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Nonprofiteer
← BLACK AMBITION OPPORTUNITY INC

Form 990 for tax year 2024

Filed by BLACK AMBITION OPPORTUNITY INC.

Totals

Total revenue
$6,100,508
Total expenses
$7,286,351
Contributions and grants received
$6,086,828
Grants paid
$1,751,500
Program service revenue
$12,826
Investment income
$854
Other revenue
$0
Total assets, end of year
$10,535,844
Total liabilities, end of year
$2,832,507
Net assets or fund balances, end of year
$7,703,337
Program services expenses (Part IX)
$6,229,303
Management and general expenses
$900,358
Fundraising expenses
$156,690
Program service expenses (Part III)
$6,229,303

Program services were 85.5% 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

    $6,086,828

  • 2a · Program service revenue: Other Program Income

    total $12,826 · related or exempt $12,826

  • 3 · Investment income

    total $854 · excluded $854

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $1,751,500 · program services $1,751,500

  • 5 · Compensation of officers, directors and key employees

    total $436,430 · program services $196,394 · management and general $196,394 · fundraising $43,642

  • 7 · Other salaries and wages

    total $439,596 · program services $290,034 · management and general $128,023 · fundraising $21,539

  • 9 · Other employee benefits

    total $39,055 · program services $23,667 · management and general $12,963 · fundraising $2,425

  • 10 · Payroll taxes

    total $53,765 · program services $27,664 · management and general $22,434 · fundraising $3,667

  • 11b · Fees: legal

    total $89,138 · program services $15,300 · management and general $13,838 · fundraising $60,000

  • 11c · Fees: accounting

    total $89,755 · management and general $89,755

  • 11g · Fees: other

    total $926,268 · program services $803,457 · management and general $121,766 · fundraising $1,045

  • 12 · Advertising and promotion

    total $209,404 · program services $136,259 · management and general $60,342 · fundraising $12,803

  • 13 · Office expenses

    total $34,798 · management and general $34,798

  • 14 · Information technology

    total $92,568 · program services $15,762 · management and general $70,945 · fundraising $5,861

  • 16 · Occupancy

    total $230,074 · program services $180,723 · management and general $49,351

  • 17 · Travel

    total $534,652 · program services $510,003 · management and general $18,941 · fundraising $5,708

  • 19 · Conferences, conventions and meetings

    total $171,360 · program services $170,370 · management and general $990

  • 23 · Insurance

    total $26,851 · management and general $26,851

  • 24a · Other expenses: SAFE Agreement Allowanc

    total $1,066,900 · program services $1,066,900

  • 24b · Other expenses: Program & Training Even

    total $1,041,097 · program services $1,041,097

  • 24c · Other expenses: Professional Developmen

    total $50,140 · management and general $50,140

  • 24d · Other expenses: Telephone

    total $2,408 · management and general $2,408

  • 24e · All other expenses

    total $592 · program services $173 · management and general $419

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,693,057 · end of year $6,872,940

  • 3 · Pledges and grants receivable

    beginning of year $1,500,000 · end of year $2,000,000

  • 12 · Investments: other securities

    end of year $514,743

  • 15 · Other assets

    beginning of year $2,062,199 · end of year $1,148,161

  • 17 · Accounts payable and accrued expenses

    beginning of year $134,899 · end of year $262,507

  • 25 · Other liabilities

    beginning of year $3,240,000 · end of year $2,570,000

  • 27 · Net assets without donor restrictions

    beginning of year $4,160,940 · end of year $2,983,920

  • 28 · Net assets with donor restrictions

    beginning of year $4,719,417 · end of year $4,719,417

Mission and programs · 2024

Mission

Provide increased economic opportunities to underrepresented entrepreneurs to bridge wealth and opportunity gaps through entrepreneurship by increasing both the pipeline of diverse entrepreneurs as well as the number of historically excluded entrepreneurs who succeed at raising necessary startup capital.

  • Black Ambition provides a platform for underrepresented founders to access capital, coaching, community and bespoke training content through a national prize competition. Eligible applicants consist of teams of underrepresented startup founders, who have raised no more than $1 million in dilutive funding, scaling early-stage ventures across technology, AI, media and entertainment, healthcare and consumer products and services. Black Ambition believes entrepreneurs historically left out of traditional investment funnels are building the companies of tomorrow.

    Expenses $6,229,303 · Grants $1,751,500 · Revenue $12,826

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

Listed in Part VII

  • Pharrell Williams

    Director & Chair

    Total calculated
    $0
    Hours/week
    1

  • Erik Moore

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Ron Laffitte

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Felicia Hatcher

    CEO

    Total calculated
    $436,430
    From this org
    $418,771
    From related orgs
    $0
    Other
    $17,659
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $418,771
    Bonus
    $0
    Other
    $0
    Deferred
    $7,961
    Nontaxable benefits
    $9,698
    Filer's total
    $436,430

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 · Independent compensation consultant

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
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202503219349323640

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