Long Beach Accelerator Inc
- Assets
- $238.8k
- Revenue
- $388.1k
- Investments
- $0.0
- Employees
- 4
- Location
- Long Beach, CA
- Founding
- 02/2020
- Data as of
- 12/2021
- EIN
- 84-3378272
Organization Overview
Long Beach Accelerator Inc is located in Long Beach, CA. The organization was established in 2020. 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, Long Beach Accelerator Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Long Beach Accelerator 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
LONG BEACH ACCELERATOR WAS FORMED FOR THE PURPOSE OF PERFORMING ALL THINGS INCIDENTAL TO, OR APPROPRIATE IN, THE ACHIEVEMENT OF THE FOLLOWING SPECIFIC AND PRIMARY MISSION TO ACCELERATE EARLY STATE STARTUPS WITH SEED FUNDING, MENTORSHIP, AND EXIT STRATEGY. THE VISION OF THE LONG BEACH ACCELERATOR IS TO MAKE LONG BEACH A DESTINATION OF CHOICE FOR EARLY STAGE STARTUPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LONG BEACH ACCELERATOR IS A 4-MONTH PROGRAM BROKEN UP INTO TWO PHASES. FOR THE FIRST THREE MONTHS, THERE ARE WEEKLY WORKSHOPS AND MENTORSHIP FOCUSED ON DETERMINING MARKET FIT, BUSINESS STRATEGY AND DEVELOPMENT AND SALES AND MARKETING. THE FINAL MONTH OF THE PROGRAM IS FOCUSED ON DEVELOPING AN EXIT STRATEGY AND PREPARING FOR DEMO DAY TO SECURE ADDITIONAL SEED FUNDING FOR CONTINUED GROWTH AND EXPANSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrea White-Kjoss Executive Dir. | Officer | 40 | $170,445 |
Vivian Shimoyama Chairman | OfficerTrustee | 7 | $0 |
Brenda Wunsch Vice Chair | OfficerTrustee | 4 | $0 |
Santhosh Devati Treasurer | OfficerTrustee | 4 | $0 |
Ragan Robertson Secretary | OfficerTrustee | 4 | $0 |
Wade Martin Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $59,995 |
| Investment income | $19 |
| 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 | $388,138 |
| 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. | $162,220 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $53,161 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $16,749 |
| Payroll taxes | $15,778 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,648 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,152 |
| Advertising and promotion | $1,000 |
| Office expenses | $1,686 |
| Information technology | $2,464 |
| Royalties | $0 |
| Occupancy | $2,472 |
| Travel | $2,393 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $246 |
| Interest | $7,202 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,925 |
| All other expenses | $0 |
| Total functional expenses | $302,488 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $206,854 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,368 |
| 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 | $2,540 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $238,762 |
| Accounts payable and accrued expenses | $20,444 |
| 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 | $200,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $21,640 |
| Total liabilities | $242,084 |
| Net assets without donor restrictions | -$3,322 |
| 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 | -$3,322 |