National Institute Of Minority Economic Development
- Assets
- $9.0m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 42
- Location
- Durham, NC
- Founding
- 06/1988
- Data as of
- 06/2020
- EIN
- 56-1579041
Organization Overview
National Institute Of Minority Economic Development is located in Durham, NC. The organization was established in 1988. 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 12/2021, National Institute Of Minority Economic Development employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. National Institute Of Minority Economic Development 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 06/2020, National Institute Of Minority Economic Development generated $1.7m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $1.7m during the year ending 06/2020. As we would expect to see with falling revenues, expenses have declined by (3.3%) per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO STRENGTHEN THE ASSET BASE OF DIVERSE POPULATIONS THROUGH POLICY, EDUCATION AND ECONOMIC OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WOMEN'S BUSINESS CENTERS - STRIVES TO PROMOTE SELF-SUFFICIENCY FOR WOMEN IN NORTH CAROLINA AND VIRGINIA, IN BOTH RURAL AND URBAN COMMUNITIES, THROUGH ENTREPRENEURSHIP.
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.
SMALL BUSINESS TRANSPORTATION RESOURCE CENTER - PROVIDES ADVOCACY AND TECHNICAL ASSISTANCE TRAINING PROGRAMS TO SMALL BUSINESSES TO BUILD THEIR CAPACITY TO BID ON FEDERALLY FUNDED TRANSPORTATION PROJECTS. THE CENTER SUPPORTS SMALL BUSINESSES IN THE DISTRICT OF COLUMBIA AND THE FOUR STATE REGION OF KENTUCKY, NORTH CAROLINA, VIRGINIA AND WEST VIRGINIA.
OTHER PROGRAMS INCLUDE BUSINESS AND MARKET DEVELOPMENT, PUBLIC ALLIES, CENTER FOR PROFESSIONAL SERVICES POLICY & RESEARCH AND ICAP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin J Price President/ce | Officer | 40 | $161,922 |
Kaye Gantt Chief Op Off | Officer | 40 | $120,866 |
Angela Poole VP Of Financ | Officer | 40 | $109,038 |
Michael Suggs Vice Chairma | OfficerTrustee | 1 | $0 |
Dr Tyrone R Baines Secretary | OfficerTrustee | 1 | $0 |
Lori Jones Gibbs Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,421,929 |
| Investment income | $895 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $125,790 |
| 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 | $1,722,745 |
| Statement of Expenses | |
|---|---|
| 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. | $201,037 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $589,815 |
| Pension plan accruals and contributions | $6,634 |
| Other employee benefits | $52,370 |
| Payroll taxes | $67,939 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,825 |
| Fees for services: Accounting | $18,373 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $260,489 |
| Advertising and promotion | $0 |
| Office expenses | $47,535 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $28,482 |
| Travel | $42,284 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $407 |
| Interest | $2,319 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $40,638 |
| Insurance | $24,825 |
| All other expenses | $0 |
| Total functional expenses | $1,720,549 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,813,692 |
| Savings and temporary cash investments | $1,650,975 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $653,681 |
| 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 | $41,297 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $696,586 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,985,701 |
| Accounts payable and accrued expenses | $462,102 |
| Grants payable | $0 |
| Deferred revenue | $82,405 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $7,500 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $1,560,602 |
| Other liabilities | $530,130 |
| Total liabilities | $2,642,739 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $6,342,962 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that National Institute Of Minority Economic Development has recieved totaling $474,750.
| Awarding Organization | Amount |
|---|---|
Winston-Salem Foundation Winstonsalem, NC PURPOSE: 2 GRANT(S) FOR VARYING PURPOSES | $370,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $95,000 |
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $9,750 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
South Carolina Manufacturing Extension Partnership Greenville, SC | $4,506,207 | $8,798,009 |
Norfolk State University Research And Innovation Foundation Norfolk, VA | $25,278,732 | $5,808,933 |
Black Girl Ventures Foundation Fort Belvoir, VA | $2,941,094 | $3,288,394 |
Brightbridge Inc Chattanooga, TN | $120,622,501 | $3,473,186 |
National Institute Of Minority Economic Development Durham, NC | $8,985,701 | $1,722,745 |
Winston Starts Winstonsalem, NC | $2,039,563 | $1,547,404 |
Wilmington Business Development Wilmington, NC | $1,640,676 | $1,342,071 |
Carolinas-Virginia Minority Supplier Developoment Councils Inc Charlotte, NC | $1,397,364 | $1,303,584 |
Provident Business Financial Services Inc West Columbia, SC | $539,066 | $980,704 |
Nussbaum Center For Entrepreneurship Inc Greensboro, NC | $5,252,016 | $1,124,383 |
Startup Virginia Richmond, VA | $1,761,356 | $941,595 |
Piedmont Business Capital Greensboro, NC | $3,626,382 | $1,839,047 |