Midcity Accelerator Foundation INC: Nonprofit Profile, Financials & Form 990 (EIN 85-4102045)

Revenue by fiscal year
FY2021	$640K
FY2022	$963K
FY2023	$868K
FY2024	$1.2M

Expenses by fiscal year
FY2021	$660K
FY2022	$948K
FY2023	$863K
FY2024	$1.1M

Net assets by fiscal year
FY2021	−$20K
FY2022	−$5K
FY2023	−$4
FY2024	$103K

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2022.

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

Where the money goes

97 cents of each dollar spent went to programs.

97%

Program services 97% · $1.0M Management & general 3% · $33K

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

4 people listed on the 990.

Part VII, Section A · reportable compensation

Maximilian J Grelier

Director & Vice President

$0Pt VII · Sec A

Remy F Gross III

Director, Chairman, & President

$0Pt VII · Sec A

Kevin Moore

Director

$0Pt VII · Sec A

Raven Howlet

Secretary & Treasurer

$0Pt VII · Sec A

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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 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Grows local businesses and entrepreneurial ecosystems to create jobs and opportunities.

Provided by the organization

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2 programs · $1.0M · in their own filed words · FY2024

01

By funding and partnering with GENER8TOR, the coalition facilitated programs aimed at nurturing talent and innovation within huntsville's creative and technical sectors, offering educational opportunities, mentorship connections, access to financial resources, and platforms for collaboration to support career development and new ventures.

$655Kprogram expense

02

Organized and hosted large-scale public events, such as the annual crawfish festival, designed to foster community engagement, celebrate local culture, provide a platform for artists and vendors, and raise funds for the coalition's mission and partner non-profits.

$375Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · this organization's grantmaking

Grants paid · 5 grants · $3.1M · 2021–2024

Gener8tor Management LLCFY2024$654,750

Early Works Society of Huntsville AlabamaAL · FY2024$10,000

Gener8tor Management LLCFY2023$850,000

Gener8tor Management LLCFY2022$925,000

Gener8tor Management LLCFY2021$640,000

By the numbers

The FY2024 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$1.2M

Ln 12

Gifts and grantsLn 1h$1.1M

Fees for servicesLn 2g$113K

Investment incomeLn 3$12

Money outPt IX

$1.1M

Ln 25

Programscol B$1.0M

Managementcol C$33K

Owns and owesPt X

$103K

net assets · Ln 32

Cash and savingsLn 1–2$816K

Total assetsLn 16$816K

LiabilitiesLn 26$713K

PeoplePt VI, VII

4

listed · VII A

PaidVII A0

Voting boardVI 1a4

IndependentVI 1b0

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$1.1M

Fees for servicesLn 2g$113K

Investment incomeLn 3$12

Total revenueLn 12$1.2M

Assets in detailPt X, end of year

CashLn 1$816K

Cash and savings togetherLn 1–2$816K

Total assetsLn 16$816K

LiabilitiesLn 26$713K

Net assetsLn 32$103K

OperationsPt I, VI

EmployeesI 50

VolunteersI 65

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14No

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY24	End FY24
Cash and savingsLn 1–2	−$4	$816K
Total assetsLn 16	−$4	$816K
LiabilitiesLn 26	$0	$713K
Net assetsLn 32	−$4	$103K

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$670K	$670K
Legal feesLn 11b	$1K		$1K
Other fees for servicesLn 11g	$31K		$31K
Advertising and promotionLn 12	$360K	$360K
Office expensesLn 13	$118		$118
Other expenses (24a–d)Ln 24	$1K		$1K
Total functional expensesLn 25	$1.1M	$1.0M	$33K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest Viewing	$1.2M	$1.1M	$103K	$103K	990 PDF
FY2023	$868K	$863K	$5K	−$4	990 PDF
FY2022	$963K	$948K	$15K	−$5K	990 PDF
FY2021	$640K	$660K	−$20K	−$20K	990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2024 990 (6 parts)

Part I · Summary $1,166,083 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $868,380$1,052,831

I-9 Program service revenuePrior year $0$113,240

I-10 Investment incomePrior year $0$12

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $868,380$1,166,083

I-13 Grants and similar amounts paidPrior year $850,000$669,750

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $0$0

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $13,387$393,382

I-18 Total expensesPrior year $863,387$1,063,132

I-19 Revenue less expensesPrior year $4,993$102,951

Part VI · Governance 0 of 4 board members independent, 3 to look at

VI-1a Voting members of the governing body4

VI-1b Independent voting members0

VI-2 Family or business relationship among officers or directorsYes

VI-14 Document retention and destruction policyNo

VI-15a Process for setting top official's payNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

Part VIII · Statement of revenue $1,166,083 across 5 lines filed

VIII-1f All other contributions, gifts and grants$1,052,831

VIII-1h Total contributions, gifts and grants$1,052,831

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $113,240$113,240

VIII-3 Investment incomeExcluded from tax $12$12

VIII-12 Total revenueRelated to mission $113,240 · Unrelated business $0 · Excluded from tax $12$1,166,083

Part IX · Statement of functional expenses $1,063,132 across 6 lines filed

IX-1 Grants to domestic organizationsPrograms $669,750$669,750

IX-11b Legal feesManagement $1,135$1,135

IX-11g Other fees for servicesManagement $30,778$30,778

IX-12 Advertising and promotionPrograms $360,188$360,188

IX-13 Office expensesManagement $118$118

IX-24 Other expenses (24a–d)Management $1,163$1,163

IX-25 Total functional expensesPrograms $1,029,938 · Management $33,194 · Fundraising $0$1,063,132

Part X · Balance sheet $816,348 assets, 7 lines filed

X-1 Cash, non-interest-bearingStart of year −$4$816,348

X-16 Total assetsStart of year −$4$816,348

X-17 Accounts payable and accrued expensesStart of year $0$713,401

X-26 Total liabilitiesStart of year $0$713,401

X-27 Net assets without donor restrictionsStart of year −$4$102,947

X-32 Total net assets or fund balancesStart of year −$4$102,947

X-33 Total liabilities and net assetsStart of year −$4$816,348

Part XI · Reconciliation of net assets $102,947 net assets at year end

XI-1 Total revenue$1,166,083

XI-2 Total expenses$1,063,132

XI-3 Revenue less expenses$102,951

XI-4 Net assets at start of year−$4

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$102,947

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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Midcity Accelerator Foundation INC

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV