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
2018
Founder and CEO
Dr. Tim Lampkin
Main address
PO BOX 2148
CLARKSDALE, MS 38614 USA
EIN
82-1629178
Economic development
Community improvement
Business promotion
Entrepreneurship
Population served
Ethnic and racial groups
Economically disadvantaged people
NTEE code
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
Communication
Programs and results
What we aim to solve
Our programs
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.
Where we work
External reviews
How we listen
Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.
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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
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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
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What challenges does the organization face when collecting feedback?
It is difficult to find the ongoing funding to support feedback collection
Financials
Financial documents
Download audited financialsRevenue vs. expenses: breakdown
Liquidity in 2021 info
710.77
Months of cash in 2021 info
16.7
Fringe rate in 2021 info
24%
Funding sources info
Assets & liabilities info
HIGHER PURPOSE CO
Revenue & expensesFiscal Year: Jan 01 - Dec 31
SOURCE: IRS Form 990
HIGHER PURPOSE CO
Balance sheetFiscal Year: Jan 01 - Dec 31
SOURCE: IRS Form 990
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: Jan 01 - Dec 31
SOURCE: IRS Form 990
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 |
|---|---|---|---|
| Unrestricted surplus (deficit) before depreciation | $1,173,493 | $866,491 | -$174,975 |
| As % of expenses | 336.1% | 63.7% | -15.4% |
| Unrestricted surplus (deficit) after depreciation | $1,173,493 | $866,491 | -$180,052 |
| As % of expenses | 336.1% | 63.7% | -15.8% |
| Revenue composition info | |||
|---|---|---|---|
| Total revenue (unrestricted & restricted) | $1,522,645 | $2,226,835 | $1,518,587 |
| Total revenue, % change over prior year | 0.0% | 46.2% | -31.8% |
| Program services revenue | 0.0% | 0.0% | 0.0% |
| Membership dues | 0.0% | 0.0% | 0.0% |
| Investment income | 0.0% | 0.0% | 0.0% |
| Government grants | 0.0% | 0.0% | 0.0% |
| All other grants and contributions | 100.0% | 100.0% | 100.0% |
| Other revenue | 0.0% | 0.0% | 0.0% |
| Expense composition info | |||
|---|---|---|---|
| Total expenses before depreciation | $349,152 | $1,360,344 | $1,135,474 |
| Total expenses, % change over prior year | 0.0% | 289.6% | -16.5% |
| Personnel | 37.7% | 27.9% | 41.5% |
| Professional fees | 2.1% | 15.4% | 18.0% |
| Occupancy | 1.7% | 0.5% | 0.0% |
| Interest | 0.0% | 0.0% | 0.0% |
| Pass-through | 0.0% | 40.0% | 22.0% |
| All other expenses | 58.5% | 16.2% | 18.5% |
| Full cost components (estimated) info | 2019 | 2020 | 2021 |
|---|---|---|---|
| Total expenses (after depreciation) | $349,152 | $1,360,344 | $1,140,551 |
| One month of savings | $29,096 | $113,362 | $94,623 |
| Debt principal payment | $0 | $0 | $0 |
| Fixed asset additions | $214,364 | $0 | $0 |
| Total full costs (estimated) | $592,612 | $1,473,706 | $1,235,174 |
Capital structure indicators
| Liquidity info | 2019 | 2020 | 2021 |
|---|---|---|---|
| Months of cash | 33.9 | 15.9 | 16.7 |
| Months of cash and investments | 33.9 | 15.9 | 16.7 |
| Months of estimated liquid unrestricted net assets | 33.4 | 15.9 | 13.5 |
| Balance sheet composition info | 2019 | 2020 | 2021 |
|---|---|---|---|
| Cash | $986,371 | $1,800,254 | $1,575,966 |
| Investments | $0 | $0 | $0 |
| Receivables | $0 | $0 | $250,000 |
| Gross land, buildings, equipment (LBE) | $214,364 | $180,300 | $180,300 |
| Accumulated depreciation (as a % of LBE) | 0.0% | 0.0% | 5.9% |
| Liabilities (as a % of assets) | 1.2% | 0.0% | 0.1% |
| Unrestricted net assets | $1,186,632 | $1,980,554 | $1,442,513 |
| Temporarily restricted net assets | N/A | N/A | N/A |
| Permanently restricted net assets | N/A | N/A | N/A |
| Total restricted net assets | $0 | $0 | $558,088 |
| Total net assets | $1,186,632 | $1,980,554 | $2,000,601 |
Key data checks
| Key data checks info | 2019 | 2020 | 2021 |
|---|---|---|---|
| Material data errors | No | No | No |
Operations
The people, governance practices, and partners that make the organization tick.
Documents
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 employeesSOURCE: IRS Form 990
Compensation data
There are no highest paid employees recorded for this organization.
HIGHER PURPOSE CO
Board of directorsas of 05/17/2023
Board of directors data
Jr. Derek Dewayne Hopson
Dr. Temika Simmons
Board leadership practices
GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.
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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
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
Gender identity
Sexual orientation
Disability
No data
Equity strategies
Last updated: 05/17/2023GuideStar 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
- We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
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- Financial statements for 2021
- Letter of Determination
- Officer and/or Employee data for 2021, 2020, 2019
- Contractor and/or Paid Preparer data for 2021, 2020, 2019
- Board of Directors data for 2023
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