Civic Intelligence

Project Enterprise

990 • Fiscal year 2014 • EIN 13-3907579

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 16, 2015

Organization ProfileWWW.PROJECTENTERPRISE.ORG
199 Lincoln AveBronx, NY 10454

(917) 819-3182

Siviq Scores

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Balance Sheet

Assets

Flat

$192,502

Flat from 2014

Net Assets

Flat

-$521,354

Flat from 2014

Liabilities

Flat

$713,856

Flat from 2014

Revenue And Expenses

Revenue

Flat

$303,334

Flat from 2014

Expenses

Flat

$535,878

Flat from 2014

Net Income

Flat

-$232,544

Flat from 2014

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0M$500K$0-$500K-$1.0MAssets 2010: $746,208Liabilities 2010: $676,529Net Assets 2010: $69,6792010Assets 2011: $593,312Liabilities 2011: $844,197Net Assets 2011: -$250,8852011Assets 2012: $536,873Liabilities 2012: $797,402Net Assets 2012: -$260,5292012Assets 2013: $418,852Liabilities 2013: $707,662Net Assets 2013: -$288,8102013Assets 2014: $192,502Liabilities 2014: $713,856Net Assets 2014: -$521,3542014Assets 2014: $192,502Liabilities 2014: $713,856Net Assets 2014: -$521,3542014

Highlighted filing

2014

Assets$192,502
Liabilities$713,856
Net Assets-$521,354
Open 2014 Filing

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KExpenses 2010: $957,7572010Expenses 2011: $832,5932011Expenses 2012: $493,9942012Revenue 2013: $372,325Expenses 2013: $396,367Net Income 2013: -$24,0422013Revenue 2014: $303,334Expenses 2014: $535,878Net Income 2014: -$232,5442014Revenue 2014: $303,334Expenses 2014: $535,878Net Income 2014: -$232,5442014

Highlighted filing

2014

Revenue$303,334
Expenses$535,878
Net Income-$232,544
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 16, 2015
Return Version
2014v5.0
Gross Receipts
$344,138
Mission and Program Overview

Mission

The mission of Project Enterprise is to support and develop entrepreneurs and small businesses in under-resourced communities in New York City. By providing micro-loans, business development services and networking opportunities, Project Enterprise helps entrepreneurs increase their standard of living, create jobs for their communities, and build financial assets. the organiztaion also provides TRAINING AND PEER SUPPORT TO MICRO-ENTREPRENEURS IN NEW YORK CITY, WHO ARE AT OR BELOW THE POVERTY LEVEL, IN HOPES OF BUILDING FINANCIAL SECURITY. THE ORGANIZATION FOSTERS COMMUNITY DEVELOPMENT IN LOW INCOME AND SOCIALLY DISADVANTAGED NEIGHBORHOODS OF NEW YORK CITY THROUGH ITS MICRO-LENDING PROGRAMS.

The mission of Project Enterprise is to support and develop entrepreneurs and small businesses in under-resourced communities in New York City TO HELP entrepreneurs increase their standard of living.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$133,271$130,603▼ $2,668
Cash and Non-Interest-Bearing Accounts$52,819$43,257▼ $9,562
Accounts Receivable$34,239$0▼ $34,239
Other Notes and Loans Receivable, Net$192,928$17,489▼ $175,439
Loans From Officers Directors$2,500--
Land, Buildings, and Equipment, Net$629$230▼ $399
Prepaid Expenses and Deferred Charges$4,166$123▼ $4,043
Savings and Temporary Cash Investments-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$418,852$192,502▼ $226,350
Other Assets Total$800$800→ $0
Liabilities
Unsecured Notes Loans Payable$583,335$610,229▲ $26,894
Accounts Payable and Accrued Expenses$93,210$102,855▲ $9,645
Other Liabilities$28,617$772▼ $27,845
Total Liabilities$707,662$713,856▲ $6,194
Net Assets / Fund Balance
Temporarily Rstr Net Assets$51,232$14,129▼ $37,103
Unrestricted Net Assets$-340,042$-535,483▼ $195,441
Total Net Assets Fund Balance$-288,810$-521,354▼ $232,544
Total Liabilities and Net Assets / Fund Balance$418,852$192,502▼ $226,350

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$230$77,194$77,424
Other Land Buildings-$18,555$18,555
Leasehold Improvements-$15,848$15,848
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
Catherine BarnettPresident/CEO$47,822$3,000$50,822

Board Members and Trustees

NameTitle
David SingerChairman
Andrew BurnettDirector
Andrew PetersDirector
Arlene MorrisDirector
Bhakti MirchandaniDirector
Charles PriviteraDirector
Debra SchatzkiDirector
Genita IngramDirector
Michael Aaron GuildDirector
Michael SheaDirector
Robert FreimanDirector
Scott LymanDirector
Seema HingoramiDirector
Stephen CheekDirector
Rob RahbariSecretary
Chris CapersTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$296,455
Program Service Revenue
$6,222
Investment Income
$0
Other Revenue
$657
All Other Contributions
$230,022
Change in Net Assets
$-232,544

Audited Revenue Reconciliation

Revenue per Audited Statements
$303,334
Revenue Not Reported on Form 990
$37,103
Total Revenue per Audited Statements
$340,437
Total Revenue per Form 990
$303,334
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$351,577
Salaries, Compensation, and Employee Benefits$184,301
Total Fundraising Expense$44,660
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$68,248$13,532$20,482$102,262
Current Officers, Directors, Trustees, and Key Employees$31,916$6,328$9,578$47,822
Fees for Services Other$5,500$15,556$4,207$25,263
Interest$20,985--$20,985
Other Expenses$18,760--$18,760
Other Employee Benefits$11,527$2,285$3,459$17,271
Payroll Taxes$11,310$2,242$3,394$16,946
Occupancy$7,600$6,813$20$14,433
All Other Expenses$6,875$6,376$676$13,927
Payment Travel Entrtnmnt Publicly Ofcl$4,609$2,891$1,948$9,448
Insurance$5,818$1,069-$6,887
Office Expenses$380$3,778$896$5,054
Depreciation Depletion$399--$399
Total Functional Expenses$430,348$60,870$44,660$535,878

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$535,878
Total Expenses per Audited Statements$535,878
Total Expenses per Form 990$535,878
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$40,804
Fundraising Gross Income$38,775
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Awards Celebration$55,088$38,655$37,115$1,540
Total Events$55,088$38,655$37,115$1,540
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$2,500--
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Group Fund Payable$771
Rounding$1
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“Organization reviews the draft form 990 with its audit committee before the form is filed with the irs.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The board of directors benchmarks compensation for the executive director against current industry standards at the time of the initial job offer. Consideration is taken as to the size of the organization and the range of the individual's job responsibilities. An offer letter is crafted using industry data gathered from nonprofit professional/research organizations in order to set a reasonable salary range for the specified position. For the executive director position, this task is undertaken by the search committee which consists of a subset of the active board of directors.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The board of directors benchmarks compensation for the key employees against current industry standards at the time of the initial job offer. Consideration is taken as to the size of our organization and the range of the individuals' job responsibilities. An offer letter is crafted using industry data gathered from nonprofit professional/research organizations in order to set a reasonable salary range for the specified position. For other key employee positions, the current executive director and organization human resource staff serve as the search committee and perform the related benchmarking as described above.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The organization does not make the documents available to the public on its website.all filings are provided for inspection to the public upon request. In addition, the nysoag posts the annual reports together with the organization's audited financial statements, federal tax returns and organizational documents on its charities bureau website for public inspection.”

Filing and Contact Details

Filer

Filer Name
Project Enterprise
EIN
13-3907579
Phone
9178193182
Address
199 Lincoln Ave, Bronx, NY 10454

Signing Officer

Name
Louise Moretto
Title
Interim Exe. Director
Signed
2015-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Seema Hingorami
Formed
1995
Legal Domicile
Ny
Voting Board Members
16
Independent Board Members
16
Employees
14

Preparer

Firm
Koch Group & Co LLP
Address
333 Seventh Avenue Floor 8, New York, NY 10001-5118
Preparer
Miaoling Lin
Phone
2126310700
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The organization is exempt from taxes under section 501(c)(3)of the internal revenue code. Management has determined that the organization had no uncertain tax positions that would require financial statement recognition. The organization is no longer subject to income tax examination by federal, state or local tax authorities in the united states for years before 2011, which is the standard statute of limitations look-back period.”

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“Net assets released from restrictions $37103”

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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$192,502
Liabilities
$713,856
Net assets
-$521,354
Revenue
$303,334
Expenses
$535,878
Net income
-$232,544
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2014Detailed filing. Detailed filing data is available for this year.$1.93$7.14$5.21$3.03$5.36$2.33
2014Summary only. Only limited summary data is available for this year.$1.93$7.14$5.21$3.03$5.36$2.33
2013Detailed filing. Detailed filing data is available for this year.$4.19$7.08$2.89$3.72$3.96$0.24
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.37$7.97$2.61$4.94
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.93$8.44$2.51$8.33
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.46$6.77$0.70$9.58