Harlem Business Alliance Inc
- Assets
- $757.2k
- Revenue
- $653.7k
- Investments
- $0.0
- Employees
- 10
- Location
- New York, NY
- Founding
- 01/1992
- Data as of
- 12/2022
- EIN
- 13-3591350
Organization Overview
Harlem Business Alliance Inc is located in New York, NY. The organization was established in 1992. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Harlem Business Alliance Inc employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Harlem Business Alliance Inc 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, Harlem Business Alliance Inc generated $653.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $630.0k during the year ending 12/2022. While expenses have increased by 1.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
HBA AIMS TO FACILITATE THE CREATION, SUSTAINABILITY AND GROWTH OF NYC BUSINESSES, PARTICULARLY FOCUSING ON BLACK-OWNED BUSINESSES BY PROVIDING INTENSIVE, CULTURALLY COMPETENT TECHNICAL ASSISTANCE, INNOVATIVE BUSINESS EDUCATION WORKSHOPS, AND A BUSINESS SUPPORT CENTER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TDX/MTA - IN CONJUNCTION WITH TDX CONSTRUCTION CORPORATION AND THE NYC METROPOLITAN TRANSPORTATION AUTHORITY(MTA) SMALL BUSINESS DEVELOPMENT PROGRAM (SBDP), HBA ADDRESSES THE NEEDS AND LONG-TERM SUSTAINABILITY OF SMALL GROWTH POTENTIAL ENTREPRENEURS BY PROVIDING BUSINESS MANAGEMENT SUPPORT, USING A TRAINING WHILE DOING APPROACH, TO MINORITY AND WOMEN OWNED FIRMS THAT HAVE A VISION TO SUCCEED, THE AMBITION TO TRY, AND THE NEED FOR HANDS ON ASSISTANCE. HBA ASSISTED OVER 50 BUSINESSES THAT HAVE SINCE BEEN AWARDED CONTRACTS.
FINANCIAL LITERACY - NYC DEPARTMENT OF SMALL BUSINESS SERVICES: HBAS ONE-ON-ONE TECHNICAL ASSISTANCE BUILDS ON ITS WORKSHOPS AND INCLUDES, BUT IS NOT LIMITED TO, HELPING ENTREPRENEURS WITH STRATEGIC AND FINANCIAL PLANNING, UTILIZING TECHNOLOGY, BRANDING AND SOCIAL MEDIA. HBA PRESENTED/CO-HOSTED 40 VIRTUAL WORKSHOPS, AND SPENT 300 HOURS ON 49 CLIENTS (AN AVERAGE OF 6 HRS PER CLIENT). INDIVIDUAL CONSULTATIONS WERE CONDUCTED, OFTENTIMES 6 DAYS A WEEK.
CERTIFIED DEVELOPMENT FINANCIAL INSTITUTION (CDFI)- THE CDFI FUNDS PROGRAM PURPOSE IS TO PROMOTE ECONOMIC REVITALIZATION AND COMMUNITY DEVELOPMENT THROUGH INVESTMENT IN AND ASSISTANCE TO CDFIS. THE AWARD WAS TO BUILD THE CAPACITY OF FOR-PROFIT AND NON-PROFIT COMMUNITY BASED LENDING ORGANIZATIONS TO SERVE RURAL AND URBAN LOW INCOME PEOPLE AND COMMUNITIES ACROSS THE NATION THAT LACK ADEQUATE ACCESS TO AFFORDABLE FINANCIAL PRODUCTS AND SERVICES . HBA WAS AWARDED AN OPPORTUNITY TO EXPAND OUR SERVICES AND OFFERINGS TO PREPARE FOR CDFI CERTIFICATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Regina Smith Executive Director | Officer | 35 | $91,100 |
Monique Hector Executive Director | Officer | 35 | $29,528 |
Jason Benta Chair Finance Committee | Trustee | 1 | $0 |
Kenneth Woods Chair Membership Committee | Trustee | 1 | $0 |
Ramona Grey-Harris Member | Trustee | 1 | $0 |
George H Weldon Jr 2nd Vice Chair Nominating Com | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $5,000 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $231,154 |
| All other contributions, gifts, grants, and similar amounts not included above | $414,469 |
| Noncash contributions included in lines 1a–1f | $36,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $650,623 |
| Total Program Service Revenue | $2,626 |
| Investment income | $424 |
| 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 | $653,673 |
| 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. | $120,628 |
| Compensation of current officers, directors, key employees. | $20,231 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $141,893 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,917 |
| Payroll taxes | $22,562 |
| Fees for services: Management | $169,156 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $38,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,699 |
| Advertising and promotion | $1,250 |
| Office expenses | $9,806 |
| Information technology | $5,499 |
| Royalties | $0 |
| Occupancy | $96,000 |
| Travel | $0 |
| 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 | $3,606 |
| All other expenses | $0 |
| Total functional expenses | $629,972 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $578,839 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $171,669 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,050 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,663 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $757,221 |
| Accounts payable and accrued expenses | $44,244 |
| 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 | $249,900 |
| Other liabilities | $0 |
| Total liabilities | $294,144 |
| Net assets without donor restrictions | $463,077 |
| 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 | $757,221 |