Alabama Capital Network Inc
- Assets
- $148.6k
- Revenue
- $430.1k
- Investments
- $0.0
- Employees
- 6
- Location
- Birmingham, AL
- Founding
- Data as of
- 12/2023
- EIN
- 87-4355000
Organization Overview
Alabama Capital Network Inc is located in Birmingham, AL. 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, Alabama Capital Network Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Alabama Capital Network Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST START-UP COMPANIES AND EARLY STAGE ENTREPRENEURS WITHIN ALABAMA GAIN ACCESS TO EDUCATION, CAPITAL AND TECHNICAL ASSISTANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALABAMA CAPITAL NETWORK (ACN) WORKS WITH BUSINESS INCUBATORS, ACCELERATORS, AND UNIVERSITY TECH TRANSFER OFFICES TO COORDINATE RESOURCES RELATED TO COACHING AND SUPPORTING STARTUP COMPANIES. THIS INCLUDES COACHING AROUND BUSINESS PLAN DEVELOPMENT, FUNDRAISING, FINDING EARLY CUSTOMERS, TWEAKING SALES & MARKETING STRATEGIES, AND MORE. ACN FOCUSES ON HELPING THESE COMPANIES DEVELOP TO A POSITION OF MATURITY WHERE THEY CAN RAISE ADDITIONAL FUNDING TO SUPPORT SCALABLE GROWTH
ACN EVALUATES OVER 350 STARTUP PITCH PRESENTATIONS EACH YEAR. THESE COME FROM PITCH COMPETITIONS, UNIVERSITY PROGRAMS, INCUBATOR RESIDENTS, CONFERENCES, UNIVERSITY PROGRAMS, AND UNSOLICITED PITCHES BEING SUBMITTED ON THE ACN WEBSITE. WHEREVER POSSIBLE, ACN PROVIDES FEEDBACK TO EACH STARTUP RELATING TO HOW THEY CAN BEST GROW THEIR COMPANY AND IMPROVE THE LIKELIHOOD OF RECEIVING FUNDING. THE BEST OF THESE COMPANIES ARE THEN PRESENTED IN REGULAR SHOWCASE EVENTS SIMILAR TO THE TV SHOW SHARK TANK, WHERE INVESTORS IN THE AUDIENCE MAY OPT TO INVEST IN THE COMPANIES PRESENTING. ACN DOES NOT MAKE INVESTMENT RECOMMENDATIONS, BUT INSTEAD FOCUSES ON MAKING INTRODUCTIONS AND CONNECTIONS THAT SUPPORT THE ENTREPRENEURS.
ACN WORKS WITH THE BEST STARTUPS IT IDENTIFIES TO MAKE CONNECTIONS TO CORPORATIONS THAT MAY BECOME CUSTOMERS, INVESTORS, OR SUPPLY CHAIN PARTNERS. THIS HAS ALREADY RESULTED IN NUMEROUS CONTRACTS BEING ACHIEVED BY THE STARTUPS, WHICH FURTHERS THEIR GROWTH AS A COMPANY. THIS HAS BEEN PARTICULARLY IMPACTFUL WHERE ACN WORKS WITH STARTUPS IN RURAL AREAS AND CONNECTS THEM TO LARGER CORPORATIONS IN LARGER CITIES THAT MIGHT OTHERWISE NOT BE ACCESSIBLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charlie Perry Director | Trustee | 1 | $0 |
Hayley Van Antwerp Director | Trustee | 1 | $0 |
Sanjay Singh Chairman | OfficerTrustee | 1 | $0 |
William Goodrich Director | Trustee | 1 | $0 |
William Terry Treasurer | OfficerTrustee | 1 | $0 |
Ruffner Page Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $430,000 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $100 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $430,100 |
| 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 | $430,100 |
| 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. | $114,000 |
| Compensation of current officers, directors, key employees. | $28,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $100,900 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $12,979 |
| Payroll taxes | $17,522 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $36,401 |
| Office expenses | $3,553 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,666 |
| Travel | $932 |
| 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 | $720 |
| All other expenses | $331 |
| Total functional expenses | $345,242 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $147,575 |
| 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 | $1,050 |
| Total assets | $148,625 |
| Accounts payable and accrued expenses | $4,199 |
| 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 | $4,199 |
| Net assets without donor restrictions | $144,426 |
| 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 | $148,625 |