Nonprofit · EIN 88-2922788
NEW MAJORITY CAPITAL FOUNDATION INC
Tax-exempt · BOSTON, MA 02111
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $3,307,793 | $2,164,918 | $1,142,875 | $2,854,583 | $892,756 | $1,961,827 |
| December 31, 2023 | 990 | $1,529,464 | $1,044,205 | $485,259 | $956,877 | $137,925 | $818,952 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $3,286,033
- Program service revenue
- $0
- Investment income
- $10,023
- Other revenue
- $11,737
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $129,415
- Other salaries and wages
- $78,995
- Salaries, compensation and benefits (total)
- $241,193
- Professional fundraising fees
- $0
- Travel
- $254,068
- Depreciation
- $5,247
- Program services (functional)
- $2,164,918
Balance sheet and other
- Total assets, start of year
- $956,877
- Total assets, end of year
- $2,854,583
- Total liabilities, end of year
- $892,756
- Net assets, end of year
- $1,961,827
- Land, buildings and equipment
- $22,275
- Net assets without donor restrictions
- $217,895
- Net assets with donor restrictions
- $1,743,932
- Gross receipts
- $3,307,793
- Employees
- 7
- Volunteers
- 40
- Year formed
- 2022
- State of legal domicile
- MA
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 |
|---|---|---|---|
| ALLEGRA STENNETT | TREASURER Officer | 40 | $129,415 |
| DARRYL LINDIE | PRESIDENT Trustee or director, Officer | 4 | $0 |
| HAVELL RODRIGUES | CLERK Trustee or director, Officer | 8 | $0 |
| CRYSTAL WARD | DIRECTOR Trustee or director | 1 | $0 |
| DEENEAUS POLK | DIRECTOR Trustee or director | 1 | $0 |
| ROGER RICHARDS | DIRECTOR Trustee or director | 1 | $0 |
| MELISSA CASTRO | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 3 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| ALLEGRA STENNETT | EXECUTIVE DIRECTOR Officer | 32 | $120,000 |
| DARRYL LINDIE | PRESIDENT Trustee or director, Officer | 8 | $0 |
| HAVELL RODRIGUES | CLERK Trustee or director, Officer | 8 | $0 |
Address and contacts
- Address (IRS master file)
- 68 HARRISON AVE STE 605 PMB 691543, BOSTON, MA 02111-1929
- Principal officer (990 for 2024)
- ALLEGRA STENNETT, 24 ROSEMARY AVENUE, WAKEFIELD, MA 01880
- Signed the 990
- ALLEGRA STENNETT, TREASURER/EXECUTIVE DIRECTOR
- Phone
- (781) 864-3447
- Website
- WWW.NMCFOUND.ORG
- Return prepared by
- STOWE & DEGON LLC
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.
Program accomplishments
- ENTREPRENEURSHIP THROUGH ACQUISITION (ETA) ACCELERATOR PROGRAM EDUCATION AND SUPPORT SERVICES SURROUNDING THE PROCESS OF BUYING AND SCALING AN EXISTING SMALL BUSINESS INSTEAD OF STARTING ONE FROM SCRATCH.Expenses $2,164,918
- SUCCESSION READY PROGRAM EDUCATION AND SUPPORT SERVICES TO HELP OWNERS OF BUSINESSES CREATE SUCCESSION PLANS.
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
- 88-2922788
- 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
- 2023
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Employment (J02)
- Assets (IRS master file)
- $2,854,583
- Income (IRS master file)
- $3,307,793
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $3,307,793 | $2,164,918 | $2,854,583 | XML |
| 990 | December 2023 | $1,529,464 | $1,044,205 | $956,877 | XML |
| 990 | December 2022 | $454,504 | $120,811 | $333,693 | 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 88-2922788).
Questions about NEW MAJORITY CAPITAL FOUNDATION INC
- What is the EIN of NEW MAJORITY CAPITAL FOUNDATION INC?
- The employer identification number (EIN) of NEW MAJORITY CAPITAL FOUNDATION INC is 88-2922788.
- Is NEW MAJORITY CAPITAL FOUNDATION INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2023.
- Are donations to NEW MAJORITY CAPITAL FOUNDATION INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does NEW MAJORITY CAPITAL FOUNDATION 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 NEW MAJORITY CAPITAL FOUNDATION 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 NEW MAJORITY CAPITAL FOUNDATION 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 NEW MAJORITY CAPITAL FOUNDATION INC?
- The 990 for the year ended December 31, 2024 names ALLEGRA STENNETT.
- Who are the officers and directors of NEW MAJORITY CAPITAL FOUNDATION INC?
- The 990 for the year ended December 31, 2024 lists 7 people; 1 received compensation from the organization, the highest $129,415 (ALLEGRA STENNETT, TREASURER).
- How much revenue does NEW MAJORITY CAPITAL FOUNDATION INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $3,307,793, expenses of $2,164,918 and total assets of $2,854,583 at year end.
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