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Ignite Capital INC FY2021 filing

Tax-deductible

Baltimore, MD501(c)(3)Since 2020 EIN 84-4893203Revenue $388K in FY2021

On file with the IRSignitecapital.org1400 Greenmount Ave B01, 21202-5684 · Baltimore, MDTax-exempt since Feb 2021Supporting org, Type I — 509(a)(3)

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Ignite Capital is a social impact fund with the mission to 1) empower and resource baltimore social enterprises in economically distressed communitites, 2)support the overall efforts of these social enterprises to attract future investments in support of their mission and, 3) contribute to ongoing efforts in ensuring baltimore neighborhoods are thriving sustainably.

501(c)(3) charity; gifts are tax-deductible.
93¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $93K a year · 26% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
93%
of spending
Looks good: 93% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
29 mo
of spending, in cash
Looks good: 28.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
9
named funders · $558K
Looks good: 9 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$894K
90% of total assets
Concern: liabilities are 90% of assets; over 80%.
Pt X · Ln 26
Independent board members
4
of 5 voting members
Looks good: 4 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$388K
×20 vs prior year
Spent
$307K
To programs
93%
Net assets
$95K
By yearFY2020–FY2024
Revenue
$388K
FY2021▲ ×20
Tap a bar for its year
Revenue by fiscal year
FY2020$20K
FY2021$388K
FY2022$318K
FY2023$263K
FY2024$765K
Expenses
$307K
FY2021▲ ×54
Tap a bar for its year
Expenses by fiscal year
FY2020$6K
FY2021$307K
FY2022$210K
FY2023$327K
FY2024$440K
Net assets
$95K
FY2021▲ +581%
Tap a bar for its year
Net assets by fiscal year
FY2020$14K
FY2021$95K
FY2022$203K
FY2023$140K
FY2024$372K

From the FY2021 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 2021.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

93 cents of each dollar spent went to programs.

Program services 93% · $285K Management & general 6% · $18K Fundraising 1% · $4K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Dan Rizzo
Director
$0Pt VII · Sec A
Jay Nwachu
President
$0Pt VII · Sec A
See Ignite Capital INC executive salaries →

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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 15aYes

Programs and updates

Empowers and resources Baltimore social enterprises to attract investment and foster thriving neighborhoods.

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Provided by the organization

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1 program · $285K · in their own filed words · FY2021
01

Empower and resource baltimore social enterprises in economically distressed communities.

$285Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Donor Advised Charitable Giving INCFY2024$175K
Baltimore Community Foundation INCFY2024$120K
The France-Merrick Foundation INCFY2024$75K
Maryland Philanthropy Network INCFY2024$50K
The Chicago Community TrustFY2024$50K
Annie E Casey Foundation INCFY2024$50K
Fidelity Investments Charitable Gift FundFY2024$18K
T Rowe Price Program for Charitable Giving INCFY2024$10K
Total grants receivedfrom 9 funders$558K
See all 9 funders →
Grants paid · 23 grants · $408K · 2021–2024
Future MakersFY2024$6,000
Emmjay LLCFY2024$5,000
Monneah's Engineered MaterialsFY2024$5,000
Revolutionary Hearts Industries LLCFY2024$5,000
What the SproutFY2024$5,000
Identity Access ProjectMD · FY2024$5,000
Wild BayFY2024$5,000
Infinite Focus INCFY2023$40,000
Yoke Management LLCFY2023$11,000
Tykia Yavonnia OuztsFY2023$8,500
Acres4changeMD · FY2023$8,000
Yachtsy LLCFY2023$6,200
Infinite Focus INCFY2022$35,000
More Watters LLCFY2022$10,000
Freshmeet U LLCFY2022$7,000
Noisy TenantsFY2022$6,000
Cydeploy INCFY2021$50,000
FemlyFY2021$50,000
See all 23 grants →

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$388K
Ln 12
Gifts and grantsLn 1h$384K
Investment incomeLn 3$4K
Money outPt IX
$307K
Ln 25
Programscol B$285K
Managementcol C$18K
Fundraisingcol D$4K
Owns and owesPt X
$95K
net assets · Ln 32
Cash and savingsLn 1–2$735K
Total assetsLn 16$989K
LiabilitiesLn 26$894K
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$384K
Investment incomeLn 3$4K
Total revenueLn 12$388K
Assets in detailPt X, end of year
CashLn 1$735K
Cash and savings togetherLn 1–2$735K
Total assetsLn 16$989K
LiabilitiesLn 26$894K
Net assetsLn 32$95K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$519K$735K
Total assetsLn 16$639K$989K
LiabilitiesLn 26$625K$894K
Net assetsLn 32$14K$95K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$245K$245K
Other salaries and wagesLn 7$26K$20K$4K$1K
Other employee benefitsLn 9$2K$2K$370$115
Payroll taxesLn 10$2K$2K$306$95
Legal feesLn 11b$1K$1K
Accounting feesLn 11c$9K$9K
Office expensesLn 13$3K$3K
InterestLn 20$3K$3K
Other expenses (24a–d)Ln 24$16K$14K$79$2K
Total functional expensesLn 25$307K$285K$18K$4K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $765K$440K$325K$372K 990 PDF
FY2023 $263K$327K−$63K$140K 990 PDF
FY2022 $318K$210K$108K$203K 990 PDF
FY2021 Viewing $388K$307K$81K$95K 990 PDF
FY2020 $20K$6K$14K$14K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $387,747 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $20,000$383,775
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0$3,972
I-11 Other revenuePrior year −$466$0
I-12 Total revenuePrior year $19,534$387,747
I-13 Grants and similar amounts paidPrior year $0$244,528
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$29,955
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $5,636$32,462
I-18 Total expensesPrior year $5,636$306,945
I-19 Revenue less expensesPrior year $13,898$80,802
Part VI · Governance 4 of 5 board members independent, 1 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members4
VI-12a Written conflict of interest policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $387,747 across 4 lines filed
VIII-1f All other contributions, gifts and grants$383,775
VIII-1h Total contributions, gifts and grants$383,775
VIII-3 Investment incomeExcluded from tax $3,972$3,972
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $3,972$387,747
Part IX · Statement of functional expenses $306,945 across 9 lines filed
IX-1 Grants to domestic organizationsPrograms $244,528$244,528
IX-7 Other salaries and wagesPrograms $20,331 · Management $4,118 · Fundraising $1,286$25,735
IX-9 Other employee benefitsPrograms $1,825 · Management $370 · Fundraising $115$2,310
IX-10 Payroll taxesPrograms $1,509 · Management $306 · Fundraising $95$1,910
IX-11b Legal feesManagement $1,398$1,398
IX-11c Accounting feesManagement $9,207$9,207
IX-13 Office expensesManagement $2,758$2,758
IX-20 InterestPrograms $3,279$3,279
IX-24 Other expenses (24a–d)Programs $13,690 · Management $79 · Fundraising $2,051$15,820
IX-25 Total functional expensesPrograms $285,162 · Management $18,236 · Fundraising $3,547$306,945
Part X · Balance sheet $988,673 assets, 8 lines filed
Asset lines not itemized here account for $253,730; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $518,898$734,943
X-16 Total assetsStart of year $638,898$988,673
X-17 Accounts payable and accrued expenses$201
X-25 Other liabilitiesStart of year $625,000$893,772
X-26 Total liabilitiesStart of year $625,000$893,973
X-27 Net assets without donor restrictionsStart of year $13,898$94,700
X-32 Total net assets or fund balancesStart of year $13,898$94,700
X-33 Total liabilities and net assetsStart of year $638,898$988,673
Part XI · Reconciliation of net assets $94,700 net assets at year end
XI-1 Total revenue$387,747
XI-2 Total expenses$306,945
XI-3 Revenue less expenses$80,802
XI-4 Net assets at start of year$13,898
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$94,700

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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