National Institute Of Minority Economic Development

Organization Overview

National Institute Of Minority Economic Development is located in Durham, NC. The organization was established in 1988. 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. As of 12/2021, National Institute Of Minority Economic Development employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. National Institute Of Minority Economic Development 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 06/2020, National Institute Of Minority Economic Development generated $1.7m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $1.7m during the year ending 06/2020. As we would expect to see with falling revenues, expenses have declined by (3.3%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2020

Describe the Organization's Mission:

Part 3 - Line 1

TO STRENGTHEN THE ASSET BASE OF DIVERSE POPULATIONS THROUGH POLICY, EDUCATION AND ECONOMIC OPPORTUNITIES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

WOMEN'S BUSINESS CENTERS - STRIVES TO PROMOTE SELF-SUFFICIENCY FOR WOMEN IN NORTH CAROLINA AND VIRGINIA, IN BOTH RURAL AND URBAN COMMUNITIES, THROUGH ENTREPRENEURSHIP.


SMALL BUSINESS NONPROFIT INCUBATOR - RENTAL SPACE IS PROVIDED TO SMALL BUSINESSES / NONPROFIT ORGANIZATIONS AT BELOW-MARKET RATES IN AN EFFORT TO HELP STRENGTHEN THEIR OPERATING CAPACITY AND ABILITY TO GROW.


SMALL BUSINESS TRANSPORTATION RESOURCE CENTER - PROVIDES ADVOCACY AND TECHNICAL ASSISTANCE TRAINING PROGRAMS TO SMALL BUSINESSES TO BUILD THEIR CAPACITY TO BID ON FEDERALLY FUNDED TRANSPORTATION PROJECTS. THE CENTER SUPPORTS SMALL BUSINESSES IN THE DISTRICT OF COLUMBIA AND THE FOUR STATE REGION OF KENTUCKY, NORTH CAROLINA, VIRGINIA AND WEST VIRGINIA.


OTHER PROGRAMS INCLUDE BUSINESS AND MARKET DEVELOPMENT, PUBLIC ALLIES, CENTER FOR PROFESSIONAL SERVICES POLICY & RESEARCH AND ICAP.


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Board, Officers & Key Employees

Name (title)Compensation
Kevin J Price
President/ce
$161,922
Kaye Gantt
Chief Op Off
$120,866
Angela Poole
VP Of Financ
$109,038
Dr Tyrone R Baines
Secretary
$0
Lori Jones Gibbs
Treasurer
$0
Lewis H Myers
Chairman
$0

Financial Statements

Statement of Revenue
Total Revenue from Contributions, Gifts, Grants & Similar$1,421,929
Investment income $895
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $125,790
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 $1,722,745

Grants Recieved

Over the last fiscal year, we have identified 3 grants that National Institute Of Minority Economic Development has recieved totaling $474,750.

Awarding OrganizationAmount
Winston-Salem Foundation

Winstonsalem, NC

PURPOSE: 2 GRANT(S) FOR VARYING PURPOSES

$370,000
Local Initiatives Support Corporation

New York, NY

PURPOSE: SEE PART IV

$95,000
Charities Aid Foundation America

Alexandria, VA

PURPOSE: CHARITABLE DONATION

$9,750
View Grant Recipient Profile

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