Form 990 for tax year 2022

Totals

Total revenue

$165,017

Total expenses

$309,180

Contributions and grants received

$145,332

Grants paid

$0

Program service revenue

$19,612

Investment income

$73

Other revenue

$0

Total assets, end of year

$826,426

Total liabilities, end of year

$196,097

Net assets or fund balances, end of year

$630,329

Program services expenses (Part IX)

— not reported

Management and general expenses

— not reported

Fundraising expenses

— not reported

Program service expenses (Part III)

$248,807

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.

Mission and programs · 2022

• THE ORGANIZATION OFFICIALLY LAUNCHED IN 2021. HOWEVER, THE WORK TO CREATE AN ORGANIZATION THAT FOCUSED ON THE CRITICAL NEEDS OF BLACK-OWNED BUSINESSES BEGAN DURING THE SPRING OF 2020 AT THE HEIGHT OF THE PANDEMIC. DURING THE PANDEMIC, MORE THAN HALF OF BLACK ENTREPRENEURS WERE AT RISK OF FINANCIAL DISTRESS, IN COMPARISON TO 27 PERCENT OF WHITE ENTREPRENEURS, AND 40 PERCENT OF BLACK BUSINESSES WERE FORCED TO CLOSE ENTIRELY. THE PANDEMIC HIGHLIGHTED DISPARITIES THAT ALREADY EXISTED, INCLUDING THE DIGITAL DIVIDE AND LACK OF ACCESS TO CRITICAL RESOURCES THAT SUPPORT BUSINESS GROWTH. WITH OVER 80 PERCENT OF DETROIT'S BUSINESSES BEING BLACK-OWNED, THE ORGANIZATION'S MEMBERS HAVE SEEN FIRST-HAND THESE INEQUITIES AND CHALLENGES ACROSS THE CITY. SEE SCHEDULE O FOR MORE INFORMATION.THE ORGANIZATION'S STRATEGY IS SUPPORTED BY THREE PILLARS: PROGRAMMING, POLICY, AND PARTNERSHIPS. TWO PROGRAMS THAT SET THE FOUNDATION FOR THE ORGANIZATION'S PROGRAMMING ARE THE CAPITAL CONNECT PROGRAM AND THE BIZ WIZ PROGRAM. BOTH OF THESE PROGRAMS ARE FOCUSED ON FINDING SOLUTIONS TO THE OBSTACLES THE ORGANIZATION'S MEMBERS FACED, FROM OBTAINING AN OPERATIONAL LICENSE TO ACCEPTING FUNDING FOR SCALING. THIS POLICY PILLAR IS CARRIED OUT BY THE ORGANIZATION'S TRUTH TO POWER SERIES. THIS MEMBER-ONLY EVENT ALLOWS THE ORGANIZATION'S MEMBERS THE OPPORTUNITY TO HAVE A ONE-ON-ONE CONVERSATION WITH ELECTED OFFICIALS WITHIN MICHIGAN. THE GOAL IS TO CREATE A CONVERSATION GEARED AROUND SUPPORTING BLACK BUSINESSES AS A WHOLE BEFORE A CRISIS, LIKE THE COVID-19 PANDEMIC, OCCURS. THIS PARTNERSHIP PILLAR IS THE BRIDGE BETWEEN ALLY ORGANIZATIONS AND THE ORGANIZATION'S BLACK BUSINESS OWNERS.

  Expenses $248,807 · Revenue $19,612

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

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

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

• METRO DETROIT BLACK CHAMBER OF COMMERCE FOUNDATION

  501(C)(3) · ECONOMIC DEVELOPMENT · MI

Provenance

Return type

form_990

Tax year

2022

Filed

15 November 2023

IRS schema version

2022v5.0

Source object

202333199349330058

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