Civic Intelligence

Midcity Accelerator Foundation Inc

990 • Fiscal year 2022 • EIN 85-4102045

Jan 01, 2022 to Dec 31, 2022 • Filed on Jul 18, 2023

Organization ProfileN/A
920 Bob Wallace Ave SW 320Huntsville, AL 35801

(256) 489-4157

Siviq Scores

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

Liabilities / Assets

99th percentile

5.78x

Higher debt load relative to assets than 99% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

40th percentile

0.01x

Higher debt load relative to revenue than 40% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Net Margin

41st percentile

1.5%

Higher net margin than 41% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

53rd percentile

$0

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2022

Asset Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2021 to 2022

Revenue Growth

79th percentile

50%

Faster revenue growth than 79% of similar nonprofits.

2022 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets99th percentile

Assets

Up

$1,045

Up $1,045 from 2021

Net Assets

Up

-$4,997

Up $14,893 (+75%) from 2021

Liabilities

Down

$6,042

Down $13,848 (-70%) from 2021

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin41st percentile

Revenue

Up

$963,000

Up $323,000 (+50%) from 2021

Expenses

Up

$948,107

Up $288,217 (+44%) from 2021

Net Income

Up

$14,893

Up $34,783 (+175%) from 2021

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$1.0M$500K$0-$500KAssets 2021: $0Liabilities 2021: $19,890Net Assets 2021: -$19,8902021Assets 2022: $1,045Liabilities 2022: $6,042Net Assets 2022: -$4,9972022Assets 2023: -$4Liabilities 2023: $0Net Assets 2023: -$42023Assets 2024: $816,348Liabilities 2024: $713,401Net Assets 2024: $102,9472024

Highlighted filing

2022

Assets$1,045
Liabilities$6,042
Net Assets-$4,997
Open 2022 Filing

Operations Trend

Revenue Growth79th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2021: $640,000Expenses 2021: $659,890Net Income 2021: -$19,8902021Revenue 2022: $963,000Expenses 2022: $948,107Net Income 2022: $14,8932022Revenue 2023: $868,380Expenses 2023: $863,387Net Income 2023: $4,9932023Revenue 2024: $1,166,083Expenses 2024: $1,063,132Net Income 2024: $102,9512024

Highlighted filing

2022

Revenue$963,000
Expenses$948,107
Net Income$14,893
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Jul 18, 2023
Return Version
2022v5.0
Gross Receipts
$963,000
Mission and Program Overview

Mission

Midcity accelerator foundation inc. (mcaf) is an alabama economic development organization and 501 c 3 organization established to facilitate community investment and grow local business ecosystems. Mcaf's focus on growing the entrepreneurial ecosystem aims to benefit productivity, innovation and jobs to provide opportunities to all entrepreneurs, regardless of race, place or gender.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$0$1,045▲ $1,045
Total Assets$0$1,045▲ $1,045
Liabilities
Accounts Payable and Accrued Expenses$19,890$6,042▼ $13,848
Total Liabilities$19,890$6,042▼ $13,848
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-19,890$-4,997▲ $14,893
Total Net Assets Fund Balance$-19,890$-4,997▲ $14,893
Total Liabilities and Net Assets / Fund Balance$0$1,045▲ $1,045
Compensation and Service Providers
Top Officer Pay53rd percentile

Board Members and Trustees

NameTitle
Alan DuncanDirector
Maximilian J GrelierDirector
Remy F Gross IiiDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$963,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$963,000
Change in Net Assets
$14,893

Audited Revenue Reconciliation

Revenue per Audited Statements
$963,000
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$963,000
Total Revenue per Form 990
$963,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$925,000
Other Expenses$23,107
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$925,000--$925,000
Fees for Services Other-$22,850-$22,850
Other Expenses$0$257$0$257
Total Functional Expenses$925,000$23,107$0$948,107

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$948,107
Total Expenses per Audited Statements$948,107
Total Expenses per Form 990$948,107
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Gener8tor Management LLCMadison, WIN/aTO HELP FACILIATE GENER8TOR'S PROGRAMS$925,000
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
Audit committee
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 A, Line 2

“Rcp companies and mcaf directors-the three directors for midcity accelerator foundation inc. Are alan duncan, max grelier and remy gross iii. Alan duncan is the controller for rcp companies (employee of company rex commercial properties, inc.) and has been with the company for approximately 6 years.max grelier and remy gross, iii are co-founders of rcp companies. Max, remy and alan handle all director duties of mcaf in addition to their responsibilities to rcp companies' operations, etc. All mcaf matters are handled in accordance with the related bylaws.”

Form 990, Part VI, Section B, Line 11B

“The 990 draft is submitted to the borard for review and comments before the return is filed.”

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

“To ensure the organization operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted. The periodic reviews shall, at a minimum, include the following subjects: a. Whether compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arm's length bargaining. B. Whether partnerships, joint ventures, and arrangements with management organizations conform to the organization's written policies, are properly recorded, reflect reasonable investment or payments for goods and services, further charitable purposes and do not result in enurement, impermissible private benefit or in an excess benefit transaction.”

Form 990, Part VI, Section C, Line 19

“The documents are available for inspection upon request at the office of the organization.”

Filing and Contact Details

Filer

Filer Name
Midcity Accelerator Foundation Inc
EIN
85-4102045
Phone
2564894157
Address
920 BOB WALLACE AVE SW 320, HUNTSVILLE, AL 35801

Signing Officer

Name
Alan Duncan
Title
Director
Phone
2564894157
Signed
2023-07-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Alan Duncan
Formed
2020
Legal Domicile
Al
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
5

Preparer

Firm
Marcum Llp
Address
ONE SOUTHEAST THIRD AVE SUITE 1100, MIAMI, FL 33131
Preparer
Ashlie Forum
Phone
3059959600
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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0RCP COMPANIES AND MCAF DIRECTORS-THE THREE DIRECTORS FOR MIDCITY ACCELERATOR FOUNDATION INC. ARE ALAN DUNCAN, MAX GRELIER AND REMY GROSS III. ALAN DUNCAN IS THE CONTROLLER FOR RCP COMPANIES (EMPLOYEE OF COMPANY REX COMMERCIAL PROPERTIES, INC.) AND HAS BEEN WITH THE COMPANY FOR APPROXIMATELY 6 YEARS.MAX GRELIER AND REMY GROSS, III ARE CO-FOUNDERS OF RCP COMPANIES. MAX, REMY AND ALAN HANDLE ALL DIRECTOR DUTIES OF MCAF IN ADDITION TO THEIR RESPONSIBILITIES TO RCP COMPANIES' OPERATIONS, ETC. ALL MCAF MATTERS ARE HANDLED IN ACCORDANCE WITH THE RELATED BYLAWS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 990 DRAFT IS SUBMITTED TO THE BORARD FOR REVIEW AND COMMENTS BEFORE THE RETURN IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2TO ENSURE THE ORGANIZATION OPERATES IN A MANNER CONSISTENT WITH CHARITABLE PURPOSES AND DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX-EXEMPT STATUS, PERIODIC REVIEWS SHALL BE CONDUCTED. THE PERIODIC REVIEWS SHALL, AT A MINIMUM, INCLUDE THE FOLLOWING SUBJECTS: A. WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE, BASED ON COMPETENT SURVEY INFORMATION, AND THE RESULT OF ARM'S LENGTH BARGAINING. B. WHETHER PARTNERSHIPS, JOINT VENTURES, AND ARRANGEMENTS WITH MANAGEMENT ORGANIZATIONS CONFORM TO THE ORGANIZATION'S WRITTEN POLICIES, ARE PROPERLY RECORDED, REFLECT REASONABLE INVESTMENT OR PAYMENTS FOR GOODS AND SERVICES, FURTHER CHARITABLE PURPOSES AND DO NOT RESULT IN ENUREMENT, IMPERMISSIBLE PRIVATE BENEFIT OR IN AN EXCESS BENEFIT TRANSACTION.
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0925000
IRS990/TotalFunctionalExpensesGrp/TotalAmt0948107
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesEOYAmt06042
IRS990/TotalLiabilitiesGrp/BOYAmt019890
IRS990/TotalLiabilitiesGrp/EOYAmt06042
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-4997
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0925000
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0963000
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt05
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01045
IRS990/TotReportableCompRltdOrgAmt00
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IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
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IRS990/USAddress/ZIPCd035801
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd01
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ALAN DUNCAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum02564894157
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-07-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MIDCITY ACCELERATOR FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0MIDC
ReturnHeader/Filer/EIN0854102045
ReturnHeader/Filer/PhoneNum02564894157
ReturnHeader/Filer/USAddress/AddressLine1Txt0920 BOB WALLACE AVE SW 320
ReturnHeader/Filer/USAddress/CityNm0HUNTSVILLE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0AL
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0111986323
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MARCUM LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0ONE SOUTHEAST THIRD AVE SUITE 1100
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MIAMI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd033131
ReturnHeader/PreparerPersonGrp/PhoneNum03059959600
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ASHLIE FORUM
ReturnHeader/ReturnTs02023-07-25T07:50:49-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0ALAN
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0DUNCAN
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,045
Liabilities
$6,042
Net assets
-$4,997
Revenue
$963,000
Expenses
$948,107
Net income
$14,893
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.82$0.71$0.10$1.17$1.06$0.10
2023Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.87$0.86$0.00
2022Detailed filing. Detailed filing data is available for this year.$0.00$0.01$0.00$0.96$0.95$0.01
2021Detailed filing. Detailed filing data is available for this year.$0.00$0.02$0.02$0.64$0.66$0.02