Phi Beta Sigma Fraternity Inc
- Assets
- $11.0m
- Revenue
- $7.7m
- Investments
- $5.6m
- Employees
- 11
- Location
- Washington, DC
- Founding
- 01/1974
- Data as of
- 12/2023
- EIN
- 11-1709989
Organization Overview
Phi Beta Sigma Fraternity Inc is located in Washington, DC. The organization was established in 1974. According to its NTEE Classification (B83) the organization is classified as: Student Sororities & Fraternities, under the broad grouping of Education and related organizations. As of 12/2023, Phi Beta Sigma Fraternity Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Phi Beta Sigma Fraternity Inc is a 501(c)(10) and as such, is described as a "Domestic Fraternal Society and/or Association" by the IRS.
For the year ending 12/2023, Phi Beta Sigma Fraternity Inc generated $7.7m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 11.6% each year . All expenses for the organization totaled $6.1m during the year ending 12/2023. While expenses have increased by 7.5% per year over the past 9 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.
Since 2014, Phi Beta Sigma Fraternity Inc has awarded 35 individual grants totaling $983,944. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
EXEMPLIFY THE IDEALS OF BROTHERHOOD, SCHOLARSHIP AND SERVICE TO THE GENERAL COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONGRESSIONAL BLACK CAUCUS:FORUM DISCUSSION "REAL TALK" ON VARIOUS SUBJECT MATTERS PERTAINING TO THE STATE OF THE AFRICAN AMERICAN MALE.
SIGMA WEEK ON CAPITOL HILL:APPROXIMATELY 20-25 MEMBERS OF THE FRATERNITY MEET WITH MEMBERS OF CONGRESS (20-25 CONGRESSIONAL LEADERS)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William J Frasier Jr International Treasurer | OfficerTrustee | 20 | $0 |
Chris V Rey JD International President | OfficerTrustee | 15 | $0 |
David Turner International 1st Vice President | OfficerTrustee | 5 | $0 |
Max Mcdaniel 2nd Vice President | OfficerTrustee | 5 | $0 |
Michael E Cristal Immediate Past President | OfficerTrustee | 5 | $0 |
Kennedy Barnes Legal Counsel | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Award Concepts Inc Membership Supplies | 12/30/23 | $326,393 |
Houston Marriott Marquis Conclave Hotel | 12/30/23 | $672,481 |
Houston Inspired Catering Levy Food Se Food Service / Catering | 12/30/23 | $617,756 |
Holmes Murphy Corp Insurance | 12/30/23 | $572,545 |
All Show Plus Audio Visual & Photography Services | 12/30/23 | $408,723 |
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 | $7,129,516 |
| Investment income | $38,021 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $188,378 |
| Net Rental Income | -$100,680 |
| 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 | $301,342 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,721,840 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $150,000 |
| Grants and other assistance to domestic individuals. | $122,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $158,208 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $592,820 |
| Pension plan accruals and contributions | $8,795 |
| Other employee benefits | $134,016 |
| Payroll taxes | $61,367 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,000 |
| Fees for services: Accounting | $43,287 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $102,461 |
| Advertising and promotion | $0 |
| Office expenses | $298,422 |
| Information technology | $202,188 |
| Royalties | $0 |
| Occupancy | $31,056 |
| Travel | $286,279 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $156,999 |
| Interest | $981 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,017 |
| Insurance | $572,545 |
| All other expenses | $95,374 |
| Total functional expenses | $6,132,782 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,123,997 |
| Savings and temporary cash investments | $886,298 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $101,536 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $77,867 |
| Prepaid expenses and deferred charges | $89,463 |
| Net Land, buildings, and equipment | $1,089,262 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,615,425 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,983,848 |
| Accounts payable and accrued expenses | $553,045 |
| Grants payable | $0 |
| Deferred revenue | $3,237,294 |
| 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 | $184,570 |
| Total liabilities | $3,974,909 |
| Net assets without donor restrictions | $7,008,939 |
| 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 | $10,983,848 |
Grants Awarded
Over the last fiscal year, Phi Beta Sigma Fraternity Inc has awarded $150,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
THE ROCK TEEN YOUR FOUNDATION PURPOSE: STOMP WARS SPONSORSHIP | $25,000 |
ONE FOUNDATION INC PURPOSE: CHARITABLE DONATION | $10,000 |
THURGOOD MARSHALL COLLEGE FUND PURPOSE: DONATION TO COMMUNITY SERVICE PARTNER MADE DURING HOUSTON CONCLAVE | $25,000 |
UNITED NEGRO COLLEGE FUND PURPOSE: 2023 79TH ANNIVERSARY A MIND IS NATIONAL GALA-LEVEL | $25,000 |
ST JUDE CHILDRENS RESEARCH HOSPITAL PURPOSE: CHARITABLE DONATION | $25,000 |
ALPHA PHI ALPHI FRATERNITY INC PURPOSE: CHARITABLE CONTRIBUTIONS MADE BY THE PRESIDENT DURING THE ALPHA PHI ALPHA NATIONAL CONVENTION | $15,000 |