Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in May 2018.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
56 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
Who runs it and what they're paid
10 people listed on the 990; $225K paid to officers and key staff.
Charles Corprew’s $140K as Secretary is at the 41st percentile of top reported officer pay among 2832 $1–10M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 5 named individuals · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Mary Evans McMillion | — | $58,333 | $225,000 | — | — |
| Evans McMillion | — | — | — | $144,792 | $108,000 |
| Charles Corprew | $140,400 | — | — | — | — |
| Paul Nolde | $100,663 | — | — | — | — |
| Monique Adams | — | $29,997 | — | — | — |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aNo
Programs and updates
Accelerates promising startups by providing customized resources, capital, mentorship, and investor connections to help them scale and create jobs.
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Received 157 applications for 7 spots in the accelerator program. Of the 7 companies, 6 had a minority founder and 3 had a female founder on the c-suite team. Engaged over 100 mentors who spent over 500 hours with the 7 founders.
In its first full year of existence, startup studios' impact has grown to reducing obstacles and barriers to over 70 early-stage, growth oriented entrepreneurs. The studios model continues to be hyper focused on surrounding entrepreneurs with place, community, customized programming and mentorship so entrepreneurs can focus on validating…
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Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2022 990, line by line.
Download 990
| Line | Start FY22 | End FY22 |
|---|---|---|
| Cash and savingsLn 1–2 | $616K | $821K |
| Total assetsLn 16 | $616K | $821K |
| LiabilitiesLn 26 | $103K | $78K |
| Net assetsLn 32 | $513K | $743K |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $105K | $105K | ||
| Pay of current officers, directors and key staffLn 5 | $225K | $90K | $135K | |
| Other salaries and wagesLn 7 | $349K | $139K | $209K | |
| Payroll taxesLn 10 | $36K | $14K | $21K | |
| Legal feesLn 11b | $55 | $55 | ||
| Accounting feesLn 11c | $8K | $8K | ||
| Other fees for servicesLn 11g | $168K | $168K | ||
| Advertising and promotionLn 12 | $6K | $6K | ||
| Office expensesLn 13 | $10K | $10K | ||
| Information technologyLn 14 | $12K | $12K | ||
| OccupancyLn 16 | $168K | $168K | ||
| TravelLn 17 | $4K | $4K | ||
| InsuranceLn 23 | $3K | $3K | ||
| Other expenses (24a–d)Ln 24 | $240K | $227K | $13K | |
| Total functional expensesLn 25 | $1.3M | $743K | $591K | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest | $1.2M | $1.7M | −$424K | $505K | 990 PDF |
| FY2023 | $1.6M | $1.4M | $187K | $930K | 990 PDF |
| FY2022 Viewing | $1.6M | $1.3M | $229K | $743K | 990 PDF |
| FY2021 | $962K | $847K | $114K | $513K | 990 PDF |
| FY2020 | $461K | $379K | $82K | $381K | 990 PDF |
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Schedules filed Part IV
See the full FY2022 990 (4 parts)
Part VIII · Statement of revenue $1,564,123 across 5 lines filed
Part IX · Statement of functional expenses $1,334,638 across 14 lines filed
Part X · Balance sheet $821,015 assets, 9 lines filed
Part XI · Reconciliation of net assets $742,619 net assets at year end
Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File
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