Opportunity Alabama Inc
- Assets
- $635.4k
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Birmingham, AL
- Founding
- 05/2019
- Data as of
- 12/2022
- EIN
- 83-2134053
Organization Overview
Opportunity Alabama Inc is located in Birmingham, AL. The organization was established in 2019. According to its NTEE Classification (S12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Opportunity Alabama 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, Opportunity Alabama Inc generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 39.6% each year . All expenses for the organization totaled $1.2m during the year ending 12/2022. 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
FOUNDED IN 2018, OPPORTUNITY ALABAMA (OPAL) IS AN ECONOMIC DEVELOPMENT ORGANIZATION THAT BRINGS COMMUNITIES, INVESTORS, AND PROJECTS TOGETHER TO PRESERVE AND IMPROVE QUALITY OF PLACE STATEWIDE THROUGH CATALYTIC DEVELOPMENT. WE HELP ALABAMA'S UNDERSERVED COMMUNITIES LEVERAGE DIVERSE FUNDING SOURCES FOR PROJECTS AND INITIATIVES THAT IMPROVE QUALITY OF PLACE, ENHANCE THE BUILT ENVIRONMENT, AND DE-RISK MEANINGFUL REAL ESTATE PROJECTS. WE WORK WITH DEVELOPERS, PROPERTY OWNERS, ECONOMIC DEVELOPMENT PROFESSIONALS, LOCAL COMMUNITY LEADERS, AND INVESTORS TO SUPPORT PROJECTS THAT MOVE COMMUNITIES FORWARD WITH NEW WORKFORCE HOUSING, MIXED-USE DEVELOPMENT, HISTORIC REVITALIZATION, INDUSTRIAL DEVELOPMENT, AND MORE. OUR GOAL IS TO IMPROVE ECONOMIC RESILIENCE AND QUALITY OF PLACE FOR ALABAMA'S UNDERSERVED COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITIES: THROUGH OUR COMMUNITY GROWTH ACCELERATOR PROGRAM, WE WORK WITH A TEAM OF LOCAL LEADERS (MAIN STREET DIRECTORS, CHAMBERS OF COMMERCE, ECONOMIC DEVELOPERS, ETC.) TO IDENTIFY A CATALYTIC REAL ESTATE PROJECT OR ECONOMIC DEVELOPMENT INITIATIVE THAT CAN DELIVER RESULTS FOR THE COMMUNITY BASED ON THE THREE METRICS OF SPEED TO MARKET, COST, AND COMMUNITY IMPACT. THEN, WE WORK WITH LOCAL STAKEHOLDERS TO ACCELERATE THE EXECUTION PROCESS. OUR FOCUS IS LOCAL AND PLACE-BASED, SO EACH COMMUNITY'S RESULTS ARE UNIQUE TO THEIR NEEDS AND OPPORTUNITIES AT THE TIME OF THE ENGAGEMENT. WE HAVE HELPED MULTIPLE PLACE-BASED PROJECTS IN UNDERSERVED COMMUNITIES BREAK GROUND. WE HAVE ALSO HELPED PLAN AND SECURE GRANT FUNDING FOR LMI HOUSING, HISTORIC REVITALIZATION, AND ECONOMIC DEVELOPMENT INITIATIVES.
PROPERTY OWNERS AND DEVELOPERS: THROUGH OUR PROPERTY DEVELOPMENT ASSISTANCE PROGRAM (PDAP), WE HELP PROPERTY OWNERS AND EMERGING DEVELOPERS TAKE A COMMUNITY-SUPPORTED PROJECT THROUGH PREDEVELOPMENT TO CONSTRUCTION. PDAP OFTEN BUILDS UPON THE WORK OF A CGA TEAM, WHICH HAS DEVELOPED A PLAN TO ACTIVATE A PROPERTY TO MEET COMMUNITY NEEDS AND IMPROVE ECONOMIC VITALITY.
INVESTORS AND DEVELOPERS: OPAL HAS BUILT AN INFRASTRUCTURE TO RAISE AND INVEST FUNDS INTO PROJECTS THAT IMPROVE QUALITY OF LIFE; ALIGN WITH EXPRESS COMMUNITY NEEDS AND DESIRE; AND HELP CREATE WEALTH AND ACCESS TO OPPORTUNITY FOR UNDERSERVED GROUPS IN ALABAMA. THESE VEHICLES INCLUDE OPAL COMMUNITY CAPITAL, A LOW-COST SOURCE OF CAPITAL FOR MEANINGFUL PROJECTS THAT WILL HAVE HIGH IMPACT IN THE COMMUNITIES WHERE THEY ARE LOCATED. LABAMA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Myla Calhoun Director | Trustee | 1 | $0 |
Alexander Flachsbart President | OfficerTrustee | 50 | $0 |
Dan Ruth Secretary | OfficerTrustee | 3 | $0 |
Anoop Mishra Director | Trustee | 1 | $0 |
Greg Barker Chair | OfficerTrustee | 3 | $0 |
James Outland Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $1,066,869 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $167,729 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,234,598 |
| 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 | $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 | $1,234,598 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $160,133 |
| 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 | $528,539 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $10,806 |
| Payroll taxes | $39,735 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25,000 |
| Fees for services: Accounting | $41,798 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $340,159 |
| Advertising and promotion | $33 |
| Office expenses | $1,671 |
| Information technology | $1,855 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $13,618 |
| 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 | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,084 |
| All other expenses | $0 |
| Total functional expenses | $1,171,756 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,494 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $495,319 |
| 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 | $127,605 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $635,418 |
| Accounts payable and accrued expenses | $91,206 |
| 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 | $199,417 |
| Total liabilities | $290,623 |
| Net assets without donor restrictions | $344,795 |
| 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 | $635,418 |