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Nonprofiteer
← INDY BLACK CHAMBER OF COMMERCE INC

Form 990 for tax year 2024

Filed by INDY BLACK CHAMBER OF COMMERCE INC.

Totals

Total revenue
$931,064
Total expenses
$862,445
Contributions and grants received
$916,986
Grants paid
$0
Program service revenue
$0
Investment income
$14,078
Other revenue
$0
Total assets, end of year
$904,384
Total liabilities, end of year
$35,475
Net assets or fund balances, end of year
$868,909
Program services expenses (Part IX)
$754,037
Management and general expenses
$97,641
Fundraising expenses
$10,767
Program service expenses (Part III)
$309,254

Program services were 87.4% 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

    $99,510

  • 1c · Fundraising events

    $31,405

  • 1f · All other contributions, gifts and grants

    $786,071

  • 3 · Investment income

    total $14,078 · related or exempt $14,078

  • 8c · Net income from fundraising events

    total $0

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $375,114 · program services $346,739 · management and general $28,375

  • 10 · Payroll taxes

    total $30,320 · program services $28,198 · management and general $2,122

  • 11a · Fees: management

    total $646 · program services $646

  • 11b · Fees: legal

    total $1,290 · program services $903 · management and general $387

  • 11c · Fees: accounting

    total $19,977 · program services $13,984 · management and general $5,993

  • 12 · Advertising and promotion

    total $2,226 · program services $2,226

  • 13 · Office expenses

    total $8,099 · management and general $8,099

  • 14 · Information technology

    total $15,461 · program services $10,823 · management and general $4,638

  • 16 · Occupancy

    total $10,757 · management and general $10,757

  • 23 · Insurance

    total $5,684 · program services $3,979 · management and general $1,705

  • 24a · Other expenses: Program Expenses

    total $391,597 · program services $346,539 · management and general $34,291 · fundraising $10,767

  • 24b · Other expenses: Bank Fees

    total $1,274 · management and general $1,274

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $717,790 · end of year $774,504

  • 3 · Pledges and grants receivable

    end of year $3,325

  • 5 · Loans and receivables from officers and key people

    beginning of year $4,000 · end of year $4,000

  • 7 · Other notes and loans receivable

    beginning of year $118,025 · end of year $100,000

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

    $22,555

  • 10c · Land, buildings and equipment, net

    beginning of year $22,555 · end of year $22,555

  • 17 · Accounts payable and accrued expenses

    beginning of year $50 · end of year $50

  • 25 · Other liabilities

    beginning of year $36,529 · end of year $35,425

  • 27 · Net assets without donor restrictions

    beginning of year $825,791 · end of year $619,051

  • 28 · Net assets with donor restrictions

    end of year $249,858

Mission and programs · 2024

Mission

To serve as a comprehensive resource for developing Black and Minority owned businesses, by providing business education, financing, and access to capital opportunities.

Activities or mission (Part I)

Our mission is to serve as a comprehensive resource for developing Black and Minorityowned businesses

  • Wealth Building Through Business Ownership is IBCCs premier 10 week business development cohort designed to embrace entrepreneurship by providing the foundation necessary to equip business owners for long term success. Since the inception of our program in March 2019, IBCC is proud to have graduated approximately 170 black and minority owned entrepreneurs, prepping them for ongoing success. IBCC offers our Wealth Building program annually up to three times withing the calendar year, with cohorts taking place in Q1, Q2, and Q3. IBCC graduated 30 participants in 2024.

    Expenses $108,466 · Grants $100,000 · Revenue $5,585

  • Micro Enterprise Navigator Program: provided assistance to 70 micro business owners who were classified as LMI with business coaching and resource navigation services to help them scale and develop within their business.

    Expenses $82,754 · Grants $59,022

  • In partnership with LISC Indianapolis, a recipient of the City of Indianapolis ARPA funding grant, IBCC was selected to serve as the Technical Assistance (TA) Hub to provide technical assistance services at a large scale to small business owners, with a special focus on low income business owners from and in historically underserved communities with the objective to consolidate and grow their existing businesses.

    Expenses $118,034

As filed on the 2024 return.

Listed in Part VII

  • Larry Williams

    CoFounder

    Total calculated
    $106,591
    From this org
    $106,591
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Anita Williams

    CoFounder

    Total calculated
    $51,450
    From this org
    $51,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Katrina Stoval

    Board Secretary

    Total calculated
    $0
    Hours/week
    3

  • Jamie Walton

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Regina Warren

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Celeste Jones

    Board Vice CoChair

    Total calculated
    $0
    Hours/week
    1

  • Whitley Yates

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Thomas Griffin

    Board Vice CoChair

    Total calculated
    $0
    Hours/week
    1

  • Courtney Brookins

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Gary Naylor

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Darrick Jones

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Renea Gates

    Board Member

    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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2025
IRS schema version
2024v5.1
Source object
202501359349316585

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