518 Elevated Inc
- Assets
- $1.9m
- Revenue
- $264.9k
- Investments
- $0.0
- Employees
- 5
- Location
- Albany, NY
- Founding
- 07/2001
- Data as of
- 06/2023
- EIN
- 14-1823014
Organization Overview
518 Elevated Inc is located in Albany, NY. The organization was established in 2001. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 06/2023, 518 Elevated Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 518 Elevated 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 06/2023, 518 Elevated Inc generated $264.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.4%) each year. All expenses for the organization totaled $547.0k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (0.2%) per year over the past 8 years. 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
TO PROVIDE SPECIALIZED PROGRAMS, MENTORING, PROFESSIONAL GUIDANCE, AND ACADEMIC AND FINANCIAL SUPPORT FOR QUALIFYING HIGH SCHOOL STUDENTS IN THE CAPITAL REGION. BY ASSEMBLING A NETWORK OF BUSINESS LEADERS, EDUCATIONAL ADVOCATES, AND DEDICATED VOLUNTEERS, PROMISING YOUTH ARE PROVIDED OPPORTUNITY AND ACCESS TO HIGHER EDUCATION THAT MAY BE OTHERWISE UNAVAILABLE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES INCURRED FOR: RECRUITING, TRAINING, MATCHING, AND SUPPORTING MENTORS; WORKSHOPS AND COLLEGE PREPARATION ACTIVITIES FOR HIGH SCHOOL SCHOLARS; AND ASSISTANCE PROVIDED TO SCHOLARS THROUGHOUT HIGH SCHOOL, INCLUDING STIPEND DISTRIBUTION. THE ORGANIZATION SERVES ANYWHERE FROM 80-90 STUDENTS IN THE ALBANY, SCHENECTADY, AND TROY CITY SCHOOL DISCTRICTS AND APPROXIMATELY 160 COLLEGE STUDENTS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laura Marx Executive Di | Trustee | 40 | $83,496 |
Jeffrey A Cohn Chair | OfficerTrustee | 1 | $0 |
Kevin J Bottini CPA Immediate Pa | OfficerTrustee | 1 | $0 |
Terrence Kremer Vice Chair | OfficerTrustee | 1 | $0 |
Vassiliki Potter Treasurer | OfficerTrustee | 1 | $0 |
Chryesse Wells Secretary | OfficerTrustee | 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 | $303,860 |
| Noncash contributions included in lines 1a–1f | $8,300 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $303,860 |
| Total Program Service Revenue | $14,142 |
| Investment income | $38,062 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$91,182 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $264,882 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $121,187 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $83,496 |
| Compensation of current officers, directors, key employees. | $15,487 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $142,645 |
| Pension plan accruals and contributions | $6,996 |
| Other employee benefits | $27,196 |
| Payroll taxes | $15,975 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $8,600 |
| Fees for services: Other | $56,163 |
| Advertising and promotion | $6,453 |
| Office expenses | $8,785 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,000 |
| Travel | $159 |
| 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 | $297 |
| Insurance | $8,569 |
| All other expenses | $735 |
| Total functional expenses | $546,951 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,505 |
| Savings and temporary cash investments | $26,549 |
| Pledges and grants receivable | $119,055 |
| 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 | $12,897 |
| Net Land, buildings, and equipment | $152 |
| Investments—publicly traded securities | $1,698,291 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $2,205 |
| Other assets | $36,901 |
| Total assets | $1,897,555 |
| Accounts payable and accrued expenses | $4,630 |
| 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 | $35,901 |
| Total liabilities | $40,531 |
| Net assets without donor restrictions | $369,976 |
| Net assets with donor restrictions | $1,487,048 |
| 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 | $1,897,555 |