Martin Luther King Jr Business Empowerment Center
- Assets
- $924.9k
- Revenue
- $224.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Worcester, MA
- Founding
- 02/2009
- Data as of
- 06/2021
- EIN
- 04-3221277
Organization Overview
Martin Luther King Jr Business Empowerment Center is located in Worcester, MA. The organization was established in 2009. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Martin Luther King Jr Business Empowerment Center is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Martin Luther King Jr Business Empowerment Center generated $224.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.4%) each year. All expenses for the organization totaled $214.1k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (5.9%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER THE ADVANCEMENT OF A DIVERSE WORCESTER AREA BUSINESS COMMUNITY.
Describe the Organization's Program Activity:
THE BUSINESS INFORMATION CENTER (CAREER SKILLS TRAINING) PROVIDES ASSISTANCE TO EXISTING BUSINESSES AND START-UP BUSINESSES THROUGH COUNSELING, WORKSHOPS, A REFERENCE LIBRARY, AND OTHER RELATED RESOURCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James T Cuddy Executive Director | Officer | 1 | $0 |
Michael Hutnak CFO | Officer | 1 | $0 |
Lawrence Scult President/director | Trustee | 1 | $0 |
Ruth Hibbard Treasurer/director | Trustee | 1 | $0 |
Pamula Zicko Director | Trustee | 1 | $0 |
Jeffrey Fishman Vice President/director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $224,587 |
| Investment income | $31 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $224,618 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $22,042 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,406 |
| Payroll taxes | $2,709 |
| Fees for services: Management | $6,125 |
| Fees for services: Legal | $13,524 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $315 |
| Office expenses | $2,479 |
| Information technology | $1,609 |
| Royalties | $0 |
| Occupancy | $98,161 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $802 |
| Interest | $38,207 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,041 |
| Insurance | $1,220 |
| All other expenses | $0 |
| Total functional expenses | $214,097 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,057 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $70,862 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $849,932 |
| Total assets | $924,851 |
| Accounts payable and accrued expenses | $51,721 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,435,394 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,487,115 |
| Net assets without donor restrictions | -$562,264 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $924,851 |
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