ALABAMA CAPITAL NETWORK INC: Form 990, tax year 2023

View the entire original 990 at ProPublica ↗

Organization
ALABAMA CAPITAL NETWORK INC (EIN 87-4355000)
Tax period
2023-01-01 to 2023-12-31
Filed
2024-11-15
IRS object ID
202443209349317469
Schema version
2023v5.1
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2024-11-15T14:17:16-06:00ReturnTs
Tax Period End2023-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN630590670PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Kassouf & Co IncBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line12101 Highland Ave S Suite 300AddressLine1Txt
CityBirminghamCityNm
State AbbreviationALStateAbbreviationCd
ZIP352054009ZIPCd
FieldValueIRS element (for citing)
Return Type990ReturnTypeCd
Tax Period Begin2023-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN874355000EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Alabama Capital Network IncBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlALABBusinessNameControlTxt
Phone2052397152PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1PO Box 590081AddressLine1Txt
CityBirminghamCityNm
State AbbreviationALStateAbbreviationCd
ZIP352590081ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonBenzamin ChoiPersonNm
Person TitleCEOPersonTitleTxt
Phone2052397152PhoneNum
Signature2024-11-11SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd
FieldValueIRS element (for citing)
IRS Responsible Prty Info Curr0IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonMichael KassoufPreparerPersonNm
PTINP01328519PTIN
Phone2054432500PhoneNum
Preparation2024-11-11PreparationDt
FieldValueIRS element (for citing)
Tax2023TaxYr
Build TS2024-10-15 13:58:12ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Principal OfficerBenzamin ChoiPrincipalOfficerNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line1PO Box 590081AddressLine1Txt
CityBirminghamCityNm
State AbbreviationALStateAbbreviationCd
ZIP352590081ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$430,100GrossReceiptsAmt
Group Return For Affiliates0GroupReturnForAffiliatesInd
Organization501c3Yes (X)Organization501c3Ind
Website Addresshttps://alabamacapitalnetwork.com/WebsiteAddressTxt
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Formation2021FormationYr
Legal Domicile StateALLegalDomicileStateCd
Activity Or MissionTo assist start-up companies and early stage entrepreneurs within Alabama gain access to education, capital and technical assistance.ActivityOrMissionDesc
Voting Members Governing Body6VotingMembersGoverningBodyCnt
Voting Members Independent6VotingMembersIndependentCnt
Total Employee6TotalEmployeeCnt
Total Volunteers0TotalVolunteersCnt
Total Gross UBI$0TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
PY Contributions Grants$511,357PYContributionsGrantsAmt
CY Contributions Grants$430,100CYContributionsGrantsAmt
PY Program Service Revenue$0PYProgramServiceRevenueAmt
CY Program Service Revenue$0CYProgramServiceRevenueAmt
PY Investment Income$0PYInvestmentIncomeAmt
CY Investment Income$0CYInvestmentIncomeAmt
PY Other Revenue$0PYOtherRevenueAmt
CY Other Revenue$0CYOtherRevenueAmt
PY Total Revenue$511,357PYTotalRevenueAmt
CY Total Revenue$430,100CYTotalRevenueAmt
PY Grants And Similar Paid$0PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid$0CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members$0PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$302,211PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$245,401CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns$0PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$187,287PYOtherExpensesAmt
CY Other Expenses$99,841CYOtherExpensesAmt
PY Total Expenses$489,498PYTotalExpensesAmt
CY Total Expenses$345,242CYTotalExpensesAmt
PY Revenues Less Expenses$21,859PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$84,858CYRevenuesLessExpensesAmt
Total Assets BOY$62,167TotalAssetsBOYAmt
Total Assets EOY$148,625TotalAssetsEOYAmt
Total Liabilities BOY$2,599TotalLiabilitiesBOYAmt
Total Liabilities EOY$4,199TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$59,568NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$144,426NetAssetsOrFundBalancesEOYAmt
MissionAlabama Capital Network, Inc. provides start-up companies and early stage entrepreneurs with access to education, capital and technical assistance to further aid the broader community by supporting local economic development and education.MissionDesc
Significant New Program Srvc0SignificantNewProgramSrvcInd
Significant Change0SignificantChangeInd
Expense$291,038ExpenseAmt
Revenue$430,100RevenueAmt
DescAlabama Capital Network (ACN) works with business incubators, accelerators, and university tech transfer offices to coordinate resources related to coaching and supporting startup companies. This includes coaching around business plan development, fundraising, finding early customers, tweaking sales & marketing strategies, and more. ACN focuses on helping these companies develop to a position of maturity where they can raise additional funding to support scalable growthDesc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

FieldValueIRS element (for citing)
DescACN evaluates over 350 startup pitch presentations each year. These come from pitch competitions, university programs, incubator residents, conferences, university programs, and unsolicited pitches being submitted on the ACN website. Wherever possible, ACN provides feedback to each startup relating to how they can best grow their company and improve the likelihood of receiving funding. The best of these companies are then presented in regular Showcase events similar to the TV show Shark Tank, where investors in the audience may opt to invest in the companies presenting. ACN does not make investment recommendations, but instead focuses on making introductions and connections that support the entrepreneurs.Desc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

FieldValueIRS element (for citing)
DescACN works with the best startups it identifies to make connections to corporations that may become customers, investors, or supply chain partners. This has already resulted in numerous contracts being achieved by the startups, which furthers their growth as a company. This has been particularly impactful where ACN works with startups in rural areas and connects them to larger corporations in larger cities that might otherwise not be accessible.Desc
FieldValueIRS element (for citing)
Total Program Service Expenses$291,038TotalProgramServiceExpensesAmt
Described In Section501c3Yes (1)DescribedInSection501c3Ind
Schedule B RequiredYes (1)ScheduleBRequiredInd
Political Campaign Acty0PoliticalCampaignActyInd
Lobbying Activities0LobbyingActivitiesInd
Subject To Proxy Tax0SubjectToProxyTaxInd
Donor Advised Fund0DonorAdvisedFundInd
Conservation Easements0ConservationEasementsInd
Collections Of Art0CollectionsOfArtInd
Credit Counseling0CreditCounselingInd
Donor Rstr Or Quasi Endowments0DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment0ReportLandBuildingEquipmentInd
Report Investments Other Sec0ReportInvestmentsOtherSecInd
Report Program Related Invst0ReportProgramRelatedInvstInd
Report Other Assets0ReportOtherAssetsInd
Report Other Liabilities0ReportOtherLiabilitiesInd
Include FIN48 Footnote0IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt0IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt0ConsolidatedAuditFinclStmtInd
School Operating0SchoolOperatingInd
Foreign Office0ForeignOfficeInd
Foreign Activities0ForeignActivitiesInd
More Than5000 K To Org0MoreThan5000KToOrgInd
More Than5000 K To Individuals0MoreThan5000KToIndividualsInd
Professional Fundraising0ProfessionalFundraisingInd
Fundraising Activities0FundraisingActivitiesInd
Gaming Activities0GamingActivitiesInd
Operate Hospital0OperateHospitalInd
Grants To Organizations0GrantsToOrganizationsInd
Grants To Individuals0GrantsToIndividualsInd
Schedule J Required0ScheduleJRequiredInd
Tax Exempt Bonds0TaxExemptBondsInd
Engaged In Excess Benefit Trans0EngagedInExcessBenefitTransInd
PY Excess Benefit Trans0PYExcessBenefitTransInd
Loan Outstanding0LoanOutstandingInd
Grant To Related Person0GrantToRelatedPersonInd
Business Rln With Org Mem0BusinessRlnWithOrgMemInd
Business Rln With Fam Mem0BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent0BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri0DeductibleNonCashContriInd
Deductible Art Contribution0DeductibleArtContributionInd
Terminate Operations0TerminateOperationsInd
Partial Liquidation0PartialLiquidationInd
Disregarded Entity0DisregardedEntityInd
Related Entity0RelatedEntityInd
Related Organization Ctrl Ent0RelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org0TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp0ActivitiesConductedPrtshpInd
Schedule O RequiredYes (1)ScheduleORequiredInd
IRP Document5IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Employee6EmployeeCnt
Employment Tax Returns FiledYes (1)EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Foreign Financial Account0ForeignFinancialAccountInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Taxable Party Notification0TaxablePartyNotificationInd
Nondeductible Contributions0NondeductibleContributionsInd
Quid Pro Quo Contributions0QuidProQuoContributionsInd
Form8282 Property Disposed Of0Form8282PropertyDisposedOfInd
Indoor Tanning Services0IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc0SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members6GoverningBodyVotingMembersCnt
Independent Voting Member6IndependentVotingMemberCnt
Family Or Business Rln0FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties0DelegationOfMgmtDutiesInd
Change To Org Documents0ChangeToOrgDocumentsInd
Material Diversion Or Misuse0MaterialDiversionOrMisuseInd
Members Or Stockholders0MembersOrStockholdersInd
Election Of Board Members0ElectionOfBoardMembersInd
Decisions Subject To Approva0DecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (1)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (1)MinutesOfCommitteesInd
Officer Mailing Address0OfficerMailingAddressInd
Local Chapters0LocalChaptersInd
Form990 Provided To Gvrn BodyYes (1)Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy0ConflictOfInterestPolicyInd
Whistleblower PolicyYes (1)WhistleblowerPolicyInd
Document Retention PolicyYes (1)DocumentRetentionPolicyInd
Compensation Process CEOYes (1)CompensationProcessCEOInd
Compensation Process OtherYes (1)CompensationProcessOtherInd
Investment In Joint Venture0InvestmentInJointVentureInd
States Where Copy Of Return Is FldALStatesWhereCopyOfReturnIsFldCd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1John NorthBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone2059153104PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1104 Heritage CircleAddressLine1Txt
CityBirminghamCityNm
State AbbreviationALStateAbbreviationCd
ZIP35213ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (7 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtIndividual Trustee Or DirectorIndividualTrusteeOrDirectorIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmtOfficerOfficerInd
Charlie Perry
Director1.00Yes (X)$0$0$0
Hayley Van Antwerp
Director1.00Yes (X)$0$0$0
Sanjay Singh
Chairman1.00Yes (X)$0$0$0Yes (X)
William Goodrich
Director1.00Yes (X)$0$0$0
William Terry
Treasurer1.00Yes (X)$0$0$0Yes (X)
Ruffner Page
Director1.00Yes (X)$0$0$0
Benzamin Choi
Executive Officer40.00$114,000$0$0Yes (X)
FieldValueIRS element (for citing)
Total Reportable Comp From Org$114,000TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org$0TotReportableCompRltdOrgAmt
Total Other Compensation$0TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K1IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed0FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K0TotalCompGreaterThan150KInd
Compensation From Other Srcs0CompensationFromOtherSrcsInd
Cntrct Rcvd Greater Than100 K0CntrctRcvdGreaterThan100KCnt
Membership Dues$430,000MembershipDuesAmt
All Other Contributions$100AllOtherContributionsAmt
Total Contributions$430,100TotalContributionsAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$430,100TotalRevenueColumnAmt
Related Or Exempt Func Income$0RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$0UnrelatedBusinessRevenueAmt
Exclusion$0ExclusionAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

FieldValueIRS element (for citing)
Total$114,000TotalAmt
Program Services$85,500ProgramServicesAmt
Management And General$28,500ManagementAndGeneralAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

FieldValueIRS element (for citing)
Total$100,900TotalAmt
Program Services$90,810ProgramServicesAmt
Management And General$10,090ManagementAndGeneralAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

FieldValueIRS element (for citing)
Total$12,979TotalAmt
Program Services$10,643ProgramServicesAmt
Management And General$2,336ManagementAndGeneralAmt

Payroll Taxes PayrollTaxesGrp

FieldValueIRS element (for citing)
Total$17,522TotalAmt
Program Services$14,368ProgramServicesAmt
Management And General$3,154ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$20,500TotalAmt
Program Services$18,450ProgramServicesAmt
Management And General$2,050ManagementAndGeneralAmt

Advertising AdvertisingGrp

FieldValueIRS element (for citing)
Total$36,401TotalAmt
Program Services$32,761ProgramServicesAmt
Management And General$3,640ManagementAndGeneralAmt

Office Expenses OfficeExpensesGrp

FieldValueIRS element (for citing)
Total$3,553TotalAmt
Program Services$3,198ProgramServicesAmt
Management And General$355ManagementAndGeneralAmt

Occupancy OccupancyGrp

FieldValueIRS element (for citing)
Total$16,666TotalAmt
Program Services$14,999ProgramServicesAmt
Management And General$1,667ManagementAndGeneralAmt

Travel TravelGrp

FieldValueIRS element (for citing)
Total$932TotalAmt
Program Services$839ProgramServicesAmt
Management And General$93ManagementAndGeneralAmt

Insurance InsuranceGrp

FieldValueIRS element (for citing)
Total$720TotalAmt
Program Services$648ProgramServicesAmt
Management And General$72ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDescTotalTotalAmtProgram ServicesProgramServicesAmtManagement And GeneralManagementAndGeneralAmt
Supplies$7,700$6,930$770
Dues and Subscriptions$7,102$6,392$710
Meals$4,181$3,763$418
Payroll Fees$1,755$1,439$316

All Other Expenses AllOtherExpensesGrp

FieldValueIRS element (for citing)
Total$331TotalAmt
Program Services$298ProgramServicesAmt
Management And General$33ManagementAndGeneralAmt

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$345,242TotalAmt
Program Services$291,038ProgramServicesAmt
Management And General$54,204ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$62,167BOYAmt
EOY$147,575EOYAmt

Other Assets Total OtherAssetsTotalGrp

FieldValueIRS element (for citing)
EOY$1,050EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$62,167BOYAmt
EOY$148,625EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

FieldValueIRS element (for citing)
BOY$2,599BOYAmt
EOY$4,199EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$2,599BOYAmt
EOY$4,199EOYAmt
FieldValueIRS element (for citing)
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

FieldValueIRS element (for citing)
BOY$59,568BOYAmt
EOY$144,426EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$59,568BOYAmt
EOY$144,426EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$62,167BOYAmt
EOY$148,625EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss$84,858ReconcilationRevenueExpnssAmt
Other Changes In Net Assets$0OtherChangesInNetAssetsAmt
Method Of Accounting CashYes (X)MethodOfAccountingCashInd
Accountant Compile Or Review0AccountantCompileOrReviewInd
FS Audited0FSAuditedInd
Federal Grant Audit Required0FederalGrantAuditRequiredInd

Schedule A IRS990ScheduleA

FieldValueIRS element (for citing)
Public Organization170Yes (X)PublicOrganization170Ind

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

FieldValueIRS element (for citing)
Current Tax Year Minus2 Years$33,708CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$516,357CurrentTaxYearMinus1YearAmt
Current Tax Year$430,100CurrentTaxYearAmt
Total$980,165TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

FieldValueIRS element (for citing)
Current Tax Year Minus2 Years$33,708CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$516,357CurrentTaxYearMinus1YearAmt
Current Tax Year$430,100CurrentTaxYearAmt
Total$980,165TotalAmt
FieldValueIRS element (for citing)
Public Support Total170$980,165PublicSupportTotal170Amt
Total Support$980,165TotalSupportAmt
Public Support CY1701.00000PublicSupportCY170Pct
Thirty Thr Pct Suprt Tests CY170Yes (X)ThirtyThrPctSuprtTestsCY170Ind

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

FieldValueIRS element (for citing)
ContributorRESTRICTEDContributorNum

Contributor Business Name ContributorBusinessName

FieldValueIRS element (for citing)
Business Name Line1RESTRICTEDBusinessNameLine1

Contributor US Address ContributorUSAddress

FieldValueIRS element (for citing)
Address Line1RESTRICTEDAddressLine1
Address Line2RESTRICTEDAddressLine2
CityRESTRICTEDCity
StateRESTRICTEDState
ZIP CodeRESTRICTEDZIPCode
FieldValueIRS element (for citing)
Total ContributionsRESTRICTEDTotalContributionsAmt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (3 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
Form 990, Part VI, Section B, line 11bThe governing body is provided a draft of the form 990 for review and approval.
Form 990, Part VI, Section B, line 15The Board will approve all compensation arrangements in advance and document such arrangements in writing. The Board shall review its compensation arragements periodically.
Form 990, Part VI, Section C, line 19All information is available for inspection upon request at the organization's office.

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