Civic Intelligence

Ulec Leverage Inc.

990 • Fiscal year 2022 • EIN 85-4352949

Jan 01, 2022 to Dec 31, 2022 • Filed on Sep 25, 2023

Organization ProfileWWW.NUL.ORG
80 Pine Street 9th FloorNew York, NY 10005

(212) 558-5300

Siviq Scores

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

Liabilities / Assets

99th percentile

0.98x

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

2022 filings • NTEE T • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

100th percentile

84.04x

Higher debt load relative to revenue than 100% of similar nonprofits.

2022 filings • NTEE T • $10M-$25M nonprofits • Source year 2022

Net Margin

90th percentile

96%

Higher net margin than 90% of similar nonprofits.

2022 filings • NTEE T • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

100th percentile

$1,208,640

Higher top officer pay than 100% of similar nonprofits.

Top officer pay equals 779.1% of source-year revenue.

2022 filings • NTEE T • $10M-$25M nonprofits • Source year 2022

Asset Growth

66th percentile

1.2%

Faster asset growth than 66% of similar nonprofits.

2022 filings • NTEE T • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

85th percentile

102%

Faster revenue growth than 85% of similar nonprofits.

2022 filings • NTEE T • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets99th percentile

Assets

Up

$13,263,095

Up $154,811 (+1.2%) from 2021

Net Assets

Up

$225,645

Up $148,811 (+194%) from 2021

Liabilities

Up

$13,037,450

Up $6,000 (+0.0%) from 2021

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin90th percentile

Revenue

Up

$155,135

Up $78,170 (+102%) from 2021

Expenses

Up

$6,324

Up $6,193 (+4727%) from 2021

Net Income

Up

$148,811

Up $71,977 (+94%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth66th percentile

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

$15M$10M$5.0M$0Assets 2020: $3,633,250Liabilities 2020: $3,633,250Net Assets 2020: $02020Assets 2021: $13,108,284Liabilities 2021: $13,031,450Net Assets 2021: $76,8342021Assets 2022: $13,263,095Liabilities 2022: $13,037,450Net Assets 2022: $225,6452022Assets 2023: $13,418,120Liabilities 2023: $13,040,600Net Assets 2023: $377,5202023Assets 2024: $13,573,133Liabilities 2024: $12,450Net Assets 2024: $13,560,6832024

Highlighted filing

2022

Assets$13,263,095
Liabilities$13,037,450
Net Assets$225,645
Open 2022 Filing

Operations Trend

Revenue Growth85th percentile

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

$15M$10M$5.0M$0Revenue 2020: $0Expenses 2020: $0Net Income 2020: $02020Revenue 2021: $76,965Expenses 2021: $131Net Income 2021: $76,8342021Revenue 2022: $155,135Expenses 2022: $6,324Net Income 2022: $148,8112022Revenue 2023: $155,349Expenses 2023: $3,474Net Income 2023: $151,8752023Revenue 2024: $13,186,787Expenses 2024: $3,624Net Income 2024: $13,183,1632024

Highlighted filing

2022

Revenue$155,135
Expenses$6,324
Net Income$148,811
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Sep 25, 2023
Return Version
2022v5.0
Gross Receipts
$155,135
Mission and Program Overview

Mission

Ulec leverage inc. Will facilitate construction financing and support the real property located at 117 west 125th street, new york, ny for the provision of a museum, community facilities, and operating facilities of national urban league (nul), a new york not-for-profit corporation, to use to conduct nul's charitable purpose. The facility will enable nul to operate a civil rights museum, a national headquarters office space, and a conference center/public meeting space in the city of new york.

To facilitate construction financing and support the real property located at 117 west 125th street, new york, ny for the provision of a museum, community facilities, and operating facilities of national urban league (nul) , a new york not-for-profit corporation, to use to conduct nul's charitable purpose.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$13,031,450$13,031,450→ $0
Accounts Receivable$12,498$0▼ $12,498
Total Assets$13,108,284$13,263,095▲ $154,811
Other Assets Total$64,336$231,645▲ $167,309
Liabilities
Other Liabilities$13,031,450$13,031,450→ $0
Accounts Payable and Accrued Expenses$0$6,000▲ $6,000
Total Liabilities$13,031,450$13,037,450▲ $6,000
Net Assets / Fund Balance
Net Assets With Donor Restrictions$76,834$225,645▲ $148,811
Total Net Assets Fund Balance$76,834$225,645▲ $148,811
Total Liabilities and Net Assets / Fund Balance$13,108,284$13,263,095▲ $154,811
Compensation and Service Providers
Top Officer Pay100th percentile

Board Members and Trustees

NameTitle
Dennis SerretteBoard Member
Marc MorialBoard Member
Winston BurnsBoard Member
Calvin HarrisBoard Member - Until May 31, 2022
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$155,135
Change in Net Assets
$148,811
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,324
Total Fundraising Expense$6,324
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Accounting--$6,000$6,000
Office Expenses--$324$324
Total Functional Expenses$0$0$6,324$6,324
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Ulec LLC$13,031,450
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The form 990 will be reviewed by the svps, legal counsel and the board.”

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

“Annually, human resources requests that each employee reviews and signs the policy. In addition, please note that self-disclosure and the review of contracts before approval helps monitor and enforce the policy.”

Form 990, Part VI, Section B, Line 15

“The organization did not compensate its board members or officers during the current tax year. The board members were compensated by a related organization, national urban league as officers or highest-paid employees .”

Form 990, Part VI, Section C, Line 19

“A. Governing documents and conflict of interest policy are available per request. B. Financial statements are available on the website, in annual report and per request.”

Filing and Contact Details

Filer

Filer Name
Ulec Leverage Inc
EIN
85-4352949
Phone
2125585300
Address
80 PINE STREET 9TH FLOOR, NEW YORK, NY 10005

Signing Officer

Name
Marc H Morial
Title
Board Member
Phone
2125585300
Signed
2023-09-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Marc H Morial
Formed
2020
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
1
Employees
0
Volunteers
1

Preparer

Firm
Mitchell & Titus Llp
Address
80 PINE STREET, NEW YORK, NY 10005
Preparer
Frederick E Davis Jr
Phone
2127094500
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“Management has analyzed the tax positions taken by the league and has concluded that as of december 31, 2022, there are no uncertain tax positions taken or are to be taken. Accordingly, no interest or penalties related to uncertain tax positions have been accrued in the accompanying consolidated financial statements”

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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MARC MORIAL
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1DENNIS SERRETTE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2CALVIN HARRIS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0BOARD MEMBER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1BOARD MEMBER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2BOARD MEMBER - UNTIL MAY 31, 2022
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt20
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1405107
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt2162110
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM 990 WILL BE REVIEWED BY THE SVPS, LEGAL COUNSEL AND THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ANNUALLY, HUMAN RESOURCES REQUESTS THAT EACH EMPLOYEE REVIEWS AND SIGNS THE POLICY. IN ADDITION, PLEASE NOTE THAT SELF-DISCLOSURE AND THE REVIEW OF CONTRACTS BEFORE APPROVAL HELPS MONITOR AND ENFORCE THE POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION DID NOT COMPENSATE ITS BOARD MEMBERS OR OFFICERS DURING THE CURRENT TAX YEAR. THE BOARD MEMBERS WERE COMPENSATED BY A RELATED ORGANIZATION, NATIONAL URBAN LEAGUE AS OFFICERS OR HIGHEST-PAID EMPLOYEES .
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3A. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE PER REQUEST. B. FINANCIAL STATEMENTS ARE AVAILABLE ON THE WEBSITE, IN ANNUAL REPORT AND PER REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0NATIONAL URBAN LEAGUE INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0131840489
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0SEE PART VII
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 7
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt080 PINE STREET 9TH FLOOR
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0NEW YORK
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd010005
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd01
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd01
IRS990ScheduleR/PerformOfServicesForOthOrgInd01
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd01
IRS990ScheduleR/SupplementalInformationDetail/ExplanationTxt0NATIONAL URBAN LEAGUE, INC. ("NUL") - ENABLE AFRICAN AMERICAN AND OTHER UNDERSERVED URBAN RESIDENTS TO SECURE ECONOMIC SELF-RELIANCE, PARITY, POWER AND CIVIL RIGHTS.
IRS990ScheduleR/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE R, PART II, COL (B) - PRIMARY ACTIVITY
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt013108284
IRS990/TotalAssetsEOYAmt013263095
IRS990/TotalAssetsGrp/BOYAmt013108284
IRS990/TotalAssetsGrp/EOYAmt013263095
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt06324
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt06324
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt013031450
IRS990/TotalLiabilitiesEOYAmt013037450
IRS990/TotalLiabilitiesGrp/BOYAmt013031450
IRS990/TotalLiabilitiesGrp/EOYAmt013037450
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt076834
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0225645
IRS990/TotalOtherCompensationAmt0150216
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0155135
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0155135
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt01
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt013108284
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt013263095
IRS990/TotReportableCompRltdOrgAmt01625641
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt080 PINE STREET 9TH FLOOR
IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010005
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt01
IRS990/WebsiteAddressTxt0WWW.NUL.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MARC H MORIAL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BOARD MEMBER
ReturnHeader/BusinessOfficerGrp/PhoneNum02125585300
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-09-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ULEC LEVERAGE INC
ReturnHeader/Filer/BusinessNameControlTxt0ULEC
ReturnHeader/Filer/EIN0854352949
ReturnHeader/Filer/PhoneNum02125585300
ReturnHeader/Filer/USAddress/AddressLine1Txt080 PINE STREET 9TH FLOOR
ReturnHeader/Filer/USAddress/CityNm0NEW YORK
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010005
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0132781641
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MITCHELL & TITUS LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt080 PINE STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010005
ReturnHeader/PreparerPersonGrp/PhoneNum02127094500
ReturnHeader/PreparerPersonGrp/PreparationDt02023-09-25

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$13,263,095
Liabilities
$13,037,450
Net assets
$225,645
Revenue
$155,135
Expenses
$6,324
Net income
$148,811
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$13.6$0.01$13.6$13.2$0.00$13.2
2023Detailed filing. Detailed filing data is available for this year.$13.4$13.0$0.38$0.16$0.00$0.15
2022Detailed filing. Detailed filing data is available for this year.$13.3$13.0$0.23$0.16$0.01$0.15
2021Detailed filing. Detailed filing data is available for this year.$13.1$13.0$0.08$0.08$0.00$0.08
2020Detailed filing. Detailed filing data is available for this year.$3.63$3.63$0.00$0.00$0.00$0.00