Form 990 for tax year 2024
Filed by BLACK ECONOMIC COUNCIL OF MASSACHUSETTS INC.
Totals
- Total revenue
- $5,845,824
- Total expenses
- $5,249,760
- Contributions and grants received
- $4,842,685
- Grants paid
- $447,431
- Program service revenue
- $962,194
- Investment income
- $42,871
- Other revenue
- -$1,926
- Total assets, end of year
- $4,202,825
- Total liabilities, end of year
- $1,755,701
- Net assets or fund balances, end of year
- $2,447,124
- Program services expenses (Part IX)
- $3,839,193
- Management and general expenses
- $846,663
- Fundraising expenses
- $563,904
- Program service expenses (Part III)
- $3,839,193
Program services were 73.1% 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
$152,183
-
1e · Government grants (contributions)
$553,499
-
1f · All other contributions, gifts and grants
$4,137,003
-
1g · Noncash contributions included above
$99,293
-
2a · Program service revenue: EVENT SPONSORSHIP
total $748,866 · related or exempt $748,866
-
2b · Program service revenue: PROGRAM REVENUE
total $206,433 · related or exempt $206,433
-
2c · Program service revenue: BCI LOAN INTEREST
total $6,895 · related or exempt $6,895
-
3 · Investment income
total $43,422 · excluded $43,422
-
6a · Gross rents
real property $5,296
-
6b · Less rental expenses
real property $7,329
-
6c · Rental income or loss
real property -$2,033
-
6d · Net rental income or loss
total -$2,033 · unrelated business -$2,033
-
7a · Gross sales of assets other than inventory
securities $707
-
7b · Less cost or other basis and sales expenses
securities $1,258
-
7c · Gain or loss
securities -$551
-
7d · Net gain or loss
total -$551 · excluded -$551
-
11a · Other revenue: MISC REVENUE
total $107 · excluded $107
-
11e · Other revenue, total
$107
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $447,431 · program services $447,431
-
5 · Compensation of officers, directors and key employees
total $319,980 · program services $175,989 · management and general $89,594 · fundraising $54,397
-
7 · Other salaries and wages
total $1,663,383 · program services $1,198,790 · management and general $220,321 · fundraising $244,272
-
8 · Pension plan contributions
total $14,565 · program services $11,891 · management and general $724 · fundraising $1,950
-
9 · Other employee benefits
total $73,538 · program services $55,175 · management and general $7,859 · fundraising $10,504
-
10 · Payroll taxes
total $165,781 · program services $115,392 · management and general $25,490 · fundraising $24,899
-
11b · Fees: legal
total $45,160 · management and general $45,160
-
11c · Fees: accounting
total $108,232 · management and general $108,232
-
11g · Fees: other
total $21,860 · program services $6,967 · management and general $13,647 · fundraising $1,246
-
12 · Advertising and promotion
total $40,341 · program services $22,141 · management and general $2,404 · fundraising $15,796
-
13 · Office expenses
total $24,896 · program services $6,283 · management and general $14,799 · fundraising $3,814
-
16 · Occupancy
total $51,542 · program services $35,876 · management and general $7,925 · fundraising $7,741
-
17 · Travel
total $83,095 · program services $39,644 · management and general $37,287 · fundraising $6,164
-
24a · Other expenses: PROGRAMS AND EVENTS
total $1,085,405 · program services $1,008,509 · management and general $5,259 · fundraising $71,637
-
24b · Other expenses: OUTSIDE SERVICES
total $927,428 · program services $629,773 · management and general $190,926 · fundraising $106,729
-
24c · Other expenses: DUES AND SUBSCRIPTIONS
total $76,084 · program services $28,925 · management and general $44,576 · fundraising $2,583
-
24d · Other expenses: SUPPLIES
total $65,714 · program services $45,740 · management and general $10,104 · fundraising $9,870
-
24e · All other expenses
total $35,325 · program services $10,667 · management and general $22,356 · fundraising $2,302
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,015,238 · end of year $1,314,405
-
3 · Pledges and grants receivable
beginning of year $1,270,428 · end of year $716,256
-
4 · Accounts receivable
beginning of year $0 · end of year $304,581
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $67,500
-
7 · Other notes and loans receivable
beginning of year $0 · end of year $256,695
-
9 · Prepaid expenses and deferred charges
beginning of year $80,576 · end of year $31,299
-
10a · Land, buildings and equipment: cost or other basis
$1,505,363
-
10b · Land, buildings and equipment: accumulated depreciation
$1,568
-
10c · Land, buildings and equipment, net
beginning of year $0 · end of year $1,503,795
-
15 · Other assets
beginning of year $58,624 · end of year $8,294
-
17 · Accounts payable and accrued expenses
beginning of year $755,234 · end of year $709,942
-
19 · Deferred revenue
beginning of year $0 · end of year $62,503
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $892,062
-
24 · Unsecured notes and loans payable
beginning of year $87,100 · end of year $87,100
-
25 · Other liabilities
beginning of year $731,472 · end of year $4,094
-
27 · Net assets without donor restrictions
beginning of year $504,652 · end of year $1,464,977
-
28 · Net assets with donor restrictions
beginning of year $1,346,408 · end of year $982,147
Mission and programs · 2024
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 $3,839,193 · Grants $447,431 · Revenue $955,299
-
THROUGH ONE OF THEIR WHOLLY-OWNED SUBSIDIARIES, BCI, THE ORGANIZATION MAKES LOANS TO MEMBERS OF THE COMMUNITY THEY SERVE. BCI HAS AN INVESTMENT COMMITTEE THAT REVIEWS THE APPLICATIONS AND DUE DILIGENCE PACKETS OF EACH ENTITY THAT APPLIES FOR A LOAN, AND THAT THE COMMITTEE CONSISTS OF SIX MEMBERS WITH EXTENSIVE EXPERIENCE. IN 2024, THE ORGANIZATION ISSUED SIX LOANS TOTALING $540,412 AND RECORDED INTEREST INCOME FROM THESE LOANS OF $6,895.
Revenue $6,895
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Nicole ObiNICOLE OBI
PRESIDENT AND CEO
- Total calculated
- $319,979
- From this org
- $280,664
- From related orgs
- $0
- Other
- $39,315
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $255,664
- Bonus
- $25,000
- Other
- $0
- Deferred
- $12,004
- Nontaxable benefits
- $27,311
- Filer's total
- $319,979
-
Lamont ClemonsLAMONT CLEMONS
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Chiderah OkoyeCHIDERAH OKOYE
CLERK
- Total calculated
- $0
- Hours/week
- 1
-
Charran FisherCHARRAN FISHER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Dalida RochaDALIDA ROCHA
DIRECTOR (THRU JULY 2024)
- Total calculated
- $0
- Hours/week
- 1
-
Gary EveeGARY EVEE
DIRECTOR (THRU DECEMBER 2024)
- Total calculated
- $0
- Hours/week
- 1
-
Herby DuverneHERBY DUVERNE
BOARD CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Michele Courton BrownMICHELE COURTON BROWN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Keith ChaneyKEITH CHANEY
DIRECTOR (THRU JULY 2024)
- Total calculated
- $0
- Hours/week
- 1
-
Carole MontgomeryCAROLE MONTGOMERY
DIRECTOR (THRU MARCH 2024)
- Total calculated
- $0
- Hours/week
- 1
-
Hilina D AjakaiyeHILINA D AJAKAIYE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Daren BascomeDAREN BASCOME
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Dana MendenhallDANA MENDENHALL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Tom SandsTOM SANDS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Krystal CummingsKRYSTAL CUMMINGS
CHIEF OF PEOPLE AND CULTURE
- Total calculated
- $141,036
- From this org
- $123,005
- From related orgs
- $0
- Other
- $18,031
- Hours/week
- 40
-
Mackenson CharlesMACKENSON CHARLES
CHIEF OF MEMBERSHIP PROGRAMS
- Total calculated
- $133,354
- From this org
- $117,068
- From related orgs
- $0
- Other
- $16,286
- Hours/week
- 40
-
Tracye WhitfieldTRACYE WHITFIELD
DIRECTOR OF CEE PROGRAM
- Total calculated
- $140,930
- From this org
- $135,545
- From related orgs
- $0
- Other
- $5,385
- Hours/week
- 40
-
Xavier AndrewsXAVIER ANDREWS
CHIEF OF COMMUNICATIONS & MARKETING
- Total calculated
- $143,498
- From this org
- $131,534
- From related orgs
- $0
- Other
- $11,964
- Hours/week
- 40
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
- 3 · Form 990 of other organizations
- 3 · Written employment contract
- 3 · Approval by the board or compensation committee
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
-
BUTTERFLY FALAFEL
$20,000
BACK OFFICE SUPPORT SERVICES
-
BAR AND KITCHEN HOSPITALITY INC
$20,000
BACK OFFICE SUPPORT SERVICES
-
LOGWOOD COMPANY LLC S-CORP
$20,000
SUPPLIER DIVERSITY
-
MALCOLM CONTRACTING SERVICES LLC
$17,000
BACK OFFICE SUPPORT SERVICES
-
OBI IBETO - EPINEC
$14,000
ELECTRIC VEHICLE PROGRAMMING
-
BLACKBIZ DEVELOPMENT GROUP LLC
$12,500
SUPPLIER DIVERSITY
-
ROZKI RIDESLLC
$11,300
FUNDRAISING CAMPAIGN WITH LONGFELLOW/PASSTHROUGH GRANT
-
L & M HOSPITALITY GROUP
$10,000
BACK OFFICE SUPPORT SERVICES
-
INTRIGUING HAIR LLC
$10,000
BACK OFFICE SUPPORT SERVICES
-
GOURMET KITCHEN
$10,000
BACK OFFICE SUPPORT SERVICES
The 10 largest by cash amount. The API serves every itemized grant.
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
BECMA COMMUNITY INVESTMENTS LLC
LOANS FUNDS TO BLACK OWNED BUSINESSES · MA · income $376,895 · assets $356,269
Directly controlled by BLACK ECONOMIC COUNCIL OF MASSACHUSETTS INC
-
BECMA INVESTMENT MANAGEMENT LLC
PROVIDE OVERSIGHT AND GUIDANCE TO BCI · MA · income $0 · assets $0
Directly controlled by BLACK ECONOMIC COUNCIL OF MASSACHUSETTS INC
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 5 August 2025
- IRS schema version
- 2024v5.2
- Source object
- 202512199349300636
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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