2024-11-15T15:08:42-06:00 2023-12-31 760488832 MCCONNELL & JONES LLP 4828 LOOP CENTRAL DRIVE SUITE 1000 HOUSTON TX 77081 990 2023-01-01 561579041 NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT NATI 9199568889 POST OFFICE BOX 1331 DURHAM NC 27702 KEVIN J PRICE PRESIDENT/CEO 9199568889 2024-11-15 1 1 KENNETH GIBBS P00238164 7139681600 2024-11-15 2023 2024-10-15 13:58:12Z KEVIN J PRICE POST OFFICE BOX 1331 DURHAM NC 27702 12263059 0 X WWW.THEINSTITUTENC.ORG X 1986 NC TO STRENGTHEN THE ASSET BASE OF DIVERSE POPULATIONS THROUGH POLICY, EDUCATION AND ECONOMIC OPPORTUNITIES. 13 13 57 0 0 21225 4713761 9328500 816438 1531500 384 700 867291 1333731 6397874 12194431 0 0 0 0 2825183 3435164 0 0 148568 2263999 4384436 5089182 7819600 1308692 4374831 12740351 18823541 2586550 4294909 10153801 14528632 X TO STRENGTHEN THE ASSET BASE OF DIVERSE POPULATIONS THROUGH POLICY, EDUCATION AND ECONOMIC OPPORTUNITIES. 0 0 1196997 WOMEN'S BUSINESS CENTER - ARE LOCATED IN THE RALEIGH-DURHAM AREA, CHARLOTTE, RICHMOND, AND GREENSBORO AND STRIVE TO PROMOTE ECONOMIC SELF-SUFFICIENCY FOR WOMEN IN NORTH CAROLINA AND VIRGINA, IN BOTH RURAL AND URBAN COMMUNITIES, THROUGH ENTREPRENEURSHIP. THE WBCS ARE PARTIALLY FUNDED BY THE U.S. SMALL BUSINESS ADMINISTRATION AWARDS. 1079940 INSTITUTE CAPITAL - A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY. THIS STATEWIDE PUBLIC PRIVATE PARTNERSHIP PROVIDES LEADERSHIP AND CAPITAL INVESTMENTS TO ENCOURAGE AND STIMULATE COMMUNITY DEVELOPMENT, EXPAND ECONOMICOPPORTUNITIES, AND PROVIDE FINANCING FOR COMMUNITY AND ECONOMIC DEVELOPMENT ACTIVITIES. 528803 SMALL BUSINESS NONPROFIT INCUBATOR - RENTAL SPACE IS PROVIDED TO SMALL BUSINESSES / NONPROFIT ORGANIZATIONS AT BELOW-MARKET RATES IN AN EFFORT TO HELP STRENGTHEN THEIR OPERATING CAPACITY AND ABILITY TO GROW. 2341404 OTHER PROGRAMS INCLUDE BUSINESS AND MARKET DEVELOPMENT, PUBLIC ALLIES, CENTER FOR PROFESSIONAL SERVICES, POLICY & RESEARCH AND SMALL BUSINESS TRANSPORTATION RESOURCE CENTER. 2341404 5147144 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 1 0 0 0 0 1 0 0 0 1 68 0 1 57 1 1 1 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X ANGELA POOLE 9199568889 PO BOX 1331 DURHAM NC 27702 NIKITRA BAILEY DIRECTOR 1.00 0.00 X 0 0 0 DR TYRONE R BAINES SECRETARY 1.00 0.00 X X 0 0 0 MARTIN EAKES DIRECTOR 1.00 0.00 X 0 0 0 TED EDWARDS DIRECTOR 1.00 0.00 X 0 0 0 DR EDWARD FORT DIRECTOR 1.00 0.00 X 0 0 0 KARLA HAYNES DIRECTOR 1.00 0.00 X 0 0 0 ADAM KLEIN DIRECTOR 1.00 0.00 X 0 0 0 SUE MALONE TREASURER 1.00 0.00 X X 0 0 0 LEWIS H MYERS CHAIRMAN 1.00 0.00 X X 0 0 0 TROY ROBERTS DIRECTOR 1.00 0.00 X 0 0 0 MICHAEL SUGGS VICE CHAIRMAN 1.00 0.00 X X 0 0 0 THURMAN SMITH DIRECTOR 1.00 0.00 X 0 0 0 JEANNE TEDROW DIRECTOR 1.00 0.00 X 0 0 0 KEVIN J PRICE PRESIDENT/CEO 40.00 0.00 X 181927 0 14702 KAYE GANTT CHIEF OP OFFICER 40.00 0.00 X 126352 0 12814 TANYA BRANCH CHIEF FINANCIAL OFFI 40.00 0.00 X 59583 0 0 ROBERTA MCCULLOUGH SENIOR VP OPERATIONS 40.00 0.00 X 115376 0 12578 ANGELA POOLE VP OF FINANCE 40.00 0.00 X 117184 0 12553 LEA HENRY DIRECTOR 40.00 0.00 X 100904 0 0 701326 0 52647 5 0 1 0 0 7828700 1499800 9328500 CONTRACTS 900099 1158600 1158600 PROGRAM FEES 900099 372900 372900 1531500 700 700 347300 68628 278672 278672 278672 SHARED SERVICE REIMBURSEMENT 900099 1044659 1044659 MISCELLANEOUS INCOME 900099 10400 10400 1055059 12194431 1810172 0 1055759 X 499209 369198 111294 18717 2415005 1786057 538404 90544 40700 30455 8795 1450 249850 186962 53988 8900 230400 172406 49786 8208 87141 1162 85979 39800 531 39269 1337403 235661 1099145 2597 52622 33765 18857 233329 226593 6736 335894 270373 63591 1930 92103 85903 6200 372547 175820 196727 27752 27752 PROGRAM EXPENSE 480989 453787 27202 EQUIPMENT PURCHASE 462730 462730 SPECIALIZED TECHNICAL A 362660 250232 97428 15000 OTHER EXPENSES 275806 236289 39317 200 223660 141468 81170 1022 7819600 5147144 2523888 148568 2864909 1213798 1266746 632800 1461543 8867871 102608 71700 7646372 2714600 3921708 4931772 3122837 3105600 12740351 18823541 980783 471609 1000000 26639 32800 1579128 2790500 2586550 4294909 X 6910499 7629127 3243302 6899505 10153801 14528632 12740351 18823541 4374831 0 X X 0 1 X 1 1 1 X 1421929 882181 3277834 4713761 9328500 19624205 1421929 882181 3277834 4713761 9328500 19624205 1072820 18551385 126685 371 60711 55878 700 244345 8945 24079 79120 112144 18457 144752 622864 732677 1055059 2573809 22554503 0.82250 0.76440 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 215300 215300 7064400 2448700 4615700 366672 265900 100772 4931772 INVESTMENT CED 3105600 C 3105600 NP TO SELF-HELP VENTURES FUND 2583700 ACCRUED VACATION 206800 2790500 X 12307059 44000 68628 112628 12194431 0 12194431 7932228 44000 68628 112628 7819600 0 7819600 PART X, LINE 2: ASC 740: THE INSTITUTE IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) INTERNAL REVENUE CODE AND THE APPLICABLE STATE TAX STATUTES. MANAGEMENT IS NOT AWARE OF ANY TAX POSITIONS TAKEN THAT REQUIRE DISCLOSURE BASED ON CURRENT FACTS AND CIRCUMSTANCES. SCHEDULE D LINE PART XI & XII LINE 2D PART XI, LINE 2D - REVENUE AMOUNTS INCLUDED IN FINANCIALS - OTHER RENT EXPENSES INCLUDED IN PART I. $ 68,628 PART XII, LINE 2D - EXPENSE AMOUNTS INCLUDED IN FINANCIALS - OTHER RENTAL EXPENSES INCLUDED IN PART I. $ 68,628 0 0 0 0 0 0 0 0 0 KEVIN J PRICE PRESIDENT/CEO 181927 0 0 0 0 0 5612 0 9090 0 196629 0 0 0 SELF HELP VENTURES FUND BOARD MEMBER 2583700 LOAN BALANCE 0 SELF HELP CREDIT UNION BOARD MEMBER 165100 CASH BALANCE 0 X IN-KIND RENTAL SPACE 3 43534 FMV X JUDGE FOR PROGRAM SERVICES 1 500 FMV 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B ORGANIZATION'S PROCESS TO REVIEW FORM 990 AUDIT COMMITTEE AND EXECUTIVE COMMITTEE MEET JOINTLY TO REVIEW THE FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ENFORCEMENT OF CONFLICTS POLICY THE BOARD REVIEWS THE POLICY AND ADHERENCE ON A REGULAR BASIS AND HAS A REMINDER ON EACH BOARD MEETING AGENDA. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR TOP OFFICIAL THE PERSONNEL COMMITTEE EVALUATES THE PRESIDENT/CEO'S COMPENSATION AND MAKES SALARY RECOMMENDATIONS BASED ON SALARY COMPARABILITY STUDY WITH THE STATE AND OTHER NONPROFITS ACROSS THE STATE. COMPENSATION PROCESS FOR OFFICERS THE PERSONNEL COMMITTEE REVIEWS THE SALARIES OF PERSONNEL ON A REGULAR BASIS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST TO THE ORGANIZATION'S OFFICE. FORM 990, PART IX, LINE 11G CONTRACT SERVICES: PROGRAM SERVICE EXPENSES 235,661. MANAGEMENT AND GENERAL EXPENSES 99,145. FUNDRAISING EXPENSES 2,597. TOTAL EXPENSES 337,403. GRANT: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 1,000,000. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,000,000. FORM 990, PART XII, LINE 2C: NO CHANGES FROM THE PRIOR YEAR. INSTITUTE CAPITAL INC PO BOX 1331 DURHAM NC 27702 562142717 CHARITY NC 501C3 LINE 7 N/A 0 0 0 0 1 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 INSTITUTE CAPITAL INC O 1044659 SHARED SERVICES INSTITUTE CAPITAL INC M 3076 RETOOL FEES INSTITUTE CAPITAL INC D 9852427 LOAN GUARANTEES INSTITUTE CAPITAL INC J 31770 RENT RECEIVED