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Nonprofiteer
← AFRICAN AMERICAN CHAMBER OF COMMERCE OF NEW JERSEY INC

Form 990 for tax year 2023

Filed by AFRICAN AMERICAN CHAMBER OF COMMERCE OF NEW JERSEY INC.

Totals

Total revenue
$5,226,123
Total expenses
$4,863,104
Contributions and grants received
$3,978,133
Grants paid
$0
Program service revenue
$950,335
Investment income
$0
Other revenue
$297,655
Total assets, end of year
$3,277,018
Total liabilities, end of year
$1,286,892
Net assets or fund balances, end of year
$1,990,126
Program services expenses (Part IX)
$4,343,634
Management and general expenses
$519,470
Fundraising expenses
$0
Program service expenses (Part III)
$4,343,634

Program services were 89.3% 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

    $1,240,592

  • 1c · Fundraising events

    $0

  • 1e · Government grants (contributions)

    $1,563,192

  • 1f · All other contributions, gifts and grants

    $1,174,349

  • 2a · Program service revenue: Program Revenue

    total $950,335 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11a · Other revenue: Employer Retention Credit

    total $297,655 · related or exempt $297,655 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $297,655

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $329,981 · program services $263,985 · management and general $65,996 · fundraising $0

  • 7 · Other salaries and wages

    total $1,338,195 · program services $1,338,195 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $132,349 · program services $132,349 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $95,135 · program services $95,135 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $148,212 · program services $148,212 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $644,297 · program services $644,297 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $45,400 · program services $0 · management and general $45,400 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $106,131 · program services $0 · management and general $106,131 · fundraising $0

  • 17 · Travel

    total $51,810 · program services $51,810 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $664,961 · program services $531,969 · management and general $132,992 · fundraising $0

  • 20 · Interest

    total $18,750 · program services $0 · management and general $18,750 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $49,864 · program services $49,864 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $16,125 · program services $0 · management and general $16,125 · fundraising $0

  • 24a · Other expenses: Mobile Academy

    total $716,254 · program services $716,254 · management and general $0 · fundraising $0

  • 24b · Other expenses: Community Loan Fund

    total $173,896 · program services $173,896 · management and general $0 · fundraising $0

  • 24c · Other expenses: Govermental Affairs

    total $24,573 · program services $24,573 · management and general $0 · fundraising $0

  • 24d · Other expenses: Bonding

    total $86,649 · program services $86,649 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $220,522 · program services $86,446 · management and general $134,076 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,363,728 · end of year $1,550,895

  • 2 · Savings and temporary cash investments

    end of year $750,000

  • 4 · Accounts receivable

    beginning of year $78,141 · end of year $513,642

  • 9 · Prepaid expenses and deferred charges

    beginning of year $79,540 · end of year $134,800

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

    $548,347

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

    $220,666

  • 10c · Land, buildings and equipment, net

    beginning of year $339,840 · end of year $327,681

  • 17 · Accounts payable and accrued expenses

    beginning of year $141,396 · end of year $263,624

  • 18 · Grants payable

    beginning of year $293,387 · end of year $255,357

  • 19 · Deferred revenue

    beginning of year $300,000 · end of year $30,000

  • 23 · Secured mortgages and notes payable

    beginning of year $499,359 · end of year $487,911

  • 24 · Unsecured notes and loans payable

    end of year $250,000

  • 27 · Net assets without donor restrictions

    beginning of year $1,627,107 · end of year $1,990,126

Mission and programs · 2023

Mission

African-American Chamber of Commerce of New Jersey(AACCNJ is dedicated to economically empowering and sustaining African-American communities through entrepreneurship and capitalistic activities within the State of New Jersey and interaction with the National Black Chamber of Commerce, Inc (NBCC)

  • The AACCNJ Training & Development Insitute: The AACCNJ Instutite offers workshops, mentoring , coaching and technical assistance through its Mobile Academy at churches, communuity centers, schools and other venue throughpout New Jersey with particular focus on inititives that elevateBlacks and black-ownwd businesses in in the construction, travels, tourism, clean ebergy and other burgoening indiustries.

    Expenses $862,271

  • Received grant for upskilling through a work force innovation and Opportunity Act set Aside provided by US Department of Labor.

    Expenses $438,041

  • Received grant from NJ Community Loan Fund to explore the possibility of establshing a micro lending institition to serve minority owned business

    Expenses $227,303

  • Conducted various events to provide educational, networking and procurement opportunities for Black minority owned businesses throughout the State of of New Jersey.

    Expenses $2,816,019

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • John E Harmon

    President/Chief Executive Officer

    Total calculated
    $329,981
    From this org
    $329,981
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $329,981
    Bonus
    $0
    Other
    $0
    Deferred
    $132,350
    Nontaxable benefits
    $0
    Filer's total
    $462,331

  • R Stanley Prater

    Chairman

    Total calculated
    $0
    Hours/week
    4

  • Erik Larsen

    Director/ AACCNJ Foundation Board

    Total calculated
    $0
    Hours/week
    2

  • Marcus Dyer Esq

    Director/Treasurer

    Total calculated
    $0
    Hours/week
    5

  • Robert Warrington Esq

    Vice Chairman

    Total calculated
    $0
    Hours/week
    5

  • Rachael Ankrah -Fosu

    Director

    Total calculated
    $0
    Hours/week
    2

  • Faye Coleman

    Director

    Total calculated
    $0
    Hours/week
    2

  • Robert L Johnson

    Director

    Total calculated
    $0
    Hours/week
    2

  • Hosea Johnson

    Director/Emeritus Board Member

    Total calculated
    $0
    Hours/week
    2

  • Raymond K Jones

    Director

    Total calculated
    $0
    Hours/week
    2

  • Kim Lemon

    Director

    Total calculated
    $0
    Hours/week
    2

  • Gary Mann

    Director

    Total calculated
    $0
    Hours/week
    2

  • Funke Olayinka MD

    Director

    Total calculated
    $0
    Hours/week
    2

  • Alton Shaw

    Director

    Total calculated
    $0
    Hours/week
    2

  • Tammeisha D Smith

    Director

    Total calculated
    $0

  • Will Smith

    Director

    Total calculated
    $0

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

Itemized on Schedule J with no Part VII listing of the same name on this return:

  • Philip Woolfolk

    Schedule J breakdown

    Base
    $124,363
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $124,363

  • Jacqueline E Baptiste

    Schedule J breakdown

    Base
    $135,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $135,000

  • Gene L Bouie

    Schedule J breakdown

    Base
    $127,577
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $127,577

  • Vivian D Harmon

    Schedule J breakdown

    Base
    $125,010
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $125,010

  • Ferlanda F Nixon

    Schedule J breakdown

    Base
    $152,106
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $152,106

Answered yes

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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

The filer's explanations (Part III)

Pt I Line 7
The Organization paid $16,000 to Main Street LLC for professional services rendered. The Organiaztion is owned by Mr Philip Woolfolk who sits on the Board. He was the Treasurer in December 2020.

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
14 May 2024
IRS schema version
2023v5.1
Source object
202423209349325562

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