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Nonprofiteer
← BLACK CHAMBER OF COMMERCE OF NEW MEXICO

Form 990 for tax year 2024

Filed by BLACK CHAMBER OF COMMERCE OF NEW MEXICO.

Totals

Total revenue
$534,752
Total expenses
$421,982
Contributions and grants received
$297,715
Grants paid
$0
Program service revenue
$192,647
Investment income
$1,549
Other revenue
$42,841
Total assets, end of year
$622,514
Total liabilities, end of year
$387,522
Net assets or fund balances, end of year
$234,992
Program services expenses (Part IX)
$155,840
Management and general expenses
$266,142
Fundraising expenses
$0
Program service expenses (Part III)
$155,840

Program services were 36.9% 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

    $38,205

  • 1e · Government grants (contributions)

    $2,935

  • 1f · All other contributions, gifts and grants

    $256,575

  • 2a · Program service revenue: FISCAL AGENT REVENUE

    total $85,451 · related or exempt $85,451

  • 2b · Program service revenue: SPONSORSHIPS

    total $68,500 · related or exempt $68,500

  • 2c · Program service revenue: CONTRACT REVENUE

    total $38,696 · related or exempt $38,696

  • 3 · Investment income

    total $1,549 · excluded $1,549

  • 8a · Fundraising events: gross income

    $86,730

  • 8b · Fundraising events: direct expenses

    $44,014

  • 8c · Net income from fundraising events

    total $42,716

  • 11a · Other revenue: INCOME OTHER

    total $125 · related or exempt $125

  • 11e · Other revenue, total

    $125

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $75,000 · program services $75,000

  • 7 · Other salaries and wages

    total $10,327 · program services $10,327

  • 11b · Fees: legal

    total $123 · management and general $123

  • 11c · Fees: accounting

    total $41,128 · management and general $41,128

  • 11g · Fees: other

    total $109,745 · program services $7,480 · management and general $102,265

  • 12 · Advertising and promotion

    total $53,829 · program services $53,829

  • 13 · Office expenses

    total $15,146 · program services $703 · management and general $14,443

  • 14 · Information technology

    total $47,891 · management and general $47,891

  • 16 · Occupancy

    total $12,200 · management and general $12,200

  • 17 · Travel

    total $23,364 · management and general $23,364

  • 19 · Conferences, conventions and meetings

    total $4,871 · management and general $4,871

  • 23 · Insurance

    total $1,359 · management and general $1,359

  • 24a · Other expenses: PRIOR PERIOD ADJUSTMENTS

    total $8,575 · management and general $8,575

  • 24b · Other expenses: EVENT EXPENSES

    total $8,301 · program services $8,301

  • 24c · Other expenses: MEALS & ENTERTAINMENT

    total $4,878 · management and general $4,878

  • 24d · Other expenses: ADMINISTRATION

    total $2,944 · management and general $2,944

  • 24e · All other expenses

    total $2,301 · program services $200 · management and general $2,101

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $51,920 · end of year $293,307

  • 2 · Savings and temporary cash investments

    beginning of year $10,000 · end of year $269,600

  • 4 · Accounts receivable

    beginning of year $58,775 · end of year $57,845

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,200 · end of year $1,762

  • 17 · Accounts payable and accrued expenses

    end of year $16,226

  • 25 · Other liabilities

    beginning of year $3,647 · end of year $371,296

  • 27 · Net assets without donor restrictions

    beginning of year $123,248 · end of year $234,992

Mission and programs · 2024

Mission

OUR PURPOSE IS TO PROMOTE SUSTAINABLE ECONOMIC GROWTH AND EMPOWERMENT WITHIN THE BLACK-OWNED BUSINESS COMMUNITY. WE ARE COMMITTED TO ACHIEVING THIS BY FOCUSING ON FOUR KEY PILLARS: EDUCATION, ADVOCACY, MENTORSHIP, AND NETWORKING. THROUGH EDUCATION, WE STRIVE TO EQUIP BLACK-OWNED BUSINESSES WITH THE KNOWLEDGE, SKILLS, AND RESOURCES NECESSARY TO THRIVE IN A COMPETITIVE MARKETPLACE. BY PROVIDING ACCESS TO EDUCATIONAL PROGRAMS, WORKSHOPS, AND SEMINARS, WE AIM TO EMPOWER ENTREPRENEURS WITH VALUABLE INSIGHTS, INDUSTRY TRENDS, AND BEST PRACTICES. ADVOCACY LIES AT THE HEART OF OUR MISSION. WE ADVOCATE FOR THE INTERESTS AND NEEDS OF BLACK-OWNED BUSINESSES AT VARIOUS LEVELS, ENGAGING WITH POLICYMAKERS, ORGANIZATIONS, AND STAKEHOLDERS TO DRIVE MEANINGFUL CHANGE. BY CHAMPIONING INCLUSIVE POLICIES, FOSTERING AN EQUITABLE BUSINESS ENVIRONMENT, AND ADDRESSING SYSTEMIC BARRIERS, WE AIM TO CREATE A MORE LEVEL PLAYING FIELD FOR BLACK ENTREPRENEURS. MENTORSHIP PLAYS A CRUCIAL ROLE IN OUR APPROACH. WE BEL

  • 2024 CHAMBER HIGHLIGHTS THE BLACK CHAMBER OF COMMERCE OF NEW MEXICO EMBARKED UPON ANOTHER STELLAR YEAR AND CONTINUED TO PROVIDE EXCEPTIONAL SERVICES TO UNDERSERVED, UNDER- ENGAGED, UNDER-RESOURCED LOW- AND MODERATE-INCOME ENTREPRENEURS AND SMALL BUSINESSES THROUGHOUT THE ENTIRE STATE OF NEW MEXICO, THE CHAMBER ENHANCED THE SMALL BUSINESS SUCCESS PROGRAM (TECHNICAL ASSISTANCE) TO ALLOW MEMBERS TO SPECIFY ADDITIONAL CATEGORIES NEEDED FOR THEIR BUSINESS SUCCESS. SMALL BUSINESS MEMBERS RECEIVE TECHNICAL ASSISTANCE AT NO EXTRA CHARGE, WHICH INCLUDES SERVICES SUCH AS BUSINESS PLAN DEVELOPMENT, HELP WITH GOVERNMENT CERTIFICATIONS, GRANT WRITING, AND FUNDING FOR TRADEMARL<S FOR FIVE (5) MEMBER BUSINESSES, AMONG OTHER BENEFITS. ADDITIONALLY, WE INSTITUTED THE CHARACTER-BASED CROSBY MICRO LOAN PROGRAM WHERE WE LOAN BETWEEN 250 - 10,000 TO QUALIFIED MEMBERS WITHOUT PULLING A CREDIT REPORT BUT ENSURING THEY CAN REPAY AT 5% FIXED INTEREST AND WITHOUT A PRE-PAYMENT PENALTY. NUSENDA FEDERAL CREDIT UNION POWERS THESE LOANS. WE INITIATED THE VACCINE EQUITY AND HEALTH PROGRAM AND HOSTED WORKSHOPS IN CLOVIS, ROSWELL, CARLSBAD, AND VARIOUS LOCATIONS IN ALBUQUERQUE. LOCAL MEDICAL PROFESSIONALS FACILITATED THE WORKSHOPS AND RECEIVED MODEST COMPENSATION FOR SHARING THEIR EXPERTISE IN LOCAL MARKETS. THE NEW MEXICO DEPARTMENT OF HEALTH ACCOMPANIED THE CHAMBER AND PROVIDE FREE VACCINATIONS AT THE VARIOUS LOCATIONS. THE CHAMBER BEGAN OFFERING GRANTS THROUGHOUT ALBUQUERQUE RANGING FROM 2000 TO 5000 ACROSS THREE-TIERS. THE GRANT PROGRAM OPENS THE FIRST MONTH OF EVERY QUARTER AND THE REQUIREMENTS WERE BASIC BUSINESS REQUIREMENTS NEEDED FOR SUCCESS AND FOR THE ABILITY FOR THEM TO BE PREPARED TO SUCCESSFULLY APPLY FOR OTHER GRANTS (E.G. HAVE A BUSINESS PLAN, MAINTAIN A BUSINESS BANK ACCOUNT, BE UP TO DATE ON TAX FILINGS, AND SIMILAR REQUIREMENTS). FINALLY, WE LAUNCHED THE HERB CROSBY MEMORIAL SCHOLARSHIP FUND AVAILABLE TO HIGH SCHOOL SENIORS ATTENDING HIGHER EDUCATION (INCLUDING CERTIFICATE PROGRAMS) WITHIN NEW MEXICO OR ATTENDING AN HISTORICALLY BLACK COLLEGE OR UNIVERSITY (HBCU). THE CHAMBER CONTINUES TO BE AGILE, FLEXIBLE, AND DURABLE, AND MULTI-FACETED AND WE ARE REENERGIZED AND REMAIN STEADFAST IN THE DEVELOPMENT AND SUSTAINABILITY OF ECONOMIC GROWTH THROUGHOUT NEW MEXICO.

    Expenses $155,840 · Revenue $192,647

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Chad Cooper

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Tana Taylor

    CHAIR ELECT

    Total calculated
    $0
    Hours/week
    1

  • Dan Wilkinson

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • David Hicks

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Marjorie Germain

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Byron Ross

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dar Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kenny Thomas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Sheldon Jordan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Shaina Saint-Lot

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Eric Eggins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Clarence Smith

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Karla Causey

    CEO/PRESIDEN

    Total calculated
    $75,000
    From this org
    $75,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    60

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
12 May 2025
IRS schema version
2024v5.0
Source object
202523219349317092

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