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Nonprofit · EIN 56-2142717

INSTITUTE CAPITAL INC

Tax-exempt · DURHAM, NC 27702

Financials

$6.2M$3.6M2023$3.3M$2.5M2024
Revenue Expenses · by fiscal year end
Financials of INSTITUTE CAPITAL INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$3,302,522$2,489,074$813,448$41,335,812$32,592,128$8,743,684
December 31, 2023990$6,193,834$3,585,434$2,608,400$31,611,129$23,680,893$7,930,236
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$924,300
Program service revenue
$2,375,137
Investment income
$3,085
Other revenue
$0

Expenses

Grants and similar amounts paid
$56,250
Compensation of officers, directors and key employees
$92,294
Other salaries and wages
$726,994
Salaries, compensation and benefits (total)
$971,723
Professional fundraising fees
$0
Legal fees
$41,844
Accounting fees
$2,800
Occupancy
$43,772
Program services (functional)
$2,026,764
Management and general (functional)
$442,843
Fundraising (functional)
$19,467

Balance sheet and other

Total assets, start of year
$31,611,129
Total assets, end of year
$41,335,812
Total liabilities, end of year
$32,592,128
Net assets, end of year
$8,743,684
Land, buildings and equipment
$681,444
Net assets without donor restrictions
$7,250,657
Net assets with donor restrictions
$1,493,027
Gross receipts
$3,302,522
Employees
0
Volunteers
0
Year formed
1999
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.

NameTitleHours / weekCompensationFrom related orgsOther / benefits
KEVIN J PRICEPRESIDENT/CEO
Trustee or director, Officer
20$92,295$92,295$15,390
ANGELA POOLEV.P. OF FINANCE
Highest-paid employee
20$0$121,431$22,978
ROBERTA MCCULLOUGHSENIOR VP OPERATIONS
Officer
40$0$109,564$21,795
LISA JACKSONBOARD MEMBER
Trustee or director
1$0$0$0
LEWIS H MYERSCHAIRMAN
Trustee or director, Officer
1$0$0$0
SUZANNE MALONETREASURER
Trustee or director, Officer
1$0$0$0
EVAN SITTONBOARD MEMBER
Trustee or director
1$0$0$0
TYRONE BAINES PHDSECRETARY
Trustee or director, Officer
1$0$0$0
MICHAEL SUGGSVICE CHAIR
Trustee or director, Officer
1$0$0$0
THURMAN SMITHBOARD MEMBER
Trustee or director
1$0$0$0
990 for the year ended December 31, 2023: 10 people
NameTitleHours / weekCompensationFrom related orgsOther / benefits
KEVIN J PRICEPRESIDENT/CEO
Trustee or director, Officer
20$0$181,927$14,702
ANGELA POOLEV.P. OF FINANCE
Highest-paid employee
20$0$117,184$12,553
ROBERTA MCCULLOUGHSENIOR VP OPERATIONS
Officer
40$0$115,376$12,578
LISA JACKSONBOARD MEMBER
Trustee or director
1$0$0$0
LEWIS H MYERSCHAIRMAN
Trustee or director, Officer
1$0$0$0
SUZANNE MALONETREASURER
Trustee or director, Officer
1$0$0$0
EVAN SITTONBOARD MEMBER
Trustee or director
1$0$0$0
TYRONE BAINES PHDSECRETARY
Trustee or director, Officer
1$0$0$0
MICHAEL SUGGSVICE CHAIR
Trustee or director, Officer
1$0$0$0
THURMAN SMITHBOARD MEMBER
Trustee or director
1$0$0$0

Address and contacts

Address (IRS master file)
PO BOX 1331, DURHAM, NC 27702-1331
In care of
% ABOUL SM RASHEED
Principal officer (990 for 2024)
KEVIN J PRICE, PO BOX 1331, DURHAM, NC 27702
Signed the 990
KEVIN J PRICE, PRESIDENT/CEO
Phone
(919) 956-8889
Return prepared by
McConnell & Jones LLP

Mission

INSTITUTE CAPITAL, INC. IS A NOT-FOR-PROFIT ORGANIZATION WHOSE PURPOSE IS TO DEVELOP AND/OR PRESERVE AFFORDABLE HOUSING, ENCOURAGE AND STIMULATE COMMUNITY AND ECONOMIC DEVELOPMENT, AND EXPAND ECONOMIC OPPORTUNITIES AND PROVIDE FINANCING FOR COMMUNITY DEVELOPMENT. INSTITUTE CAPITAL INC. IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY AND IS SUPPORTED PRIMARILY BY GOVERNMENT GRANTS AND INCOME FROM LOANS. THE ORGANIZATION'S INVESTMENT AREA INCLUDES NORTH CAROLINA, SOUTH CAROLINA, VIRGINIA, WEST VIRGINIA, KENTUCKY, AND THE DC METRO AREA.

990 for the year ended December 31, 2024

Program accomplishments

  • A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY. THIS STATE WIDE PUBLIC-PRIVATE PARTNERSHIP PROVIDES LEADERSHIP AND CAPITAL INVESTMENTS TO ENCOURAGE AND STIMULATE COMMUNITY DEVELOPMENT, EXPAND ECONOMIC OPPORTUNITIES, AND PROVIDE FINANCING FOR COMMUNITY AND ECONOMIC DEVELOPMENT ACTIVITIES.
    Expenses $2,026,764 · grants $56,250 · revenue $2,375,137

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
56-2142717
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
2000
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$41,335,812
Income (IRS master file)
$3,302,522

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$3,302,522$2,489,074$41,335,812XML
990December 2023$6,193,834$3,585,434$31,611,129XML
990December 2022$2,867,118$2,586,659$25,442,652IRS
990December 2021$2,459,551$1,291,565$22,759,818IRS
990December 2020–––IRS
990December 2019–––IRS
990December 2018–––IRS
990December 2017–––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 56-2142717).

Questions about INSTITUTE CAPITAL INC

What is the EIN of INSTITUTE CAPITAL INC?
The employer identification number (EIN) of INSTITUTE CAPITAL INC is 56-2142717.
Is INSTITUTE CAPITAL INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2000.
Are donations to INSTITUTE CAPITAL INC tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does INSTITUTE CAPITAL INC 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 INSTITUTE CAPITAL INC 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 INSTITUTE CAPITAL INC 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 INSTITUTE CAPITAL INC?
The 990 for the year ended December 31, 2024 names KEVIN J PRICE.
Who are the officers and directors of INSTITUTE CAPITAL INC?
The 990 for the year ended December 31, 2024 lists 10 people; 1 received compensation from the organization, the highest $92,295 (KEVIN J PRICE, PRESIDENT/CEO).
How much revenue does INSTITUTE CAPITAL INC have?
On its 990 for the year ended December 31, 2024 it reported revenue of $3,302,522, expenses of $2,489,074 and total assets of $41,335,812 at year end.

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