New Market Opportunity Fund Inc

Nonprofit profile at a glance

EIN
851982223
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-EZ 2021
Location
Syracuse, IN, USA
Phone
3179894070
Rating confidence
Limited
Sector
Urban, Community Economic Development

Reported finances

Revenue
$-742,378
Expenses
$0
Assets
$811,987
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • Andrew Wiand (PRESIDENT GOVERNING BOARD DIRECTOR)

Highest reported compensation

  • S Joe DeHaven (GOVERNING BOARD DIRECTOR): $12,508 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Corporation is a public benefit corporation that is organized and operated exclusively to benefit perform and carry out the charitable educational and other exempt purposes of the Enfocus Inc. an Indiana nonprofit corporation Enfocus Association of Indiana Enterprise Zones Inc. an Indiana nonprofit corporation and its members collectively referred to as AIEZ and any other supported organizations to be added by the Corporation from time to time by amendment to these Articles collectively referred to as the Supported Organizations as such purposes are described in Sections 170c2B 501c3 2055a2 and 2522a2 of the Internal Revenue Code of 1986 as amended or corresponding provisions of any subsequent federal tax laws the Code and set forth in the Articles of Incorporation of the Supported Organizations which include or contemplated those purposes set forth in Schedule O: SEE SCHEDULE O.

What it reported doing in 2024

Continued to assist our second statewide community development entity organized to facilitate financing of economic development and job creation for low-income persons in communities targeted by local government for economic development. Assisted the state of Indiana and the city of Kokomo in financing over $75,000,000 in public infrastructure required for an electric vehicle battery plant located in a low-income community. This plant will create over 1,400 jobs with wages exceeding the MIT living wage with benefits most of which will be accessible to individuals without a college degree. Working to facilitate financing for economic development and job creation for low-income persons in Indiana by enabling the expansion of small industrial businesses located in low-income communities. These expansions are projected to create over 600 jobs within the next three years with wages exceeding the MIT living wage with benefits most of which will be accessible to individuals without a college degree.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 88
  • Accountability: 88
  • Sustainability: 18
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 87.5%; rating input score 88; 6th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -100%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: Limited
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: Limited
  • Revenue growth: -61.4% per year; rating input score 0; 7th percentile among comparable filings
  • Asset growth: 55.8% per year; rating input score 100; 98th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 3 of 3 board members independent · 5 of 7 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $13K · 13 people listed
  • Consistency: 8 of 9 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 4 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Growth: Revenue growth scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Operating margin scored 20/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.