North Carolina Institute of Minority Economic Development

aka National Institute of Minority Economic Development   |   Durham, NC   |
GuideStar Charity Check

North Carolina Institute of Minority Economic Development

EIN: 56-1579041


Formerly known as the North Carolina Institute of Minority Economic Development, the National Institute of Minority Economic Development exists to strengthen the asset base of diverse populations through policy, education, and economic opportunities, creating an environment in which race, gender, and geography are no longer a barrier to prosperity. We do this by helping diverse small businesses to grow, compete, thrive, create jobs, become sustainable, and be valued partners within their local communities.

Ruling year info


President and CEO

Mr. Kevin J Price

Main address

114 W Parrish St

Durham, NC 27701 USA

Show more contact info



Subject area info

Public policy

Community development finance


Population served info

Ethnic and racial groups

Low-income people

NTEE code info

Management Services for Small Business/Entrepreneurs (S43)

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



See related organizations info

What we aim to solve

SOURCE: Self-reported by organization

Black, Brown, women and other minorities have been systemically disadvantaged from access to capital, financial opportunities, education, homeownership and other measures of stability and success for centuries. The Institute provides resources, education and access to those opportunities through entrepreneur training, technical assistance, business counseling, networking, loan preparedness, supplier inclusion channels, and CDFI lending.

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?

Center for Entrepreneurship

Our Center for Entrepreneurship provides meaningful education, training, growth strategies and technical assistance for diverse businesses. By focusing on those led and owned by Black, Latino, women, and other minorities, we support and grow key stakeholders in the small business ecosystem, stabilizing families through expanded economic opportunity and improved business value. Services include technical assistance to small business owners and aspiring entrepreneurs; workshops, seminars, and summits; strategic partnerships with HBCUs and other colleges and universities; corporate/executive education; and other capacity-building growth strategies. We currently operate SBA-supported Women's Business Centers in Charlotte, NC, Durham, NC, and Richmond, VA. We also operate the USDOT-funded Southeast Regional Small Business Transportation Center and the privately-funded High Point (NC) Equity Project.

Population(s) Served
Ethnic and racial groups
Social and economic status

Where we work

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

The Institute is unique as a Black-founded and Black-led organization focused exclusively on creating fair and equitable economic opportunity for minority-owned businesses and their communities. We choose to tackle racial and gender disparities in economic outcomes by improving the ecosystem for diverse small businesses and increasing access to capital for business and communities of color. To learn more, visit our Theory of Change on page 5 of our strategic plan.

Our core competencies include business and entrepreneurial education, technical assistance, research and advocacy, community development (CDFI) financing, and Diversity, Equity, and Inclusion (DEI). Through a variety of place-based and demographically oriented programs, The Institute helps emerging leaders, business owners, non-profit organizations, HBCUs, and our strategic partners to contribute to growth, sustainability, and economic justice in low-to-moderate income communities. Examples include:

• We provide services that specifically support women as providers and leaders through our Women’s Business Centers (WBCs) in Durham, Charlotte and Richmond.
• We educate small business owners about issues that affect them, aiming to strengthen their participation and voices in policy issues and self-advocacy.
• We highlight disparities and effective solutions to both public and private policy makers. For example, in 2020 we conducted quarterly surveys and made a series of policy recommendations for more equitable delivery of COVID19 relief resources to low-income communities and communities of color. We also work with corporations and local government to improve their supplier diversity initiatives, most recently with the County of Durham.
• We offer diversity, equity and inclusion training, which is a first but important step in creating institutional change, and we exemplify these principles in everything we do.
• We provide social impact and access to higher education for opportunity youth through our Public Allies program, partnering an average 24-30 talented individuals annually with nonprofit organizations who offer skill-development and leadership coaching.
• We convene constituents and policymakers to better understand the economic and policy issues relevant to racial disparities, changing the way we engage across sectors in order to support a healthier, more equitable system.
• We deliver capital to small businesses, CDCs and affordable housing developers, and other community initiatives so they can build wealth, create jobs, build power, and make social change happen.

The National Institute of Minority Economic Development is unique in its origins as a Black-founded, Black-led organization focused on the equitable economic development needs of minority-owned businesses and their communities. We are a respected opinion leader and expert in minority business issues at the local, statewide, and regional levels. We bring direct business support through our Center for Entrepreneurship, advocacy and policy change through our Policy Center, funding equity through our CDFI, Institute Capital, and professional development and corporate advisory services through our Center for Entrepreneurship. In addition, we bring strength in relationships, from funding sources to programmatic collaboratives.

Our ability to provide impact and influence is documented in our organizational success.

• Since inception, we have helped more than 10,000 MBEs obtain over $1 billion in financial contracts and awards and to secure more than $140 million in bonding.
• We have nurtured broad civic and policy networks to help improve the small business ecosystem for businesses of all sizes. We have leveraged these networks to publish dozens of assessments and studies in support of improved pathways for MBEs, workforce development, and policies and strategies that support minority communities in general. Examples include an assessment of MWBE certification programs in the state of NC, an assessment of the NC Department of Transportation’s Small Business Enterprise Program, and most recently, a series of quarterly surveys and recommendations examining the effects of the COVID pandemic on operations and viability of small businesses in North Carolina.
• We are trusted advisors to local government, including the County of Durham, which contracted with The Institute to increase its utilization of MBE firms. The contract resulted in a 7% increase in MBE subcontractor utilization, for a total rate of 45%.
• We played an instrumental role in gaining State of NC commitments to conduct MBE disparity studies in North Carolina, with the latest just published in March 2021.

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

  • What challenges does the organization face when collecting feedback?

    The people we serve tell us they find data collection burdensome, It is difficult to find the ongoing funding to support feedback collection, It is difficult to identify actionable feedback


North Carolina Institute of Minority Economic Development
Fiscal year: Jan 01 - Dec 31

Revenue vs. expenses:  breakdown

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

Liquidity in 2021 info

SOURCE: IRS Form 990


Average of 4.22 over 10 years

Months of cash in 2021 info

SOURCE: IRS Form 990


Average of 9.5 over 10 years

Fringe rate in 2021 info

SOURCE: IRS Form 990


Average of 22% over 10 years

Funding sources info

Source: IRS Form 990

Assets & liabilities info

Source: IRS Form 990

Financial data

SOURCE: IRS Form 990

North Carolina Institute of Minority Economic Development

Revenue & expenses

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

Fiscal year ending: cloud_download Download Data

North Carolina Institute of Minority Economic Development

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

North Carolina Institute of Minority Economic Development

Financial trends analysis Glossary & formula definitions

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

This snapshot of North Carolina Institute of Minority Economic Development’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.

Created in partnership with

* This organization changed its fiscal year accounting period in 2020. Please refer to its 2020 990s for more information.

Business model indicators

Profitability info 2017 2018 2019 2020 * 2021
Unrestricted surplus (deficit) before depreciation $42,846 $17,475 -$139,745 $4,658,071 -$425,434
As % of expenses 2.4% 1.0% -9.7% 277.3% -10.1%
Unrestricted surplus (deficit) after depreciation $10,191 -$9,522 -$159,395 $4,617,433 -$662,891
As % of expenses 0.6% -0.6% -10.9% 268.4% -15.0%
Revenue composition info
Total revenue (unrestricted & restricted) $1,921,434 $1,723,791 $1,379,962 $1,722,745 $4,581,072
Total revenue, % change over prior year 10.1% -10.3% -19.9% 24.8% 165.9%
Program services revenue 18.7% 16.1% 12.7% 9.0% 13.0%
Membership dues 0.0% 0.0% 0.0% 0.0% 0.0%
Investment income 0.0% 0.0% 0.1% 0.1% 0.0%
Government grants 49.7% 47.6% 55.0% 49.6% 29.5%
All other grants and contributions 27.6% 32.1% 24.3% 33.0% 42.1%
Other revenue 3.9% 4.2% 8.0% 8.4% 15.4%
Expense composition info
Total expenses before depreciation $1,818,805 $1,675,384 $1,447,356 $1,679,911 $4,191,845
Total expenses, % change over prior year -12.2% -7.9% -13.6% 16.1% 149.5%
Personnel 63.2% 64.6% 57.0% 54.6% 51.2%
Professional fees 10.6% 9.6% 17.2% 18.9% 28.0%
Occupancy 1.3% 1.4% 1.3% 1.7% 4.1%
Interest 0.0% 0.0% 0.0% 0.1% 1.7%
Pass-through 0.0% 0.0% 0.0% 0.0% 0.0%
All other expenses 24.9% 24.4% 24.5% 24.7% 14.9%
Full cost components (estimated) info 2017 2018 2019 2020 2021
Total expenses (after depreciation) $1,851,460 $1,702,381 $1,467,006 $1,720,549 $4,429,302
One month of savings $151,567 $139,615 $120,613 $139,993 $349,320
Debt principal payment $0 $0 $0 $0 $1,552,297
Fixed asset additions $0 $0 $0 $3,294,826 $241,980
Total full costs (estimated) $2,003,027 $1,841,996 $1,587,619 $5,155,368 $6,572,899

Capital structure indicators

Liquidity info 2017 2018 2019 2020 2021
Months of cash 5.2 6.2 7.2 24.7 7.2
Months of cash and investments 5.2 6.2 7.2 29.7 16.1
Months of estimated liquid unrestricted net assets 5.4 6.1 6.0 15.0 10.7
Balance sheet composition info 2017 2018 2019 2020 2021
Cash $794,152 $859,384 $867,623 $3,464,667 $2,512,973
Investments $0 $0 $0 $696,586 $3,122,837
Receivables $332,182 $352,087 $345,516 $653,681 $1,560,603
Gross land, buildings, equipment (LBE) $1,765,929 $1,725,862 $1,732,582 $6,215,609 $6,429,332
Accumulated depreciation (as a % of LBE) 45.8% 46.9% 49.5% 33.6% 36.3%
Liabilities (as a % of assets) 7.4% 9.3% 11.6% 29.4% 22.1%
Unrestricted net assets $1,773,889 $1,764,367 $1,604,972 $6,222,405 $7,836,993
Temporarily restricted net assets $175,377 $206,309 $278,660 N/A N/A
Permanently restricted net assets $0 $0 $0 N/A N/A
Total restricted net assets $175,377 $206,309 $278,660 $120,557 $1,008,116
Total net assets $1,949,266 $1,970,676 $1,883,632 $6,342,962 $8,845,109

Key data checks

Key data checks info 2017 2018 2019 2020 2021
Material data errors No No No No No


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

Letter of Determination is not available for this organization
Form 1023/1024 is not available for this organization

President and CEO

Mr. Kevin J Price

Kevin J. Price joined the Institute in 2020 as a veteran business leader in healthcare, supplier diversity, faith-based affordable housing, community development and commercial banking. Immediately prior to joining The Institute , Price was Senior Director of Supplier Diversity & Performance Analytics at Novant Health for 14 years. Prior to joining Novant Health, Price spent many years in banking as a commercial lender and business development officer, real estate developer and community development and CRA leader. He served as Vice President/Senior Business Development Officer for M&F Bank, Vice President/Director of Faith-Based Initiatives for Regency Development, a subsidiary of SunTrust Bank and Group Vice President/Corporate Community Development & CRA leader for SouthTrust Bank.

Number of employees

Source: IRS Form 990

North Carolina Institute of Minority Economic Development

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

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.

North Carolina Institute of Minority Economic Development

Board of directors
as of 10/02/2023
SOURCE: Self-reported by organization
Board of directors data
Download the most recent year of board of directors data for this organization
Board chair

Mr. Lewis Myers

Retired, Perkins+Will

Nikitra Bailey

Center for Responsible Lending

Karla Haynes

Cleveland County CDC

Tyrone Baines, PhD

Retired, American Honda Motor Co.

Lori Jones Gibbs

PNC Bank

Martin Eakes


Adam Klein

Capitol Broadcasting Company

Ted Edwards

The Banks Law Firm

Edward Fort, PhD

NC A&T University

Sue Malone

Strategies for Small Business

Troy Roberts

Alliance of Professionals and Consultants, Inc.

Jeanne C. Tedrow

NC Center for Nonprofits

Michael Suggs

Goler CDC

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? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • 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 10/2/2023

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


The organization's leader identifies as:

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

Race & ethnicity

Gender identity


Sexual orientation


Equity strategies

Last updated: 05/31/2021

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

  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
  • We disaggregate data by demographics, including race, in every policy and program measured.
  • We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
Policies and processes
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We have community representation at the board level, either on the board itself or through a community advisory board.
  • We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.


Fiscal year ending
There are no fundraisers recorded for this organization.