Civic Intelligence

757 Accelerate Inc.

990 • Fiscal year 2019 • EIN 82-3232312

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 03, 2020

Organization Profile757ACCELERATE.ORG
501 Bousch Street ANorfolk, VA 23510

(757) 376-9604

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

74th percentile

0.05x

Higher debt load relative to assets than 74% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Liabilities / Revenue

76th percentile

0.04x

Higher debt load relative to revenue than 76% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Net Margin

69th percentile

14%

Higher net margin than 69% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Top Officer Pay

99th percentile

$118,898

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 26.6% of source-year revenue.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Asset Growth

16th percentile

-29%

Faster asset growth than 16% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Annualized from 2018 to 2019

Revenue Growth

16th percentile

-32%

Faster revenue growth than 16% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets74th percentile

Assets

Down

$316,179

Down $131,450 (-29%) from 2018

Net Assets

Down

$299,122

Down $121,347 (-29%) from 2018

Liabilities

Down

$17,057

Down $10,103 (-37%) from 2018

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin69th percentile

Revenue

Down

$446,536

Down $210,621 (-32%) from 2018

Expenses

Up

$384,552

Up $147,864 (+62%) from 2018

Net Income

Down

$61,984

Down $358,485 (-85%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth16th percentile

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

$1.0M$500K$0Assets 2018: $447,629Liabilities 2018: $27,160Net Assets 2018: $420,4692018Assets 2019: $316,179Liabilities 2019: $17,057Net Assets 2019: $299,1222019Assets 2020: $411,992Liabilities 2020: $31,417Net Assets 2020: $380,5752020Assets 2021: $615,934Liabilities 2021: $102,800Net Assets 2021: $513,1342021Assets 2022: $821,015Liabilities 2022: $78,396Net Assets 2022: $742,6192022Assets 2023: $976,372Liabilities 2023: $46,704Net Assets 2023: $929,6682023Assets 2024: $507,572Liabilities 2024: $2,284Net Assets 2024: $505,2882024

Highlighted filing

2019

Assets$316,179
Liabilities$17,057
Net Assets$299,122
Open 2019 Filing

Operations Trend

Revenue Growth16th percentile

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

$2.0M$1.0M$0-$1.0MRevenue 2018: $657,157Expenses 2018: $236,688Net Income 2018: $420,4692018Revenue 2019: $446,536Expenses 2019: $384,552Net Income 2019: $61,9842019Revenue 2020: $461,076Expenses 2020: $378,597Net Income 2020: $82,4792020Revenue 2021: $961,820Expenses 2021: $847,498Net Income 2021: $114,3222021Revenue 2022: $1,564,123Expenses 2022: $1,334,638Net Income 2022: $229,4852022Revenue 2023: $1,566,357Expenses 2023: $1,379,308Net Income 2023: $187,0492023Revenue 2024: $1,238,698Expenses 2024: $1,663,078Net Income 2024: -$424,3802024

Highlighted filing

2019

Revenue$446,536
Expenses$384,552
Net Income$61,984
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 3, 2020
Return Version
2019v5.1
Gross Receipts
$446,536
Mission and Program Overview

Mission

757 accelerate is a non-profit startup accelerator and incubator program. Our mission is to provide startups with the customized resources and capital they need to grow. We boost promising startups towards customer traction and revenue using their own network of mentors, investors, support service, working space, and a lean startup education. Our values are entrepreneurs-first, give before you get, and a long-term commitment to helping startups do more, faster.

757 accelerate in a non-profit startup accelerator program. Our mission is to provide startups with the customized resources and capital they need to grow. We boost promising startups towards customer traction and revenue using their own network of mentors, investors, support service, working space, and a lean startup education. Our values are entrepreneurs-first, give before you grt, and a long-term commmitment to helping startups do more faster.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$76,633$216,071▲ $139,438
Pledges and Grants Receivable$268,944$66,668▼ $202,276
Savings and Temporary Cash Investments$100,552$33,440▼ $67,112
Prepaid Expenses and Deferred Charges$1,500--
Total Assets$447,629$316,179▼ $131,450
Liabilities
Accounts Payable and Accrued Expenses$27,160$17,057▼ $10,103
Total Liabilities$27,160$17,057▼ $10,103
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$358,661$232,454▼ $126,207
Net Assets With Donor Restrictions$61,808$66,668▲ $4,860
Total Net Assets Fund Balance$420,469$299,122▼ $121,347
Total Liabilities and Net Assets / Fund Balance$447,629$316,179▼ $131,450
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Evans McmillionSec & Exec DirectorFT$118,898$118,898

Board Members and Trustees

NameTitle
Anne ConnerChair
Monique AdamsVice Chair
Andria McclellanDirector
Angel RichDirector
Blake LuseDirector
Bob ArmstrongDirector
Bob SharakDirector
Chris SheltonDirector
Dave CouchDirector
Eric BrownDirector
Florence KingstonDirector
Graham HenshawDirector
Hud CroasdaleDirector
Jeff JohnsonDirector
John ParisDirector
Karen EagleDirector
Kevin CurryDirector
Lance ZaalDirector
Lisa DenoiaDirector
Max GreenhoodDirector
Michael YaskowskiDirector
Nancy GrdenDirector
Ned LilyDirector
Robert MooreDirector
Sherry BarnetteDirector
Willy DonaldsonDirector
Zack MillerDirector
Paul HirschbielTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$446,515
Program Service Revenue
$0
Investment Income
$21
Other Revenue
$0
All Other Contributions
$75,000
Change in Net Assets
$61,984
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$182,160
Grants and Similar Amounts Paid$116,656
Other Expenses$85,736
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$118,898--$118,898
Grants to Domestic Orgs$116,656--$116,656
Other Salaries and Wages$63,262--$63,262
Fees for Services Legal$16,576--$16,576
Insurance$15,287--$15,287
Office Expenses-$12,736-$12,736
Advertising$7,741--$7,741
Other Expenses$3,570--$3,570
Travel-$2,770-$2,770
Occupancy$17--$17
Total Functional Expenses$369,046$15,506$0$384,552
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Addison Weeks LLCVirginia Beach, VA-Organization Start Up Funds$19,998
Forefront Cultures IncLindenhurst, NY-Organization Start Up Funds$19,998
Metallum3d IncCharlottesville, VA-Organization Start Up Funds$19,998
Neukie IncHampton, VA-Organization Start Up Funds$19,998
Redactable IncNew York, NY-Organization Start Up Funds$19,998
Xperience Robotics IncHampton, VA-Organization Start Up Funds$16,666
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
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
Business relationship with 35% controlled entity
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
No
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 B, Line 11B

“Upon receipt of the form 990, the executive committee reviews and subsequently approves the 990.”

Form 990, Part VI, Section B, Line 12C

“Each director, principal officer and member of a commitee with board of directors-delegated powers shall sign a statment which affirms such person has recieved a copy of the conflict of interest policy, has read and understands its, has agreed to comply with the policy and understands the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activites which accomplish one or more of its tax-exempt purposes.”

Form 990, Part VI, Section C, Line 19

“Governing documents, policies and financial statments are avaliable upon request.”

Filing and Contact Details

Filer

Filer Name
757 Accelerate Inc
EIN
82-3232312
Phone
7573769604
Address
501 BOUSCH STREET A, NORFOLK, VA 23510

Signing Officer

Name
Evans Mcmillion
Title
Executive Director
Phone
7573769604
Signed
2020-11-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Evans Mcmillion
Formed
2017
Legal Domicile
Va
Voting Board Members
29
Independent Board Members
28
Employees
0
Volunteers
100

Preparer

Firm
Brim & Associates Cpas LLC
Address
409 S CHURCH STREET SUITE A, SMITHFIELD, VA 23430
Preparer
Ian G Brim CPA
Phone
7575424411
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2

“Seed fund that provides equity investments to entrepreneurs and early-stage businesses. Fund is backed by a coalition of regional partners, including 10 core partners.”

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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt70
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt160
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt170
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt180
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt190
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt200
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt210
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt220
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt230
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt240
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt250
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt260
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt270
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt28118898
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt160
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt170
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt180
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt190
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt200
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt210
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt220
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt230
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt240
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt250
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt260
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt270
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt280
IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt28SEC & EXEC DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr02017
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedInd00
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt029
IRS990/GovernmentGrantsAmt0371515
IRS990/GrantAmt0116656
IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt0116656
IRS990/GrantsToDomesticOrgsGrp/TotalAmt0116656
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt0446536
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt028
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIIIInd0X
IRS990/InfoInScheduleOPartVIInd0X
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IRS990/InsuranceGrp/TotalAmt015287
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt021
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LegalDomicileStateCd0VA
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0757 ACCELERATE IN A NON-PROFIT STARTUP ACCELERATOR PROGRAM. OUR MISSION IS TO PROVIDE STARTUPS WITH THE CUSTOMIZED RESOURCES AND CAPITAL THEY NEED TO GROW. WE BOOST PROMISING STARTUPS TOWARDS CUSTOMER TRACTION AND REVENUE USING THEIR OWN NETWORK OF MENTORS, INVESTORS, SUPPORT SERVICE, WORKING SPACE, AND A LEAN STARTUP EDUCATION. OUR VALUES ARE ENTREPRENEURS-FIRST, GIVE BEFORE YOU GRT, AND A LONG-TERM COMMMITMENT TO HELPING STARTUPS DO MORE FASTER.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NetAssetsOrFundBalancesEOYAmt0299122
IRS990/NetUnrelatedBusTxblIncmAmt00
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IRS990/OccupancyGrp/TotalAmt017
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
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IRS990/OtherExpensesGrp/Desc1ACCELERATOR SUPPLIES AN
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IRS990/OtherExpensesGrp/Desc3EVENT COST
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IRS990/OtherExpensesGrp/ProgramServicesAmt18872
IRS990/OtherExpensesGrp/ProgramServicesAmt28490
IRS990/OtherExpensesGrp/ProgramServicesAmt33570
IRS990/OtherExpensesGrp/TotalAmt09677
IRS990/OtherExpensesGrp/TotalAmt18872
IRS990/OtherExpensesGrp/TotalAmt28490
IRS990/OtherExpensesGrp/TotalAmt33570
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt063262
IRS990/OtherSalariesAndWagesGrp/TotalAmt063262
IRS990/PartialLiquidationInd00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0268944
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt066668
IRS990/PoliticalCampaignActyInd00
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IRS990/PrincipalOfficerNm0EVANS MCMILLION
IRS990/PriorPeriodAdjustmentsAmt0-183331
IRS990/ProfessionalFundraisingInd00
IRS990/ProgSrvcAccomActy2Grp/Desc0SEED FUND THAT PROVIDES EQUITY INVESTMENTSTO ENTREPRENEURS AND EARLY-STAGE BUSINESSES. FUND IS BACKED BY ACOALITION OF REGIONAL PARTNERS, INCLUDING 10 CORE PARTNERS.
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IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0657141
IRS990/PYExcessBenefitTransInd00
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IRS990/PYInvestmentIncomeAmt016
IRS990/PYOtherExpensesAmt040923
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
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IRS990/PYSalariesCompEmpBnftPaidAmt095765
IRS990/PYTotalExpensesAmt0236688
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0657157

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$316,179
Liabilities
$17,057
Net assets
$299,122
Revenue
$446,536
Expenses
$384,552
Net income
$61,984
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.51$0.00$0.51$1.24$1.66$0.42
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.98$0.05$0.93$1.57$1.38$0.19
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.82$0.08$0.74$1.56$1.33$0.23
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.62$0.10$0.51$0.96$0.85$0.11
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.41$0.03$0.38$0.46$0.38$0.08
2019Detailed filing. Detailed filing data is available for this year.$0.32$0.02$0.30$0.45$0.38$0.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.45$0.03$0.42$0.66$0.24$0.42
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2019 filings • 501(c)3 • <$500k nonprofits