Member | Trustee | 1 | $0 |
Alise Raak Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $50,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $187,576 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $237,576 |
| Total Program Service Revenue | $15,991 |
| Investment income | $2,281 |
| 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 | $255,848 |
| 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. | $81,254 |
| Compensation of current officers, directors, key employees. | $13,166 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $115,553 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,200 |
| Payroll taxes | $13,902 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $150 |
| Advertising and promotion | $17,315 |
| Office expenses | $10,936 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,226 |
| Travel | $18,121 |
| 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 | $3,418 |
| All other expenses | $0 |
| Total functional expenses | $312,028 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $131,520 |
| 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 | $14,850 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $146,370 |
| Accounts payable and accrued expenses | $0 |
| 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 | $87,634 |
| Other liabilities | $0 |
| Total liabilities | $87,634 |
| Net assets without donor restrictions | $46,236 |
| Net assets with donor restrictions | $12,500 |
| 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 | $146,370 |