Alt Finance Corporation
- Assets
- $11.0m
- Revenue
- $9.0m
- Investments
- $0.0
- Employees
- 3
- Location
- Culver City, CA
- Founding
- Data as of
- 12/2022
- EIN
- 86-3974526
Organization Overview
Alt Finance Corporation is located in Culver City, CA. According to its NTEE Classification (W70) the organization is classified as: Leadership Development, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Alt Finance Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Alt Finance Corporation 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, Alt Finance Corporation generated $9.0m in total revenue. This represents relatively stable growth, over the past 2 years the organization has increased revenue by an average of 0.0% each year. All expenses for the organization totaled $6.7m 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
INVESTING IN BLACK FUTURES BY PROVIDING A CLEAR PATHWAY TO STUDENTS AT PARTNERING HISTORICALLY BLACK COLLEGES AND UNIVERSITIES ("HBCU'S") INTO CAREERS IN THE ALTERNATIVE INVESTMENT INDUSTRY. PARTICIPATING HBCU STUDENTS WILL RECEIVE ACCESS TO EDUCATION, TRAINING, MENTORSHIP, SCHOLARSHIP FUNDING, INTERNSHIPS, AND FULL-TIME CAREER OPPORTUNITIES IN THE INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP PROGRAM - THIS PROGRAM PROVIDES NEED-BASED AND MERIT-BASED SCHOLARSHIPS FOR ALTFINANCE FELLOWS, IN ADDITION TO INSTITUTIONAL GRANTS FOR THE ORGANIZATION'S PARTNER HBCU'S. NEARLY 60 STUDENTS RECEIVED SCHOLARSHIPS, AND 2,800 STUDENTS WERE IMPACTED BY THE INSTITUTIONAL INVESTMENT.
ALTFINANCE FELLOWSHIP PROGRAM - THIS PROGRAM SERVICES 118 STUDENTS BY PROVIDING THEM WITH TRAINING, MENTORSHIP, CAREER COACHING, AND SCHOLARSHIPS. THE ORGANIZATION HOSTS 5 IN-PERSON WORKSHOPS A YEAR.
ALTFINANCE INSTITUTE - THE INSTITUTE PROVIDES CO-CURRICULAR LEARNING OPPORTUNITIES TO ALL INTERESTED HBCU STUDENTS TO INCREASE AWARENESS, SUPPORT INTEREST, AND CREATE PATHWAYS TO ALTERNATIVE INVESTMENT CAREERS. MANY OF THE INSTITUTE AMBASSADORS MEET IN PERSON ONCE A YEAR.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marcus Shaw Executive Director | OfficerTrustee | 40 | $274,030 |
Trey Pruitt President | OfficerTrustee | 1 | $0 |
Jonathan B Simon Vice-President | OfficerTrustee | 1 | $0 |
Heather Berger Treasurer | OfficerTrustee | 1 | $0 |
Jerilyn Mcaniff Secretary | OfficerTrustee | 1 | $0 |
Michelle Armstrong 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 | $9,006,017 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,006,017 |
| 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 | $9,006,017 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,207,520 |
| Grants and other assistance to domestic individuals. | $386,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $538,104 |
| Compensation of current officers, directors, key employees. | $107,621 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $10,500 |
| Other employee benefits | $30,299 |
| Payroll taxes | $28,479 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,493 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $31,800 |
| Advertising and promotion | $254,501 |
| Office expenses | $26,994 |
| Information technology | $12,000 |
| Royalties | $0 |
| Occupancy | $4,500 |
| Travel | $54,236 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,594 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,354 |
| All other expenses | $0 |
| Total functional expenses | $6,690,528 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,984,923 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,000,000 |
| 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 | $4,314 |
| 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 | $10,989,237 |
| Accounts payable and accrued expenses | $128,762 |
| 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 | $1,782 |
| Total liabilities | $130,544 |
| Net assets without donor restrictions | $10,858,693 |
| 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 | $10,989,237 |
Grants Awarded
Over the last fiscal year, Alt Finance Corporation has awarded $3,207,520 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
UNITED NEGRO COLLEGE FUND INC PURPOSE: SCHOLARSHIPS | $1,207,500 |
HOWARD UNIVERSITY PURPOSE: SCHOLARSHIPS | $500,000 |
MOREHOUSE COLLEGE PURPOSE: SCHOLARSHIPS | $500,020 |
SPELMAN COLLEGE PURPOSE: SCHOLARSHIPS | $500,000 |
CLARK ATLANTA UNIVERSITY INC PURPOSE: SCHOLARSHIPS | $500,000 |