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Nonprofiteer
← BLACK ECONOMIC COUNCIL OF MASSACHUSETTS INC

Form 990 for tax year 2023

Filed by BLACK ECONOMIC COUNCIL OF MASSACHUSETTS INC.

Totals

Total revenue
$4,360,772
Total expenses
$4,850,732
Contributions and grants received
$3,754,949
Grants paid
$708,356
Program service revenue
$597,698
Investment income
$8,125
Other revenue
$0
Total assets, end of year
$3,424,866
Total liabilities, end of year
$1,573,806
Net assets or fund balances, end of year
$1,851,060
Program services expenses (Part IX)
$3,766,449
Management and general expenses
$738,235
Fundraising expenses
$346,048
Program service expenses (Part III)
$3,766,449

Program services were 77.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1b · Membership dues

    $123,991

  • 1f · All other contributions, gifts and grants

    $3,630,958

  • 2a · Program service revenue: EVENT SPONSORSHIP

    total $580,948 · related or exempt $580,948

  • 2b · Program service revenue: PROGRAM REVENUE

    total $16,750 · related or exempt $16,750

  • 3 · Investment income

    total $8,125 · excluded $8,125

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $708,356 · program services $708,356

  • 7 · Other salaries and wages

    total $1,660,844 · program services $1,208,760 · management and general $198,462 · fundraising $253,622

  • 9 · Other employee benefits

    total $62,385 · program services $45,404 · management and general $7,455 · fundraising $9,526

  • 10 · Payroll taxes

    total $136,941 · program services $99,666 · management and general $16,363 · fundraising $20,912

  • 11b · Fees: legal

    total $141,007 · program services $4,966 · management and general $135,791 · fundraising $250

  • 12 · Advertising and promotion

    total $57,675 · program services $53,308 · management and general $2,620 · fundraising $1,747

  • 13 · Office expenses

    total $33,315 · program services $2,947 · management and general $29,456 · fundraising $912

  • 16 · Occupancy

    total $45,500 · program services $33,064 · management and general $5,426 · fundraising $7,010

  • 17 · Travel

    total $122,461 · program services $63,251 · management and general $58,630 · fundraising $580

  • 20 · Interest

    total $2,395 · management and general $2,395

  • 24a · Other expenses: PROGRAM AND EVENTS

    total $1,006,654 · program services $979,567 · management and general $26,933 · fundraising $154

  • 24b · Other expenses: OUTSIDE SERVICE

    total $703,620 · program services $471,424 · management and general $195,679 · fundraising $36,517

  • 24c · Other expenses: BOOKS, SUBSCRIPTIONS, R

    total $85,733 · program services $34,663 · management and general $48,994 · fundraising $2,076

  • 24d · Other expenses: SUPPLIES

    total $45,859 · program services $33,376 · management and general $5,480 · fundraising $7,003

  • 24e · All other expenses

    total $37,987 · program services $27,697 · management and general $4,551 · fundraising $5,739

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,165,412 · end of year $2,015,238

  • 3 · Pledges and grants receivable

    beginning of year $1,670,607 · end of year $1,270,428

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,438 · end of year $80,576

  • 15 · Other assets

    beginning of year $1,395 · end of year $58,624

  • 17 · Accounts payable and accrued expenses

    beginning of year $373,123 · end of year $755,234

  • 24 · Unsecured notes and loans payable

    beginning of year $87,100 · end of year $87,100

  • 25 · Other liabilities

    beginning of year $46,609 · end of year $731,472

  • 27 · Net assets without donor restrictions

    beginning of year $562,342 · end of year $504,652

  • 28 · Net assets with donor restrictions

    beginning of year $1,778,678 · end of year $1,346,408

Mission and programs · 2023

Mission

BECMA'S MISSION IS TO ADVANCE THE ECONOMIC WELL-BEING OF BLACK BUSINESSES, ORGANIZATIONS, AND RESIDENTS IN MASSACHUSETTS THROUGH ADVOCACY, BUSINESS AND LEADERSHIP DEVELOPMENT, AND STRATEGIC PARTNERSHIPS.

Activities or mission (Part I)

TO ADVANCE THE ECONOMIC WELL-BEING OF BLACK BUSINESSES, ORGANIZATIONS & RESIDENTS IN MA.

  • SUPPORTS MASS BASED BLACK LED FIRMS VIA GRANTS, BACK-OFFICE SUPPORT, AND DIGITAL SOLUTIONS. ADVOCATES FOR ACCESS TO ADEQUATE & AFFORDABLE CAPITAL, EQUITABLE PROCUREMENT AND INCLUSIVE WORKFORCE DEVELOPMENT.

    Expenses $3,766,449 · Grants $708,356 · Revenue $597,698

As filed on the 2023 return.

Listed in Part VII

  • Teri Williams

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Lamont Clemons

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Chiderah Okoye

    CLERK

    Total calculated
    $0
    Hours/week
    1

  • Nicole Obi

    PRESIDENT & CEO

    Total calculated
    $298,887
    From this org
    $275,557
    From related orgs
    $0
    Other
    $23,330
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $275,557
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $23,330
    Filer's total
    $298,887

  • Charran Fisher

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dalida Rocha

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Farrah Belizaire

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gary Evee

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Herby Duverne

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michele Brown

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Keith Chaney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Carole Montgomery

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Joccole Burton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Krystal Cummings

    CHIEF OF PEOPLE AND CULTURE

    Total calculated
    $134,845
    From this org
    $124,522
    From related orgs
    $0
    Other
    $10,323
    Hours/week
    40

  • Charles Mackenson

    CHIEF OF MEMBERSHIP PROGRAMS

    Total calculated
    $132,163
    From this org
    $119,145
    From related orgs
    $0
    Other
    $13,018
    Hours/week
    40

  • Tracye Whitfield

    DIRECTOR, CEE PROGRAM

    Total calculated
    $122,379
    From this org
    $122,379
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • BLACK MARKET

    $50,000

    BOSS; BLACK VENDOR MA

  • BLACK OWNED BOSTON LLC

    $26,000

    BACK OFFICE SUPPORT

  • ZAZ RESTAURANT

    $25,000

    BACK OFFICE SUPPORT SERVICES

  • JOSEPH CHARLES

    $22,000

    BACK OFFICE SUPPORT SERVICES

  • NUBIAN MARKETS

    $20,000

    SPONSORSHIP

  • RENAVEST

    $20,000

    BACK OFFICE SUPPORT SERVICES

  • ONYXGROUP DEVELOPMENT

    $17,131

    BACK OFFICE SUPPORT SERVICES

  • CAFE JUICEUP

    $15,000

    BACK OFFICE SUPPORT

  • BOSTON WHILE BLACK THE COLLIER CONNECTI

    $13,500

    SPONSORSHIP

  • KKRY ENTERPRISE LLC

    $11,000

    BACK OFFICE SUPPORT SERVICES

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202443209349308309

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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