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Form 990 for tax year 2023

Filed by BGV FOUNDATION.

What the amendment changed

Compared with the return it replaced , filed 10 December 2024. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Both are the same on the two returns, so the amendment changed something else.

Totals

Total revenue
$5,599,245
Total expenses
$3,575,005
Contributions and grants received
$5,475,823
Grants paid
$839,406
Program service revenue
$62,107
Investment income
$7,431
Other revenue
$53,884
Total assets, end of year
$4,931,135
Total liabilities, end of year
$112,180
Net assets or fund balances, end of year
$4,818,955
Program services expenses (Part IX)
$2,349,181
Management and general expenses
$1,144,651
Fundraising expenses
$81,173
Program service expenses (Part III)
$2,349,181

Program services were 65.7% 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

    $5,475,823

  • 1g · Noncash contributions included above

    $80,280

  • 2a · Program service revenue: PITCH COMPETITIONS

    total $62,107 · related or exempt $62,107

  • 3 · Investment income

    total $7,431 · excluded $7,431

  • 11a · Other revenue: OTHER REVENUE

    total $53,884 · related or exempt $53,884

  • 11e · Other revenue, total

    $53,884

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $839,406 · program services $839,406

  • 5 · Compensation of officers, directors and key employees

    total $208,121 · program services $208,121

  • 7 · Other salaries and wages

    total $1,215,057 · program services $859,263 · management and general $355,794

  • 9 · Other employee benefits

    total $16,022 · program services $12,016 · management and general $4,006

  • 10 · Payroll taxes

    total $98,987 · program services $74,240 · management and general $24,747

  • 11b · Fees: legal

    total $2,000 · management and general $2,000

  • 11c · Fees: accounting

    total $15,000 · management and general $15,000

  • 11g · Fees: other

    total $584,803 · program services $179,601 · management and general $353,062 · fundraising $52,140

  • 12 · Advertising and promotion

    total $82,186 · program services $20,708 · management and general $32,445 · fundraising $29,033

  • 13 · Office expenses

    total $27,488 · program services $9,471 · management and general $18,017

  • 14 · Information technology

    total $59,930 · program services $18,105 · management and general $41,825

  • 17 · Travel

    total $145,298 · program services $68,561 · management and general $76,737

  • 22 · Depreciation, depletion and amortization

    total $43,193 · management and general $43,193

  • 23 · Insurance

    total $8,898 · management and general $8,898

  • 24a · Other expenses: DUES & SUBSCRIPTIONS

    total $115,610 · management and general $115,610

  • 24b · Other expenses: MEALS AND ENTERTAINMENT

    total $63,215 · program services $32,453 · management and general $30,762

  • 24c · Other expenses: EVENT EXPENSES

    total $23,736 · program services $23,736

  • 24d · Other expenses: TRAINING AND DEVELOPMEN

    total $12,514 · management and general $12,514

  • 24e · All other expenses

    total $13,541 · program services $3,500 · management and general $10,041

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,553,270 · end of year $2,687,258

  • 4 · Accounts receivable

    beginning of year $29,000 · end of year $2,243,877

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

    $43,193

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

    $43,193

  • 10c · Land, buildings and equipment, net

    beginning of year $35,179 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $177,000 · end of year $112,180

  • 27 · Net assets without donor restrictions

    beginning of year $2,440,449 · end of year $2,075,078

  • 28 · Net assets with donor restrictions

    end of year $2,743,877

Mission and programs · 2023

Mission

THE MISSION IS TO CREATE ACCESS TO CAPITAL, CAPACITY BUILDING AND EDUCATION FOR UNDER RESOURCED ENTREPRENEURS.

  • TO PROVIDE UNDER RESOURCED ENTREPRENEURS WITH ACCESS TO COMMUNITY, EDUCATION AND LEADERSHIP DEVELOPMENT IN ORDER TO MEET BUSINESS MILESTONES THAT LEAD TO ECONOMIC SUCCESS THROUGH ENTREPRENEURSHIP. BGV PROGRAMS, NEXTGEN AND ELF, HAVE CONTINUED TO REACH THE TARGETED GOAL OF 250 APPLICATIONS PER PROGRAM, PER COHORT. A TOTAL OF 45 FOUNDERS WERE SELECTED TO PARTICIPATE, 25 VISIONARIES (STUDENTS) AND 20 ELF. COHORT 2 OF EACH PROGRAM CONCLUDED IN THE 4TH QUARTER OF 2023. THE FALL PITCH COMPETITION WAS HELD IN 3 CITIES, LOS ANGELES, CALIFORNIA,10/16/23, AUSTIN, TEXAS, 11/02/23 AND NEW YORK, 12/07/23. A TOTAL OF 23 FOUNDERS WERE FUNDED.

    Expenses $2,349,181 · Grants $839,406 · Revenue $115,991

As filed on the 2023 return.

Listed in Part VII

  • WILLIE WILLIAMS

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • ALEX NECKLES

    OFFICER

    Total calculated
    $0
    Hours/week
    1

  • NIKISHA CARPENTER

    OFFICER

    Total calculated
    $0
    Hours/week
    1

  • CHRISTINA CLARK

    OFFICER

    Total calculated
    $0
    Hours/week
    1

  • KRISTINA FRANCIS

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • OMI BELL

    CEO

    Total calculated
    $211,450
    From this org
    $208,121
    From related orgs
    $0
    Other
    $3,329
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,121
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $3,329
    Filer's total
    $211,450

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

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
20 December 2024
IRS schema version
2023v5.1
Source object
202433589349300303

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