Evolve502 Inc
- Assets
- $17.1m
- Revenue
- $11.5m
- Investments
- $0.0
- Employees
- 12
- Location
- Louisville, KY
- Founding
- 07/2019
- Data as of
- 12/2021
- EIN
- 83-1877240
Organization Overview
Evolve502 Inc is located in Louisville, KY. The organization was established in 2019. As of 12/2021, Evolve502 Inc employed 12 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 12/2021, Evolve502 Inc generated $11.5m in total revenue. All expenses for the organization totaled $3.4m during the year ending 12/2021. While expenses have increased by 153.7% 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.
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
2021
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marland Cole Executive Director | Officer | 50 | $152,104 |
Audwin Helton Vice Chair | OfficerTrustee | 10 | $0 |
Mary Nixon Chairman | OfficerTrustee | 10 | $0 |
David Calzi Treasurer | OfficerTrustee | 5 | $0 |
Alice Houston Secretary | OfficerTrustee | 5 | $0 |
Karina Barillas Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kentuckiana Works Tutoring And Programming | 12/30/21 | $174,000 |
Ymca Tutoring And Programming | 12/30/21 | $151,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $161,168 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $527,866 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,818,821 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,507,855 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $25,019 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,532,874 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $612,437 |
| 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. | $152,104 |
| Compensation of current officers, directors, key employees. | $26,253 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $512,893 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $32,788 |
| Payroll taxes | $53,573 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $31,754 |
| Fees for services: Accounting | $17,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $89,512 |
| Advertising and promotion | $10,654 |
| Office expenses | $21,288 |
| Information technology | $3,525 |
| Royalties | $0 |
| Occupancy | $6,732 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $43,579 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,750 |
| Insurance | $23,363 |
| All other expenses | $0 |
| Total functional expenses | $3,383,622 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,533,120 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $8,521,031 |
| 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 | $38,542 |
| Net Land, buildings, and equipment | $1,896 |
| Investments—publicly traded securities | $5,027,743 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $17,122,332 |
| Accounts payable and accrued expenses | $631,722 |
| 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 | $631,722 |
| Net assets without donor restrictions | $868,770 |
| Net assets with donor restrictions | $15,621,840 |
| 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 | $17,122,332 |
Grants Awarded
Over the last fiscal year, Evolve502 Inc has awarded $694,200 in support to 49 organizations.
| Grant Recipient | Amount |
|---|---|
Louisville, KY PURPOSE: CARES FUNDING/COMMUNITY LEARNING HUB | $112,350 |
Louisville, KY PURPOSE: COMMUNITY LEARNING HUB/SUMMER LEAGUE | $42,300 |
I WOULD RATHER BE READING PURPOSE: COMMUNITY LEARNING HUB | $20,200 |
Louisville, KY PURPOSE: COMMUNITY LEARNING HUB/SUMMER LEAGUE | $15,100 |
Louisville, KY PURPOSE: COMMUNITY LEARNING HUB/SUMMER LEAGUE | $15,100 |
Louisville, KY PURPOSE: CARES FUNDING/SUMMER LEAGUE | $14,100 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Evolve502 Inc has recieved totaling $5,409,728.
| Awarding Organization | Amount |
|---|---|
C E And S Foundation Inc Louisville, KY PURPOSE: EVOLVE502 SCHOLARSHIP | $3,000,000 |
C E And S Foundation Inc Louisville, KY PURPOSE: GENERAL OPERATING SUPPORT, EVOLVE502 SCHOLARSHIP | $1,020,000 |
James Graham Brown Foundation Inc Louisville, KY PURPOSE: EVOLVE502 SCHOLARS OPPORTUNITY GRANTS FOR CLASSES OF 2021 AND 2022 | $790,504 |
Beauregard Foundation Inc Palm Beach, FL PURPOSE: GENERAL FUND | $100,000 |
Owsley Brown Ii Family Foundation Inc Louisville, KY PURPOSE: JCPS FREE COLLEGE PROGRAM | $100,000 |
The Gingko Fund Louisville, KY PURPOSE: TO BE USED WITHIN EXEMPT FUNCTION | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Frontline Community Services Inc Beltsville, MD | $6,957,560 | $20,985,182 |
Chinese American Service League Inc Chicago, IL | $15,835,299 | $20,315,146 |
The Heights Inc Potomac, MD | $28,496,015 | $21,762,530 |
Germantown Home Philadelphia, PA | $23,238,200 | $17,117,508 |
Center For Global Development Washington, DC | $65,777,264 | $14,319,773 |
Leavenworth-Jefferson Electric Cooperative Inc Topeka, KS | $0 | $20,178,550 |
Results For America Washington, DC | $34,611,584 | $37,342,488 |
Bobbie Bailey Foundation Inc Tucker, GA | $24,485,053 | $1,564,197 |
Humanim Inc Columbia, MD | $20,769,725 | $20,890,295 |
Camber Foundation Durham, NC | $143,536,160 | $30,406,277 |
Chandler Hall Health Services Inc Newtown, PA | $26,412,529 | $17,505,940 |
Nebraska Student Loan Program Inc Lincoln, NE | $230,624,169 | $45,453,979 |