Economic Opportunity Center Inc
- Assets
- $102.2k
- Revenue
- $252.7k
- Investments
- $0.0
- Employees
- 0
- Location
- North Charleston, SC
- Founding
- Data as of
- 12/2022
- EIN
- 85-1198854
Organization Overview
Economic Opportunity Center Inc is located in North Charleston, SC. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Opportunity Center 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, Economic Opportunity Center Inc generated $252.7k in total revenue. The organization has seen a slow decline revenue. Over the past 2 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $200.7k 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
THE OPPORTUNITY CENTER SEEKS TO MITIGATE THE SKILLS GAP THAT EXISTS BETWEEN THE WORKFORCE AND EMPLOYERS, AS WELL AS PREPARE THE WORKFORCE AND GROWING ENTREPRENEURS TO PARTICIPATE IN THE LOCAL ECONOMIC SYSTEMS, WHILE CREATING NEW SYSTEMS THAT PROMOTE SOCIAL ENTERPRISE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE OPPORTUNITY CENTER OPERATES AS A CAREER AND PERSONAL FINANCE SERVICE CENTER; PROVIDING EMPLOYMENT AND CAREER COUNSELING, ONE ON ONE FINANCIAL COACHING AND EDUCATION, AND LOW-COST FINANCIAL PRODUCTS THAT BUILD CREDIT, SAVINGS AND ASSETS. INTEGRATED OR "BUNDLED" SERVICES LEAD TO CONCRETE GAINS IN NET INCOME AND JOB RETENTION. ADDITIONALLY, LONG TERM JOB RETENTION - HOLDING A JOB FOR A YEAR OR MORE - ALMOST DOUBLES WHEN FINANCIAL COACHING REINFORCES THE WORK OF EMPLOYMENT COUNSELING.
THE PURPOSE OF THE BUSINESS INCUBATOR IS TO STIMULATE THE ESTABLISHMENT AND GROWTH OF SMALL BUSINESSES, WITH A FOCUS ON PROTECTING GROUPS SUCH AS MINORITY OR WOMEN OWNED BUSINESSES AND BUSINESS THAT TARGET LOW INCOME COMMUNITIES, AND TO INCREASE THE NUMBER OF SUCCESSFUL COMPANIES ORIGINATING AND DEVELOPING IN THE AREA. THE BUSINESS INCUBATOR IS AN IMPORTANT TOOL IN THE ECONOMIC DEVELOPMENT TOOLKIT OF THE AREA THAT WOULD BE A MEANS TO CREATE NEW JOB OPPORTUNITIES FOR AREA RESIDENTS, CREATE HIGHER WAGE JOBS, CONTRIBUTE TO THE GROWTH AND SUCCESS OF EMERGING SMALL BUSINESSES, AND AS A SOURCE TO GENERATE NEW TAX REVENUE FOR NORTH CHARLESTON.
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PDF Copies of 990 Filings
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $250,647 |
| 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 | $252,679 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $26,939 |
| Pension plan accruals and contributions | $138 |
| Other employee benefits | $1,286 |
| Payroll taxes | $2,011 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,528 |
| Office expenses | $6,349 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $97,930 |
| Travel | $201 |
| 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 | $14,416 |
| All other expenses | $0 |
| Total functional expenses | $200,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $85,064 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,092 |
| 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 | $0 |
| Total assets | $102,156 |
| Accounts payable and accrued expenses | $15,685 |
| Grants payable | $0 |
| Deferred revenue | $24,400 |
| 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 | $14,290 |
| Total liabilities | $54,375 |
| Net assets without donor restrictions | $47,781 |
| 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 | $102,156 |