Bowie Business Innovation Center Inc
- Assets
- $3.3m
- Revenue
- $473.0k
- Investments
- $0.0
- Employees
- 7
- Location
- Bowie, MD
- Founding
- 01/2012
- Data as of
- 12/2023
- EIN
- 27-1352516
Organization Overview
Bowie Business Innovation Center Inc is located in Bowie, MD. The organization was established in 2012. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2023, Bowie Business Innovation Center Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bowie Business Innovation Center 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 12/2023, Bowie Business Innovation Center Inc generated $473.0k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $504.8k during the year ending 12/2023. While expenses have increased by 11.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
A KEY EDUCATIONAL RESOURCE AND DRIVER OF ENTREPRENEURSHIP IN BOWIE AND PRINCE GEORGES COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE BOWIE BUSINESS INNOVATION CENTER (BOWIE BIC) IS A BUSINESS ACCELERATOR PROGRAM WHERE TECHNOLOGY COMPANIES AND GOVERNMENT CONTRACTORS IN THE CITY OF BOWIE AND PRINCE GEORGES COUNTY ACCESS MENTORING, TECHNICAL ASSISTANCE, COUNSELING AND CONNECTIONS TO PARTNERSS AND CAPITAL TO ACCELERATE THEIR BUSINESS GROWTH. HEADQUARTERED AT THE CENTER FOR BUSINESS AT BOWIE STATE UNIVERSITY, BOWIE BIC IS THE ONLY BUSINESS ACCELERATOR IN MARYLAND LOCATED AT A HISTORICALLY BLACK COLLEGE (HBCU) IN 2023, BOWIE BICS 107 ACCELERATOR PROGRAM CLIENTS AND GRADUATES REPORT GENERATING JOBS, XXXXX MILLION IN REVENUES, AND SUPPORTING XXX INTERNSHIPS FOR BOWIE STATE UNIVERSITY STUDENTS. WE ALSO ASSISTED COUNTY ENTREPRENEURS, WHO PARTICIPATED IN ON-SITE TRAINING AND COUNSELING PROGRAMS, IN 2021, CENTER OF EXCELLENCE FOR 8(A) WAS ESTABLISHED THROUGH A PARTNERSHIP BETWEEN BSU AND BOWIE BIC. THE CENTER WILL EXPAND THE BOWIE BIC 8(A) ACCELERATOR PROGRAM MODEL THROUGH AMERICAS HBCU NETWORK. THE CENTER WILL PROVIDE PROCUREMENT CAPTURE STRATEGY TRAINING, 8(A) MENTORSHIP PROGRAMS, ACCESS TO LEGAL EXPERTISE IN GOVERNMENT CONTRACTING, AND NEW OPPORTUNITIES FOR STUDENT INTERNSHIPS AND FACULTY RESEARCHERS. THE CENTER WILL BE A RESOURCE AND CLEARINGHOUSE FOR BEST PRACTICES IN 8(A) GOVENMENT CONTRACTING AND UTILIZE THE DATA ANALLYTICS CAPABILITIES AT BSU. IT WILL BUILD CAPACITY AT HBCUS BY CREATING A NEW, INNOVATIVE INFRASTRUCTURE OF SUCCESFUL, DIVERSE, AND INCLUSIVE GOVERNMENT CONTRACTING ACTIVITY THAT WILL ATTRACT PRIVATE SECTOR CAPITAL TO THE HBCUS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
June Evans Executive Director | Officer | 40 | $95,198 |
Jesse Buggs Chair | OfficerTrustee | 1 | $0 |
Wendy L Jenkins Vice Chair | OfficerTrustee | 1 | $0 |
India Bascombe Treasurer | OfficerTrustee | 1 | $0 |
Charlene T Wade Secretary | OfficerTrustee | 1 | $0 |
Isaias Alba Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $330,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $711 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $330,711 |
| Total Program Service Revenue | $115,756 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $26,550 |
| 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 | $473,017 |
| 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. | $95,198 |
| Compensation of current officers, directors, key employees. | $7,098 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $112,890 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,911 |
| Payroll taxes | $25,635 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,500 |
| 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 | $13,014 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $44,349 |
| Travel | $7,803 |
| 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 | $2,747 |
| Insurance | $552 |
| All other expenses | $28,400 |
| Total functional expenses | $504,801 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,012,241 |
| Savings and temporary cash investments | $268,184 |
| 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 | $1,070 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,325 |
| Total assets | $3,282,820 |
| Accounts payable and accrued expenses | $10,576 |
| 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 | $10,576 |
| Net assets without donor restrictions | $358,950 |
| Net assets with donor restrictions | $2,913,294 |
| 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 | $3,282,820 |