Sparc Foundation Inc
- Assets
- $172.9k
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 45
- Location
- Asheville, NC
- Founding
- 05/2017
- Data as of
- 06/2022
- EIN
- 81-3036310
Organization Overview
Sparc Foundation Inc is located in Asheville, NC. The organization was established in 2017. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 06/2022, Sparc Foundation Inc employed 45 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sparc Foundation Inc 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 06/2022, Sparc Foundation Inc generated $1.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $1.6m during the year ending 06/2022. While expenses have increased by 9.0% per year over the past 6 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
SPARC FOUNDATION'S MISSION IS TO WORK TO KEEP PEOPLE OUT OF UNNECESSARY AND EXPENSIVE INSTITUTIONAL SETTINGS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SPARC FOUNDATION'S MISSION WAS CONDUCTED AND ACCOMPLISHED IN KEEPING PEOPLE OUT OF UNNECESSARY AND EXPENSIVE INSTITUTIONAL SETTINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jackie Latek Executive Di | OfficerTrustee | 40 | $82,286 |
Veronica Edwards Board Treasu | OfficerTrustee | 3 | $0 |
Tracy Novak Board Member | Trustee | 10 | $0 |
Jody Stevenson Board Member | Trustee | 3 | $0 |
Brent Bailey Member/forme | Trustee | 5 | $0 |
Marlo Smith Secretary | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,442,757 |
| All other contributions, gifts, grants, and similar amounts not included above | $90,198 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,532,955 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $1,532,955 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,136,345 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $10,670 |
| Payroll taxes | $97,031 |
| Fees for services: Management | $8,027 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,333 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,169 |
| Advertising and promotion | $7,580 |
| Office expenses | $9,289 |
| Information technology | $24,556 |
| Royalties | $0 |
| Occupancy | $46,803 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $1,556 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,829 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $928 |
| Insurance | $14,883 |
| All other expenses | $32,058 |
| Total functional expenses | $1,593,818 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,682 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $141,352 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $193 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,790 |
| Net Land, buildings, and equipment | $929 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,000 |
| Total assets | $172,946 |
| Accounts payable and accrued expenses | $61,219 |
| 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 | $53,346 |
| Total liabilities | $114,565 |
| Net assets without donor restrictions | $58,381 |
| Net assets with donor restrictions | $0 |
| 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 | $172,946 |