Overview
What is New Market Opportunity Fund Inc?
New Market Opportunity Fund Inc is a public benefit corporation situated in Syracuse, Indiana, with a mission to support and facilitate economic development and job creation for low-income individuals in low-income communities. The organization aims to work closely with the state of Indiana and local governments to provide financing beyond $75 million, primarily for the expansion of small industrial businesses located in these communities. This initiative is expected to create over 600 jobs with wages surpassing the MIT living wage, many of which will be accessible to individuals without a college degree. The corporation operates in alignment with the charitable and educational purposes of several Indiana-based nonprofit organizations, as outlined in relevant sections of the Internal Revenue Code.
Official website here: www.n.a.
Is New Market Opportunity Fund Inc legitimate?
New Market Opportunity Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Market Opportunity Fund 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.
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For more financial information, click here
Official website here: www.n.a.
What is the mission statement of New Market Opportunity Fund Inc?
New Market Opportunity Fund Inc is a public benefit corporation established with the primary objective of supporting the charitable and educational pursuits of various organizations. These organizations include Enfocus Inc, Enfocus Association of Indiana Enterprise Zones Inc, and any other entities that the corporation may add in the future. The corporation operates in accordance with specific sections of the Internal Revenue Code and adheres to the purposes outlined in the Articles of Incorporation of the supported organizations, as detailed in Schedule O. The mission of New Market Opportunity Fund Inc is to benefit and facilitate the activities of these organizations, contributing to their exempt purposes as per the Internal Revenue Code and related provisions. The corporation's role is to advance and carry out these charitable objectives, ultimately promoting public welfare and betterment.
Official website here: www.n.a.
Who is the CEO of New Market Opportunity Fund Inc?
Frank A Hoffman is the Advisory Board Member of New Market Opportunity Fund Inc.
Official website here: www.n.a.
What is the revenue of New Market Opportunity Fund Inc?
New Market Opportunity Fund Inc's revenue in 2022 was $284,611.
Official website here: www.n.a.
Who are the executives of New Market Opportunity Fund Inc and what are their salaries?
There 15 volunteers at New Market Opportunity Fund Inc.
Here are 14 key members and their salaries:
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Official website here: www.n.a.
Learn more at the official website: www.n.a.
Mission Statement of New Market Opportunity Fund Inc
New Market Opportunity Fund Inc is a public benefit corporation, established with the primary objective of supporting and aiding various charitable and educational organizations. This organization is dedicated to promoting and carrying out the exempt purposes of Enfocus Inc., Enfocus Association of Indiana Enterprise Zones Inc., and any future supported organizations. These purposes are in line with Sections 170c2B, 501c3, 2055a2, and 2522a2 of the Internal Revenue Code of 1986, as amended, or their corresponding provisions in any subsequent federal tax laws.
New Market Opportunity Fund Inc serves as a conduit to provide benefits to these organizations, which share similar charitable, educational, and exempt purposes. The scope of these purposes, as outlined in the Articles of Incorporation of the Supported Organizations, includes, but is not limited to, those set forth in Schedule O. By supporting these organizations, New Market Opportunity Fund Inc plays a significant role in contributing to their charitable and educational endeavors. The corporation's mission is to ensure that these organizations have the necessary resources and support to fulfill their charitable and educational missions effectively.
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Impact
October, 2024
New Market Opportunity Fund Inc plays a critical role in fostering economic development and job creation in low-income communities. By facilitating access to financing for industrial small businesses, the organization aims to invest over $75 million in projects that will not only drive economic growth but also generate more than 600 jobs. These positions are designed to offer wages that exceed the MIT living wage, complete with benefits, making them accessible to low-income individuals, including those without a college degree.
The impact of New Market Opportunity Fund Inc extends beyond financial investment; it contributes to the overall enhancement of community infrastructure and wellbeing. By focusing on job creation in areas that need it most, the organization helps to uplift communities, reduce poverty, and promote a more inclusive economy. The initiative is expected to enhance living standards and create pathways for economic mobility for residents in low-income areas of Indiana. This comprehensive approach to community development serves to strengthen the local economy while supporting sustainable growth and improved quality of life for the individuals it aims to serve.
This information is meant to be a general summary of New Market Opportunity Fund 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.
- Gross Receipts: $284,611
Assets and Liabilities:
- Total Assets: $285,733
- Total Liabilities: $0
- Net Assets: $285,733
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Organization Details
Founding Year
2019
Phone
(317) 989-4070Principal Officer
Frank A Hoffman
Main Address
11153 NORTH IDEAL BEACH DRIVE, SYRACUSE, IN, 46567
Website
www.n.a.NTEE Category
Code: S31 - Community improvement
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