African American Chamber Of Commerce
- Assets
- $1.4m
- Revenue
- $731.6k
- Investments
- $0.0
- Employees
- 5
- Location
- Milwaukee, WI
- Founding
- 01/1995
- Data as of
- 12/2021
- EIN
- 39-1768969
Organization Overview
African American Chamber Of Commerce is located in Milwaukee, WI. The organization was established in 1995. As of 12/2021, African American Chamber Of Commerce employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. African American Chamber Of Commerce 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, African American Chamber Of Commerce generated $731.6k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.5% each year . All expenses for the organization totaled $904.2k during the year ending 12/2021. While expenses have increased by 21.1% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT THE GROWTH AND SUSTAINABILITY OF AFRICAN AMERICAN OWNED BUSINESSES THROUGH ACCESS TO CAPITAL, ADVOCACY, BUSINESS DEVELOPMENT, AND STRATEGIC PARTNERSHIPS AND PROMOTES ECONOMIC AND EDUCATIONAL VIBRANCY IN COMMUNITIES OF COLOR.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSISTED AFRICAN AMERICAN BUSINESSES IN THE STATE OF WISCONSIN TO GAIN INFORMATION TO WHICH THEY WOULD NOT OTHERWISE HAVE ACCESS. ASSISTED SMALL BUSINESSES IN OBTAINING LOANS THROUGH A REVOLVING LOAN FUND.
THE AFRICAN AMERICAN CHAMBER HAS FORMED A STRATEGIC PARTNERSHIP BETWEEN LISC MILWAUKEE AND THE MILWAUKEE URBAN LEAGUE AS A COMPONENT OF THE RAMP UP PROJECT. RISE CURRICULUM WILL FOCUS ON ENABLING UNDERSERVED ENTREPRENUERS THROUGH EDUCATION, GUIDANCE, AND MENTORSHIP.
RISE PROGRAM. THE RISE PROGRAM IS A 14-WEEK ENTREPRENEURIAL PROGRAM WITH FOCUS ON ENABLING UNDERSERVED ENTREPRENEURS THROUGH EDUCATION, GUIDANCE, AND MENTORSHIP. THE PROGRAM OFFERS INDIVIDUALS ENROLLED AN OPPORTUNITY TO PITCH IDEAS TO POTENTIAL INVESTORS, COMMUNITY LEADERS AND CUSTOMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ossie C Kendrix Jr CEO (former) | Officer | 40 | $138,883 |
Nikki Purvis Chairperson | OfficerTrustee | 1 | $0 |
Tiffany Means Treasurer | OfficerTrustee | 1 | $0 |
Dr Lia Knox Vice Chair | OfficerTrustee | 1 | $0 |
Deborah Allen Director | Trustee | 1 | $0 |
Warren E Buliox Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $65,905 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $54,300 |
| All other contributions, gifts, grants, and similar amounts not included above | $606,153 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $726,358 |
| Total Program Service Revenue | $14,462 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,825 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$13,400 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $731,634 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,804 |
| 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. | $172,068 |
| Compensation of current officers, directors, key employees. | $43,018 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $164,498 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $15,010 |
| Payroll taxes | $23,209 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $795 |
| Fees for services: Accounting | $15,840 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $114,759 |
| Advertising and promotion | $1,232 |
| Office expenses | $20,044 |
| Information technology | $3,025 |
| Royalties | $0 |
| Occupancy | $93,448 |
| Travel | $32,282 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,090 |
| Interest | $2,932 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,023 |
| Insurance | $2,688 |
| All other expenses | $3,889 |
| Total functional expenses | $904,193 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $92,253 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $125,000 |
| Accounts receivable, net | $182,750 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $127,837 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $779,097 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $61,998 |
| Intangible assets | $877 |
| Other assets | $5,000 |
| Total assets | $1,374,812 |
| Accounts payable and accrued expenses | $38,153 |
| Grants payable | $0 |
| Deferred revenue | $77,815 |
| 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 | $147,061 |
| Other liabilities | $0 |
| Total liabilities | $263,029 |
| Net assets without donor restrictions | $700,980 |
| Net assets with donor restrictions | $410,803 |
| 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 | $1,374,812 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that African American Chamber Of Commerce has recieved totaling $272,250.
| Awarding Organization | Amount |
|---|---|
Greater Milwaukee Foundation Inc Milwaukee, WI PURPOSE: ADVANCING BLACK BUSINESSES THROUGH THE PANDEMIC AND BEYOND | $118,000 |
Greater Milwaukee Foundation Inc Milwaukee, WI PURPOSE: ADVANCING BLACK BUSINESSES THROUGH THE PANDEMIC AND BEYOND | $118,000 |
United Way Of Greater Milwaukee & Waukesha County Inc Milwaukee, WI PURPOSE: C-19 RECOVERY | $25,000 |
Catholic Financial Life Milwaukee, WI PURPOSE: Civic Sponsorship | $6,250 |
Brewers Community Foundation Milwaukee, WI PURPOSE: Event Sponsorship | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Chicago Arts Partnerships In Education Chicago, IL | $1,136,349 | $2,780,346 |
Strategic Management Society Inc Chicago, IL | $8,360,713 | $2,747,459 |
African American Chamber Of Commerce Milwaukee, WI | $1,374,812 | $731,634 |
Illinois Digital Educators Alliance Joliet, IL | $1,585,715 | $602,330 |
Whittier School Parent Teacher Organization Pto Oak Park, IL | $113,679 | $0 |
George F And Virginia B Markham Foundation Inc Milwaukee, WI | $363,528 | $12,061 |
Michigan Public Risk Management Association Flint, MI | $60,579 | $0 |