Civic Intelligence

New Majority Capital Foundation Inc

EIN 88-2922788 • 501(c)3 • Wakefield, MA

Profile

The foundation aims to attack the gender and racial wealth gaps while also providing services to help ensure that retiring small business owners can leave a legacy behind with the jobs they have created in their communities. This is accomplished through educational programming and support to empower entrepreneurs from underrepresented communities.

24 Rosemary AvenueWakefield, MA 01880

www.nmcfound.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

75th percentile

0.31x

Higher debt load relative to assets than 75% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

72nd percentile

0.27x

Higher debt load relative to revenue than 72% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

83rd percentile

35%

Higher net margin than 83% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

77th percentile

$129,415

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 3.9% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

97th percentile

198%

Faster asset growth than 97% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

92nd percentile

116%

Faster revenue growth than 92% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Up

$2,854,583

Up $1,897,706 (+198%) from 2023

Liabilities

Up

$892,756

Up $754,831 (+547%) from 2023

Net Assets

Up

$1,961,827

Up $1,142,875 (+140%) from 2023

Revenue

Up

$3,307,793

Up $1,778,329 (+116%) from 2023

Expenses

Up

$2,164,918

Up $1,120,713 (+107%) from 2023

Net Income

Up

$1,142,875

Up $657,616 (+136%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$3.0M$2.0M$1.0M$0Assets 2022: $333,693Liabilities 2022: $0Net Assets 2022: $333,6932022Assets 2023: $956,877Liabilities 2023: $137,925Net Assets 2023: $818,9522023Assets 2024: $2,854,583Liabilities 2024: $892,756Net Assets 2024: $1,961,8272024

Highlighted filing

2024

Assets$2,854,583
Liabilities$892,756
Net Assets$1,961,827

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0Revenue 2022: $454,504Expenses 2022: $120,811Net Income 2022: $333,6932022Revenue 2023: $1,529,464Expenses 2023: $1,044,205Net Income 2023: $485,2592023Revenue 2024: $3,307,793Expenses 2024: $2,164,918Net Income 2024: $1,142,8752024

Highlighted filing

2024

Revenue$3,307,793
Expenses$2,164,918
Net Income$1,142,875

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jul 14, 2025
Return Version
2024v5.2
Gross Receipts
$3,307,793
Mission and Program Overview

Mission

The foundation aims to attack the gender and racial wealth gaps while also providing services to help ensure that retiring small business owners can leave a legacy behind with the jobs they have created in their communities. This is accomplished through educational programming and support to empower entrepreneurs from underrepresented communities.

The foundation aims to attack the gender and racial wealth gaps while also providing services to help ensure that retiring small business owners can leave a legacy behind with the jobs they have created in their communities. This is accomplished through educational programming and support to empower entrepreneurs from underrepresented communities. Additionally, the foundation will assist small business owners considering succession plans and exit strategies through two active programs: 1) entrepreneurship through acquisition (eta) accelerator program educational and support services surrounding the process of buying and scaling an existing small business instead of starting one from scratch. 2) succession ready program education and support to help owners of businesses to create succession plans.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$406,831$2,262,820▲ $1,855,989
Pledges and Grants Receivable$521,344$565,711▲ $44,367
Land, Buildings, and Equipment, Net$24,922$22,275▼ $2,647
Prepaid Expenses and Deferred Charges$3,780$3,777▼ $3
Total Assets$956,877$2,854,583▲ $1,897,706
Liabilities
Deferred Revenue-$795,474-
Accounts Payable and Accrued Expenses$137,925$97,282▼ $40,643
Total Liabilities$137,925$892,756▲ $754,831
Net Assets / Fund Balance
Net Assets With Donor Restrictions$990,349$1,743,932▲ $753,583
Net Assets Without Donor Restrictions$-171,397$217,895▲ $389,292
Total Net Assets Fund Balance$818,952$1,961,827▲ $1,142,875
Total Liabilities and Net Assets / Fund Balance$956,877$2,854,583▲ $1,897,706

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$22,275$5,247-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Allegra StennettTreasurerFT$129,415$129,415

Board Members and Trustees

NameTitle
Darryl LindiePresident
Crystal WardDirector
Deeneaus PolkDirector
Melissa CastroDirector
Roger RichardsDirector
Havell RodriguesClerk

Highest Paid Contractors

ContractorServicesLocationCompensation
Richard T BlissFaculty/curriculum223 BEACON ST APT 1, Boston, MA 02116$143,213
Revenue and Support

Revenue Composition

Contributions and Grants
$3,286,033
Program Service Revenue
$0
Investment Income
$10,023
Other Revenue
$11,737
All Other Contributions
$3,286,033
Change in Net Assets
$1,142,875

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeReported Amount
Other Non Cash Contri Table$44,634
Total Noncash Contributions$44,634

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,307,793
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,307,793
Total Revenue per Form 990
$3,307,793
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,923,725
Salaries, Compensation, and Employee Benefits$241,193
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$1,004,849--$1,004,849
Travel$254,068--$254,068
Current Officers, Directors, Trustees, and Key Employees$129,415--$129,415
Other Salaries and Wages$78,995--$78,995
Office Expenses$53,392--$53,392
Other Expenses$38,089--$38,089
Advertising$27,370--$27,370
Pension Plan Contributions$18,635--$18,635
Payroll Taxes$14,148--$14,148
Insurance$7,569--$7,569
Depreciation Depletion$5,247--$5,247
Total Functional Expenses$2,164,918$0$0$2,164,918

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,164,918
Total Expenses per Audited Statements$2,164,918
Total Expenses per Form 990$2,164,918
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
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

It is reviewed first by the bookkeeper and by the board of directors.

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

Conflicts of interest will be reviewed on quarterly basis.

Form 990, Part VI, Section B, Line 15

A draft of the form 990 shall be distributed to the entire board of directors for review prior to being submitted to the irs. The draft form 990 shall be distributed early enough to provide each board member with a reasonable amount of time for review and submission of questions or comments prior to the filing deadline.

Form 990, Part VI, Section C, Line 19

All documents will be available upon request.

Filing and Contact Details

Filer

Filer Name
New Majority Capital Foundation Inc
EIN
88-2922788
Phone
7818643447
Address
24 ROSEMARY AVENUE, WAKEFIELD, MA 01880

Signing Officer

Name
Allegra Stennett
Title
Treasurer/executive Director
Phone
7818643447
Signed
2025-07-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Allegra Stennett
Formed
2022
Legal Domicile
Ma
Voting Board Members
7
Independent Board Members
4
Employees
7
Volunteers
40

Preparer

Firm
Stowe & Degon LLC
Address
95A TURNPIKE ROAD, WESTBOROUGH, MA 01581
Preparer
Richard Antenucci
Phone
5089836700
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Consultants: program service expenses 974,099. Management and general expenses 0. Fundraising expenses 0. Total expenses 974,099. Dues and subscriptions: program service expenses 25,535. Management and general expenses 0. Fundraising expenses 0. Total expenses 25,535. Other: program service expenses 5,215. Management and general expenses 0. Fundraising expenses 0. Total expenses 5,215.

FORM 990, PART XII, LINE 2C:

The financial statement has been audited by independent accountant for 2024.

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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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IRS990ScheduleA/OtherIncome170Grp/TotalAmt011737
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.99560
IRS990ScheduleA/PublicSupportPY170Pct01.00000
IRS990ScheduleA/PublicSupportTotal170Amt04978487
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt03241399
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt01285944
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0451144
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt04978487
IRS990ScheduleA/TotalSupportAmt05000247
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt022275
IRS990ScheduleD/EquipmentGrp/DepreciationAmt05247
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt027522
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02164918
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03307793
IRS990ScheduleD/TotalBookValueLandBuildingsAmt022275
IRS990ScheduleD/TotalExpensesPerForm990Amt02164918
IRS990ScheduleD/TotalRevenuePerForm990Amt03307793
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03307793
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02164918
IRS990/ScheduleJRequiredInd00
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt00
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc0DONATED SERVICES
IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd0X
IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt044634
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd00
IRS990ScheduleM/ThirdPartiesUsedInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0IT IS REVIEWED FIRST BY THE BOOKKEEPER AND BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CONFLICTS OF INTEREST WILL BE REVIEWED ON QUARTERLY BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A DRAFT OF THE FORM 990 SHALL BE DISTRIBUTED TO THE ENTIRE BOARD OF DIRECTORS FOR REVIEW PRIOR TO BEING SUBMITTED TO THE IRS. THE DRAFT FORM 990 SHALL BE DISTRIBUTED EARLY ENOUGH TO PROVIDE EACH BOARD MEMBER WITH A REASONABLE AMOUNT OF TIME FOR REVIEW AND SUBMISSION OF QUESTIONS OR COMMENTS PRIOR TO THE FILING DEADLINE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL DOCUMENTS WILL BE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CONSULTANTS: PROGRAM SERVICE EXPENSES 974,099. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 974,099. DUES AND SUBSCRIPTIONS: PROGRAM SERVICE EXPENSES 25,535. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 25,535. OTHER: PROGRAM SERVICE EXPENSES 5,215. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,215.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE FINANCIAL STATEMENT HAS BEEN AUDITED BY INDEPENDENT ACCOUNTANT FOR 2024.
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxableDistributionsInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0956877
IRS990/TotalAssetsEOYAmt02854583
IRS990/TotalAssetsGrp/BOYAmt0956877
IRS990/TotalAssetsGrp/EOYAmt02854583
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt03286033
IRS990/TotalEmployeeCnt07
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02164918
IRS990/TotalFunctionalExpensesGrp/TotalAmt02164918
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0137925
IRS990/TotalLiabilitiesEOYAmt0892756
IRS990/TotalLiabilitiesGrp/BOYAmt0137925
IRS990/TotalLiabilitiesGrp/EOYAmt0892756
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0818952
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01961827
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt02164918
IRS990/TotalReportableCompFromOrgAmt0129415
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt021760
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03307793
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt040
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0956877
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02854583
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt0254068
IRS990/TravelGrp/TotalAmt0254068
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt024 ROSEMARY AVENUE
IRS990/USAddress/CityNm0WAKEFIELD
IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd001880
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0WWW.NMCFOUND.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ALLEGRA STENNETT
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER/EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum07818643447
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-07-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NEW MAJORITY CAPITAL FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0NEWM
ReturnHeader/Filer/EIN0882922788
ReturnHeader/Filer/PhoneNum07818643447
ReturnHeader/Filer/USAddress/AddressLine1Txt024 ROSEMARY AVENUE
ReturnHeader/Filer/USAddress/CityNm0WAKEFIELD
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MA
ReturnHeader/Filer/USAddress/ZIPCd001880
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0043379904
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0STOWE & DEGON LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt095A TURNPIKE ROAD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WESTBOROUGH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd001581
ReturnHeader/PreparerPersonGrp/PhoneNum05089836700
ReturnHeader/PreparerPersonGrp/PreparationDt02025-07-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RICHARD ANTENUCCI
ReturnHeader/ReturnTs02025-07-17T10:43:21-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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