Civic Intelligence

Mac Foundation Inc

990 • Fiscal year 2023 • EIN 87-4291295

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 09, 2024

Organization ProfileFUNDMAC.ORG
7930 Blondo Street Suite 100Omaha, NE 68134

(402) 881-0343

Siviq Scores

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

Liabilities / Assets

78th percentile

0.08x

Higher debt load relative to assets than 78% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

77th percentile

0.05x

Higher debt load relative to revenue than 77% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Net Margin

75th percentile

22%

Higher net margin than 75% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Top Officer Pay

94th percentile

$57,692

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 89.6% of source-year revenue.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Asset Growth

16th percentile

-34%

Faster asset growth than 16% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

78th percentile

42%

Faster revenue growth than 78% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets78th percentile

Assets

Down

$36,500

Down $19,111 (-34%) from 2022

Net Assets

Down

$33,550

Down $7,549 (-18%) from 2022

Liabilities

Down

$2,950

Down $11,562 (-80%) from 2022

Revenue And Expenses
Liabilities / Revenue77th percentileNet Margin75th percentile

Revenue

Up

$64,404

Up $19,058 (+42%) from 2022

Expenses

Up

$50,428

Up $41,748 (+481%) from 2022

Net Income

Down

$13,976

Down $22,690 (-62%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth16th percentile

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

$80K$60K$40K$20K$0Assets 2022: $55,611Liabilities 2022: $14,512Net Assets 2022: $41,0992022Assets 2023: $36,500Liabilities 2023: $2,950Net Assets 2023: $33,5502023Assets 2024: $69,459Liabilities 2024: $0Net Assets 2024: $69,4592024

Highlighted filing

2023

Assets$36,500
Liabilities$2,950
Net Assets$33,550
Open 2023 Filing

Operations Trend

Revenue Growth78th percentile

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

$150K$100K$50K$0Revenue 2022: $45,346Expenses 2022: $8,680Net Income 2022: $36,6662022Revenue 2023: $64,404Expenses 2023: $50,428Net Income 2023: $13,9762023Revenue 2024: $137,842Expenses 2024: $77,968Net Income 2024: $59,8742024

Highlighted filing

2023

Revenue$64,404
Expenses$50,428
Net Income$13,976
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 9, 2024
Return Version
2023v5.1
Gross Receipts
$79,297
Mission and Program Overview

Mission

To connect, empower, and elevate underrepresented entrepreneurs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$55,611$36,500▼ $19,111
Total Assets$55,611$36,500▼ $19,111
Liabilities
Accounts Payable and Accrued Expenses$14,512$2,950▼ $11,562
Total Liabilities$14,512$2,950▼ $11,562
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$41,099$33,550▼ $7,549
Total Net Assets Fund Balance$41,099$33,550▼ $7,549
Total Liabilities and Net Assets / Fund Balance$55,611$36,500▼ $19,111
Compensation and Service Providers
Top Officer Pay94th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Karine SokpohPresidentPT$57,692$57,692

Board Members and Trustees

NameTitle
Dr Matthew OmojolaBoard Member
Obiozor OkoloBoard Member
Tierra NesbittBoard Member
Jordan YoungSecretary
Dr Albert KateTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$38,947
Program Service Revenue
$17,500
Investment Income
$0
Other Revenue
$7,957
All Other Contributions
$31,218
Change in Net Assets
$13,976
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$39,428
Grants and Similar Amounts Paid$11,000
Total Fundraising Expense$1,053
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$15,000$15,000-$30,000
Grants to Domestic Individuals$11,000--$11,000
Fees for Services Other$537$537$536$1,610
Fees for Services Accounting$225$225$224$674
Office Expenses-$501-$501
Other Expenses$165$166$165$496
Advertising$117$117$116$350
All Other Expenses$12$244$12$268
Total Functional Expenses$32,585$16,790$1,053$50,428
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$22,850
Fundraising Direct Expenses$14,893
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gratitude Gala$22,850$22,850$14,893$7,957
Total Events$22,850$22,850$14,893$7,957
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
Backup withholding compliance
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

“A draft copy of the 990 information return is delivered via email to all board members for review prior to filing.”

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

“All board members are required to annually review the policy and disclose any potential conflicts of interest.”

Form 990, Part VI, Section C, Line 18

“Copies of the organization's 990 are available to the public upon request.”

Form 990, Part VI, Section C, Line 19

“Governing documents are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Mac Foundation Inc
EIN
87-4291295
Phone
4028810343
Address
7930 BLONDO STREET SUITE 100, OMAHA, NE 68134

Signing Officer

Name
Karine Sokpoh
Title
President
Phone
4028810343
Signed
2024-10-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Karine Sokpoh
Formed
2021
Legal Domicile
Ne
Voting Board Members
6
Independent Board Members
0
Employees
0
Volunteers
10

Preparer

Firm
Hayes & Associates LLC
Address
10730 PACIFIC STREET, OMAHA, NE 68114
Preparer
Frank Hayes
Phone
4023902480
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IRS990/ProgSrvcAccomActy2Grp/Desc0MAC FOUNDATION SCHOLARSHIPS HAVE BEEN ESTABLISHED TO ASSIST BLACK, REFUGEE, AND IMMIGRANT HIGH SCHOOL SENIORS AND COLLEGE STUDENTS STUDYING ACCOUNTING, FINANCE, LAW, AND STEM (SCIENCE, TECHNOLOGY, ENGINEERING, AND MATHEMATICS).
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE MAC FOUNDATION SCHOLARSHIPS HAVE BEEN ESTABLISHED TO ASSIST BLACK, REFUGEE, AND IMMIGRANT HIGH SCHOOL SENIORS AND COLLEGE STUDENTS STUDYING ACCOUNTING, FINANCE, LAW, AND STEM (SCIENCE, TECHNOLOGY, ENGINEERING, AND MATHEMATICS). WE ARE PLEASED TO ANNOUNCE THE MAC FOUNDATION SCHOLARSHIP APPLICATION IS OPEN TO APPLICANTS. WE RECOGNIZE THE FINANCIAL PRESSURE THAT STUDENTS FREQUENTLY EXPERIENCE, AND OUR SCHOLARSHIPS PROGRAM AIMS TO EASE SOME OF THAT BURDEN. OUR SCHOLARSHIPS ARE INTENDED TO HELP DESERVING STUDENTS WHO DEMONSTRATE A STRONG COMMITMENT TO THEIR STUDIES AND A PASSION FOR THEIR CHOSEN DISCIPLINES. WE PROVIDE $1,000 ONE-TIME SCHOLARSHIPS THAT CAN BE UTILIZED FOR TUITION AND BOOKS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT COPY OF THE 990 INFORMATION RETURN IS DELIVERED VIA EMAIL TO ALL BOARD MEMBERS FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL BOARD MEMBERS ARE REQUIRED TO ANNUALLY REVIEW THE POLICY AND DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COPIES OF THE ORGANIZATION'S 990 ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON 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 C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
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IRS990ScheduleR/AssetSaleToOtherOrgInd00
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0851935551
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IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd01
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd01
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
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IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt110000
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt216462
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt330000
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IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt3FAIR VALUE
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt4CASH VALUE
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IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1MIDLANDS AFRICAN CHAMBER INC
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IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
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IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt016790
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IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
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IRS990/UnrelatedBusIncmOverLimitInd00
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IRS990/VotingMembersIndependentCnt00
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IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
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ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
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ReturnHeader/BusinessOfficerGrp/SignatureDt02024-10-09
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$36,500
Liabilities
$2,950
Net assets
$33,550
Revenue
$64,404
Expenses
$50,428
Net income
$13,976
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.69$0.00$0.69$1.38$0.78$0.60
2023Detailed filing. Detailed filing data is available for this year.$0.37$0.03$0.34$0.64$0.50$0.14
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.56$0.15$0.41$0.45$0.09$0.37