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Nussbaum Center for Entrepreneurship Inc

Business is built here.

Greensboro, NC   |  https://www.nussbaumcfe.com
GuideStar Charity Check

Nussbaum Center for Entrepreneurship Inc

EIN: 56-1577495


Mission

Turning entrepreneurs into business owners.

Ruling year info

1988

Principal Officer

Sam Funchess

Main address

1451 S Elm Eugene St

Greensboro, NC 27406 USA

Show more contact info

EIN

56-1577495

Subject area info

Community and economic development

Job creation and workforce development

Business and industry

Entrepreneurship

Population served info

Ethnic and racial groups

Immigrants and migrants

Economically disadvantaged people

Self-employed people

Veterans

NTEE code info

Management Services for Small Business/Entrepreneurs (S43)

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?

EASE Program

EASE is our incubator without walls program. Designed to assist early stage entrepreneurs who are working from home or in the idea stage. Typically these participants are pre-revenue or they have specialty space needs that require more than a desk and a chair.

Population(s) Served

The Nussbaum Center for Entrepreneurship(NCFE) is the largest small-business incubator in North Carolina, with a 35-year history of helping area entrepreneurs and small business owners develop their business concepts into successful and sustainable companies. Since 1987 we have helped entrepreneurs become business owners by providing affordable scalable office space, training and the support services necessary for their businesses to scale.

Population(s) Served

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of jobs created and maintained

This metric is no longer tracked.
Totals By Year
Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Holding steady

Context Notes

Nussbaum Center Associates self report number of full and part time employees quarterly.

Additional revenue and wages generated attributable to the organization's efforts

This metric is no longer tracked.
Totals By Year
Related Program

Small Business Incubator

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Context Notes

Nussbaum Associates self report quarterly revenue. Since 2012, our Associates have generated over $100M in revenue.

Average wage of clients served (in dollars)

This metric is no longer tracked.
Totals By Year
Related Program

Small Business Incubator

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Context Notes

Nussbaum Associates self report quarterly payroll. Nussbaum Associates self report quarterly revenue. Average household income in our census tract is $25,000. Average household income in City of Green

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.

We aim to make entrepreneurship the key economic growth driver in Greensboro. This is achieved by reducing small business failures. 98% of businesses in Guilford County are classified as a small business by the SBA.

The Nussbaum Center has hired an Entrepreneur Manager who will act as a case manager for entrepreneurs by conducting interviews and intake assessments, making referrals to appropriate ESOs, tracking and evaluating data collection efforts and helping navigate the entrepreneurs through the ecosystem as they learn to take their ideas to market.

The pandemic forced the world to pivot from in person to technology based learning. This pivot highlighted the inequities that exist in our society from the lack of broadband services to the absence of the necessary electronics needed to learn remotely. Many entrepreneur support organizations believe that an app or an online search engine is the best way to support the entrepreneur community. And while that may be true for those entrepreneurs with access to high speed internet, smartphones and tablets or computers, for those entrepreneurs without the necessary tools, this becomes a barrier to their ability to create wealth for themselves and their families. This perpetuates the cycle of generational poverty.

The Entrepreneur Manager will provide individualized high touch counseling to these underserved at risk entrepreneurs. Entrepreneurs are expected to carry the whole load. The Entrepreneur Manager will walk alongside the entrepreneur to ensure that their needs are met throughout the life cycle of their business. Needs that differ with every entrepreneur. Additional partnerships with higher educational programs and other SDOH will help make certain we maintain what is needed versus what is thought “should be done for those people”.

NCFE’s mission is to turn “Entrepreneurs into Business Owners”. NCFE creates wealth by teaching key business skills to new and seasoned business owners to prevent smallbusiness failure. NCFE is the largest small-business incubator in North Carolina, with a 35-year history of helping area entrepreneurs and small business owners develop their business concepts into successful and sustainable companies.

Since 1987, NCFE has taught entrepreneurs to become business owners by providing affordable and scalable office space, as well as the training and support services necessary for their businesses to grow.

Since 2012 Q4, NCFE Associates and Graduates have generated $100M in revenues for their products and services and paid $50M in salaries. These statistics speak to the vast economic impact that NCFE has on local entrepreneurs.

Despite COVID-19, in 2020, NCFE Associates created/retained 198FTE jobs, paid average salaries of $69,000, and generated $23M in revenue; a10% growth over past year. $3.9M of that revenue was generated by MWBE (Minority and Women Business Enterprise) businesses which account for 74% of our Associate base. 79% of Nussbaum Graduates are still in operation after 5 years.

Over the next few years, The Nussbaum Center for Entrepreneurship (NCFE) will re-develop an under-utilized building at 1431 South Elm Eugene Street known as “The Steelhouse” which will create a placemaking project inspiring people to collectively reimagine and reinvent The Steelhouse as the heart of the East Greensboro community.

This type of transformative investment will be a community catalyst for additional foot traffic, businesses, eateries, and retail shops. The main focus of the redeveloped space will be to provide scalable Manufacturing and Entrepreneur Space in an Opportunity Zone and a Qualified Census Tract.

Financials

Nussbaum Center for Entrepreneurship Inc
Fiscal year: Jan 01 - Dec 31
Financial documents
2022 2022 Audited Financial Statement 2021 2021 Audit 2020 The Nussbaum Center for Entrepreneurship
done  Yes, financials were audited by an independent accountant. info

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

1.22

Average of 2.91 over 10 years

Months of cash in 2022 info

SOURCE: IRS Form 990

9.3

Average of 3.4 over 10 years

Fringe rate in 2022 info

SOURCE: IRS Form 990

14%

Average of 16% over 10 years

Funding sources info

Source: IRS Form 990

Assets & liabilities info

Source: IRS Form 990

Financial data

SOURCE: IRS Form 990

Nussbaum Center for Entrepreneurship Inc

Revenue & expenses

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

Fiscal year ending: cloud_download Download Data

Nussbaum Center for Entrepreneurship Inc

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

Nussbaum Center for Entrepreneurship Inc

Financial trends analysis Glossary & formula definitions

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

This snapshot of Nussbaum Center for Entrepreneurship Inc’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 2018 2019 2020 2021 2022
Unrestricted surplus (deficit) before depreciation -$4,757,319 -$51,684 -$451,989 $7,560 $95,842
As % of expenses -558.5% -6.6% -64.7% 1.1% 13.9%
Unrestricted surplus (deficit) after depreciation -$5,159,420 -$232,077 -$633,786 -$162,988 -$76,131
As % of expenses -411.5% -24.1% -72.0% -18.9% -8.8%
Revenue composition info
Total revenue (unrestricted & restricted) $3,685,211 $729,539 $796,478 $1,124,383 $738,990
Total revenue, % change over prior year 265.0% -80.2% 9.2% 41.2% -34.3%
Program services revenue 23.2% 90.9% 72.2% 54.9% 84.9%
Membership dues 0.0% 0.0% 0.0% 0.0% 0.0%
Investment income 0.0% 0.0% 0.0% 0.0% 0.0%
Government grants 0.0% 0.0% 12.9% 0.0% 0.0%
All other grants and contributions 76.8% 9.1% 15.0% 45.1% 15.4%
Other revenue 0.0% 0.0% 0.0% 0.0% -0.2%
Expense composition info
Total expenses before depreciation $851,822 $781,218 $698,467 $690,934 $690,483
Total expenses, % change over prior year -30.0% -8.3% -10.6% -1.1% -0.1%
Personnel 29.0% 34.6% 39.3% 41.9% 27.6%
Professional fees 19.0% 5.5% 5.2% 4.5% 2.7%
Occupancy 44.7% 50.3% 50.3% 49.5% 58.8%
Interest 0.4% 0.6% 0.6% 0.4% 0.2%
Pass-through 0.0% 0.0% 0.0% 0.0% 0.0%
All other expenses 7.0% 9.1% 4.6% 3.8% 10.7%
Full cost components (estimated) info 2018 2019 2020 2021 2022
Total expenses (after depreciation) $1,253,923 $961,611 $880,264 $861,482 $862,456
One month of savings $70,985 $65,102 $58,206 $57,578 $57,540
Debt principal payment $42,258 $0 $20,015 $21,448 $9,407
Fixed asset additions $1,825,411 $0 $0 $0 $0
Total full costs (estimated) $3,192,577 $1,026,713 $958,485 $940,508 $929,403

Capital structure indicators

Liquidity info 2018 2019 2020 2021 2022
Months of cash 2.3 1.5 3.2 8.4 9.3
Months of cash and investments 2.4 1.6 3.3 8.5 9.4
Months of estimated liquid unrestricted net assets 2.1 0.4 1.7 0.9 2.1
Balance sheet composition info 2018 2019 2020 2021 2022
Cash $165,381 $97,237 $184,266 $482,282 $535,695
Investments $5,000 $3,859 $7,713 $7,713 $5,996
Receivables $49,400 $35,901 $34,399 $34,494 $2,004,172
Gross land, buildings, equipment (LBE) $6,066,019 $6,139,679 $5,611,402 $5,663,962 $5,695,404
Accumulated depreciation (as a % of LBE) 6.9% 9.7% 13.9% 16.8% 19.7%
Liabilities (as a % of assets) 1.6% 2.4% 2.8% 1.4% 29.1%
Unrestricted net assets $5,797,282 $5,565,205 $4,931,419 $4,768,431 $4,692,300
Temporarily restricted net assets $0 N/A N/A N/A N/A
Permanently restricted net assets $0 N/A N/A N/A N/A
Total restricted net assets $0 $0 $0 $411,981 $362,130
Total net assets $5,797,282 $5,565,205 $4,931,419 $5,180,412 $5,054,430

Key data checks

Key data checks info 2018 2019 2020 2021 2022
Material data errors No 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

Principal Officer

Sam Funchess

Number of employees

Source: IRS Form 990

Nussbaum Center for Entrepreneurship Inc

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.

Nussbaum Center for Entrepreneurship Inc

Board of directors
as of 01/18/2024
SOURCE: Self-reported by organization
Board of directors data
Download the most recent year of board of directors data for this organization
Board chair

Barry Frank

Stanley and Dorothy Frank Family Foundation

Term: 2021 - 2022

George Lothian

Goodwill Industries of Central Carolina

Laura Collins

NCAT University

Zac Engle

Kontoor Brands

Ben Brown

Retired

Charlie Younce

Attorney

Charlie Melvin

Retired

Scott Leighty

Elon University

Jacqueline MacCracken

Ready for School, Ready for Life

Wilson Lester

Partners in Equity

Johnny Wood

Aprio

Andy Scott

Consultant

Rodney Roberts

City of Greensboro

Andrea Bunn

First National Bank

Marcus Thomas

Truliant Federal Credit Union

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? Not applicable

Organizational demographics

SOURCE: Self-reported; last updated 7/3/2023

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
White/Caucasian/European
Gender identity
Male, Not transgender
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

No data

Disability

No data

Equity strategies

Last updated: 01/18/2024

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 disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
  • 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 help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.
  • 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.