Colorwave Project Inc
- Assets
- $83.9k
- Revenue
- $600.2k
- Investments
- $0.0
- Employees
- 4
- Location
- Berkeley, CA
- Founding
- Data as of
- 12/2022
- EIN
- 85-4072043
Organization Overview
Colorwave Project Inc is located in Berkeley, CA. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2022, Colorwave Project Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Colorwave Project 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 12/2022, Colorwave Project Inc generated $600.2k in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 73.4% each year . All expenses for the organization totaled $557.6k during the year ending 12/2022. While expenses have increased by 82.3% per year over the past 2 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE COLORWAVE PROJECT, INC. DBA COLORWAVE IS ORGANIZED AND OPERATED FOR EDUCATIONAL PURPOSES FOR UNDERREPRESENTED PROFESSIONALS IN THE STARTUP AND HIGH-GROWTH BUSINESS SECTOR. OUR ORGANIZATION LEADS AN EIGHT-WEEK LEADERSHIP PROGRAM TO HELP EDUCATE, SUPPORT AND TRAIN UNDERREPRESENTED, PRIMARILY LOW INCOME, FIRST GENERATION PROFESSIONALS ON HOW AMERICA'S STARTUP AND HIGH-GROWTH BUSINESS SECTOR WORKS, HOW TO ATTAIN JOBS WITHIN THE INDUSTRY, AND GAIN FINANCIAL SECURITY THROUGH EMPLOYMENT AND ENTREPRENEURSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, COLORWAVE EXPANDED ITS FELLOWSHIP PROGRAMMING SERVING MORE THAN 165 NEW FELLOWS. AT THE CLOSE OF THE YEAR, THERE WERE ROUGHLY 300 ALUMNI WHO HAVE COMPLETED THE PROGRAM ACROSS 60 DIFFERENT CITIES AND SIX COUNTRIES. DURING 2022, THE ORGANIZATION ALSO EXPANDED ITS PROGRAM OFFERING TO SUPPORT ALUMNI WHO ARE EARLY-STAGE ENTREPRENEURS. FIVE ALUMNI COMPLETED AN INTENSIVE ACCELERATOR PROGRAM DESIGNED TO PROVIDE ADVISORY AND MENTORSHIP FROM WORLD-CLASS BUSINESS LEADERS AND ENTREPRENEURS AS WELL AS ACCESS TO ANGEL AND PRE-SEED CAPITAL. COLORWAVE WILL CONTINUE TO GROW THESE PROGRAMS IN THE COMING YEARS, FOCUSED ON PROVIDING ACCESS TO MEANINGFUL TECH CAREERS AND ENTREPRENEURSHIP, WITH THE AIM OF LEVERAGING AMERICA'S ROBUST INNOVATION ECONOMY TO HELP CLOSE THE RACIAL WEALTH GAP.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lorenzo Castillo Director Of Program/community | 40 | $125,000 | |
John Roussel Executive Director | Trustee | 40 | $111,667 |
Leandrew Robinson President | OfficerTrustee | 2 | $0 |
Joeyzwillinger Vice President | OfficerTrustee | 2 | $0 |
Josh Fisher Treasurer | OfficerTrustee | 2 | $0 |
David Stark Secretary | OfficerTrustee | 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 | $600,205 |
| Noncash contributions included in lines 1a–1f | $1,115 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $600,205 |
| 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 | $600,205 |
| 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. | $111,666 |
| Compensation of current officers, directors, key employees. | $22,333 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $203,333 |
| Pension plan accruals and contributions | $9,469 |
| Other employee benefits | $18,636 |
| Payroll taxes | $24,956 |
| Fees for services: Management | $28,772 |
| Fees for services: Legal | $3,237 |
| Fees for services: Accounting | $18,614 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,525 |
| Office expenses | $1,901 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $9,652 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $13,481 |
| All other expenses | $0 |
| Total functional expenses | $557,619 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $75,592 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,000 |
| 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 | $1,347 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $83,939 |
| Accounts payable and accrued expenses | $8,305 |
| 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 | $8,305 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $75,634 |
| Total liabilities and net assets/fund balances | $83,939 |