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Nonprofiteer
← BLACK ECONOMIC COUNCIL OF MASSACHUSETTS INC

Form 990 for tax year 2022

Filed by BLACK ECONOMIC COUNCIL OF MASSACHUSETTS INC.

Totals

Total revenue
$4,157,091
Total expenses
$3,033,740
Contributions and grants received
$3,763,976
Grants paid
$163,450
Program service revenue
$393,115
Investment income
$0
Other revenue
$0
Total assets, end of year
$2,847,852
Total liabilities, end of year
$506,832
Net assets or fund balances, end of year
$2,341,020
Program services expenses (Part IX)
$2,140,858
Management and general expenses
$586,397
Fundraising expenses
$306,485
Program service expenses (Part III)
$2,140,858

Program services were 70.6% 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

    $75,214

  • 1f · All other contributions, gifts and grants

    $3,688,762

  • 2a · Program service revenue: EVENT SPONSORSHIP

    total $356,727 · related or exempt $356,727

  • 2b · Program service revenue: PROGRAM REVENUE

    total $36,388 · related or exempt $36,388

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $163,450 · program services $163,450

  • 7 · Other salaries and wages

    total $1,221,686 · program services $839,499 · management and general $216,614 · fundraising $165,573

  • 9 · Other employee benefits

    total $54,742 · program services $37,617 · management and general $9,706 · fundraising $7,419

  • 10 · Payroll taxes

    total $101,898 · program services $70,021 · management and general $18,067 · fundraising $13,810

  • 11c · Fees: accounting

    total $102,967 · program services $2,865 · management and general $97,412 · fundraising $2,690

  • 12 · Advertising and promotion

    total $87,415 · program services $60,352 · management and general $16,259 · fundraising $10,804

  • 13 · Office expenses

    total $93,491 · program services $66,399 · management and general $23,541 · fundraising $3,551

  • 16 · Occupancy

    total $43,480 · program services $29,878 · management and general $7,709 · fundraising $5,893

  • 18 · Travel or entertainment for public officials

    total $154,469 · program services $93,858 · management and general $59,853 · fundraising $758

  • 20 · Interest

    total $2,768 · management and general $2,768

  • 24a · Other expenses: OUTSIDE SERVICE

    total $487,489 · program services $302,125 · management and general $98,993 · fundraising $86,371

  • 24b · Other expenses: PROGRAM AND EVENTS

    total $424,868 · program services $424,868

  • 24c · Other expenses: SUPPLIES

    total $44,087 · program services $30,377 · management and general $7,817 · fundraising $5,893

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

    total $25,129 · program services $11,439 · management and general $11,566 · fundraising $2,124

  • 24e · All other expenses

    total $25,801 · program services $8,110 · management and general $16,092 · fundraising $1,599

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,512,988 · end of year $1,165,412

  • 3 · Pledges and grants receivable

    beginning of year $14,000 · end of year $1,670,607

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,927 · end of year $10,438

  • 15 · Other assets

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

  • 17 · Accounts payable and accrued expenses

    beginning of year $203,376 · end of year $373,123

  • 24 · Unsecured notes and loans payable

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

  • 25 · Other liabilities

    beginning of year $26,165 · end of year $46,609

  • 27 · Net assets without donor restrictions

    beginning of year $1,057,683 · end of year $562,342

  • 28 · Net assets with donor restrictions

    beginning of year $159,986 · end of year $1,778,678

Mission and programs · 2022

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 $2,140,858 · Grants $163,450 · Revenue $36,388

As filed on the 2022 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
    $202,298
    From this org
    $185,209
    From related orgs
    $0
    Other
    $17,089
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,209
    Bonus
    $0
    Other
    $0
    Deferred
    $8,069
    Nontaxable benefits
    $9,020
    Filer's total
    $202,298

  • 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

  • Keith Chaney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Reginald Nunnally

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Terryl Calloway

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jc Burton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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

Provenance

Return type
form_990
Tax year
2022
Filed
10 November 2023
IRS schema version
2022v5.0
Source object
202303179349303665

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