Newcorp Inc
- Assets
- $11.9m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 7
- Location
- New Orleans, LA
- Founding
- 05/1999
- Data as of
- 12/2022
- EIN
- 72-1297875
Organization Overview
Newcorp Inc is located in New Orleans, LA. The organization was established in 1999. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Newcorp Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Newcorp 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
NEWCORP, INC. IS A PRIVATE NON-PROFIT 501(C)(3) CDFI THAT PROVIDES FINANCIAL PRODUCTS AND SERVICES, TECHNICAL ASSISTANCE, TRAINING, COUNSELING AND ADVISORY SERVICES TO SMALL/MEDIUM, UNDERSERVED BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEWCORP, INC. IS A PRIVATE NON-PROFIT 501(C)(3) CDFI THAT PROVIDES FINANCIAL PRODUCTS AND SERVICES, TECHNICAL ASSISTANCE, TRAINING, COUNSELING AND ADVISORY SERVICES TO SMALL/MEDIUM, UNDERSERVED BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vaughn Fauria Executive Director | Officer | 50 | $210,000 |
Vanessa Brown Claiborne President | OfficerTrustee | 2 | $0 |
Angela Obyrne Treasurer | OfficerTrustee | 2 | $0 |
Sheryl Howard Secretary | OfficerTrustee | 2 | $0 |
Monica Edwards Member | Trustee | 2 | $0 |
Gerald Johnson Member | Trustee | 2 | $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 | $1,129,882 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,129,882 |
| Total Program Service Revenue | $512,782 |
| 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 | $1,647,488 |
| 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. | $210,000 |
| Compensation of current officers, directors, key employees. | $52,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $320,249 |
| Pension plan accruals and contributions | $11,536 |
| Other employee benefits | $0 |
| Payroll taxes | $41,652 |
| Fees for services: Management | $163,620 |
| Fees for services: Legal | $6,861 |
| Fees for services: Accounting | $64,428 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $17,774 |
| Office expenses | $23,996 |
| Information technology | $9,123 |
| Royalties | $0 |
| Occupancy | $6,291 |
| Travel | $23,813 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $144,229 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,634 |
| Insurance | $9,099 |
| All other expenses | $38,070 |
| Total functional expenses | $1,267,116 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,873,283 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $176,371 |
| Accounts receivable, net | $7,674,166 |
| 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 | $4,606 |
| Net Land, buildings, and equipment | $110,382 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $40,390 |
| Total assets | $11,879,198 |
| Accounts payable and accrued expenses | $59,990 |
| Grants payable | $0 |
| Deferred revenue | $1,943,079 |
| 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 | $3,343,739 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $115,423 |
| Total liabilities | $5,462,231 |
| Net assets without donor restrictions | $733,266 |
| Net assets with donor restrictions | $5,683,701 |
| 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 | $11,879,198 |