Civic Intelligence

Hbcu Founders Initiative

990 • Fiscal year 2023 • EIN 86-3846215

Jul 01, 2022 to Jun 30, 2023 • Filed on Feb 21, 2024

325 Pacific AvenueSan Francisco, CA 94111

(877) 829-5500

Siviq Scores

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

Liabilities / Assets

48th percentile

0.06x

Higher debt load relative to assets than 48% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

18th percentile

0.00x

Higher debt load relative to revenue than 18% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

41st percentile

0.2%

Higher net margin than 41% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

87th percentile

41%

Faster asset growth than 87% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

86th percentile

62%

Faster revenue growth than 86% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Flat

$8,693

Flat from 2023

Net Assets

Flat

$8,193

Flat from 2023

Liabilities

Flat

$500

Flat from 2023

Revenue

Flat

$1,175,500

Flat from 2023

Expenses

Flat

$1,172,970

Flat from 2023

Net Income

Flat

$2,530

Flat from 2023

Historical Trend

Balance Sheet Trend

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

$300K$200K$100K$0Assets 2022: $6,163Liabilities 2022: $500Net Assets 2022: $5,6632022Assets 2023: $8,693Liabilities 2023: $500Net Assets 2023: $8,1932023Assets 2023: $8,693Liabilities 2023: $500Net Assets 2023: $8,1932023Assets 2024: $204,359Liabilities 2024: $110,811Net Assets 2024: $93,5482024

Highlighted filing

2023

Assets$8,693
Liabilities$500
Net Assets$8,193

Operations Trend

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

$2.0M$1.5M$1.0M$500K$0Revenue 2022: $725,000Expenses 2022: $719,337Net Income 2022: $5,6632022Revenue 2023: $1,175,500Expenses 2023: $1,172,970Net Income 2023: $2,5302023Revenue 2023: $1,175,500Expenses 2023: $1,172,970Net Income 2023: $2,5302023Revenue 2024: $1,902,801Expenses 2024: $1,817,446Net Income 2024: $85,3552024

Highlighted filing

2023

Revenue$1,175,500
Expenses$1,172,970
Net Income$2,530
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Feb 21, 2024
Return Version
2022v5.0
Gross Receipts
$1,175,500
Mission and Program Overview

Mission

The corporation is organized and operated for charitable and educational purposes, including without limitation, inspiring and supporting women and minorities to pursue entrepreneurship

The corporation is organized and operated for charitable and educational purposes at hbcus.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$5,663$8,193▲ $2,530
Cash and Non-Interest-Bearing Accounts$6,163$6,653▲ $490
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$6,163$8,693▲ $2,530
Other Assets Total$0$2,040▲ $2,040
Liabilities
Other Liabilities$500$500→ $0
Total Liabilities$500$500→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$5,663$8,193▲ $2,530
Total Liabilities and Net Assets / Fund Balance$6,163$8,693▲ $2,530

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$2,040--
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$1,175,500
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,175,500
Change in Net Assets
$2,530
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,001,530
Grants and Similar Amounts Paid$95,000
Salaries, Compensation, and Employee Benefits$76,440
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$958,360$4,378-$962,738
Other Salaries and Wages-$76,440-$76,440
Grants to Domestic Orgs$70,000--$70,000
Grants to Domestic Individuals$25,000--$25,000
Travel-$13,600-$13,600
Advertising$10,151--$10,151
Fees for Services Legal-$7,363-$7,363
Fees for Services Accounting-$4,190-$4,190
Insurance-$2,857-$2,857
Office Expenses-$631-$631
Total Functional Expenses$1,063,511$109,459$0$1,172,970
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Bowie State UniversityBowie, MD-To Directly Foster Innovation and Entrepreneurship on Campus.$10,000
Elizabeth City State UniversityElizabeth City, NC-To Directly Foster Innovation and Entrepreneurship on Campus$10,000
Morgan State UniversityBaltimore, MD-To Directly Foster Innovation and Entrepreneurship on Campus.$10,000
North Carolina At&t UniversityGreensboro, NC-To Directly Foster Innovation and Entrepreneurship on Campus$10,000
Oakwood UniversityHuntsville, AL-To Directly Foster Innovation and Entrepreneurship on Campus.$10,000
Prairie View A&m UniversityPrairie View, TX-To Directly Foster Innovation and Entrepreneurship on Campus.$10,000
Spelman CollegeAtlanta, GA-To Directly Foster Innovation and Entrepreneurship on Campus.$10,000
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Nex Cubed, LLC$500
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 A, Line 2

Mr. Evans (president and director) and mr. Quackenbush (treasurer and director) are business associates at nex cubed, llc. This business relationship has been fully disclosed via a written conflict of interest policy and has been approved by the board of directors.

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

This form 990 was disseminated to all members of the board of directors for review and approval. Discussion and approval was made during a board of directors meeting held on february 1, 2024

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

The organization routinely monitors and enforces compliance with its conflict of interest policy by conducting quarterly reviews with the organization's legal counsel.

Form 990, Part VI, Section C, Line 19

N/A

Filing and Contact Details

Filer

Filer Name
Hbcu Founders Initiative
EIN
86-3846215
Phone
8778295500
Address
325 PACIFIC AVENUE, SAN FRANCISCO, CA 94111

Signing Officer

Name
Kip Quackenbush
Title
Treasurer
Phone
8778295500
Signed
2024-02-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kip Quackenbush
Formed
2021
Legal Domicile
CA
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
0

Preparer

Firm
Gursey Schneider Llp
Address
16633 VENTURA BLVD SUITE 1320, ENCINO, CA 91436
Preparer
Ben Hoy
Phone
3105520960
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Bank charges: program service expenses 0. Management and general expenses 835. Fundraising expenses 0. Total expenses 835. Dues and subscription: program service expenses 0. Management and general expenses 3,513. Fundraising expenses 0. Total expenses 3,513. Fellow services: program service expenses 3,360. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,360. License and permits: program service expenses 0. Management and general expenses 30. Fundraising expenses 0. Total expenses 30. Hbcu program and campus implementation service cost: program service expenses 955,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 955,000.

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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt6TO DIRECTLY FOSTER INNOVATION AND ENTREPRENEURSHIP ON CAMPUS.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0MORGAN STATE UNIVERSITY
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1ELIZABETH CITY STATE UNIVERSITY
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2NORTH CAROLINA AT&T UNIVERSITY
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3OAKWOOD UNIVERSITY
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4PRAIRIE VIEW A&M UNIVERSITY
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt5SPELMAN COLLEGE
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt6BOWIE STATE UNIVERSITY
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt01700 EAST COLD SPRING LANE
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt11704 WEEKSVILLE RD
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt21601 E MARKET ST
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt37000 ADVENTIST BLVD NW
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt4700 UNIVERSITY DRIVE
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt5350 SPELMAN LN SW
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt614000 JERICHO PARK RD
IRS990ScheduleI/RecipientTable/USAddress/CityNm0BALTIMORE
IRS990ScheduleI/RecipientTable/USAddress/CityNm1ELIZABETH CITY
IRS990ScheduleI/RecipientTable/USAddress/CityNm2GREENSBORO
IRS990ScheduleI/RecipientTable/USAddress/CityNm3HUNTSVILLE
IRS990ScheduleI/RecipientTable/USAddress/CityNm4PRAIRIE VIEW
IRS990ScheduleI/RecipientTable/USAddress/CityNm5ATLANTA
IRS990ScheduleI/RecipientTable/USAddress/CityNm6BOWIE
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0MD
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1NC
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd2NC
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd3AL
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd4TX
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd5GA
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd6MD
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd021251
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd127909
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd227411
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd335896
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd477446
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd530314
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd620715
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc0BOOK
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc1BOOK
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc2BOOK
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc3BOOK
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc4BOOK
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc5BOOK
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc6BOOK
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MR. EVANS (PRESIDENT AND DIRECTOR) AND MR. QUACKENBUSH (TREASURER AND DIRECTOR) ARE BUSINESS ASSOCIATES AT NEX CUBED, LLC. THIS BUSINESS RELATIONSHIP HAS BEEN FULLY DISCLOSED VIA A WRITTEN CONFLICT OF INTEREST POLICY AND HAS BEEN APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THIS FORM 990 WAS DISSEMINATED TO ALL MEMBERS OF THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL. DISCUSSION AND APPROVAL WAS MADE DURING A BOARD OF DIRECTORS MEETING HELD ON FEBRUARY 1, 2024
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION ROUTINELY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY BY CONDUCTING QUARTERLY REVIEWS WITH THE ORGANIZATION'S LEGAL COUNSEL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3N/A
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4BANK CHARGES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 835. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 835. DUES AND SUBSCRIPTION: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 3,513. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,513. FELLOW SERVICES: PROGRAM SERVICE EXPENSES 3,360. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,360. LICENSE AND PERMITS: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 30. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 30. HBCU PROGRAM AND CAMPUS IMPLEMENTATION SERVICE COST: PROGRAM SERVICE EXPENSES 955,000. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 955,000.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt06163
IRS990/TotalAssetsEOYAmt08693
IRS990/TotalAssetsGrp/BOYAmt06163
IRS990/TotalAssetsGrp/EOYAmt08693
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt01175500
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0109459
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01063511
IRS990/TotalFunctionalExpensesGrp/TotalAmt01172970
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0500
IRS990/TotalLiabilitiesEOYAmt0500
IRS990/TotalLiabilitiesGrp/BOYAmt0500
IRS990/TotalLiabilitiesGrp/EOYAmt0500
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt05663
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt08193
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt01063511
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01175500
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt06163
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt08693
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt013600
IRS990/TravelGrp/TotalAmt013600
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0325 PACIFIC AVENUE
IRS990/USAddress/CityNm0SAN FRANCISCO
IRS990/USAddress/StateAbbreviationCd0CA
IRS990/USAddress/ZIPCd094111
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0HTTPS://WWW.HBCUFI.ORG/
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0KIP QUACKENBUSH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum08778295500
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-02-21
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HBCU FOUNDERS INITIATIVE
ReturnHeader/Filer/BusinessNameControlTxt0HBCU
ReturnHeader/Filer/EIN0863846215
ReturnHeader/Filer/PhoneNum08778295500
ReturnHeader/Filer/USAddress/AddressLine1Txt0325 PACIFIC AVENUE
ReturnHeader/Filer/USAddress/CityNm0SAN FRANCISCO
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CA
ReturnHeader/Filer/USAddress/ZIPCd094111
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0953309779
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0GURSEY SCHNEIDER LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt016633 VENTURA BLVD SUITE 1320
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ENCINO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CA

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