Totals
- Total revenue
- $10,029,589
- Total expenses
- $6,040,674
- Contributions and grants received
- $6,545,392
- Grants paid
- $50,000
- Program service revenue
- $3,351,625
- Investment income
- $132,572
- Other revenue
- $0
- Total assets, end of year
- $51,338,939
- Total liabilities, end of year
- $34,510,402
- Net assets or fund balances, end of year
- $16,828,537
- Program services expenses (Part IX)
- $4,753,554
- Management and general expenses
- $1,287,120
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $4,753,554
Program services were 78.7% 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.
-
1f · All other contributions, gifts and grants
$6,545,392
-
2a · Program service revenue: LOAN ORIGINATION AND SERVICING FEES
total $954,836 · unrelated business $0 · excluded $0
-
2b · Program service revenue: LOAN INTEREST INCOME
total $932,881 · unrelated business $0 · excluded $0
-
2c · Program service revenue: NEW MARKET TAX CREDIT
total $1,034,269 · unrelated business $0 · excluded $0
-
2d · Program service revenue: OTHER MISC INCOME
total $429,639 · unrelated business $0 · excluded $0
-
3 · Investment income
total $132,572 · unrelated business $0 · excluded $0
-
7a · Gross sales of assets other than inventory
other assets $0
-
7b · Less cost or other basis and sales expenses
other assets $0
-
7c · Gain or loss
other assets $0
-
7d · Net gain or loss
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $50,000 · program services $50,000
-
5 · Compensation of officers, directors and key employees
total $975,448 · program services $829,131 · management and general $146,317 · fundraising $0
-
7 · Other salaries and wages
total $1,501,905 · program services $1,276,619 · management and general $225,286 · fundraising $0
-
8 · Pension plan contributions
total $108,133 · program services $91,913 · management and general $16,220 · fundraising $0
-
9 · Other employee benefits
total $419,926 · program services $356,937 · management and general $62,989 · fundraising $0
-
10 · Payroll taxes
total $170,335 · program services $144,785 · management and general $25,550 · fundraising $0
-
11b · Fees: legal
total $72,441 · program services $15,582 · management and general $56,859 · fundraising $0
-
11c · Fees: accounting
total $162,123 · program services $117,623 · management and general $44,500 · fundraising $0
-
11f · Fees: investment management
total $295,105 · program services $185,249 · management and general $109,856 · fundraising $0
-
12 · Advertising and promotion
total $93,775 · program services $0 · management and general $93,775 · fundraising $0
-
13 · Office expenses
total $258,618 · program services $202,303 · management and general $56,315 · fundraising $0
-
16 · Occupancy
total $313,912 · program services $142,402 · management and general $171,510 · fundraising $0
-
17 · Travel
total $61,049 · program services $51,892 · management and general $9,157 · fundraising $0
-
19 · Conferences, conventions and meetings
total $270,958 · program services $230,314 · management and general $40,644 · fundraising $0
-
20 · Interest
total $635,389 · program services $540,081 · management and general $95,308 · fundraising $0
-
22 · Depreciation, depletion and amortization
total $136,722 · program services $47,085 · management and general $89,637 · fundraising $0
-
23 · Insurance
total $31,491 · program services $26,767 · management and general $4,724 · fundraising $0
-
24a · Other expenses: Dues & Subscriptions
total $28,352 · program services $24,099 · management and general $4,253 · fundraising $0
-
24b · Other expenses: Bad Debt Expense
total $405,794 · program services $405,794 · management and general $0 · fundraising $0
-
24c · Other expenses: Sponsorships Expense
total $10,900 · program services $9,265 · management and general $1,635 · fundraising $0
-
24d · Other expenses: Taxes, Licenses & Fees
total $32,585 · program services $0 · management and general $32,585 · fundraising $0
-
24e · All other expenses
total $5,713 · program services $5,713 · management and general $0 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $21,118,509 · end of year $23,219,206
-
4 · Accounts receivable
end of year $43,548
-
7 · Other notes and loans receivable
beginning of year $8,083,158 · end of year $17,206,129
-
9 · Prepaid expenses and deferred charges
beginning of year $32,105 · end of year $33,240
-
10a · Land, buildings and equipment: cost or other basis
$8,152,784
-
10b · Land, buildings and equipment: accumulated depreciation
$436,679
-
10c · Land, buildings and equipment, net
beginning of year $2,171,295 · end of year $7,716,105
-
13 · Investments: program-related
beginning of year $2,620,513 · end of year $2,621,673
-
15 · Other assets
beginning of year $527,887 · end of year $499,038
-
17 · Accounts payable and accrued expenses
beginning of year $41,391 · end of year $70,432
-
19 · Deferred revenue
beginning of year $50,000 · end of year $566,707
-
23 · Secured mortgages and notes payable
end of year $4,155,251
-
24 · Unsecured notes and loans payable
beginning of year $21,362,505 · end of year $29,403,863
-
25 · Other liabilities
beginning of year $259,949 · end of year $314,149
-
27 · Net assets without donor restrictions
beginning of year $12,839,622 · end of year $15,607,530
-
28 · Net assets with donor restrictions
end of year $1,221,007
Mission and programs · 2022
Mission
The mission is to develop and promote Black business enterprises through education, training, loans, investments, and other activities and aggressively promote an atmosphere conducive to their development.
-
In FY 2022-23, BBIF furher solidified our commitment to providing essential services to BIPOC entrepreneurs and underserved communities. To that end, BBIF implemented several key initiatives that have enabled us to better serve those in need. BBIF's initiatives included establishing strong partnerships in the commounities it serve and expanding the financial technical assistances services and innovative business development programs offered. BBIF is proud of the innovative and impactful financial solutions proved. BBIF processed $12.6 million in business loans and generated $71 million in economic impact through its New Markets Tax Credits (NMTC) projects, resulting in the creation of over 990 new jobs. Through these efforts, BBIF demonstrate its commitment to helping business owners reach their goals and succeed.
Expenses $4,753,554 · Grants $50,000 · Revenue $9,467,378
As filed on the 2022 return.
Listed in Part VII
-
Inez LongINEZ LONG
PRESIDENT/CEO
- Total calculated
- $461,748
- From this org
- $461,748
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $461,748
- Bonus
- $0
- Other
- $0
- Deferred
- $33,179
- Nontaxable benefits
- $19,500
- Filer's total
- $514,427
-
Oraine ReedORAINE REED
VP FINANCE
- Total calculated
- $177,721
- From this org
- $177,721
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $177,721
- Bonus
- $0
- Other
- $0
- Deferred
- $5,723
- Nontaxable benefits
- $16,500
- Filer's total
- $199,944
-
Duane LewisDUANE LEWIS
CHIEF OPERATING OFFICER
- Total calculated
- $180,957
- From this org
- $180,957
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $180,957
- Bonus
- $0
- Other
- $0
- Deferred
- $6,500
- Nontaxable benefits
- $16,500
- Filer's total
- $203,957
-
Jasmine GebonJASMINE GEBON
VP STRATEGIC INITIATIVES
- Total calculated
- $148,535
- From this org
- $148,535
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Donna DingleDONNA DINGLE
DIRECTOR OF COMPLIANCE
- Total calculated
- $102,855
- From this org
- $102,855
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Jacqueline BarrJACQUELINE BARR
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 8
-
Marilyn DraytonMARILYN DRAYTON
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 6
-
Sabrina MartinelliSABRINA MARTINELLI
TREASURER
- Total calculated
- $0
- Hours/week
- 6
-
Joyce OdongoJOYCE ODONGO
SECRETARY
- Total calculated
- $0
- Hours/week
- 6
-
Esther MarshallESTHER MARSHALL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 6
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
The filer's explanations (Part III)
- Pt I Line 3
- THE EXECUTIVE DIRECTOR'S SALARY IS DETERMINE BY THE BOARD OF DIRECTORS.
- Pt I Line 4b
- 12% OF THE EXECUTIVE DIRECTOR'S BASE SALARY IS PAID AS A NONQUALIFIED PLAN AMOUNT TO COMPENSATE FOR THE YEARS THE ORGANIZATION DID NOT HAVE THE ABILITY TO PAY INTO A QUALIFIED PLAN. THE NONQUALIFIED AMOUNT IS INCLUDED IN ANNUAL THE COMPENSATION OF THE EXECUTIVE DIRECTOR.
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
-
MONEY LITAPP LCC
$25,000
ASSIST WITH WORKING CAPITAL
-
LEGACY CAFE AT WEST LAKES
$15,000
ASSIST WITH WORKING CAPITAL
-
BIG DAWG TRAINING CAMP
$10,000
ASSIT WITH WORKING CAPITAL
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 15 February 2024
- IRS schema version
- 2022v5.0
- Source object
- 202412289349301451
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