THE TULSA INITIATIVE INC

EIN: 843179013 501(c)(3) Human Services

Chevy Chase, MD

Total Revenue
$71,297
Total Expenses
$52,306
Total Assets
$39,003
Net Assets
$39,003
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2019
Legal Domicile
MD
Principal Officer
Qu'Derrick R Covington
Phone
2027046661
Tax Period
2021-01-01 to 2021-12-31

THE TULSA INITIATIVE INC, founded in 2019, is a micro nonprofit in the Human Services sector that reported $71K in total revenue in fiscal year 2021. Revenue surged 192% from the prior year, signaling strong growth momentum. The organization ran a surplus of $19K, a strong 27% operating margin.

Mission

Our mission is to introduce entrepreneurs to positive role models, to develop intellect, and to build positive attitudes and a healthy mindset. We believe that through this initiative, entrepreneurial leaders will emerge and make a significant positive impact in the community.

Program Service Accomplishments

Program 1
Expenses: $2,350 Revenue: $6,676

The Tulsa Shark Tank concludes the Tulsa Leadership and Entrepreneurship Academy (TLEA), in an effort to stimulate the minority community economically by investing directly into driven individuals...

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The Tulsa Shark Tank concludes the Tulsa Leadership and Entrepreneurship Academy (TLEA), in an effort to stimulate the minority community economically by investing directly into driven individuals who have exhibited a yearning to better themselves and their communities. The Tulsa Initiative Pitch Competition allows entrepreneurs who have gone through the Tulsa Leadership & Entrepreneurship Academy to present a business plan/pitch to a panel of successful entrepreneurs for funding opportunities. The Tulsa Initiative Pitch Competition awards Entrepreneurs thousands of dollars in funds to jump-start their very own venture as well as General Business, IT, Marketing etc. consultation packages.

Program 2
Expenses: $22,652 Revenue: $0

The mission statement of the Tulsa Leadership and Entrepreneurship Academy is to introduce millennials to positive role models breeding intellectual development, building positive attitudes, and a...

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The mission statement of the Tulsa Leadership and Entrepreneurship Academy is to introduce millennials to positive role models breeding intellectual development, building positive attitudes, and a healthy mindset while developing a connection and support amongst peers. This will be accomplished through an 10-week program that will feature a cohort of 10 men, aged 18-24 years old. The TLEA is focus on the following pillars in which the program is built upon with a focus on Entrepreneurship, as follows: The History of Black Entrepreneurship, Importance of Entrepreneurship in the Community, Understanding the Foundation of Business, Personal Growth, Ethics & Innovation, Understanding the Pitch, & Competitive Analysis, Funding Your Business,Personal Finances, and Building Your Team. Through a series of live web chats and video taking place weekly, scholars and mentors will be exposed to content related to the five focus areas. Scholars and mentors will additionally be given the ability to stay in connection with one another via a third-party application. Throughout the duration of the program, constant benchmarks and solicited feedback will be used in order to ensure the optimal effectiveness of the program.

Program 3
Expenses: $6,338 Revenue: $9,750

Tulsa Speaks provides over 12 interactive workshops, seminars and keynote addresses.

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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 (2021)

Revenue Breakdown

Contributions & Grants $61,547
Program Service Revenue $9,750
Investment Income $0
Other Revenue $0
TOTAL REVENUE $71,297

Expense Breakdown

Grants Paid $0
Salaries & Benefits $8,424
Fundraising Expenses $0
Program Expenses $31,340
Other Expenses $43,882
TOTAL EXPENSES $52,306

Year-over-Year Comparison

2021 2020 Change
Revenue $71,297 $24,409 +1.9%
Expenses $52,306 $14,055 +2.7%
Net Income $18,991 $10,354 +0.8%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

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Liquidity & Cash Position

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Governance

Voting Members
7
Independent Members
7
Employees
N/A
Volunteers
20

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
2
$7,738
Total Directors
9
$7,738
Key Employees
4
$8,424
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Qu'Derrick Covington Executive Director/President CEO 25
Officer Director Key Emp
$5,713 $0 $5,713
Manuel Fleming II Chief Operating Officer/Vice President 25
Officer Director Key Emp
$2,025 $0 $2,025
Ocie Stroud-Melvin Assistant Executive Director/Chief Administrative Officer 25
Key Emp
$343 $0 $343
Kofi Martin Bannerman Jr Chief Financial Officer 20
Key Emp
$343 $0 $343
Darren Douthitt Chairman 2
Director
$0 $0 $0
Thomas Gaines Vice Chair 2
Director
$0 $0 $0
Gregory Carson II Board of Directors 2
Director
$0 $0 $0
Maddison Glenn Board of Directors 2
Director
$0 $0 $0
Miranda Monroe Board of Directors 2
Director
$0 $0 $0
ReAzalia Allen Board of Directors 2
Director
$0 $0 $0
Brenton Logan Board of Directors 2
Director
$0 $0 $0
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
2021 $71,297 $52,306 $39,003 $18,991
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