Building Equity Initiative Inc
- Assets
- $98.4m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 11/2017
- Data as of
- 12/2021
- EIN
- 82-2116378
Organization Overview
Building Equity Initiative Inc is located in New York, NY. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Building Equity Initiative 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 12/2021, Building Equity Initiative Inc generated $3.5m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 35.1% each year . All expenses for the organization totaled $3.4m during the year ending 12/2021. While expenses have increased by 34.5% per year over the past 5 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO MAKE CAPITAL FUNDING AVAILABLE FOR HIGH PERFORMING PUBLIC CHARTER SCHOOLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2021, THE ORGANIZATION'S FACILITIES INVESTMENT FUND COMMITTED APPROXIMATELY $51 MILLION DOLLARS TO 5 NEW PROJECTS WHICH WILL SERVE 2,793 CHARTER SCHOOL STUDENTS IN ARKANSAS, NEW YORK, CALIFORNIA, AND TEXAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Buddy Philpot President | OfficerTrustee | 4 | $0 |
Brahm Cramer Treasurer | OfficerTrustee | 4 | $0 |
Scott Pearson Secretary | OfficerTrustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Civic Fund Manager 3 Llc Asset Management | 12/30/21 | $1,202,000 |
Civic Fund Manager Llc Asset Management | 12/30/21 | $311,479 |
Macdonald Macdonald Pc Legal Services | 12/30/21 | $160,853 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $3,488,358 |
| 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 | $3,488,358 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $1,513,479 |
| Fees for services: Legal | $181,913 |
| Fees for services: Accounting | $46,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $65,773 |
| Advertising and promotion | $6,500 |
| Office expenses | $33,373 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,336,406 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $212,703 |
| Insurance | $15,054 |
| All other expenses | $0 |
| Total functional expenses | $3,411,401 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,350,601 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $36,419 |
| 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 | $2,062 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $81,320,734 |
| Intangible assets | $0 |
| Other assets | $713,083 |
| Total assets | $98,422,899 |
| Accounts payable and accrued expenses | $246,360 |
| 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 | $98,817,542 |
| Other liabilities | $0 |
| Total liabilities | $99,063,902 |
| Net assets without donor restrictions | -$641,003 |
| 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 | $98,422,899 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Building Equity Initiative Inc has recieved totaling $840,000.
| Awarding Organization | Amount |
|---|---|
Civic Builders Inc New York, NY PURPOSE: GENERAL OPERATING | $840,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Springboard Collaborative Philadelphia, PA | $12,671,655 | $22,795,961 |
Christs Home Warminster, PA | $89,380,042 | $18,912,760 |
Family And Childrens Association Garden City, NY | $18,906,082 | $21,671,282 |
Innocence Project Inc New York, NY | $73,728,840 | $39,853,614 |
The Access Agency Inc Willimantic, CT | $5,450,809 | $18,469,051 |
Agency For Community Empowerment Of Nepa Scranton, PA | $6,588,255 | $19,491,125 |
Ahavat Yisroel Humanity Inc Brooklyn, NY | $8,284,254 | $21,769,721 |
Family & Childrens Agency Inc Norwalk, CT | $7,156,227 | $18,049,898 |
Catholic Family & Community Services Clifton, NJ | $3,341,340 | $18,611,591 |
Dr Gertrude A Barber In Home Services Inc Erie, PA | $4,360,447 | $17,320,654 |
Ao North America Inc Wayne, PA | $10,460,064 | $15,724,733 |
Pro Action Of Steuben And Yates Inc Bath, NY | $5,623,306 | $16,689,499 |