Alabama Asset Building Coalition
- Assets
- $213.0k
- Revenue
- $156.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Birmingham, AL
- Founding
- 10/2009
- Data as of
- 12/2022
- EIN
- 27-0193257
Organization Overview
Alabama Asset Building Coalition is located in Birmingham, AL. The organization was established in 2009. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 12/2022, Alabama Asset Building Coalition employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Alabama Asset Building Coalition 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, Alabama Asset Building Coalition generated $156.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (12.4%) each year. All expenses for the organization totaled $164.4k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (8.7%) per year over the past 8 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
THE MISSION OF THE ALABAMA ASSET BUILDING COALITION IS TO PROMOTE FINANCIAL STABILITY AND SELF- SUFFICIENCY FOR LOW WEALTH INDIVIDUALS AND FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MISSION OF THE ALABAMA ASSET BUILDING COALITION IS TO PROMOTE FINANCIAL STABILITY AND SELF-SUFFICIENCY FOR LOW WEALTH INDIVIDUALS AND FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Johanna M Alvarez Secretary | OfficerTrustee | 25 | $0 |
Lashon Menefee Executive Director | OfficerTrustee | 30 | $0 |
Don Burback Community Development | Trustee | 40 | $0 |
Dr Gena Gunn Mcclendon | Trustee | 12 | $0 |
Melodi Coney Morrissette Svp | Trustee | 30 | $0 |
Danny Patterson Director | OfficerTrustee | 30 | $10,417 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $101,721 |
| All other contributions, gifts, grants, and similar amounts not included above | $55,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $156,721 |
| Total Program Service Revenue | $0 |
| Investment income | $2 |
| 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 | $156,723 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $47,891 |
| 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. | $86,016 |
| Compensation of current officers, directors, key employees. | $37,800 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,576 |
| Fees for services: Management | $2,674 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,238 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $51 |
| Advertising and promotion | $0 |
| Office expenses | $919 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,200 |
| Travel | $282 |
| 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 | $1,581 |
| Insurance | $1,928 |
| All other expenses | $0 |
| Total functional expenses | $164,356 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $211,527 |
| 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 | $1,429 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $212,956 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $202,956 |
| Net assets with donor restrictions | $10,000 |
| 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 | $212,956 |
Grants Awarded
Over the last fiscal year, Alabama Asset Building Coalition has awarded $20,500 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
COMMUNITY ACTION AGENCY OF SOUTH ALABAMA PURPOSE: To carry out the VITA program. | $7,250 |
MOBILE COMMUNITY ACTION INC PURPOSE: To carry out the VITA program. | $5,250 |
LIFE INC PURPOSE: To carry out the VITA program. | $8,000 |