Freedom Equity Inc
- Assets
- $167.7k
- Revenue
- $335.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Columbus, OH
- Founding
- Data as of
- 12/2022
- EIN
- 88-2726911
Organization Overview
Freedom Equity Inc is located in Columbus, OH. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Freedom Equity 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
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION THAT IS AN ALTERNATE LENDER FOR BLACK-OWNED SMALL BUSINESSES IN CENTRAL OHIO TO IMPROVE THE ACCESSIBILITY AND AFFORDABILITY OF CAPITAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HIRED FULL-TIME STAFF; HELD FIRST BOARD MEETING; IMPLEMENTED CRM AND LOAN PROCESSING SOFTWARE; HELD 4 COMMUNITY EVENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Averi Frost Executive Director | Officer | 40 | $125,000 |
Bismark Akomeah Director | 40 | $90,000 | |
Eric Williams Director | 40 | $90,000 | |
Aneeka Bashir Director Of Operations | Officer | 40 | $79,500 |
Vonisha Turner Relationship Manager | Officer | 40 | $69,500 |
John Banks Relationship Manager | Officer | 40 | $69,500 |
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 | $335,643 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $335,643 |
| Total Program Service Revenue | $0 |
| Investment income | $43 |
| 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 | $335,686 |
| 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. | $179,919 |
| Compensation of current officers, directors, key employees. | $179,919 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $840 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $27,687 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,706 |
| Fees for services: Accounting | $5,828 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $14,605 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,149 |
| Advertising and promotion | $4,827 |
| Office expenses | $28,657 |
| Information technology | $20,041 |
| Royalties | $0 |
| Occupancy | $4,810 |
| Travel | $9,251 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,678 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,301 |
| Insurance | $14,960 |
| All other expenses | $1,370 |
| Total functional expenses | $363,311 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $167,650 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $0 |
| 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 | $167,650 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $167,650 |
| 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 | $167,650 |