Liabilities / Assets
20th percentile
Higher debt load relative to assets than 20% of similar nonprofits.
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.00x
Liabilities / Revenue
61st percentile
Higher debt load relative to revenue than 61% of similar nonprofits.
Net Margin
3rd percentile
Higher net margin than 3% of similar nonprofits.
Top Officer Pay
48th percentile
Higher top officer pay than 48% of similar nonprofits.
Top officer pay equals 90.3% of source-year revenue.
Asset Growth
70th percentile
Faster asset growth than 70% of similar nonprofits.
Revenue Growth
Score unavailable
No earlier valid filing was available within the previous three public years.
Balance Sheet
Assets
Up$2,064,818
Up $187,058 (+10.0%) from 2012
Net Assets
Up$2,054,803
Up $177,043 (+9.4%) from 2012
Liabilities
Up$10,015
Up $10,015 from 2012
Revenue And Expenses
Revenue
$49,836
No earlier filing loaded for comparison.
Expenses
Down$98,978
Down $37,083 (-27%) from 2012
Net Income
-$49,142
No earlier filing loaded for comparison.
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2013 to Dec 31, 2013
- Signed
- Nov 17, 2014
- Return Version
- 2013v3.0
- Gross Receipts
- $360,864
Mission and Program Overview
Mission
To provide educational grants for training in all areas of banking and financial services for management and officer level employees of the nation's minority and female-owned banks.
Educational grants for the employees of minority and women owned banks.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Investments Other Securities | $1,844,344 | $2,050,188 | ▲ $205,844 |
| Cash and Non-Interest-Bearing Accounts | $33,416 | $14,630 | ▼ $18,786 |
| Total Assets | $1,877,760 | $2,064,818 | ▲ $187,058 |
| Liabilities | |||
| Accounts Payable and Accrued Expenses | - | $10,015 | - |
| Total Liabilities | $0 | $10,015 | ▲ $10,015 |
| Net Assets / Fund Balance | |||
| Unrestricted Net Assets | $1,877,760 | $2,054,803 | ▲ $177,043 |
| Total Net Assets Fund Balance | $1,877,760 | $2,054,803 | ▲ $177,043 |
| Total Liabilities and Net Assets / Fund Balance | $1,877,760 | $2,064,818 | ▲ $187,058 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Other Securities | $2,050,188 | - | - |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Total |
|---|---|---|---|---|
| Laura E Friel | Executive Director | PT | $45,000 | $45,000 |
Board Members and Trustees
| Name | Title |
|---|---|
| Ignacio UrrabazoJr | Chairman |
| B Doyle Mitchell Jr | Director |
| Diane Casey-Landry | Director |
| Floyd Weekes | Director |
| Norman J Williams | Director |
| Robert Cooper | Director |
| Michael Grant | Secretary |
| Rod Alba | Treasurer |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $0
- Investment Income
- $49,836
- Other Revenue
- $0
- Change in Net Assets
- $-49,142
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $49,836
- Revenue Not Reported on Financial Statements
- $0
- Revenue Not Reported on Form 990
- $226,185
- Total Revenue per Audited Statements
- $276,021
- Total Revenue per Form 990
- $49,836
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Salaries, Compensation, and Employee Benefits | $45,000 |
| Grants and Similar Amounts Paid | $31,367 |
| Other Expenses | $22,611 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Current Officers, Directors, Trustees, and Key Employees | - | $45,000 | - | $45,000 |
| Grants to Domestic Individuals | $31,367 | - | - | $31,367 |
| Fees for Service Investment Mgmnt Fees | - | $10,177 | - | $10,177 |
| Fees for Services Accounting | - | $10,015 | - | $10,015 |
| Insurance | - | $1,548 | - | $1,548 |
| Office Expenses | - | $871 | - | $871 |
| Total Functional Expenses | $31,367 | $67,611 | $0 | $98,978 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Expenses per Audited Statements | $98,978 |
| Total Expenses per Audited Statements | $98,978 |
| Total Expenses per Form 990 | $98,978 |
| Expenses Not Reported on Financial Statements | $0 |
| Expenses Not Reported on Form 990 | $0 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
- Subject to proxy tax
- No
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- Annual disclosure for covered persons
- Yes
- Audit committee
- Yes
- Business relationship with family members
- No
- Business relationship with organization members
- No
- Material changes to governing documents
- Yes
- Compensation from other sources disclosed
- No
- CEO compensation reviewed
- Yes
- Other officer compensation reviewed
- No
- 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, Section A, line 4
“Minbanc made some changes to their Bylaws”
Form 990, Part VI, Section B, line 11
“The Executive Director and Foundation Treasurer review the Form 990 as prepared and provides a copy to any/all Board members upon request.”
Form 990, Part VI, Section B, line 12C
“The Foundation regularly and consistently monitors and enforces compliance with the conflict of interest policy by requiring all of the officers and directors to sign on an annual basis a "Conflict of Interest Disclosure Form" which states that they have read and agree to abide by the organization's conflict of interest policy. Any stated conflicts are brought to the Chairman to be discussed with the rest of the board. Should a board member have a conflict he/she must recuse him/herself from any vote that would materially impact his/her interests.”
Form 990, Part VI, Section B, line 15A
“When discussing compensation, the board reviews comparability data specific to the non-profit and banking industry and keeps contemporaneous notes of any discussions pertaining to compensation. Discussions are held in executive session.”
Form 990, Part VI, Section C, line 19
“Minbanc Foundation Inc. makes its governing documents and financial statements available to the public upon request.”
Form 990, Part VII
“Ignacio Urrabazo,Jr. - Commerce Bank, 5800 San Dario Dr., Laredo, TX 78041. Michael Grant - National Bank Association, 1513 P Street,NW, Washington, DC 20005. Rod Alba - American Bankers Association, 1120 Connecticut Avenue, NW, Washington, DC 20036. Diane Casey-Landry - DCL Banking Advisors, 1303 Summerwood Court, McLean, VA 22102. Robert Cooper - One United Bank, 100 Franklin St., Suite 600, Boston, MA 02110. B. Doyle Mitchell, Jr. - Industrial Bank, 4812 Georgia Avenue, NW, Washington, DC 20011. Floyd Weekes - Citizens Bank,1917 Heiman Street, Nashville, TN 37208. Norman J. Williams - Illinois-Service Federal Savings & Loan Association, 46 Chicago, IL 60653-4199. Laura E. Friel - 1715 Rupert Street, McLean, VA 22101.”
Filing and Contact Details
Filer
- EIN
- 51-0386370
- Phone
- 7034055832
Signing Officer
- Name
- Rod Alba
- Title
- Foundation Treasurer
- Phone
- 7034055832
- Signed
- 2014-11-17
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Laura Friel
- Formed
- 1999
- Legal Domicile
- Dc
- Voting Board Members
- 8
- Independent Board Members
- 8
- Employees
- 0
- Volunteers
- 8
Preparer
- Preparer
- Monique Booker
- Phone
- 4105840060
Supplemental Narrative
Additional Explanations
Form 990, Part XI, Line 2C:
“The Finance Committee is responsible for the oversight of the audit and selection of an independent accountant. The Foundation has not changed the processes for both from prior year.”
Financial Statement Notes
Part X, Line 2:
“Minbanc is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code and is recognized as such by the Internal Revenue Service. Effective January 1, 2010, Minbanc adopted the authoritative guidance relating to accounting for uncertainty in income taxes included in accounting principles generally accepted in the United States of America. These provisions provide consistent guidance for the accounting for uncertainty in income taxes recognized in an entity's financial statements and prescribe a threshold of "more likely than not" for recognition of tax positions taken or expected to be taken in a tax return. Minbanc performed an evaluation of uncertain tax positions as of December 31, 2013, and determined that there were no matters that would require recognition in the accompanying financial statements or which may have any effect on its tax-exempt status. As of December 31, 2013, the statute of limitations for tax years 2010 through 2013 remains open with the U.S. Federal jurisdiction or the various states and local jurisdictions in which Minbanc files tax returns. It is Minbanc's policy to recognize interest and/or penalties related to uncertain tax positions, if any, in income tax expense.”
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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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| IRS990ScheduleD/ExpensesNotRptFinclStmtAmt | 0 | 0 |
| IRS990ScheduleD/ExpensesSubtotalAmt | 0 | 98978 |
| IRS990ScheduleD/FootnoteTextInd | 0 | X |
| IRS990ScheduleD/NetUnrealizedGainsInvstAmt | 0 | 226185 |
| IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt | 0 | 2050188 |
| IRS990ScheduleD/OtherSecuritiesGrp/Desc | 0 | Marketable Securities |
| IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd | 0 | F |
| IRS990ScheduleD/RevenueNotReportedAmt | 0 | 226185 |
| IRS990ScheduleD/RevenueNotReportedFinclStmtAmt | 0 | 0 |
| IRS990ScheduleD/RevenueSubtotalAmt | 0 | 49836 |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | Minbanc is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code and is recognized as such by the Internal Revenue Service. Effective January 1, 2010, Minbanc adopted the authoritative guidance relating to accounting for uncertainty in income taxes included in accounting principles generally accepted in the United States of America. These provisions provide consistent guidance for the accounting for uncertainty in income taxes recognized in an entity's financial statements and prescribe a threshold of "more likely than not" for recognition of tax positions taken or expected to be taken in a tax return. Minbanc performed an evaluation of uncertain tax positions as of December 31, 2013, and determined that there were no matters that would require recognition in the accompanying financial statements or which may have any effect on its tax-exempt status. As of December 31, 2013, the statute of limitations for tax years 2010 through 2013 remains open with the U.S. Federal jurisdiction or the various states and local jurisdictions in which Minbanc files tax returns. It is Minbanc's policy to recognize interest and/or penalties related to uncertain tax positions, if any, in income tax expense. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Part X, Line 2: |
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| IRS990ScheduleD/TotalBookValueSecuritiesAmt | 0 | 2050188 |
| IRS990ScheduleD/TotalExpensesPerForm990Amt | 0 | 98978 |
| IRS990ScheduleD/TotalRevenuePerForm990Amt | 0 | 49836 |
| IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt | 0 | 276021 |
| IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt | 0 | 98978 |
| IRS990ScheduleI/GrantRecordsMaintainedInd | 0 | 1 |
| IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt | 0 | 31367 |
| IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt | 0 | Educational Grants |
| IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt | 0 | 43 |
| IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt | 0 | The educational grants cover professional development training. A grant will not be approved until the Foundation has reviewed the course registration and materials to determine whether the course work was relevant to the management of a financial institution or addressed current banking-industry related issues. The Foundation also reviews the cost that the employer paid for the course that the employee took. |
| IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Part I, Line 2: |
| IRS990/ScheduleJRequiredInd | 0 | 0 |
| IRS990/ScheduleORequiredInd | 0 | 1 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | Minbanc made some changes to their Bylaws |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | The Executive Director and Foundation Treasurer review the Form 990 as prepared and provides a copy to any/all Board members upon request. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | The Foundation regularly and consistently monitors and enforces compliance with the conflict of interest policy by requiring all of the officers and directors to sign on an annual basis a "Conflict of Interest Disclosure Form" which states that they have read and agree to abide by the organization's conflict of interest policy. Any stated conflicts are brought to the Chairman to be discussed with the rest of the board. Should a board member have a conflict he/she must recuse him/herself from any vote that would materially impact his/her interests. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | When discussing compensation, the board reviews comparability data specific to the non-profit and banking industry and keeps contemporaneous notes of any discussions pertaining to compensation. Discussions are held in executive session. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | Minbanc Foundation Inc. makes its governing documents and financial statements available to the public upon request. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | Ignacio Urrabazo,Jr. - Commerce Bank, 5800 San Dario Dr., Laredo, TX 78041. Michael Grant - National Bank Association, 1513 P Street,NW, Washington, DC 20005. Rod Alba - American Bankers Association, 1120 Connecticut Avenue, NW, Washington, DC 20036. Diane Casey-Landry - DCL Banking Advisors, 1303 Summerwood Court, McLean, VA 22102. Robert Cooper - One United Bank, 100 Franklin St., Suite 600, Boston, MA 02110. B. Doyle Mitchell, Jr. - Industrial Bank, 4812 Georgia Avenue, NW, Washington, DC 20011. Floyd Weekes - Citizens Bank,1917 Heiman Street, Nashville, TN 37208. Norman J. Williams - Illinois-Service Federal Savings & Loan Association, 46 Chicago, IL 60653-4199. Laura E. Friel - 1715 Rupert Street, McLean, VA 22101. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | The Finance Committee is responsible for the oversight of the audit and selection of an independent accountant. The Foundation has not changed the processes for both from prior year. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Form 990, Part VI, Section A, line 4 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | Form 990, Part VI, Section B, line 11 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | Form 990, Part VI, Section B, line 12c |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | Form 990, Part VI, Section B, line 15a |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | Form 990, Part VI, Section C, line 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | Form 990, Part VII |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | Form 990, Part XI, Line 2c: |
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| IRS990/SignificantChangeInd | 0 | 0 |
| IRS990/SignificantNewProgramSrvcInd | 0 | 0 |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 0 | MA |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 1 | NC |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 2 | NY |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 3 | OK |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 4 | TX |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 5 | DC |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 6 | FL |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 7 | GA |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 8 | UT |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 9 | PA |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 10 | IL |
| IRS990/SubjectToProxyTaxInd | 0 | 0 |
| IRS990/TaxablePartyNotificationInd | 0 | 0 |
| IRS990/TaxExemptBondsInd | 0 | 0 |
| IRS990/TempOrPermanentEndowmentsInd | 0 | 0 |
| IRS990/TerminateOperationsInd | 0 | 0 |
| IRS990/TotalAssetsBOYAmt | 0 | 1877760 |
| IRS990/TotalAssetsEOYAmt | 0 | 2064818 |
| IRS990/TotalAssetsGrp/BOYAmt | 0 | 1877760 |
| IRS990/TotalAssetsGrp/EOYAmt | 0 | 2064818 |
| IRS990/TotalCompGreaterThan150KInd | 0 | 0 |
| IRS990/TotalEmployeeCnt | 0 | 0 |
| IRS990/TotalFunctionalExpensesGrp/FundraisingAmt | 0 | 0 |
| IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt | 0 | 67611 |
| IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt | 0 | 31367 |
| IRS990/TotalFunctionalExpensesGrp/TotalAmt | 0 | 98978 |
| IRS990/TotalGrossUBIAmt | 0 | 0 |
| IRS990/TotalLiabilitiesBOYAmt | 0 | 0 |
| IRS990/TotalLiabilitiesEOYAmt | 0 | 10015 |
| IRS990/TotalLiabilitiesGrp/BOYAmt | 0 | 0 |
| IRS990/TotalLiabilitiesGrp/EOYAmt | 0 | 10015 |
| IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt | 0 | 1877760 |
| IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt | 0 | 2054803 |
| IRS990/TotalOtherCompensationAmt | 0 | 0 |
| IRS990/TotalProgramServiceExpensesAmt | 0 | 31367 |
| IRS990/TotalReportableCompFromOrgAmt | 0 | 45000 |
| IRS990/TotalRevenueGrp/ExclusionAmt | 0 | 49836 |
| IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 0 |
| IRS990/TotalRevenueGrp/TotalRevenueColumnAmt | 0 | 49836 |
| IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt | 0 | 0 |
| IRS990/TotalVolunteersCnt | 0 | 8 |
| IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt | 0 | 1877760 |
| IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt | 0 | 2064818 |
| IRS990/TotReportableCompRltdOrgAmt | 0 | 0 |
| IRS990/TrnsfrExmptNonChrtblRltdOrgInd | 0 | 0 |
| IRS990/TypeOfOrganizationCorpInd | 0 | X |
| IRS990/UnrelatedBusIncmOverLimitInd | 0 | 0 |
| IRS990/UnrestrictedNetAssetsGrp/BOYAmt | 0 | 1877760 |
| IRS990/UnrestrictedNetAssetsGrp/EOYAmt | 0 | 2054803 |
| IRS990/UponRequestInd | 0 | X |
| IRS990/USAddress/AddressLine1 | 0 | 1715 Rupert St |
| IRS990/USAddress/City | 0 | Mclean |
| IRS990/USAddress/State | 0 | VA |
| IRS990/USAddress/ZIPCode | 0 | 22101 |
| IRS990/VotingMembersGoverningBodyCnt | 0 | 8 |
| IRS990/VotingMembersIndependentCnt | 0 | 8 |
| IRS990/WebsiteAddressTxt | 0 | www.minbanc.org |
| IRS990/WhistleblowerPolicyInd | 0 | 0 |
| ReturnHeader/BuildTS | 0 | 2015-11-30 17:44:51Z |
| ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd | 0 | 1 |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | Rod Alba |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | Foundation Treasurer |
| ReturnHeader/BusinessOfficerGrp/PhoneNum | 0 | 7034055832 |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2014-11-17 |
| ReturnHeader/Filer/BusinessName/BusinessNameLine1 | 0 | Minbanc Foundation Inc |
| ReturnHeader/Filer/BusinessNameControlTxt | 0 | MINB |
| ReturnHeader/Filer/EIN | 0 | 510386370 |
| ReturnHeader/Filer/PhoneNum | 0 | 7034055832 |
| ReturnHeader/Filer/USAddress/AddressLine1 | 0 | 1513 P Street NW |
| ReturnHeader/Filer/USAddress/City | 0 | Washington |
| ReturnHeader/Filer/USAddress/State | 0 | DC |
| ReturnHeader/Filer/USAddress/ZIPCode | 0 | 20005 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 202153727 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1 | 0 | SB & Company LLC |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1 | 0 | 200 International Circle Suite 5500 |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City | 0 | Hunt Valley |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State | 0 | MD |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode | 0 | 21030 |
| ReturnHeader/PreparerPersonGrp/PhoneNum | 0 | 4105840060 |
| ReturnHeader/PreparerPersonGrp/PreparationDt | 0 | 2014-11-17 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | Monique Booker |
| ReturnHeader/ReturnTs | 0 | 2014-11-17T16:49:51-06:00 |
| ReturnHeader/ReturnTypeCd | 0 | 990 |
| ReturnHeader/TaxPeriodBeginDt | 0 | 2013-01-01 |
| ReturnHeader/TaxPeriodEndDt | 0 | 2013-12-31 |
| ReturnHeader/TaxYr | 0 | 2013 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2013 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $2,064,818
- Liabilities
- $10,015
- Net assets
- $2,054,803
- Revenue
- $49,836
- Expenses
- $98,978
- Net income
- -$49,142