Spanish American Merchants Association
- Assets
- $423.6k
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 8
- Location
- Hartford, CT
- Founding
- 11/1994
- Data as of
- 12/2022
- EIN
- 06-1390672
Organization Overview
Spanish American Merchants Association is located in Hartford, CT. The organization was established in 1994. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Spanish American Merchants Association employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Spanish American Merchants Association 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 12/2022, Spanish American Merchants Association generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.3%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (7.7%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SAMA IS A NON-PROFIT ORGANIZATION INCORPORATED IN THE STATE OF CONNECTICUT TO SERVE AS A VEHICLE FOR THE ECONOMIC GROWTH OF BUSINESSES. SAMA WAS CREATED TO ASSIST BUSINESS PEOPLE, IN PARTICULAR, LATINOS, TO ACQUIRE A BETTER UNDERSTANDING OF BUSINESS PRINCIPALS. TECHNICAL ASSISTANCE IS PROVIDED TO PROMOTE BUSINESS EXPANSION, JOB CREATION AND NEW ENTEPRENEURSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TECHNICAL ASSISTANCE PROGRAM WAS DESIGNED TO ASSIST THE SMALL BUSINESS OWNERS AND ENTREPRENEURS IN A VARIETY OF AREAS FROM FILLING OUT AN APPLICATION TO PREPARING A PROFESSIONAL BUSINESS PLAN. MANY OF THE SMALL BUSINESS OWNERS DO NOT HAVE THE KNOWLEDGE OF CITY, STATE AND FEDERAL GUIDELINES FOR BUSINESS OWNERSHIP. THROUGH THE TECHNICAL ASSISTANCE PROGRAM, THEY ARE ABLE TO UNDERSTAND AND APPLY THOSE PRINCIPALS. THE ORGANIZATION ALSO PROVIDES COMPUTER TRAINING TO ENHANCE THE KNOWLEDGE OF ITS MERCHANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julio Mendoza Executive Di | Officer | 40 | $187,986 |
Carlos Alvarez Director | Trustee | $0 | |
Bobby Clark Secretary | OfficerTrustee | $0 | |
Ramon Flores Trustee/dire | Trustee | $0 | |
Stanley Gutt Director | Trustee | $0 | |
Francisco Lantigua Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $245 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $666,319 |
| All other contributions, gifts, grants, and similar amounts not included above | $529,616 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,196,180 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$10,272 |
| 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 | $1,185,908 |
| 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. | $187,986 |
| Compensation of current officers, directors, key employees. | $62,035 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $605,862 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $148,565 |
| Payroll taxes | $58,338 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $20,054 |
| Office expenses | $167 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $42,588 |
| Travel | $665 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $28,362 |
| All other expenses | $13,546 |
| Total functional expenses | $1,194,162 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $125,905 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $294,438 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,300 |
| Total assets | $423,643 |
| Accounts payable and accrued expenses | $96,947 |
| 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 | $208,324 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,634 |
| Total liabilities | $308,905 |
| Net assets without donor restrictions | $114,738 |
| 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 | $423,643 |