Nonprofit · EIN 56-1579041
NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT
Tax-exempt · DURHAM, NC 27701
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $6,532,015 | $6,722,107 | -$190,092 | $19,105,518 | $4,766,978 | $14,338,540 |
| December 31, 2023 | 990 | $12,194,431 | $7,819,600 | $4,374,831 | $18,823,541 | $4,294,909 | $14,528,632 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $4,106,880
- of which government grants
- $2,236,188
- Program service revenue
- $725,231
- Investment income
- $907
- Net rental income
- $189,690
- Other revenue
- $1,698,997
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $743,555
- Other salaries and wages
- $1,968,413
- Salaries, compensation and benefits (total)
- $3,231,484
- Professional fundraising fees
- $0
- Legal fees
- $140,412
- Accounting fees
- $62,500
- Occupancy
- $311,973
- Travel
- $236,857
- Depreciation
- $260,754
- Program services (functional)
- $4,560,606
- Management and general (functional)
- $2,025,225
- Fundraising (functional)
- $136,276
Balance sheet and other
- Total assets, start of year
- $18,823,541
- Total assets, end of year
- $19,105,518
- Total liabilities, end of year
- $4,766,978
- Net assets, end of year
- $14,338,540
- Land, buildings and equipment
- $7,431,021
- Net assets without donor restrictions
- $9,208,696
- Net assets with donor restrictions
- $5,129,844
- Gross receipts
- $6,600,218
- Employees
- 47
- Volunteers
- 0
- Year formed
- 1986
- State of legal domicile
- NC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| KEVIN J PRICE | PRESIDENT/CEO Officer | 40 | $92,295 | $92,295 | $15,390 |
| KAYE GANTT | CHIEF OP OFFICER Officer | 40 | $126,156 | $0 | $23,441 |
| ANGELA POOLE | VP OF FINANCE Highest-paid employee | 40 | $121,431 | $0 | $22,978 |
| LEA HENRY | DIRECTOR Highest-paid employee | 40 | $132,188 | $0 | $9,737 |
| ROBERTA MCCULLOUGH | SENIOR VP OPERATIONS Highest-paid employee | 40 | $109,564 | $0 | $21,795 |
| JOHN HAM | DIRECTOR Highest-paid employee | 40 | $102,339 | $0 | $20,780 |
| TANYA BRANCH | CHIEF FINANCIAL OFFI Officer | 40 | $59,583 | $0 | $0 |
| NIKITRA BAILEY | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| DR TYRONE R BAINES | SECRETARY Trustee or director, Officer | 1 | $0 | $0 | $0 |
| MARTIN EAKES | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| TED EDWARDS | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| DR EDWARD FORT | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| ADAM KLEIN | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| SUE MALONE | TREASURER Trustee or director, Officer | 1 | $0 | $0 | $0 |
| LEWIS H MYERS | CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 | $0 |
4 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MICHAEL SUGGS | VICE CHAIRMAN Trustee or director, Officer | 1 | $0 |
| THURMAN SMITH | DIRECTOR Trustee or director | 1 | $0 |
| PATRICIA RUSSELL | DIRECTOR Trustee or director | 1 | $0 |
| ANGELIQUE D STALLINGS | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 19 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| KEVIN J PRICE | PRESIDENT/CEO Officer | 40 | $181,927 | $14,702 |
| KAYE GANTT | CHIEF OP OFFICER Officer | 40 | $126,352 | $12,814 |
| ANGELA POOLE | VP OF FINANCE Highest-paid employee | 40 | $117,184 | $12,553 |
| ROBERTA MCCULLOUGH | SENIOR VP OPERATIONS Highest-paid employee | 40 | $115,376 | $12,578 |
| LEA HENRY | DIRECTOR Highest-paid employee | 40 | $100,904 | $0 |
| TANYA BRANCH | CHIEF FINANCIAL OFFI Officer | 40 | $59,583 | $0 |
| NIKITRA BAILEY | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DR TYRONE R BAINES | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| MARTIN EAKES | DIRECTOR Trustee or director | 1 | $0 | $0 |
| TED EDWARDS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DR EDWARD FORT | DIRECTOR Trustee or director | 1 | $0 | $0 |
| KARLA HAYNES | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ADAM KLEIN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| SUE MALONE | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| LEWIS H MYERS | CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| TROY ROBERTS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MICHAEL SUGGS | VICE CHAIRMAN Trustee or director, Officer | 1 | $0 | $0 |
| THURMAN SMITH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JEANNE TEDROW | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 114 W PARRISH ST, DURHAM, NC 27701-3365
- Principal officer (990 for 2024)
- KEVIN J PRICE, POST OFFICE BOX 1331, DURHAM, NC 27702
- Signed the 990
- KEVIN J PRICE, PRESIDENT/CEO
- Phone
- (919) 956-8889
- Website
- WWW.THEINSTITUTENC.ORG
- Return prepared by
- MCCONNELL & JONES LLP
Mission
TO STRENGTHEN THE ASSET BASE OF DIVERSE POPULATIONS THROUGH POLICY, EDUCATION AND ECONOMIC OPPORTUNITIES.
Program accomplishments
- WOMEN'S BUSINESS CENTER - ARE LOCATED IN THE RALEIGH-DURHAM AREA, CHARLOTTE, RICHMOND, AND GREENSBORO AND STRIVE TO PROMOTE ECONOMIC SELF-SUFFICIENCY FOR WOMEN IN NORTH CAROLINA AND VIRGINA, IN BOTH RURAL AND URBAN COMMUNITIES, THROUGH ENTREPRENEURSHIP. THE WBCS ARE PARTIALLY FUNDED BY THE U.S. SMALL BUSINESS ADMINISTRATION AWARDS.Expenses $1,014,934
- INSTITUTE CAPITAL - A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY. THIS STATEWIDE PUBLIC PRIVATE PARTNERSHIP PROVIDES LEADERSHIP AND CAPITAL INVESTMENTS TO ENCOURAGE AND STIMULATE COMMUNITY DEVELOPMENT, EXPAND ECONOMICOPPORTUNITIES, AND PROVIDE FINANCING FOR COMMUNITY AND ECONOMIC DEVELOPMENT ACTIVITIES.Expenses $1,296,467
- SMALL BUSINESS NONPROFIT INCUBATOR - RENTAL SPACE IS PROVIDED TO SMALL BUSINESSES / NONPROFIT ORGANIZATIONS AT BELOW-MARKET RATES IN AN EFFORT TO HELP STRENGTHEN THEIR OPERATING CAPACITY AND ABILITY TO GROW.Expenses $709,500
- OTHER PROGRAMS INCLUDE BUSINESS AND MARKET DEVELOPMENT, PUBLIC ALLIES, CENTER FOR PROFESSIONAL SERVICES, POLICY & RESEARCH AND SMALL BUSINESS TRANSPORTATION RESOURCE CENTER.Expenses $1,539,705
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 56-1579041
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1988
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $19,105,518
- Income (IRS master file)
- $6,600,218
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $6,532,015 | $6,722,107 | $19,105,518 | IRS |
| 990-T | December 2024 | – | – | – | IRS |
| 990 | December 2023 | $12,194,431 | $7,819,600 | $18,823,541 | XML |
| 990-T | December 2023 | – | – | – | IRS |
| 990 | December 2022 | $6,397,874 | $5,089,182 | $12,740,351 | IRS |
| 990-T | December 2022 | – | – | – | IRS |
| 990 | December 2021 | $4,581,072 | $4,429,302 | $11,354,840 | IRS |
| 990-T | December 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 56-1579041).
Questions about NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT
- What is the EIN of NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT?
- The employer identification number (EIN) of NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT is 56-1579041.
- Is NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1988.
- Are donations to NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT?
- The 990 for the year ended December 31, 2024 names KEVIN J PRICE.
- Who are the officers and directors of NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT?
- The 990 for the year ended December 31, 2024 lists 19 people; 7 received compensation from the organization, the highest $92,295 (KEVIN J PRICE, PRESIDENT/CEO).
- How much revenue does NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $6,532,015, expenses of $6,722,107 and total assets of $19,105,518 at year end.
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