Boost Pad Inc
- Assets
- $122.8k
- Revenue
- $230.2k
- Investments
- $0.0
- Employees
- 8
- Location
- Charlotte, NC
- Founding
- Data as of
- 12/2023
- EIN
- 84-3158649
Organization Overview
Boost Pad Inc is located in Charlotte, NC. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Boost Pad Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Boost Pad 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, Boost Pad Inc generated $230.2k in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $212.7k 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
THE BOOST PAD INCUBATOR IS ROOTED IN OUR BELIEF TO LOVE THY NEIGHBOR AS THY SELF. WE BELIEVE IN THE MISSION TO BRING FORTH FOUNDERS AND BUSINESSES THAT WILL INCREASE OUR COMMUNITYS ECONOMIC MOBILITY AND EQUALITY BASED ON THE KNOWLEDGE THAT WE ARE ALL CREATED EQUAL. OUR BELIEFS IMPLORE US TO EMPOWER THOSE WHO CAN DRIVE US STEADFAST INTO A BETTER FUTURE. WERE GROUNDED IN THE KNOWLEDGE THAT WERE ALL CREATED EQUAL AND TO ACHIEVE SUCH A GOAL, WERE REQUIRED TO ELEVATE THOSE WHO HAVE A STORY TO TELL AND LACK A PLATFORM TO TELL IT. ITS OUR RESPONSIBILITY TO SUPPLY THE BOOTSTRAPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE BOOST PAD INCUBATOR PROVIDES ACCESS TO SUBJECT MATTER EXPERTS AND MENTORS TO GUIDE YOU TO BUILDING A SUCCESSFUL BUSINESS. THESE EXPERTS AND MENTORS HAVE BUILT THEIR OWN BUSINESSES AND KNOW HOW TO ANSWER QUESTIONS AND GUIDE YOU TO WHERE YOU NEED TO BE. BY ADVANCING THROUGH OUR CURRICULUM THAT TEACHES THE NECESSARY SKILLS TO RUN YOUR BUSINESS, ENTREPRENEURS WILL HAVE ACCESS TO CAPITAL THEYLL USE TO RETAIN SUBJECT MATTER EXPERTS, HELPING FOUNDERS RECEIVE THOSE SERVICES TO TAKE THEIR BUSINESS TO THE NEXT LEVEL. INSIDE THE INCUBATOR, STUDENTS GAIN ACCESS TO A MARKETPLACE OF SERVICES AND VENDORS AT AN EXTREME DISCOUNT. THIS GIVES STUDENTS TO CHANCE TO TAKE IMPORTANT STEPS IN THEIR BUSINESS, LIKE GETTING A WEBSITE AND BRANDING, ACCOUNTING AND TAX GUIDANCE, AND MORE. THIS GIVES YOU A LEG UP COMPARED TO MOST BUSINESS OWNERS WHO NEED TO SEEK THIS OUT ON THEIR OWN.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Lewis Executive Di | Officer | 40 | $43,400 |
Joan Randall Co-Executive | Officer | 25 | $29,400 |
Dj Baudhuin Board Member | Trustee | $0 | |
Joseph Butler Board Member | Trustee | $0 | |
Jerel Harvey Board Member | Trustee | $0 | |
Albert Lindemann III Board Member | Trustee | $0 |
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 | $229,211 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $229,211 |
| Total Program Service Revenue | $0 |
| Investment income | $1,011 |
| 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 | $230,222 |
| 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. | $72,800 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $23,903 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,331 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $158 |
| Fees for services: Accounting | $2,835 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $1,422 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $39,825 |
| Advertising and promotion | $1,706 |
| Office expenses | $41,921 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,219 |
| Travel | $275 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $25 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,360 |
| All other expenses | $789 |
| Total functional expenses | $212,724 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $95,137 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $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 | $27,700 |
| Total assets | $122,837 |
| Accounts payable and accrued expenses | $4,704 |
| 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 | $4,704 |
| Net assets without donor restrictions | $118,133 |
| 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 | $122,837 |