Evolve502 Inc
- Assets
- $15.6m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 15
- Location
- Louisville, KY
- Founding
- 07/2019
- Data as of
- 12/2022
- EIN
- 83-1877240
Organization Overview
Evolve502 Inc is located in Louisville, KY. The organization was established in 2019. As of 12/2022, Evolve502 Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Evolve502 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, Evolve502 Inc generated $4.4m in total revenue. All expenses for the organization totaled $4.8m during the year ending 12/2022. While expenses have increased by 119.0% per year over the past 4 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.
Since 2020, Evolve502 Inc has awarded 49 individual grants totaling $694,200. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
WE WILL PROVIDE THE CARING, BELIEF, ACCESS, AND SUPPORTS EACH STUDENT NEEDS TO ACHIEVE AND SUCCEED AND WILL WORK TO REMOVE AND MITIGATE THE SYSTEMIC BARRIERS OF POVERTY AND INSTITUTIONAL RACISM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EVOLVE502 WILL CREATE BROAD-SCALE IMPACT BY LEVERAGING THE WORK OF LOUISVILLE'S EXISTING GOVERNMENT, EDUCATION AND SOCIAL SERVICE PARTNERS TO PROVIDE CHILDREN WITH VITAL SERVICES.
EVOLVE502 IS RAISING THE FUNDS TO PROVIDE ALL ELIGIBLE JCPS STUDENTS A TWO-YEAR, TUITION FREE OPPORTUNITY TO ATTEND ANY KCTCS COLLEGE, LIKE JEFFERSON OR SIMMONS COLLEGE OF KENTUCKY, STARTING WITH THE CLASS OF 2021 - 2034. THE LOWEST INCOME STUDENTS WILL RECEIVE OPPORTUNITY GRANTS TO COVER THE OTHER COSTS OF ATTENDING COLLEGE (FOOD, HOUSING, COMPUTERS, BOOKS, ETC.)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marland Cole Executive Director | Officer | 50 | $151,365 |
Karina Barillas Director | Trustee | 1 | $0 |
Larry Benz Director | Trustee | 1 | $0 |
Pedro Bryant Director | Trustee | 1 | $0 |
Raymond Burse Director | Trustee | 1 | $0 |
Ryan Combs Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ymca Tutoring And Programming | 12/30/21 | $151,000 |
Kentuckiana Works Tutoring And Programming | 12/30/21 | $174,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $60,000 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $950,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,302,035 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,312,035 |
| Total Program Service Revenue | $0 |
| Investment income | $83,321 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,383 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,389,973 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $438,560 |
| 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. | $154,740 |
| Compensation of current officers, directors, key employees. | $26,751 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $628,468 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $35,880 |
| Payroll taxes | $62,554 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $53,952 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,941 |
| Fees for services: Other | $34,583 |
| Advertising and promotion | $44,819 |
| Office expenses | $28,427 |
| Information technology | $21,752 |
| Royalties | $0 |
| Occupancy | $6,732 |
| Travel | $6,427 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,786 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,750 |
| Insurance | $86,297 |
| All other expenses | $6,135 |
| Total functional expenses | $4,760,951 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,853,700 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $6,754,718 |
| Accounts receivable, net | $0 |
| 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 | $21,414 |
| Net Land, buildings, and equipment | $146 |
| Investments—publicly traded securities | $5,977,049 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $15,607,027 |
| Accounts payable and accrued expenses | $710,751 |
| 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 | $710,751 |
| Net assets without donor restrictions | $954,567 |
| Net assets with donor restrictions | $13,941,709 |
| 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 | $15,607,027 |
Grants Awarded
Over the last fiscal year, Evolve502 Inc has awarded $694,200 in support to 49 organizations.
| Grant Recipient | Amount |
|---|---|
2NOT1 FATHERHOOD & FAMILIES INC PURPOSE: COMMUNITY LEARNING HUB | $9,600 |
AMERICANA COMMUNITY CENTER INC PURPOSE: CARES FUNDING/SUMMER LEAGUE | $14,100 |
DECODE PROJECT INC PURPOSE: CARES FUNDING/COMMUNITY LEARNING HUB | $9,600 |
CANAAN CHRISTIAN CHURCH PURPOSE: CARES FUNDING/COMMUNITY LEARNING HUB | $13,100 |
FIRST GETHSEMANE CENTER FOR FAMILY DEVELOPMENT INC PURPOSE: CARES FUNDING/COMMUNITY LEARNING HUB | $12,100 |
DELTA FOUNDATION INC PURPOSE: CARES FUNDING/COMMUNITY LEARNING HUB | $12,100 |