Hbcu Founders Initiative
- Assets
- $8.7k
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- San Francisco, CA
- Founding
- Data as of
- 06/2023
- EIN
- 86-3846215
Organization Overview
Hbcu Founders Initiative is located in San Francisco, CA. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hbcu Founders Initiative 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 06/2023, Hbcu Founders Initiative generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 27.3% each year . All expenses for the organization totaled $1.2m during the year ending 06/2023. While expenses have increased by 27.7% per year over the past 2 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION IS ORGANIZED AND OPERATED FOR CHARITABLE AND EDUCATIONAL PURPOSES AT HBCUS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PRE-ACCELERATOR PROGRAM IS AN 8-WEEK EDUCATIONAL PROGRAM DESIGNED FOR EARLY-STAGE FOUNDERS WHO ARE PAST THE IDEA STAGE OF THEIR STARTUP AND READY TO VALIDATE A PROBLEM AND BUILD A MINIMUM VIABLE PRODUCT. THE CORPORATION IS DEDICATED TO ENGAGING RISING STUDENTS AND ALUMNI ACROSS ALL HBCUS WHO ARE INTERESTED IN DEVELOPING SOLUTIONS THAT CLOSE THE RACIAL "WEALTH GAP AND RELATED INEQUALITIES IN THE UNITED STATES, SUCH AS ACCESS TO HEALTHCARE, EDUCATION, AND FINANCIAL SERVICES. ACCORDINGLY, PARTICIPATION IS OPEN TO ALL RISING STUDENTS AND RECENT GRADUATES OF HBCUS AND THE OBJECTIVE IS TO MAXIMIZE THE AVAILABILITY OF THE PROGRAM. THE PRE-ACCELERATOR PROGRAM CURRICULUM IS OPEN-SOURCE AND THE SESSIONS ARE AVAILABLE FREE OF CHARGE TO PROGRAM PARTICIPANTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marlon Evans President | OfficerTrustee | 1 | $0 |
Kip Quackenbush Treasurer | OfficerTrustee | 1 | $0 |
Andre Kirwan Secretary | OfficerTrustee | 1 | $0 |
Kelsey Morgan Pasqualichio Director | Trustee | 1 | $0 |
Shelley Arakawa Director | Trustee | 1 | $0 |
Marcela Ruiz Director | Trustee | 1 | $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 | $1,175,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,175,500 |
| 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 | $1,175,500 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $70,000 |
| Grants and other assistance to domestic individuals. | $25,000 |
| 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 | $76,440 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,363 |
| Fees for services: Accounting | $4,190 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $962,738 |
| Advertising and promotion | $10,151 |
| Office expenses | $631 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $13,600 |
| 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 | $2,857 |
| All other expenses | $0 |
| Total functional expenses | $1,172,970 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,653 |
| 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 | $2,040 |
| Total assets | $8,693 |
| 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 | $500 |
| Total liabilities | $500 |
| 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 | $8,193 |
| Total liabilities and net assets/fund balances | $8,693 |
Grants Awarded
Over the last fiscal year, Hbcu Founders Initiative has awarded $70,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
MORGAN STATE UNIVERSITY PURPOSE: TO DIRECTLY FOSTER INNOVATION AND ENTREPRENEURSHIP ON CAMPUS. | $10,000 |
SPELMAN COLLEGE PURPOSE: TO DIRECTLY FOSTER INNOVATION AND ENTREPRENEURSHIP ON CAMPUS. | $10,000 |
NORTH CAROLINA AT&T UNIVERSITY PURPOSE: TO DIRECTLY FOSTER INNOVATION AND ENTREPRENEURSHIP ON CAMPUS | $10,000 |
PRAIRIE VIEW A&M UNIVERSITY PURPOSE: TO DIRECTLY FOSTER INNOVATION AND ENTREPRENEURSHIP ON CAMPUS. | $10,000 |
OAKWOOD UNIVERSITY PURPOSE: TO DIRECTLY FOSTER INNOVATION AND ENTREPRENEURSHIP ON CAMPUS. | $10,000 |
ELIZABETH CITY STATE UNIVERSITY PURPOSE: TO DIRECTLY FOSTER INNOVATION AND ENTREPRENEURSHIP ON CAMPUS | $10,000 |