Association Of African American Financial Advisors
- Assets
- $218.0k
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 7
- Location
- Washington, DC
- Founding
- 09/2017
- Data as of
- 12/2023
- EIN
- 38-4034837
Organization Overview
Association Of African American Financial Advisors is located in Washington, DC. The organization was established in 2017. According to its NTEE Classification (S46) the organization is classified as: Boards of Trade, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Association Of African American Financial Advisors employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Association Of African American Financial Advisors is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Association Of African American Financial Advisors generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 39.3% each year . All expenses for the organization totaled $2.3m during the year ending 12/2023. While expenses have increased by 48.4% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
AAAA WAS CREATED TO ADDRESS THE NEEDS AND CONCERNS OF AFRICAN AMERICAN FINANCIAL PROFESSIONALS. AAAA IS A NON-PROFIT MEMBERSHIP ORGANIZATION FOR BLACK OR AFRICAN AMERICAN FIANCIAL ADVISORS AND AFFILIATED PROFESSIONALS. [CONTINUED ON SCHEDULE O]
Describe the Organization's Program Activity:
Part 3 - Line 4a
AAAA ACCOMPLISHES SUPPORT OF ITS MEMBERSHIP NETWORK AND THE COMMUNITY THROUGH: MONTHLY WEBINARS THAT INCLUDE ELIGIBLILTY OF CFP CONTINUING EDUCATION CREDITS, AND AN ANNUAL SCHOLARSHIP TOWARD EARNING CFP DESIGNATION; REGIONAL NETWORKING EVENTS [MEETUPS] AND AN ANNUAL CONFERENCE; MEMBERSHIP DIRECTORY, ONLINE COMMUNITY FORUM, AND JOB POSTING BOARD; FIRM AND SERVICES SHOWCASE ON THE AAAA CONSUMER FINANCIAL ADVISOR FINDER PORTAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Necho Carroll Dir Of Oper | 40 | $123,212 | |
Reginald Lillie Board Member | Trustee | 4 | $0 |
Araya Mesfin Board Member | Trustee | 4 | $0 |
Sheena Gray 2nd V Chair | OfficerTrustee | 4 | $0 |
Alex David Emeritus Chair | Trustee | 0 | $0 |
Sharif Muhammad Financial Secy | OfficerTrustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Koli Boutique Consulting Consulting | 12/30/23 | $216,000 |
Practice Management Consultants Consulting | 12/30/23 | $219,270 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $70,292 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,510,388 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,580,680 |
| Total Program Service Revenue | $0 |
| Investment income | $2,837 |
| 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 | $1,583,517 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,000 |
| 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. | $123,212 |
| Compensation of current officers, directors, key employees. | $61,606 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $239,177 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $28,678 |
| Payroll taxes | $28,178 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,467 |
| Fees for services: Accounting | $2,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $44,958 |
| Advertising and promotion | $18,048 |
| Office expenses | $27,628 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,884 |
| Travel | $143,413 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,012,459 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,285 |
| All other expenses | $13,084 |
| Total functional expenses | $2,349,346 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,987 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $200,000 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $217,987 |
| 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 | $25,002 |
| Total liabilities | $25,002 |
| Net assets without donor restrictions | $0 |
| 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 | $192,985 |
| Total liabilities and net assets/fund balances | $217,987 |
Grants Awarded
Over the last fiscal year, Association Of African American Financial Advisors has awarded $50,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
4N BUSINESS GROUP PURPOSE: Sponsorship | $25,000 |
WESTERN REGION SIGMA PI PHI PURPOSE: Sponsorship | $25,000 |