New Majority Capital Foundation Inc
- Assets
- $956.9k
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 2
- Location
- Wakefield, MA
- Founding
- Data as of
- 12/2023
- EIN
- 88-2922788
Organization Overview
New Majority Capital Foundation Inc is located in Wakefield, MA. According to its NTEE Classification (J02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Employment and related organizations. As of 12/2023, New Majority Capital Foundation Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Majority Capital Foundation 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 Majority Capital Foundation Inc generated $1.5m in total revenue. All expenses for the organization totaled $1.0m during the year ending 12/2023.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION AIMS TO ATTACK THE GENDER AND RACIAL WEALTH GAPS WHILE ALSO PROVIDING SERVICES TO HELP ENSURE THAT RETIRING SMALL BUSINESS OWNERS CAN LEAVE A LEGACY BEHIND WITH THE JOBS THEY HAVE CREATED IN THEIR COMMUNITIES. THIS IS ACCOMPLISHED THROUGH EDUCATIONAL PROGRAMMING AND SUPPORT TO EMPOWER ENTREPRENEURS FROM UNDERREPRESENTED COMMUNITIES. ADDITIONALLY, THE FOUNDATION WILL ASSIST SMALL BUSINESS OWNERS CONSIDERING SUCCESSION PLANS AND EXIT STRATEGIES THROUGH TWO ACTIVE PROGRAMS: 1) ENTREPRENEURSHIP THROUGH ACQUISITION (ETA) ACCELERATOR PROGRAM EDUCATIONAL AND SUPPORT SERVICES SURROUNDING THE PROCESS OF BUYING AND SCALING AN EXISTING SMALL BUSINESS INSTEAD OF STARTING ONE FROM SCRATCH. 2) SUCCESSION READY PROGRAM EDUCATION AND SUPPORT TO HELP OWNERS OF BUSINESSES TO CREATE SUCCESSION PLANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENTREPRENEURSHIP THROUGH ACQUISITION (ETA) ACCELERATOR PROGRAM EDUCATION AND SUPPORT SERVICES SURROUNDING THE PROCESS OF BUYING AND SCALING AN EXISTING SMALL BUSINESS INSTEAD OF STARTING ONE FROM SCRATCH.
SUCCESSION READY PROGRAM EDUCATION AND SUPPORT SERVICES TO HELP OWNERS OF BUSINESSES CREATE SUCCESSION PLANS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darryl Lindie President | OfficerTrustee | 8 | $0 |
Havell Rodrigues Clerk | OfficerTrustee | 8 | $0 |
Allegra Stennett Executive Director | Officer | 32 | $120,000 |
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 | $1,529,464 |
| Noncash contributions included in lines 1a–1f | $243,520 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,529,464 |
| 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 | $1,529,464 |
| 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. | $120,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $143,868 |
| Pension plan accruals and contributions | $12,509 |
| Other employee benefits | $0 |
| Payroll taxes | $11,908 |
| 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 | $372,104 |
| Advertising and promotion | $15,531 |
| Office expenses | $15,892 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $111,838 |
| 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 | $1,418 |
| Insurance | $2,700 |
| All other expenses | $0 |
| Total functional expenses | $1,044,205 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $406,831 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $521,344 |
| 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 | $3,780 |
| Net Land, buildings, and equipment | $24,922 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $956,877 |
| Accounts payable and accrued expenses | $137,925 |
| 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 | $137,925 |
| Net assets without donor restrictions | -$171,397 |
| Net assets with donor restrictions | $990,349 |
| 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 | $956,877 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sheet Metal Workers Labor Management Committee And Trust Brewster, NY | $2,400,391 | $1,374,290 |
New Majority Capital Foundation Inc Wakefield, MA | $956,877 | $1,529,464 |
Communication Workers Of America New York, NY | $160,762 | $409,772 |
Capital Network Of New England Inc Boston, MA | $66,265 | $121,479 |
Laborers Local 754 Labor-Management Committee Chestnut Ridge, NY | $42,588 | $0 |