Higher Purpose Co
- Assets
- $1.3m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 8
- Location
- Clarksdale, MS
- Founding
- 09/2018
- Data as of
- 12/2023
- EIN
- 82-1629178
Organization Overview
Higher Purpose Co is located in Clarksdale, MS. The organization was established in 2018. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Higher Purpose Co employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Higher Purpose Co 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 12/2023, Higher Purpose Co generated $1.8m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $2.6m during the year ending 12/2023. 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
HIGHER PURPOSE CO MISSION IS TO IMPROVE INTERGENERATIONAL ECONOMIC OPPORTUNITY ACROSS MISSISSIPPI BY PRIORITIZING BLACK COMMUNITIES IMPACTED BY POVERTY. OUR KEY PROGRAMMING PILLARS ARE BUSINESS OWNERSHIP, FOOD JUSTICE, ARTS/CULTURE, WORKFORCE DEVELOPMENT, AND PUBLIC POLICY. UTILIZING AN INTEGRATED MODEL OF COMMUNITY EDUCATION, DIGITAL STORYTELLING, AND PARTICIPATORY GRANTMAKING TO CREATE SYSTEMIC IMPACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE HUB
HPC GENERAL PROGRAMS
THE INSTITUTE - BUSINESS OWNERSHIP EDUCATION & OUTREACH - PROVIDING BUSINESS WORKSHOPS, TRAININGS, AND SUMMITS AT NO OR LOW COST TO ENTREPRENEURS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Sondra Collins Director | Trustee | 2 | $0 |
Derek Dewayne Hopson Jr President | Trustee | 2 | $0 |
Dr Temika Simmons Vice President | Trustee | 2 | $0 |
Mara Scott Secretary | Trustee | 2 | $0 |
Jacqueline Johnson Director | Trustee | 2 | $0 |
Rosie Brown Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,822,952 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,822,952 |
| Total Program Service Revenue | $0 |
| Investment income | $180 |
| 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 | $1,823,132 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $79,020 |
| Grants and other assistance to domestic individuals. | $68,250 |
| 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 | $825,762 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $267,584 |
| Payroll taxes | $110,311 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $40,000 |
| Fees for services: Accounting | $69,060 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $427,162 |
| Advertising and promotion | $85,738 |
| Office expenses | $27,040 |
| Information technology | $16,795 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $263,973 |
| 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 | $11,128 |
| All other expenses | $77,666 |
| Total functional expenses | $2,591,129 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $815,176 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $300,300 |
| 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 | $14,188 |
| Net Land, buildings, and equipment | $159,559 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,289,223 |
| Accounts payable and accrued expenses | $19,951 |
| 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 | $0 |
| Total liabilities | $19,951 |
| Net assets without donor restrictions | $459,940 |
| Net assets with donor restrictions | $809,332 |
| 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 | $1,289,223 |