Suazo Business Center
- Assets
- $1.4m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 19
- Location
- Salt Lake City, UT
- Founding
- 12/2002
- Data as of
- 09/2023
- EIN
- 04-3693364
Organization Overview
Suazo Business Center is located in Salt Lake City, UT. The organization was established in 2002. According to its NTEE Classification (P84) the organization is classified as: Ethnic & Immigrant Centers, under the broad grouping of Human Services and related organizations. As of 09/2023, Suazo Business Center employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Suazo Business 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 09/2023, Suazo Business Center generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.5% each year . All expenses for the organization totaled $1.5m during the year ending 09/2023. While expenses have increased by 18.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE SUAZO BUSINESS CENTER IS A 501 (C)(3) NONPROFIT WHOSE MISSION IS TO FOCUS ON THE ECONOMIC EMPOWERMENT OF THE MINORITY COMMUNITY THROUGH ENTREPRENEURSHIP. WE WORK TO END CYCLES OF POVERTY, ELIMINATE GENERATIONAL WEALTH GAPS, AND BUILD SELF-RELIANCE THROUGH SMALL BUSINESS OWNERSHIP. WE ARE A SMALL BUSINESS AND WORKFORCE DEVELOPMENT EDUCATION RESOURCE COMMITTED TO THE DEVELOPMENT AND EMPOWERMENT OF THE LATINO / HISPANIC, AND OTHER UNDERSERVED, COMMUNITIES. WE SUPPORT EXISTING AND NEW MINORITY ENTREPRENEURS AND SMALL BUSINESS OWNERS IN BECOMING SELF-RELIANT AND BUILDING WEALTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUAZO BUSINESS CENTER IS A BUSINESS RESOURCE COMMITTED TO THE DEVELOPMENT AND EMPOWERMENT OF THE LATINO AND OTHER UNDERSERVED COMMUNITIES. SUAZO BUSINESS CENTER PROVIDES TRAINING, ADVISING, AND RESOURCES TO BREAK CYCLES OF POVERTY, BUILD WEALTH, AND PROMOTE ECONOMIC SELF-RELIANCE. 2023 MARKED OUR 20TH YEAR OF PROVIDING SERVICES TO OUR COMMUNITY AND THAT WAS CELEBRATED WITH A SOIREE EVENT IN SEPTEMBER. THE EVENT WAS A-ENDED BY CLIENTS FROM THE PAST TWO DECADES, MEMBERS OF OUR BOARD OF DIRECTORS, COMMUNITY, FRIENDS, AND FAMILY. THE SUAZO BUSINESS CENTER HAS ALWAYS BEEN A HUB OF CREATIVITY AND COLLABORATION, WHERE IDEAS FLOURISH AND BUSINESSES THRIVE. THIS YEAR, WE WERE ABLE TO OPEN OUR THIRD PHYSICAL LOCATION IN ST. GEORGE, BUILDING ON OUR EXPANSION TO OGDEN IN 2021 AND OUR PRIMARY, ANCHOR LOCATION IN SALT LAKE CITY. IN ADDITION TO OUR ENHANCED GEOGRAPHIC REACH, AN EXPANSION TO OUR ACCESS TO CAPITAL PROGRAM HAS BEEN SUPPORTED BY OUR DESIGNATION AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) BY THE US DEPARTMENT OF THE TREASURY. BEING A CDFI WILL ALLOW US TO FURTHER ASSIST OUR COMMUNITY IN CAPITAL AREAS THEY MAY FACE AS THEY GROW.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Silvia Castro President & | Officer | 40 | $169,917 |
Blaine D Bagley Vice Chairma | OfficerTrustee | 2 | $0 |
R Bruce Bowman Director | Trustee | 1 | $0 |
Cheryle Caplinger Director | Trustee | 1 | $0 |
Pete Codella Director | Trustee | 1 | $0 |
Gladys Gonzalez Emeritus | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $31,110 |
| Related organizations | $0 |
| Government grants | $299,913 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,128,045 |
| Noncash contributions included in lines 1a–1f | $87,070 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,459,068 |
| Total Program Service Revenue | $81,262 |
| Investment income | $17 |
| 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 | $1,540,347 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $8,614 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $148,292 |
| Compensation of current officers, directors, key employees. | $22,244 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $517,794 |
| Pension plan accruals and contributions | $12,149 |
| Other employee benefits | $39,838 |
| Payroll taxes | $54,255 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,755 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $50,450 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $229,237 |
| Advertising and promotion | $49,350 |
| Office expenses | $24,000 |
| Information technology | $46,611 |
| Royalties | $0 |
| Occupancy | $164,848 |
| Travel | $26,352 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,326 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,357 |
| Insurance | $3,617 |
| All other expenses | $0 |
| Total functional expenses | $1,479,831 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $719,813 |
| Savings and temporary cash investments | $68,981 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,866 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $188,522 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $410,580 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,406,762 |
| Accounts payable and accrued expenses | $72,357 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $72,357 |
| Net assets without donor restrictions | $1,321,280 |
| Net assets with donor restrictions | $13,125 |
| 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 | $1,406,762 |