Lonely Entrepreneur Inc
- Assets
- $913.2k
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 06/2018
- Data as of
- 12/2022
- EIN
- 82-5384709
Organization Overview
Lonely Entrepreneur Inc is located in New York, NY. The organization was established in 2018. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lonely Entrepreneur 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 12/2022, Lonely Entrepreneur Inc generated $2.1m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 52.1% each year . All expenses for the organization totaled $1.8m during the year ending 12/2022. While expenses have increased by 55.2% per year over the past 3 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
TO EMPOWER 1 MILLION ENTREPRENEURS (ESPECIALLY UNDERSERVED ENTREPRENEURS) TO TURN THEIR PASSION INTO SUCCESS BY ENABLING THEM WITH THE KNOWLEDGE, TOOLS AND SUPPORT THEY NEED TO SUCCEED
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LONELY ENTREPRENEUR PARTNERED WITH THE FIRST CITIZENS FOUNDATION TO EMPOWER UNDERSERVED ENTREPRENEURS WITH FREE ACCESS TO THE LEARNING COMMUNITY THROUGHOUT THE GEOGRAPHIES SERVED BY FIRST CITIZENS. THE PROGRAM WAS MADE AVAILABLE TO A MIX OF INDIVIDUALS INCLUDING LOW AND MODERATE INCOME, INDIVIDUALS REJECTED FOR SBA AND OTHER LOANS AND OTHER BANK CONSTITUENTS. THE PROGRAM WAS PART OF FIRST CITIZENS $16 BILLION COMMUNITY BENEFITS PLAN-DEVELOPED IN COLLABORATION WITH THE NATIONAL COMMUNITY REINVESTMENT COALITION (NCRC)-THAT BUILDS ON ITS WORK TO REINVEST IN LOW- AND MODERATE-INCOME (LMI) COMMUNITIES AND NEIGHBORHOODS OF COLOR.
THE LONELY ENTREPRENEUR HAS PARTNERED WITH CORPORATIONS AND PHILANTHROPIES TO ENABLE CORPORATE AND PHILANTHROPIC PARTNERS TO EMPOWER THE ENTREPRENEURS OF THEIR CHOICE WITH FREE ACCESS TO THE KNOWLEDGE, TOOLS AND SUPPORT THEY NEED TO START OR GROW A BUSINESS. WE DO THIS BY PROVIDING OUR PLATFORM - CALLED THE LEARNING COMMUNITY - FREE TO ENTREPRENEURS THROUGH SPONSORSHIPS AND SUPPORT OF CORPORATE AND PHILANTHROPIC PARTNERS. SUPPORTERS INCLUDE MICROSOFT, ESPN, AARP, URBAN LEAGUE, THE MILWAUKEE BUCKS, ALLY BANK, LAKEWOOD CHURCH, RICHARD PETTY MOTORSPORTS, THE NFL PLAYERS ASSOCIATION, THE CHARLOTTE HORNETS, CERNER, AMERICAN UNIVERSITY, WELLS FARGO, URBAN UPBOUND, WINSTON & STRAWN, WAYNE STATE UNIVERSITY, ICE MILLER, STERLING NATIONAL BANK, DELL, ORACLE, STAPLES, WORLD WOMAN FOUNDATION, CITY CURRENT, CAMBRIDGE INNOVATION CENTER, NYU, FUTURE FOUNDERS, PAUL, WEISS, RIFKIND, WHARTON & GARRISON, FUTURE BUSINESS LEADERS OF AMERICA, RUTGERS CENTER FOR URBAN ENTREPRENEURSHIP & ECONOMIC DEVELOPMENT, WORLD CHICAGO, BUCKNELL UNIVERSITY, AND MANY MORE.
THE LONELY ENTREPRENEUR PARTNERED DISCOVER FINANCIAL TO PROVIDE FREE ACCESS TO THE LEARNING COMMUNITY TO MEMBERS OF CHICAGO SCHOLARS, A CHICAGO BASED NON-PROFIT THAT EMPOWERS BLACK YOUTH BY UNIQUELY SELECTIN, TRAINING, AND MENTORING ACADEMICALLY AMBITIOUS STUDENTS FROM UNDER-RESOURCED COMMUNITIES TO BECOME THE NEXT GENERATION OF LEADERS WHO WILL TRANSFORM THEIR NEIGHBORHOODS AND OUR CITY. SEE THE FOLLOWING VIDEO - HTTPS://TINYURL.COM/2EX97TTA
THE CISCO FOUNDATION PARTNERED WITH THE LONELY ENTREPRENEUR AND ITS BLACK ENTREPRENEUR INITIATIVE TO PROVIDE THE PROGRAM TO STUDENTS AT VARIOUS HISTORICALLY BLACK COLLEGES AND UNIVERSITIES (HBCUS) ACROSS VARIOUS INSTITUTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Victoria Sherman Vice President And Board Member | Officer | 20 | $0 |
Kevin Aspegren Director Of Revenue | Officer | 20 | $0 |
Samantha Lankford Executive Director Of Entrepreneur Success | Officer | 10 | $0 |
Melanie Luce Grants Director | Officer | 40 | $49,450 |
Gabe Broadbar Strategic Consultant | 20 | $47,500 | |
Robert Jackson Development Officer | 40 | $42,664 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $781,850 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $153,142 |
| Noncash contributions included in lines 1a–1f | $888,926 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $934,992 |
| Total Program Service Revenue | $1,163,500 |
| 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 | $2,098,492 |
| 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 | $73,131 |
| Fees for services: Legal | $20,000 |
| Fees for services: Accounting | $10,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $201,549 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,500 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $500,000 |
| 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 | $0 |
| Payments to affiliates | $400,000 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $12,729 |
| Total functional expenses | $1,845,918 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,638 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $898,600 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $913,238 |
| Accounts payable and accrued expenses | $232,260 |
| 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 | $115,172 |
| Total liabilities | $347,432 |
| Net assets without donor restrictions | $565,806 |
| 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 | $913,238 |