New Market Opportunity Fund Inc
- Assets
- $1.6m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Syracuse, IN
- Founding
- Data as of
- 12/2023
- EIN
- 85-1982223
Organization Overview
New Market Opportunity Fund Inc is located in Syracuse, IN. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, 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. New Market Opportunity Fund 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, New Market Opportunity Fund Inc generated $1.3m in total revenue.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION IS A PUBLIC BENEFIT CORPORATION THAT IS ORGANIZED AND OPERATED EXCLUSIVELY TO BENEFIT PERFORM AND CARRY OUT THE CHARITABLE EDUCATIONAL AND OTHER EXEMPT PURPOSES OF THE ENFOCUS INC. AN INDIANA NONPROFIT CORPORATION ENFOCUS ASSOCIATION OF INDIANA ENTERPRISE ZONES INC. AN INDIANA NONPROFIT CORPORATION AND ITS MEMBERS COLLECTIVELY REFERRED TO AS AIEZ AND ANY OTHER SUPPORTED ORGANIZATIONS TO BE ADDED BY THE CORPORATION FROM TIME TO TIME BY AMENDMENT TO THE ARTICLES COLLECTIVELY REFERRED TO AS THE SUPPORTED ORGANIZATIONS AS SUCH PURPOSES ARE DESCRIBED IN SECTIONS 170C2B 501C3 2055A2 AND 2522A2 OF THE INTERNAL REVENUE CODE OF 1986 AS AMENDED OR CORRESPONDING PROVISIONS OF ANY SUBSEQUENT FEDERAL TAX LAWS THE CODE AND SET FORTH IN THE ARTICLES OF INCORPORATION OF THE SUPPORTED ORGANIZATIONS WHICH INCLUDE OR CONTEMPLATED THOSE PURPOSES SET FORTH IN SCHEDULE O: SEE SCHEDULE O.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSIST IN THE ORGANIZATION OF A STATEWIDE COMMUNITY DEVELOPMENT ENTITY TO FACILITATE FINANCING OF ECONOMIC DEVELOPMENT AND JOB CREATION FOR LOW INCOME PERSONS IN LOW INCOME COMMUNITIES. ANTICIPATE ASSISTING THE STATE OF INDIANA AND THE LOCAL GOVERNMENT IN THE FINANCING OVER $75,000,000 FOR THE EXPANSION OF INDUSTRIAL SMALL BUSINESSES LOCATED IN A LOW INCOME COMMUNITIES THAT WILL CREATE OVER 600 JOBS WITH WAGES EXCESS OF THE MIT LIVING WAGE WITH BENEFITS MOST OF WHICH WILL BE ASSESSIBLE TO LOW INCOME PERSON WITHOUT A COLLEGE DEGREE.
ASSIST IN THE ORGANIZATION OF ITS SECOND COMMUNITY DEVELOPMENT ENTITY TO FACILITATE FINANCING OF ECONOMIC DEVELOPMENT AND JOB CREATION FOR LOW INCOME PERSONS IN LOW INCOME COMMUNITIES TARGETED BY LOCAL GOVERNMENT FOR ECONOMIC DEVELOPMENT. ASSISTED THE STATE OF INDIANA AND THE CITY OF KOKOMO IN THE FINANCING OVER $75,000,000 IN PUBLIC INFRASTRUCTURE REQUIRED FOR A ELECTRIC VEHICLE BATTERY PLANT LOCATED IN A LOW INCOME COMMUNITY THAT WILL CREATE OVER 1,400 JOBS WITH WAGES EXCESS OF THE MIT LIVING WAGE WITH BENEFITS MOST OF WHICH WILL BE ASSESSIBLE TO LOW INCOME PERSON WITHOUT A COLLEGE DEGREE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis Carson Governing Board Director | Trustee | 0.25 | $0 |
S Joe Dehaven Governing Board Director | Trustee | 0.25 | $0 |
Frank Hoffman Secretary Treasurer | Officer | 1 | $0 |
Andrew Wiand President Governing Board Director | OfficerTrustee | 0.25 | $0 |
Terri Czajka Advisory Board Member | Trustee | 0.25 | $0 |
Peter Giles Advisory Board Member | Trustee | 0.25 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,268,632 |
| 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 | $1,268,632 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $0 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| 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 | $1,554,365 |
| Total assets | $1,554,365 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $1,554,365 |
| Total liabilities and net assets/fund balances | $1,554,365 |