Inclusive Prosperity Capital Inc
- Assets
- $36.9m
- Revenue
- $6.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Hartford, CT
- Founding
- 10/2018
- Data as of
- 12/2023
- EIN
- 83-0808658
Organization Overview
Inclusive Prosperity Capital Inc is located in Hartford, CT. The organization was established in 2018. According to its NTEE Classification (C20) the organization is classified as: Pollution Abatement & Control, under the broad grouping of Environment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Inclusive Prosperity Capital 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 12/2023, Inclusive Prosperity Capital Inc generated $6.0m 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 (6.0%) each year. All expenses for the organization totaled $9.6m 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
LESSEN THE BURDENS OF GOVERNMENT THROUGH CLEAN ENERGY INVESTMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMERCIAL SOLAR PPA FUND PROGRAM - THIS PROGRAM OFFERS SOLAR FINANCING INCLUDING POWER PURCHASE AGREEMENTS (PPA) TO UNDERSERVED COMMERCIAL, INDUSTRIAL AND NONPROFIT BUILDING OWNERS TO MAXIMIZE PROJECTED SAVINGS ASSOCIATED WITH SOLAR INSTALLATIONS.
ADVISORY AND CONSULTING SERVICES - IPC STAFF PROVIDES OUTSOURCED PROGRAM ADMINISTRATION AND CONSULTING SERVICES FOR CLEAN ENERGY FINANCING PROGRAMS TO GOVERNMENTS, NONPROFITS, LENDERS AND OTHER STAKEHOLDERS. IPC STAFF ALSO PROVIDE ADVICE TO DEVELOPERS AND COMMERCIAL BUILDING OWNERS ON HOW TO OBTAIN FUNDING AND STRUCTURE FINANCING FOR RENEWABLE ENERGY AND ENERGY EFFICIENCY PROJECTS. ONE SUCH PROGRAM IS THE SMART-E LOAN PROGRAM, WHICH PROVIDES A LOW COST, LONG TERM LOAN OPTION TO SINGLE FAMILY HOMEOWNERS FOR ENERGY UPGRADES THROUGH A NETWORK OF LOCAL LENDERS THAT ARE GIVEN ACCESS TO A CREDIT ENHANCEMENT (IF REQUIRED) IN EXCHANGE FOR OFFERING THE PRODUCT. THE PROGRAM USES ESTABLISHED PRE-APPROVED CONTRACTORS TO INSTALL THESE ENERGY UPGRADES TO REDUCE THE BUILDING OWNER'S ENERGY BURDEN. IPC MAY EITHER ADMINISTER THIS PROGRAM ON BEHALF OF A PROGRAM SPONSOR OR PROVIDE CERTAIN SERVICES, INCLUDING THE STANDARDIZED PROGRAMMATIC APPROACH, PROTOCOLS, MARKETING AND TECHNOLOGY. CREDIT ENHANCEMENTS TYPICALLY COMPRISE INTEREST RATE BUYDOWNS AND LOAN LOSS RESERVES MAINTAINED BY THE SPONSOR TO SUPPORT LENDER PROGRAM LOANS. IPC ADMINISTERS THIS PROGRAM FOR THE CONNECTICUT GREEN BANK, THE PROGRAM SPONSOR. THE PROGRAM IS USED TO FINANCE OVER FORTY QUALIFYING ENERGY IMPROVEMENTS AT OWNER-OCCUPIED, 1-4 UNIT RESIDENTIAL PROPERTIES IN CONNECTICUT UTILIZING 10 LOCAL LENDERS (COMMUNITY BANKS AND CREDIT UNIONS) AND A NETWORK OF OVER 350 ELIGIBLE CONTRACTORS.
MULTIFAMILY AND NONPROFIT LOAN PROGRAM - THIS PROGRAM PROVIDES FINANCING, CREDIT ENHANCEMENTS, AND TECHNICAL ASSISTANCE FOR LOANS AND GRANTS MADE TO OWNERS OF MULTIFAMILY BUILDINGS FOR ENERGY UPGRADES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Crum Chairperson | Trustee | 1 | $0 |
Douglass Sims Director | Trustee | 1 | $0 |
Roberto Hunter Director | Trustee | 1 | $0 |
Joseph Evans Director | Trustee | 1 | $0 |
O'neill Kerry Chief Executive Officer | OfficerTrustee | 40 | $301,444 |
Mark A Debonee Chief Financial Officer/ T | Officer | 40 | $183,354 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alexander Shermansong Consulting | 12/30/23 | $301,120 |
Atx Advisory Consulting | 12/30/23 | $153,186 |
Emerald Consulting Llc Consulting | 12/30/23 | $137,044 |
Artemis Solar Llc Consulting | 12/30/23 | $128,793 |
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 | $2,210,660 |
| Noncash contributions included in lines 1a–1f | $7,410 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,210,660 |
| Total Program Service Revenue | $3,267,794 |
| Investment income | $522,298 |
| 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 | $6,000,752 |
| 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. | $1,657,277 |
| Compensation of current officers, directors, key employees. | $488,408 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,653,823 |
| Pension plan accruals and contributions | $198,163 |
| Other employee benefits | $513,910 |
| Payroll taxes | $234,771 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $189,661 |
| Fees for services: Accounting | $165,199 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $406,370 |
| Advertising and promotion | $172,394 |
| Office expenses | $0 |
| Information technology | $32,738 |
| Royalties | $0 |
| Occupancy | $523,390 |
| Travel | $135,519 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $30,743 |
| Interest | $804,409 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $515,037 |
| Insurance | $173,157 |
| All other expenses | $426,469 |
| Total functional expenses | $9,564,102 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,129,539 |
| Pledges and grants receivable | $285,000 |
| Accounts receivable, net | $866,374 |
| 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 | $90,491 |
| Net Land, buildings, and equipment | $14,709,495 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $14,699,520 |
| Intangible assets | $0 |
| Other assets | $135,362 |
| Total assets | $36,915,781 |
| Accounts payable and accrued expenses | $1,235,678 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $64,491 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $33,201,326 |
| Other liabilities | $1,045,972 |
| Total liabilities | $35,547,467 |
| Net assets without donor restrictions | $603,795 |
| Net assets with donor restrictions | $764,519 |
| 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 | $36,915,781 |