SILVER2024

HIGHER PURPOSE CO

aka Higher Purpose   |   CLARKSDALE, MS   |  www.higherpurposeco.org
GuideStar Charity Check

HIGHER PURPOSE CO

EIN: 82-1629178


Mission

Higher Purpose Co's mission is to build community wealth with Black residents in Mississippi by supporting the ownership of financial, cultural, and political power. Our theory of change is anchored by an integrated model: asset building, narrative change, and advocacy.

Ruling year info

2018

Founder and CEO

Dr. Tim Lampkin

Main address

130 Desoto Ave Suite 10

CLARKSDALE, MS 38614 USA

Show more contact info

EIN

82-1629178

Subject area info

Economic development

Community improvement

Business promotion

Entrepreneurship

Population served info

Ethnic and racial groups

Economically disadvantaged people

NTEE code info

Community, Neighborhood Development, Improvement (S20)

Management Services for Small Business/Entrepreneurs (S43)

Housing Development, Construction, Management (L20)

IRS subsection

501(c)(3) Public Charity

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Tax forms

Show Forms 990

Communication

Programs and results

What we aim to solve

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Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Higher Purpose Funding Network ®

HPC helps Black owned businesses secure affordable and non-extractive capital to support their business ventures. The Higher Purpose Funding Network provides loan consultation, capital matchmaking, and application packaging for borrowers.

Population(s) Served
Economically disadvantaged people
Ethnic and racial groups

Where we work

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To strengthen relationships with the people we serve, To understand people's needs and how we can help them achieve their goals

  • Which of the following feedback practices does your organization routinely carry out?

    We collect feedback from the people we serve at least annually, We take steps to get feedback from marginalized or under-represented people, We aim to collect feedback from as many people we serve as possible, We take steps to ensure people feel comfortable being honest with us, We act on the feedback we receive, We share the feedback we received with the people we serve, We tell the people who gave us feedback how we acted on their feedback

  • What challenges does the organization face when collecting feedback?

    It is difficult to find the ongoing funding to support feedback collection

Financials

HIGHER PURPOSE CO
Fiscal year: Jan 01 - Dec 31

Revenue vs. expenses:  breakdown

SOURCE: IRS Form 990 info
NET GAIN/LOSS:    in 
Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2022 info

SOURCE: IRS Form 990

37.68

Average of 204.60 over 4 years

Months of cash in 2022 info

SOURCE: IRS Form 990

15.7

Average of 20.5 over 4 years

Fringe rate in 2022 info

SOURCE: IRS Form 990

38%

Average of 19% over 4 years

Funding sources info

Source: IRS Form 990

Assets & liabilities info

Source: IRS Form 990

Financial data

SOURCE: IRS Form 990

HIGHER PURPOSE CO

Revenue & expenses

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

Fiscal year ending: cloud_download Download Data

HIGHER PURPOSE CO

Balance sheet

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

Fiscal year ending: cloud_download Download Data

HIGHER PURPOSE CO

Financial trends analysis Glossary & formula definitions

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

This snapshot of HIGHER PURPOSE CO’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.

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Business model indicators

Profitability info 2019 2020 2021 2022
Unrestricted surplus (deficit) before depreciation $1,173,493 $866,491 -$174,975 -$201,321
As % of expenses 336.1% 63.7% -15.4% -18.9%
Unrestricted surplus (deficit) after depreciation $1,173,493 $866,491 -$180,052 -$201,321
As % of expenses 336.1% 63.7% -15.8% -18.9%
Revenue composition info
Total revenue (unrestricted & restricted) $1,522,645 $2,226,835 $1,518,587 $864,131
Total revenue, % change over prior year 0.0% 46.2% -31.8% -43.1%
Program services revenue 0.0% 0.0% 0.0% 0.0%
Membership dues 0.0% 0.0% 0.0% 0.0%
Investment income 0.0% 0.0% 0.0% 0.0%
Government grants 0.0% 0.0% 0.0% 0.0%
All other grants and contributions 100.0% 100.0% 100.0% 100.0%
Other revenue 0.0% 0.0% 0.0% 0.0%
Expense composition info
Total expenses before depreciation $349,152 $1,360,344 $1,135,474 $1,065,452
Total expenses, % change over prior year 0.0% 289.6% -16.5% -6.2%
Personnel 37.7% 27.9% 41.5% 48.5%
Professional fees 2.1% 15.4% 18.0% 12.6%
Occupancy 1.7% 0.5% 0.0% 0.0%
Interest 0.0% 0.0% 0.0% 0.0%
Pass-through 0.0% 40.0% 22.0% 16.7%
All other expenses 58.5% 16.2% 18.5% 22.2%
Full cost components (estimated) info 2019 2020 2021 2022
Total expenses (after depreciation) $349,152 $1,360,344 $1,140,551 $1,065,452
One month of savings $29,096 $113,362 $94,623 $88,788
Debt principal payment $0 $0 $0 $0
Fixed asset additions $214,364 $0 $0 $0
Total full costs (estimated) $592,612 $1,473,706 $1,235,174 $1,154,240

Capital structure indicators

Liquidity info 2019 2020 2021 2022
Months of cash 33.9 15.9 16.7 15.7
Months of cash and investments 33.9 15.9 16.7 15.7
Months of estimated liquid unrestricted net assets 33.4 15.9 13.5 18.1
Balance sheet composition info 2019 2020 2021 2022
Cash $986,371 $1,800,254 $1,575,966 $1,395,846
Investments $0 $0 $0 $0
Receivables $0 $0 $250,000 $250,000
Gross land, buildings, equipment (LBE) $214,364 $180,300 $180,300 $166,328
Accumulated depreciation (as a % of LBE) 0.0% 0.0% 5.9% 0.0%
Liabilities (as a % of assets) 1.2% 0.0% 0.1% 2.4%
Unrestricted net assets $1,186,632 $1,980,554 $1,442,513 $1,773,687
Temporarily restricted net assets N/A N/A N/A N/A
Permanently restricted net assets N/A N/A N/A N/A
Total restricted net assets $0 $0 $558,088 $0
Total net assets $1,186,632 $1,980,554 $2,000,601 $1,773,687

Key data checks

Key data checks info 2019 2020 2021 2022
Material data errors No No No No

Operations

The people, governance practices, and partners that make the organization tick.

Documents
Form 1023/1024 is not available for this organization

Founder and CEO

Dr. Tim Lampkin

Dr. Tim Lampkin is the Founder and CEO of Higher Purpose Co, a 501c3 economic justice nonprofit serving Black entrepreneurs, artists, and farmers across Mississippi. Higher Purpose Co statewide membership is supported by asset building, narrative change, and advocacy programs. Lampkin has over a decade of community development and entrepreneurship experience. He previously managed the Racial Equity Program for the Mississippi Humanities Council, which won the National 2018 Schwartz Prize. Lampkin also worked for Southern Bancorp Community Partners to implement multi-million initiatives and advised Mississippi Delta entrepreneurs in partnership with Delta State University. He is the recipient of the Our Mississippi Honors Award for most influential African American of 2022-2023 and a Fellow of the Black Churches 4 Digital Equity National Coalition. The Motley Fool Foundation recently announced him as Mississippi's first Financial Freedom Rulebreaker.

Number of employees

Source: IRS Form 990

HIGHER PURPOSE CO

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

Compensation
Other
Related
Show data for fiscal year
Compensation data
Download up to 5 most recent years of officer and director compensation data for this organization

There are no highest paid employees recorded for this organization.

HIGHER PURPOSE CO

Board of directors
as of 03/29/2024
SOURCE: Self-reported by organization
Board of directors data
Download the most recent year of board of directors data for this organization
Board co-chair

Jr. Derek Dewayne Hopson


Board co-chair

Dr. Temika Simmons

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? No
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? No
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? No

Organizational demographics

SOURCE: Self-reported; last updated 3/29/2024

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

Race & ethnicity
Black/African American
Gender identity
Male, Not transgender
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

Disability

No data

Equity strategies

Last updated: 05/17/2023

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.