INCLUSIVE PROSPERITY CAPITAL INC

EIN: 830808658 501(c)(3) Environment

HARTFORD, CT

Total Revenue
$10,811,577
Total Expenses
$9,824,519
Total Assets
$39,204,280
Net Assets
$2,274,845
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2018
Legal Domicile
CT
Principal Officer
MARK DEBONEE
Phone
2034335060
Tax Period
2024-01-01 to 2024-12-31

INCLUSIVE PROSPERITY CAPITAL INC, founded in 2018, is a mid-sized nonprofit in the Environment sector that reported $10.8M in total revenue in fiscal year 2024. Revenue surged 80% from the prior year, signaling strong growth momentum. Expenses of $9.8M left a modest 9% surplus.

Mission

IPC'S PURPOSE IS TO LESSEN THE BURDENS OF GOVERNMENT AND TO PROTECT, PROMOTE AND PRESERVE THE NATURAL ENVIRONMENT BY: 1) DEVELOPING AND SUPPORTING PROGRAMS TO FINANCE AND STIMULATE DEMAND FOR CLEAN ENERGY INVESTMENT IN RESIDENTIAL, MUNICIPAL, SMALL BUSINESS, AND LARGER COMMERCIAL PROJECTS; 2) PROMOTING THE USE, AVAILABILITY, EFFICACY, AFFORDABILITY AND QUALITY OF CLEAN ENRGY, ENERGY EFFICIENCY, SUSTAINABLE, HEALTHY AND RESILIENT BUILDING SYSTEMS/STRUCTURES AND INFRASTRUCTURE AND THE SOCIAL AND ECONOMIC BENEFITS DERIVED THEREFROM; 3) EDUCATING THE PUBLIC AND ENVIRONMENTAL, SOCIAL, HEALTH AND RESILIENT BUILDING SYSTEMS/STRUCTURES AND INFRASTRUCTURE; AND 4) PROMOTING THE REDUCTION OF GREENHOUSE GAS EMISSIONS, PROMOTING AND/OR MITIGATING THE ADVERSE EFFECTS OF CLIMATE CHANGE, AND ACHIEVING OTHER POSITIVE ENVIRONMENTAL IMPACTS, INCLUDING THOSE LEADING TO BETTER HEALTH OUTCOMES.

Program Service Accomplishments

Program 1
Expenses: $2,508,361 Revenue: $994,599

COMMERCIAL SOLAR PPA FUND PROGRAM - THIS PROGRAM OFFERS SOLAR FINANCING INCLUDING POWER PURCHASE AGREEMENTS (PPA) TO UNDERSERVED COMMERCIAL, INDUSTRIAL AND NONPROFIT BUILDING OWNERS TO MAXIMIZE...

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COMMERCIAL SOLAR PPA FUND PROGRAM - THIS PROGRAM OFFERS SOLAR FINANCING INCLUDING POWER PURCHASE AGREEMENTS (PPA) TO UNDERSERVED COMMERCIAL, INDUSTRIAL AND NONPROFIT BUILDING OWNERS TO MAXIMIZE PROJECTED SAVINGS ASSOCIATED WITH SOLAR INSTALLATIONS.

Program 2
Expenses: $3,239,594 Revenue: $1,922,423

ADVISORY AND CONSULTING SERVICES - IPC STAFF PROVIDES OUTSOURCED PROGRAM ADMINISTRATION AND CONSULTING SERVICES FOR CLEAN ENERGY FINANCING PROGRAMS TO GOVERNMENTS, NONPROFITS, LENDERS AND OTHER...

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ADVISORY AND CONSULTING SERVICES - IPC STAFF PROVIDES OUTSOURCED PROGRAM ADMINISTRATION AND CONSULTING SERVICES FOR CLEAN ENERGY FINANCING PROGRAMS TO GOVERNMENTS, NONPROFITS, LENDERS AND OTHER STAKEHOLDERS. IPC STAFF ALSO PROVIDE ADVICE TO DEVELOPERS AND COMMERCIAL BUILDING OWNERS ON HOW TO OBTAIN FUNDING AND STRUCTURE FINANCING FOR RENEWABLE ENERGY AND ENERGY EFFICIENCY PROJECTS. ONE SUCH PROGRAM IS THE SMART-E LOAN PROGRAM, WHICH PROVIDES A LOW COST, LONG TERM LOAN OPTION TO SINGLE FAMILY HOMEOWNERS FOR ENERGY UPGRADES THROUGH A NETWORK OF LOCAL LENDERS THAT ARE GIVEN ACCESS TO A CREDIT ENHANCEMENT (IF REQUIRED) IN EXCHANGE FOR OFFERING THE PRODUCT. THE PROGRAM USES ESTABLISHED PRE-APPROVED CONTRACTORS TO INSTALL THESE ENERGY UPGRADES TO REDUCE THE BUILDING OWNER'S ENERGY BURDEN. IPC MAY EITHER ADMINISTER THIS PROGRAM ON BEHALF OF A PROGRAM SPONSOR OR PROVIDE CERTAIN SERVICES, INCLUDING THE STANDARDIZED PROGRAMMATIC APPROACH, PROTOCOLS, MARKETING AND TECHNOLOGY. CREDIT ENHANCEMENTS TYPICALLY COMPRISE INTEREST RATE BUYDOWNS AND LOAN LOSS RESERVES MAINTAINED BY THE SPONSOR TO SUPPORT LENDER PROGRAM LOANS. IPC ADMINISTERS THIS PROGRAM FOR THE CONNECTICUT GREEN BANK, THE PROGRAM SPONSOR. THE PROGRAM IS USED TO FINANCE OVER FORTY QUALIFYING ENERGY IMPROVEMENTS AT OWNER-OCCUPIED, 1-4 UNIT RESIDENTIAL PROPERTIES IN CONNECTICUT UTILIZING 10 LOCAL LENDERS (COMMUNITY BANKS AND CREDIT UNIONS) AND A NETWORK OF OVER 350 ELIGIBLE CONTRACTORS.

Program 3
Expenses: $1,665,759 Revenue: $1,035,368

MULTIFAMILY AND NONPROFIT LOAN PROGRAM - THIS PROGRAM PROVIDES FINANCING, CREDIT ENHANCEMENTS, AND TECHNICAL ASSISTANCE FOR LOANS AND GRANTS MADE TO OWNERS OF MULTIFAMILY BUILDINGS FOR ENERGY...

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MULTIFAMILY AND NONPROFIT LOAN PROGRAM - THIS PROGRAM PROVIDES FINANCING, CREDIT ENHANCEMENTS, AND TECHNICAL ASSISTANCE FOR LOANS AND GRANTS MADE TO OWNERS OF MULTIFAMILY BUILDINGS FOR ENERGY UPGRADES, SINGLE FAMILY LENDING AND COMMERCIAL AND INFRASTRUCTURE LENDING.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $6,820,276
Program Service Revenue $3,952,390
Investment Income $38,911
Other Revenue $0
TOTAL REVENUE $10,811,577

Expense Breakdown

Grants Paid $0
Salaries & Benefits $4,303,029
Fundraising Expenses $270,193
Program Expenses $8,231,490
Other Expenses $5,521,490
TOTAL EXPENSES $9,824,519

Year-over-Year Comparison

2024 2023 Change
Revenue $10,811,577 $6,000,752 +0.8%
Expenses $9,824,519 $9,564,102 +0.0%
Net Income $987,058 $-3,563,350 -1.3%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
5
Independent Members
4
Employees
N/A
Volunteers
N/A

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$1,110,290
Total Directors
5
$388,548
Key Employees
3
$706,808
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ELIZABETH CRUM CHAIRPERSON (THROUGH 6/27/24) 1.00
Director
$0 $0 $0
DOUGLASS SIMS DIRECTOR 1.00
Director
$0 $0 $0
ROBERTO HUNTER DIRECTOR 1.00
Director
$0 $0 $0
JOSEPH EVANS DIRECTOR 1.00
Director
$0 $0 $0
KERRY O'NEILL CHIEF EXECUTIVE OFFICER 40.00
Officer Director
$315,197 $73,351 $388,548
MARK A DEBONEE CHIEF FINANCIAL OFFICER 40.00
Officer
$190,228 $37,947 $228,175
MUSA COLLIDGE-ASAD CHIEF INVESTMENT OFFICER 40.00
Officer
$240,777 $17,615 $258,392
MICHELE I KUNITZ GENERAL COUNSEL/SECRETARY 40.00
Officer
$217,970 $17,205 $235,175
JAMES MCINTYRE CHIEF STRATEGY OFFICER 40.00
Key Emp
$230,486 $42,331 $272,817
JOHN D'AGOSTINO MANAGING DIRECTOR, CLEAN ENERGY 40.00
Key Emp
$196,255 $41,751 $238,006
CARMEN CARSON CHIEF PEOPLE OFFICER 40.00
Key Emp
$183,461 $12,524 $195,985
MELINDA MASON COUNSEL 40.00
Highest
$112,190 $17,942 $130,132
MADELINE GEARING NATIONAL DIRECTOR, SMART-E 40.00
Highest
$146,542 $34,258 $180,800
DAVID RYAN ASSOC DIR CLEAN ENERGY 40.00
Highest
$144,215 $21,872 $166,087
BRIAN LIECHTI SR MGR MARKET ENGAGEMENT 40.00
Highest
$121,070 $26,936 $148,006
MAZAHIR BOOTWALA MANAGER, CLEAN ENERGY 40.00
Highest
$112,550 $26,856 $139,406
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $10,811,577 $9,824,519 $39,204,280 $987,058
2023 $6,000,752 $9,564,102 $36,915,781 $-3,563,350
2022 $2,852,814 $6,836,600 $26,020,334 $-3,983,786
2021 $1,661,010 $2,319,551 $21,605,170 $-658,541
2021 $2,986,511 $3,459,912 $10,809,004 $-473,401
2020 $2,131,445 $2,234,243 $8,515,398 $-102,798
2019 $8,672,454 $1,499,644 $7,333,848 $7,172,810
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