The 3rd Inc
- Assets
- $282.0k
- Revenue
- $588.9k
- Investments
- $0.0
- Employees
- 4
- Location
- Columbia, MD
- Founding
- 07/2019
- Data as of
- 12/2023
- EIN
- 84-2311250
Organization Overview
The 3rd Inc is located in Columbia, MD. The organization was established in 2019. 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 12/2023, 3rd Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 3rd 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 12/2023, 3rd Inc generated $588.9k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 18.1% each year . All expenses for the organization totaled $578.7k during the year ending 12/2023. 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
IS TO BUILD A SPACE THAT FOSTERS DREAMS, CREATES COMMUNITY, AND PROVIDES MENTORSHIP, WHICH ENABLES WOMEN OF COLOR TO TURN THEIR IDEAS INTO ECONOMIC POWER AND FREEDOM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2023 THE 3RD ACCOMPLISHED THE FIRST FULL CALENDAR YEAR OF OUR UNIQUE COMMUNITY COWORKING SPACE. WE HELD OVER 100 EVENTS, WELCOMED 100 NEW MEMBERS, AND PARTICIPATED IN 15 COMMUNITY EVENTS. WE ENTERTAINED OFFERS TO EXPAND INTO OTHER MARKETS WHILE BUILDING UP OUR PROGRAMMING AND DEVELOPING NEW PARTNERSHIPS. WE PARTNERED WITH PNC AS PART OF A PILOT PROGRAM TO BRING BUSINESS EDUCATION TO UNDERSERVED COMMUNITIES. WE OBTAINED OUR LIQUOR INCENSE IN ORDER TO HOST WOC OWNED ALCOHOL BRANDS. WE HIRED 7 PART TIME EMPLOYEES TO GREET CUSTOMERS IN OUR CAFE AND ORGANIZE EVENTS. 2023 SAW OUR MOST EXPANSIVE YEAR YET.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Minah Woo Member | Trustee | 1.5 | $0 |
Lkimberly Prescott Member | Trustee | 1.5 | $0 |
Jetheda Hernandez Chair | OfficerTrustee | 1.5 | $0 |
Radiah Rhodes Vice Chair | OfficerTrustee | 1.5 | $0 |
Laura Bacon Founder And CEO | Officer | 70 | $0 |
Patricia W Marshall Treasurer | Officer | 1.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $119,396 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $237,580 |
| All other contributions, gifts, grants, and similar amounts not included above | $231,949 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $588,925 |
| Total Program Service Revenue | $0 |
| 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 | $588,925 |
| 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. | $19,500 |
| Compensation of current officers, directors, key employees. | $6,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $96,871 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $99 |
| Payroll taxes | $11,023 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $124,547 |
| Advertising and promotion | $0 |
| Office expenses | $112,961 |
| Information technology | $9,561 |
| Royalties | $0 |
| Occupancy | $116,364 |
| Travel | $1,097 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $478 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,146 |
| Insurance | $3,220 |
| All other expenses | $2,954 |
| Total functional expenses | $578,713 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$602 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $21,147 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $261,420 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $281,965 |
| Accounts payable and accrued expenses | $75,733 |
| 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 | $2,100 |
| Total liabilities | $77,833 |
| Net assets without donor restrictions | $204,132 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $281,965 |