Overview
What is Accompany Capital Inc?
Accompany Capital Inc is a New York-based nonprofit organization, specifically located at 11 Broadway Suite 1515, New York, NY 10004. Their primary mission is to foster prosperity among New York City's immigrant, refugee, and underserved entrepreneurs. They achieve this by providing affordable credit, financial education, technological training, and guidance in best business practices. In the fiscal year 2022, they awarded 204 small business loans, primarily to women and immigrant/refugee entrepreneurs, totaling $5,994,413. These loans led to the creation of 141 jobs and the retention of 831 others. Accompany Capital also offered 46 webinars on various topics, assisted 563 businesses through credit review and loan application preparation, and provided small group training and individualized assistance to 674 clients. Overall, their work supports the economic development of diverse communities in the New York area.
Official website here: www.accompanycapital.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 94% - Four-Star out of Four Star rating
Accompany Capital Inc has achieved a strong rating of 94% from Charity Navigator, which reflects the organization's commitment to accountability and financial transparency. The high score in the Accountability & Finance category, particularly with an impressive 96% for governance practices, showcases a solid foundation with an entirely independent board and robust financial oversight. This level of accountability is indicative of their effective management and dedication to ethical practices.
The organization also demonstrates a significant focus on program expenses, with a program expense ratio of 75.73%, indicating that a large portion of their expenditures is directed towards fulfilling their mission. However, their Culture & Community score of 73 suggests there may be room for improvement in terms of community engagement and fostering a diverse and inclusive environment within their operational practices.
Despite the noted strengths, the organization is reportedly implementing only one equity practice, which raises questions about their broader equity strategies in relation to community impact. Improving in this area may enhance their overall effectiveness and responsiveness to the communities they serve, suggesting a potential avenue for growth in their organizational practices.
This AI summary has been generated from information found on Charity Navigator.
Is Accompany Capital Inc legitimate?
Accompany Capital Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Accompany Capital Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $239,996
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,240,003
For more financial information, click here
Official website here: www.accompanycapital.org
What is the mission statement of Accompany Capital Inc?
Accompany Capital Inc is dedicated to fostering prosperity for underprivileged entrepreneurs, primarily immigrants and refugees, in various New York areas. They achieve this by providing affordable credit, offering financial education, and delivering training in technology and business practices. The organization's mission is to support these entrepreneurs as they launch and grow their businesses, ultimately creating job opportunities and contributing to the economic development of their communities. In addition to lending services, Accompany Capital offers training sessions and assistance in business plan development, credit review, and loan application preparation, reaching out to entrepreneurs from diverse backgrounds.
Official website here: www.accompanycapital.org
Who is the CEO of Accompany Capital Inc?
Kwame K Marfo is the Chair of Accompany Capital Inc.
Official website here: www.accompanycapital.org
What is the revenue of Accompany Capital Inc?
Accompany Capital Inc's revenue in 2022 was $4,662,954.
Official website here: www.accompanycapital.org
Who are the executives of Accompany Capital Inc and what are their salaries?
The average compensation at Accompany Capital Inc during 2022 was $82,222. There are 18 employees and 28 volunteers at Accompany Capital Inc.
Here are 14 key members and their salaries:
- Compensation: $182,921
- Related: $0
- Other: $30,702
- Compensation: $124,613
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- Other: $24,871
- Compensation: $101,933
- Related: $0
- Other: $20,441
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- Other: $0
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- Other: $0
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- Other: $0
Official website here: www.accompanycapital.org
Where can I find the form 990 for Accompany Capital Inc?
Accompany Capital Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.accompanycapital.org
Learn more at the official website: www.accompanycapital.org
Mission Statement of Accompany Capital Inc
Accompany Capital Inc, a notable organization, is dedicated to establishing a pathway to prosperity for entrepreneurs in the New York area who hail from immigrant, refugee, and underserved backgrounds. The mission of this nonprofit is to empower these entrepreneurs by providing them with essential resources such as affordable credit, financial education, training in technology, and best business practices. By offering these support systems, Accompany Capital Inc aims to assist these entrepreneurs in launching and growing their businesses successfully. The organization's ultimate goal is to contribute to the economic development of these communities, leading to the creation and retention of jobs.
Accompany Capital Inc's approach to achieving its mission involves a multi-faceted strategy. The organization provides small business loans, with a significant proportion of these loans going to women and immigrant and refugee entrepreneurs. These loans have aided in the creation of new businesses, the expansion and strengthening of existing ones, and the creation of 141 new jobs and the retention of 831 jobs.
In addition to loan provision, Accompany Capital Inc offers small group training and individualized assistance to its clients. This assistance covers various aspects of business management, financial literacy, social media marketing, and homeownership. The organization also helps entrepreneurs with business plan development, credit review and repair, cash flow analysis, and preparing business loan applications. With a diverse clientele from 55 countries, Accompany Capital Inc demonstrates its commitment to inclusivity and its ability to cater to a wide range of needs.
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Impact
July, 2024
Accompany Capital Inc's impact is significant in the New York area, particularly for immigrant, refugee, and underserved entrepreneurs. Through their activities such as providing access to affordable credit, financial education, technology training, and best business practices, Accompany Capital has made a tangible difference in the community.
In terms of access to credit, Accompany Capital's loan program has awarded over 200 new small business loans with a substantial value to micro-entrepreneurs, with a majority of loans going to immigrant and refugee entrepreneurs as well as women. This has not only facilitated the establishment of new businesses but also contributed to the growth and strengthening of existing ones, thereby creating jobs and supporting economic development in various neighborhoods across New York City.
Furthermore, Accompany Capital's efforts in business and financial management have been commendable. By providing extensive training sessions, webinars, and individualized assistance to clients, the organization has equipped hundreds of entrepreneurs with the necessary skills and knowledge to effectively manage their businesses. This support has led to improved business performance, increased financial literacy, and enhanced marketing capabilities, thereby empowering entrepreneurs to achieve their entrepreneurial goals.
Overall, Accompany Capital's holistic approach to supporting immigrant, refugee, and underserved entrepreneurs underscores their commitment to fostering prosperity and economic empowerment within the community.
This information is meant to be a general summary of Accompany Capital Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $209,424
- Program Service Revenue: $31,570
- Gross Receipts: $4,662,954
Assets and Liabilities:
- Total Assets: $18,104,193
- Total Liabilities: $7,635,968
- Net Assets: $10,468,225
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Program Fees
Revenue
$31,570
Organization Details
Founding Year
2002
Phone
(212) 898-4112Principal Officer
Kwame K Marfo
Main Address
11 Broadway Suite 1515, New York, NY, 10004
Website
www.accompanycapital.orgNTEE Category
Code: P84 - Human services
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