Omega Psi Phi Fraternity
- Assets
- $17.7m
- Revenue
- $14.9m
- Investments
- $0.0
- Employees
- 25
- Location
- Decatur, GA
- Founding
- 01/1953
- Data as of
- 10/2022
- EIN
- 53-0209696
Organization Overview
Omega Psi Phi Fraternity is located in Decatur, GA. The organization was established in 1953. According to its NTEE Classification (B83) the organization is classified as: Student Sororities & Fraternities, under the broad grouping of Education and related organizations. As of 10/2022, Omega Psi Phi Fraternity employed 25 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Omega Psi Phi Fraternity is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 10/2022, Omega Psi Phi Fraternity generated $14.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.1% each year . All expenses for the organization totaled $9.9m during the year ending 10/2022. While expenses have increased by 7.2% 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
THE PURPOSE OF THE FRATERNITY IS TO BRING ABOUT A UNION OF COLLEGE MEN OF SIMILAR HIGH IDEAS OF MANHOOD AND SCHOLARSHIP IN ORDER TO STIMULATE THE ATTAINMENT OF IDEAS AND AMBITIONS OF ITS MEMBERS; OCCUPY A PROGRESSIVE, HELPFUL AND CONSTRUCTIVE PLACE IN POLITICAL LIFE OF THE COMMUNITY AND NATION WITH PERSEVERANCE; FOSTER AND UPLIFT HUMANITY, FREEDOM, AND DIGNITY OF THE INDIVIDUAL; AND AID DOWNTRODDEN HUMANITY IN ITS EFFORTS TO ACHIEVE HIGHER ECONOMIC AND INTELLECTUAL STATUS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MINORITY AND DISADVANTAGED LEADERSHIP DEVELOPMENT PROGRAMS. ENCOURAGEMENT FOR MINORITY AND DISADVANTAGED YOUTH TO PURSUE SKILL DEVELOPMENT IN THE FINE ARTS. CONTRIBUTION TO AFRICAN-AMERICAN LIFE AND HISTORY, CIVIC, AND COMMUNITY INVOLVEMENT AND ASSAULT ON ILLITERACY PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ricky L Lewis 1st Vice Basileus | OfficerTrustee | 20 | $0 |
Caleb Love 2nd Vice Basileus | OfficerTrustee | 10 | $0 |
Johnnie Smith Keeper Of Finance | OfficerTrustee | 20 | $0 |
Mark Everick Jackson Keeper Of Records | OfficerTrustee | 15 | $0 |
Benjamin L Crump ESQ Grand Counselor | OfficerTrustee | 20 | $0 |
Eleualio Abraham Undergraduate Rep. | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $8,324,268 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $412,967 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,737,235 |
| Total Program Service Revenue | $5,066,699 |
| Investment income | $119,893 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $32,718 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,895,796 |
| 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. | $257,783 |
| Compensation of current officers, directors, key employees. | $257,783 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,000,678 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,061 |
| Fees for services: Accounting | $38,921 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,720,555 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $338,129 |
| Travel | $232,923 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,196,456 |
| Interest | $193,821 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $119,160 |
| Insurance | $1,119,709 |
| All other expenses | $198,115 |
| Total functional expenses | $9,895,558 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,518,323 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $211,857 |
| 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 | $655,235 |
| Net Land, buildings, and equipment | $385,566 |
| Investments—publicly traded securities | $3,193,676 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $756,333 |
| Total assets | $17,720,990 |
| Accounts payable and accrued expenses | $224,474 |
| Grants payable | $0 |
| Deferred revenue | $860,426 |
| 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 | $66,814 |
| Total liabilities | $1,151,714 |
| Net assets without donor restrictions | $16,510,748 |
| Net assets with donor restrictions | $58,528 |
| 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 | $17,720,990 |