Multi-Cultural Foodservice & Hospitality Alliance
- Assets
- $1.1m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Providence, RI
- Founding
- 05/2000
- Data as of
- 12/2022
- EIN
- 36-4120950
Organization Overview
Multi-Cultural Foodservice & Hospitality Alliance is located in Providence, RI. The organization was established in 2000. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Multi-Cultural Foodservice & Hospitality Alliance 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, Multi-Cultural Foodservice & Hospitality Alliance generated $1.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $3.0m during the year ending 12/2022. 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
TO EDUCATE AND ADVOCATE FOR AND CONNECT ITS MEMBERS WITH OPPORTUNITIES TO BUILD THEIR CULTURAL INTELLIGENCE IN THE FOODSERVICE AND HOSPITALITY INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATE, ADVOCATE AND CONNECT WITH MEMBERSHIP BY PROVIDING PROFESSIONAL DEVELOPMENT AND CULTURAL INTELLIGENCE TRAINING FOR OUR MEMBERS AND THE INDUSTRY, PROMOTE CAREER AND BUSINESS OPPORTUNITIES THAT EXIST WITH MEMBER COMPANIES FOR MINORITY AND MULTICULTURAL COMMUNITIES AND CONNECT INDUSTRY PROFESSIONALS WITH EACH OTHER BY PROVIDING CAREER ENHANCEMENT OPPORTUNITIES, INFORMAL MENTORING AND NETWORKING.
THE PATHWAYS TO BLACK FRANCHISE OWNERSHIP PROGRAM FINANCES AND PREPARES ASPIRING BLACK ENTREPRENEURS TO OPERATE HIGH-PERFORMING RESTAURANTS, WHILE HELPING COMPANIES GROW THEIR BRANDS AND BUILD WEALTH IN THE BLACK COMMUNITY BY EMBRACING A SOCIAL EQUITY OWNERSHIP MODEL. THE PATHWAYS INITIATIVE WILL IDENTIFY, FINANCE AND PREPARE ASPIRING BLACK ENTREPRENEURS TO OPERATE HIGH-PERFORMING RESTAURANTS.THIS PROGRAM WAS TERMINATED IN 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marvin Irby Pres. & CEO Until 05/01, Cao | OfficerTrustee | 1 | $0 |
Michelle Korsmo President & CEO Beginning 05/01 | OfficerTrustee | 1 | $0 |
Kent Walrack Chair | OfficerTrustee | 5 | $0 |
James Fripp Vice Chair | OfficerTrustee | 5 | $0 |
Shaun Beard Treasurer | OfficerTrustee | 5 | $0 |
Eric Ellis CFO | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $504,593 |
| Fundraising events | $0 |
| Related organizations | $152,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $272,441 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $929,034 |
| Total Program Service Revenue | $148,737 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $22,876 |
| 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 | $1,100,647 |
| 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. | $217,558 |
| Compensation of current officers, directors, key employees. | $54,390 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $380,841 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $105,864 |
| Payroll taxes | $53,856 |
| 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 | $400,976 |
| Advertising and promotion | $54,606 |
| Office expenses | $16,565 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $67,661 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,581 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,738 |
| Insurance | $0 |
| All other expenses | $200 |
| Total functional expenses | $2,976,541 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $501,873 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $595,537 |
| 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 | $766 |
| Net Land, buildings, and equipment | $1,738 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,099,914 |
| Accounts payable and accrued expenses | $85,938 |
| Grants payable | $0 |
| Deferred revenue | $45,760 |
| 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 | $944,808 |
| Total liabilities | $1,076,506 |
| Net assets without donor restrictions | -$214,592 |
| Net assets with donor restrictions | $238,000 |
| 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 | $1,099,914 |