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Nonprofiteer
← BBIF CAPITAL INC

Form 990 for tax year 2023

Filed by BBIF CAPITAL INC.

Totals

Total revenue
$7,834,761
Total expenses
$8,896,516
Contributions and grants received
$1,394,364
Grants paid
$48,000
Program service revenue
$6,002,645
Investment income
$437,752
Other revenue
$0
Total assets, end of year
$55,937,341
Total liabilities, end of year
$40,170,559
Net assets or fund balances, end of year
$15,766,782
Program services expenses (Part IX)
$7,335,371
Management and general expenses
$1,561,145
Fundraising expenses
$0
Program service expenses (Part III)
$7,335,371

Program services were 82.5% 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

    $1,394,364

  • 2a · Program service revenue: LOAN ORIGINATION AND SERVICING FEES

    total $1,803,078 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: LOAN INTEREST INCOME

    total $1,242,096 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: NEW MARKET TAX CREDIT

    total $2,588,938 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: OTHER MISC INCOME

    total $368,533 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $437,752 · unrelated business $0 · excluded $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $48,000 · program services $48,000

  • 5 · Compensation of officers, directors and key employees

    total $1,211,629 · program services $1,029,885 · management and general $181,744 · fundraising $0

  • 7 · Other salaries and wages

    total $1,817,443 · program services $1,544,827 · management and general $272,616 · fundraising $0

  • 8 · Pension plan contributions

    total $117,980 · program services $100,283 · management and general $17,697 · fundraising $0

  • 9 · Other employee benefits

    total $531,019 · program services $451,367 · management and general $79,652 · fundraising $0

  • 10 · Payroll taxes

    total $204,625 · program services $173,931 · management and general $30,694 · fundraising $0

  • 11b · Fees: legal

    total $162,266 · program services $34,870 · management and general $127,396 · fundraising $0

  • 11c · Fees: accounting

    total $191,638 · program services $132,138 · management and general $59,500 · fundraising $0

  • 11g · Fees: other

    total $337,297 · program services $248,564 · management and general $88,733 · fundraising $0

  • 12 · Advertising and promotion

    total $94,063 · program services $0 · management and general $94,063 · fundraising $0

  • 13 · Office expenses

    total $284,303 · program services $210,353 · management and general $73,950 · fundraising $0

  • 16 · Occupancy

    total $367,297 · program services $144,549 · management and general $222,748 · fundraising $0

  • 17 · Travel

    total $104,449 · program services $88,782 · management and general $15,667 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $195,101 · program services $165,836 · management and general $29,265 · fundraising $0

  • 20 · Interest

    total $697,932 · program services $593,242 · management and general $104,690 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $109,097 · program services $37,566 · management and general $71,531 · fundraising $0

  • 23 · Insurance

    total $32,270 · program services $27,429 · management and general $4,841 · fundraising $0

  • 24a · Other expenses: Dues & Subscriptions

    total $25,939 · program services $22,048 · management and general $3,891 · fundraising $0

  • 24b · Other expenses: Bad Debt Expense

    total $2,256,206 · program services $2,256,206 · management and general $0 · fundraising $0

  • 24c · Other expenses: Sponsorships Expense

    total $27,150 · program services $23,077 · management and general $4,073 · fundraising $0

  • 24d · Other expenses: Taxes, Licenses & Fees

    total $78,394 · program services $0 · management and general $78,394 · fundraising $0

  • 24e · All other expenses

    total $2,418 · program services $2,418 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $23,219,206 · end of year $24,654,146

  • 4 · Accounts receivable

    beginning of year $43,548 · end of year $21,789

  • 7 · Other notes and loans receivable

    beginning of year $17,206,129 · end of year $20,637,598

  • 9 · Prepaid expenses and deferred charges

    beginning of year $33,240 · end of year $95,049

  • 10a · Land, buildings and equipment: cost or other basis

    $8,636,794

  • 10b · Land, buildings and equipment: accumulated depreciation

    $524,142

  • 10c · Land, buildings and equipment, net

    beginning of year $7,716,105 · end of year $8,112,652

  • 13 · Investments: program-related

    beginning of year $2,621,673 · end of year $347,588

  • 15 · Other assets

    beginning of year $499,038 · end of year $2,068,519

  • 17 · Accounts payable and accrued expenses

    beginning of year $70,432 · end of year $83,944

  • 19 · Deferred revenue

    beginning of year $566,707 · end of year $469,985

  • 23 · Secured mortgages and notes payable

    beginning of year $4,155,251 · end of year $6,981,735

  • 24 · Unsecured notes and loans payable

    beginning of year $29,403,863 · end of year $32,047,055

  • 25 · Other liabilities

    beginning of year $314,149 · end of year $587,840

  • 27 · Net assets without donor restrictions

    beginning of year $15,607,530 · end of year $15,766,782

  • 28 · Net assets with donor restrictions

    beginning of year $1,221,007 · end of year $0

Mission and programs · 2023

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 2023-24, BBIF expanded its commitment to equipping business owners with financial resources and technical support. BBIF deepened its impact through strategic partnerships, financial technical assistance, and innovative programming, facilitating business cohorts forcused on job quality, integrating in-person financial literacy workshops, and strengthening hands-on guidance for entrepreneurs. Over the past fiscal year, BBIF provided $13.87 million in business loans and leveraged over $200 million in New Markets Tax Credits (NMTC), generating more thanb $625 million in investments. These efforts supported the creation and retention of 1,634 jobs, reinforcing our mission to help business owners grow and succeed.

    Expenses $7,335,371 · Grants $45,800 · Revenue $7,028,476

As filed on the 2023 return.

Listed in Part VII

  • INEZ LONG

    FORMER PRESIDENT/CEO

    Total calculated
    $451,106
    From this org
    $451,106
    From related orgs
    $0
    Other
    $0
    Hours/week
    38

    Schedule J breakdown matched by us

    Base
    $0 + $360,737 related
    Bonus
    $0 + $90,369 related
    Other
    $0
    Deferred
    $0 + $40,029 related
    Nontaxable benefits
    $0 + $34,857 related
    Filer's total
    $0 + $525,992 related

  • DUANE LEWIS

    CHIEF OPERATING OFFICER

    Total calculated
    $230,599
    From this org
    $230,599
    From related orgs
    $0
    Other
    $0
    Hours/week
    38

    Schedule J breakdown matched by us

    Base
    $0 + $218,975 related
    Bonus
    $0 + $11,624 related
    Other
    $0
    Deferred
    $0 + $6,942 related
    Nontaxable benefits
    $0 + $34,857 related
    Filer's total
    $0 + $272,398 related

  • ORAINE REED

    VP FINANCE

    Total calculated
    $203,726
    From this org
    $203,726
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $192,511 related
    Bonus
    $0 + $11,215 related
    Other
    $0
    Deferred
    $0 + $6,112 related
    Nontaxable benefits
    $0 + $11,046 related
    Filer's total
    $0 + $220,884 related

  • JASMINE GEBON

    V.P. STRATEGIC INITIATIVES

    Total calculated
    $185,547
    From this org
    $185,547
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $174,209 related
    Bonus
    $0 + $11,338 related
    Other
    $0
    Deferred
    $0 + $5,590 related
    Nontaxable benefits
    $0 + $225,994 related
    Filer's total
    $0 + $417,131 related

  • MYRLANDE SIMEON

    REGIONAL DIRECTOR

    Total calculated
    $128,265
    From this org
    $128,265
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • DONNA DINGLE

    DIRECTOR OF COMPLIANCE

    Total calculated
    $116,042
    From this org
    $116,042
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • JACQUELINE BARR

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    8

  • MARILYN DRAYTON

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    6

  • SABRINA MARTINELLI

    TREASURER

    Total calculated
    $0
    Hours/week
    6

  • JOYCE ODONGO

    SECRETARY

    Total calculated
    $0
    Hours/week
    6

  • ESTHER 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 DIRECTORS SALARY IS DETERMINE BY THE BOARD OF DIRECTORS.
Pt I Line 4b
12% OF THE EXECUTIVE DIRECTORS 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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
30 April 2025
IRS schema version
2023v6.0
Source object
202531219349301408

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