National Institute Of Minority Economic Development
- Assets
- $11.3m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 51
- Location
- Durham, NC
- Founding
- 06/1988
- Data as of
- 12/2020
- EIN
- 56-1579041
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 12/2022, National Institute Of Minority Economic Development employed 51 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 12/2020, National Institute Of Minority Economic Development generated $1.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.5%) each year. All expenses for the organization totaled $2.0m during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (0.5%) per year over the past 6 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
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 CENTER - ARE LOCATED IN THE RALEIGH-DURHAM AREA, CHARLOTTE, RICHMOND, AND GREENSBORO AND STRIVE TO PROMOTE ECONOMIC SELF- SUFFICIENCY FOR WOMEN IN NORTH CAROLINA AND VIRGINA, IN BOTH RURAL AND URBAN COMMUNITIES, THROUGH ENTREPRENEURSHIP. THE WBCS ARE PARTIALLY FUNDED BY THE U.S. SMALL BUSINESS ADMINISTRATION AWARDS.
OTHER PROGRAMS INCLUDE BUSINESS AND MARKET DEVELOPMENT, PUBLIC ALLIES, CENTER FOR PROFESSIONAL SERVICES, POLICY & RESEARCH AND SMALL BUSINESS TRANSPORTATION RESOURCE CENTER.
INSTITUTE CAPITAL - A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY. THIS STATEWIDE PUBLIC- PRIVATE PARTNERSHIP PROVIDES LEADERSHIP AND CAPITAL INVESTMENTS TO ENCOURAGE AND STIMULATE COMMUNITY DEVELOPMENT, EXPAND ECONOMIC OPPORTUNITIES, AND PROVIDE FINANCING FOR COMMUNITY AND ECONOMIC DEVELOPMENT ACTIVITIES.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin J Price President/ce | Officer | 40 | $182,470 |
Kaye Gantt Chief Op Off | Officer | 40 | $126,535 |
Roberta Mccullough Senior VP Op | 40 | $114,919 | |
Angela Poole VP Of Financ | 40 | $110,977 | |
Stephen Sills VP Rpic | 40 | $104,386 | |
Tanya Branch Chief Financ | Officer | 40 | $59,583 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $882,181 |
| Investment income | $371 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $28,545 |
| 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 | $1,411,622 |
| Statement of Expenses | |
|---|---|
| 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. | $192,846 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $411,907 |
| Pension plan accruals and contributions | $19,855 |
| Other employee benefits | $23,392 |
| Payroll taxes | $42,693 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,575 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $641,473 |
| Advertising and promotion | $0 |
| Office expenses | $50,304 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $146,072 |
| Travel | $3,834 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $37,890 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $84,502 |
| Insurance | $18,960 |
| All other expenses | -$240,527 |
| Total functional expenses | $2,038,618 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $304,259 |
| Savings and temporary cash investments | $2,434,316 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $705,696 |
| 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 | $75,538 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,650,324 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,259,248 |
| Accounts payable and accrued expenses | $759,571 |
| Grants payable | $0 |
| Deferred revenue | $4,530 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $7,500 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $1,552,297 |
| Other liabilities | $242,011 |
| Total liabilities | $2,565,909 |
| Net assets without donor restrictions | $8,499,884 |
| Net assets with donor restrictions | $193,455 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $8,693,339 |