Higher Purpose Co
- Assets
- $2.0m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 8
- Location
- Clarksdale, MS
- Founding
- 09/2018
- Data as of
- 12/2021
- EIN
- 82-1629178
Organization Overview
Higher Purpose Co is located in Clarksdale, MS. The organization was established in 2018. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Higher Purpose Co employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Higher Purpose Co 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 12/2021, Higher Purpose Co generated $1.5m in total revenue. The organization has seen a slow decline revenue. Over the past 3 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
BUILDING COMMUNITY WEALTH WITH BLACK RESIDENTS IN MISSISSIPPI BY SUPPORTING THE OWNERSHIP OF FINANCIAL, CULTURAL, AND POLITICAL POWER, USING AN INTEGRATED MODEL OF BUSINESS OWNERSHIP, NARRATIVE CHANGE, AND ADVOCACY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COVID-19 BLACK BUSINESS RELIEF FUND- PROVIDING DIRECT GRANTS UP TO $5,000 TO ELIGIBLE BUSINESSES IMPACTED BY COVID-19
BUSINESS OWNERSHIP EDUCATION & OUTREACH - PROVIDING BUSINESS WORKSHOPS, TRAININGS, AND SUMMITS AT NO OR LOW COST TO ENTREPRENEURS
BUSINESS FELLOWSHIP - SIX MONTH PARTICIPANT PROGRAM ANCHORED BY HPC'S CULTURALLY RELEVANT CURRICULUM, BUSINESS GROWTH SUPPORT AND FUNDING NETWORK. AREAS OF FOCUS ARE FOOD, HEALTH, ARTS/CULTURE, AND EDUCATION.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy E Lampkin CEO | Officer | 40 | $72,031 |
Derek Dewayne Hopson Jr President | Trustee | 2 | $0 |
Dr Temika Simmons Vice President | Trustee | 2 | $0 |
Pamela Hadley Director | Trustee | 2 | $0 |
Jacqueline Johnson Director | Trustee | 2 | $0 |
Dr Sondra Collins Director | 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 | $1,518,368 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,518,368 |
| Total Program Service Revenue | $0 |
| Investment income | $219 |
| 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 | $1,518,587 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $249,770 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $72,031 |
| Compensation of current officers, directors, key employees. | $72,031 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $308,363 |
| Pension plan accruals and contributions | $7,627 |
| Other employee benefits | $39,434 |
| Payroll taxes | $43,277 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,685 |
| Fees for services: Accounting | $27,234 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $144,869 |
| Advertising and promotion | $75,685 |
| Office expenses | $60,902 |
| Information technology | $3,208 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $31,342 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $30,617 |
| Interest | $8 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,077 |
| Insurance | $7,832 |
| All other expenses | $0 |
| Total functional expenses | $1,140,551 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,575,966 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $250,000 |
| 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 | $7,490 |
| Net Land, buildings, and equipment | $169,713 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1 |
| Total assets | $2,003,170 |
| Accounts payable and accrued expenses | $2,569 |
| 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 | $2,569 |
| Net assets without donor restrictions | $1,442,513 |
| Net assets with donor restrictions | $558,088 |
| 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 | $2,003,170 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Higher Purpose Co has recieved totaling $1,200,500.
| Awarding Organization | Amount |
|---|---|
Rudolf Steiner Foundation Inc San Francisco, CA PURPOSE: GENERAL OPERATING SUPPORT | $465,000 |
Rockefeller Foundation New York, NY PURPOSE: IN SUPPORT OF PROVIDING BUSINESS EDUCATION, FUNDING, AND NETWORKING OPPORTUNITIES FOR SMALL, BLACK-OWNED BUSINESSES IN JACKSON, MISSISSIPPI | $250,000 |
Impactassets Inc Bethesda, MD PURPOSE: GENERAL SUPPORT | $250,000 |
Ratliff Charitable Foundation Birmingham, AL PURPOSE: COMMUNITY SUPPORT | $100,000 |
Jessie Smith Noyes Foundation Inc New York, NY PURPOSE: GENERAL OPERATING SUPPORT | $60,000 |
The Threshold Foundation Brewster, NY PURPOSE: GENERAL SUPPORT | $40,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
St Martin Iberia Lafayette Parishes Community Action Agency Lafayette, LA | $1,628,921 | $19,226,376 |
Northwest Arkansas Council Foundation Springdale, AR | $9,473,428 | $13,530,717 |
Golden Triangle Planning & Development District Inc Starkville, MS | $16,192,589 | $11,220,298 |
Neighborhood Preservation Inc Memphis, TN | $5,226,571 | $6,441,182 |
Woodbine Community Organization Wco Inc Nashville, TN | $99,872,484 | $15,160,345 |
Mid-Delta Community Services Inc Helena, AR | $2,889,498 | $10,056,138 |
Communities Unlimited Inc Fayetteville, AR | $26,843,803 | $9,936,122 |
Southwest Mississippi Planning And Development District Inc Natchez, MS | $14,931,557 | $8,375,753 |
Economic Opportunity Agency Of Washington County Inc Springdale, AR | $5,019,111 | $7,887,315 |
Delta Community Action Association Inc Tallulah, LA | $2,682,123 | $8,135,037 |
Northwest Tennessee Development Martin, TN | $5,677,713 | $7,068,049 |
Oasis Center Inc Nashville, TN | $8,797,706 | $7,228,064 |