Form 990 for tax year 2024
Filed by AFRICAN AMERICAN CHAMBER OF COMMERCE OF NEW JERSEY INC.
Totals
- Total revenue
- $3,466,239
- Total expenses
- $4,207,073
- Contributions and grants received
- $2,476,740
- Grants paid
- $0
- Program service revenue
- $989,499
- Investment income
- $0
- Other revenue
- $0
- Total assets, end of year
- $3,858,850
- Total liabilities, end of year
- $2,609,558
- Net assets or fund balances, end of year
- $1,249,292
- Program services expenses (Part IX)
- $3,662,543
- Management and general expenses
- $544,530
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $3,662,543
Program services were 87.1% 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
$1,061,925
-
1e · Government grants (contributions)
$700,932
-
1f · All other contributions, gifts and grants
$713,883
-
2a · Program service revenue: Program Revenue
total $989,499 · unrelated business $0 · excluded $0
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $352,581 · program services $282,065 · management and general $70,516 · fundraising $0
-
7 · Other salaries and wages
total $1,158,098 · program services $1,158,098 · management and general $0 · fundraising $0
-
9 · Other employee benefits
total $47,517 · program services $47,517 · management and general $0 · fundraising $0
-
10 · Payroll taxes
total $107,725 · program services $107,725 · management and general $0 · fundraising $0
-
11a · Fees: management
total $478,016 · program services $478,016 · management and general $0 · fundraising $0
-
11b · Fees: legal
total $2,803 · program services $0 · management and general $2,803 · fundraising $0
-
11c · Fees: accounting
total $50,300 · program services $0 · management and general $50,300 · fundraising $0
-
12 · Advertising and promotion
total $122,199 · program services $97,759 · management and general $24,440 · fundraising $0
-
19 · Conferences, conventions and meetings
total $968,569 · program services $774,773 · management and general $193,796 · fundraising $0
-
20 · Interest
total $29,417 · program services $0 · management and general $29,417 · fundraising $0
-
22 · Depreciation, depletion and amortization
total $55,260 · program services $0 · management and general $55,260 · fundraising $0
-
23 · Insurance
total $7,644 · program services $0 · management and general $7,644 · fundraising $0
-
24a · Other expenses: Mobile Academy
total $521,316 · program services $521,316 · management and general $0 · fundraising $0
-
24b · Other expenses: Community Loan Fund
total $4,670 · program services $4,670 · management and general $0 · fundraising $0
-
24c · Other expenses: Govermental Affairs
total $6,870 · program services $6,870 · management and general $0 · fundraising $0
-
24d · Other expenses: Bonding
total $71,866 · program services $71,866 · management and general $0 · fundraising $0
-
24e · All other expenses
total $222,222 · program services $111,868 · management and general $110,354 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,550,895 · end of year $2,136,033
-
2 · Savings and temporary cash investments
beginning of year $750,000 · end of year $1,267,853
-
4 · Accounts receivable
beginning of year $513,642 · end of year $47,822
-
7 · Other notes and loans receivable
end of year $120,589
-
9 · Prepaid expenses and deferred charges
beginning of year $134,800 · end of year $14,129
-
10a · Land, buildings and equipment: cost or other basis
$548,344
-
10b · Land, buildings and equipment: accumulated depreciation
$275,920
-
10c · Land, buildings and equipment, net
beginning of year $327,681 · end of year $272,424
-
17 · Accounts payable and accrued expenses
beginning of year $263,624 · end of year $129,879
-
18 · Grants payable
beginning of year $255,357 · end of year $1,648,782
-
19 · Deferred revenue
beginning of year $30,000 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $487,911 · end of year $480,897
-
24 · Unsecured notes and loans payable
beginning of year $250,000 · end of year $350,000
-
27 · Net assets without donor restrictions
beginning of year $1,990,126 · end of year $1,249,292
Mission and programs · 2024
Mission
African-American Chamber of Commerce of New Jersey(AACCNJ is dedicated to economically empowering and sustaining African-American communities through entrepreneurship and capitalistic activities within the State of New Jersey and interaction with the National Black Chamber of Commerce, Inc (NBCC)
-
The AACCNJ Training & Development Insitute: The AACCNJ Instutite offers workshops, mentoring , coaching and technical assistance through its Mobile Academy at churches, communuity centers, schools and other venue throughpout New Jersey with particular focus on inititives that elevateBlacks and black-ownwd businesses in in the construction, travels, tourism, clean ebergy and other burgoening indiustries.
Expenses $844,140
-
Received grant for upskilling through a work force innovation and Opportunity Act set Aside provided by US Department of Labor.
Expenses $512,753
-
Received grant from NJ Community Loan Fund to explore the possibility of establshing a micro lending institition to serve minority owned business
Expenses $118,419
-
Conducted various events to provide educational, networking and procurement opportunities for Black minority owned businesses throughout the State of of New Jersey.
Expenses $2,187,231
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
John E Harmon
President/Chief Executive Officer
- Total calculated
- $352,581
- From this org
- $352,581
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $352,581
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $352,581
-
R Stanley Prater
Chairman
- Total calculated
- $0
- Hours/week
- 4
-
Erik Larsen
Director/ AACCNJ Foundation Board
- Total calculated
- $0
- Hours/week
- 2
-
Marcus Dyer Esq
Director/Treasurer
- Total calculated
- $0
- Hours/week
- 5
-
Robert Warrington Esq
Vice Chairman
- Total calculated
- $0
- Hours/week
- 5
-
Rachael Ankrah -Fosu
Director
- Total calculated
- $0
- Hours/week
- 2
-
Faye Coleman
Director
- Total calculated
- $0
- Hours/week
- 2
-
Robert L Johnson
Director
- Total calculated
- $0
- Hours/week
- 2
-
Hosea Johnson
Director/Emeritus Board Member
- Total calculated
- $0
- Hours/week
- 2
-
Raymond K Jones
Director
- Total calculated
- $0
- Hours/week
- 2
-
Kim Lemon
Director
- Total calculated
- $0
- Hours/week
- 2
-
Gary Mann
Director
- Total calculated
- $0
- Hours/week
- 2
-
Funke Olayinka MD
Director
- Total calculated
- $0
- Hours/week
- 2
-
Alton Shaw
Director
- Total calculated
- $0
- Hours/week
- 2
-
Tammeisha D Smith
Director
- Total calculated
- $0
-
Will Smith
Director
- Total calculated
- $0
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 7
- The Organization paid $16,000 to Main Street LLC for professional services rendered. The Organiaztion is owned by Mr Philip Woolfolk who sits on the Board. He was the Treasurer in December 2020.
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
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 12 May 2025
- IRS schema version
- 2024v5.2
- Source object
- 202523189349312937
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