Alabama Asset Building Coalition
- Assets
- $220.6k
- Revenue
- $176.4k
- Investments
- $0.0
- Employees
- 1
- Location
- Birmingham, AL
- Founding
- 10/2009
- Data as of
- 12/2021
- 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. 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 12/2021, Alabama Asset Building Coalition generated $176.4k 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 (12.6%) each year. All expenses for the organization totaled $154.9k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (10.7%) 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
2021
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 VOLUNTEER INCOME TAX ASSISTANCE (VITA) GRANT PROGRAM IS AN IRS INITIATIVE DESIGNED TO SUPPORT FREE TAX PREPARATION SERVICES FOR LOW AND MODERATE INCOME INDIVIDUALS AND FAMILITIES, PERSONS WITH DISABILITIES, AND THE EDERLY AND THOSE LIMITED IN THE ENGLISH LANGUAGE.
THE ASSET BUILDING PROGRAM ASSISTS THE UNDERSERVED RESIDENTS OF AL IN BUILDING ASSETS AND FINANCIAL STABILITY. AABC IS PARTNEING WITH OTHER NON PROFIT AGENCIES TO DEVELOP A VARIETY OF HELP PROGRAMS FOR INDIVIDUALS, FAMILIES AND CHILDREN NEEDING FINANCIAL GUIDANCE AND METHODOLOGY FOR HIGHER EDUCATION COSTS, AS WELL AS WORKING WITH VARIOUS LENDERS THAT WOULD SUPPORT SUCH PROGRAMS.
AABC IS ALSO PARTNERING WITH THE FDIC TO PROMOTE A FINANCILAS EDUCATION PROGRAM AND HELPING TO CONDUCT TRINING AND TRAIN THE TRAINER TYPE PROGRAMS TO AGAIN ASSIST THOSE LESS FORTUNATE ATTAIN MORE FINANCIAL STABILITY AND THE RELATED EDUCATION TO IMPROVE EACH COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Walker Executive Director | Officer | 40 | $75,600 |
Lashon Menefee Executive Director | OfficerTrustee | 30 | $0 |
Warren Robinson | OfficerTrustee | 40 | $0 |
Rev John K Whitfield Vice Chair Economic Dev Specialis | OfficerTrustee | 40 | $0 |
Ashley L Mabry Treasurer | OfficerTrustee | 40 | $0 |
Johanna M Alvarez Secretary | OfficerTrustee | 25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $96,776 |
| All other contributions, gifts, grants, and similar amounts not included above | $79,646 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $176,422 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $176,422 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $38,591 |
| 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. | $75,600 |
| 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 | $5,884 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,283 |
| Information technology | $360 |
| Royalties | $0 |
| Occupancy | $8,600 |
| Travel | $2,634 |
| 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 | $1,994 |
| Insurance | $1,953 |
| All other expenses | $534 |
| Total functional expenses | $154,880 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $217,579 |
| 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 | $3,010 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $220,589 |
| 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 | $210,589 |
| 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 | $220,589 |
Grants Awarded
Over the last fiscal year, Alabama Asset Building Coalition has awarded $20,500 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
LIFE INC PURPOSE: To carry out the VITA program. | $8,000 |
Daphne, AL PURPOSE: To carry out the VITA program. | $7,250 |
Mobile, AL PURPOSE: To carry out the VITA program. | $5,250 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Alabama Asset Building Coalition has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
Prosperity Now Washington, DC PURPOSE: TO PROMOTE THE ORGANIZATION'S MISSION & EXPAND ITS REACH TO THE UNDERSERVED POPULATION | $15,000 |
Endowment Analysis
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