African American Chamber Of Commerce
- Assets
- $2.7m
- Revenue
- $726.6k
- Investments
- $0.0
- Employees
- 6
- Location
- Milwaukee, WI
- Founding
- 01/1995
- Data as of
- 12/2023
- EIN
- 39-1768969
Organization Overview
African American Chamber Of Commerce is located in Milwaukee, WI. The organization was established in 1995. As of 12/2023, African American Chamber Of Commerce employed 6 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 12/2023, African American Chamber Of Commerce generated $726.6k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 14.0% each year . All expenses for the organization totaled $797.9k during the year ending 12/2023. While expenses have increased by 14.5% 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
WE CHAMPION THE GROWTH AND SUSTAINABILITY OF AFRICAN AMERICAN OWNED BUSINESSES BY PROVIDING ACCESS TO CAPITAL, EDUCATION AND ADVOCACY THROUGH CAPACITY BUILDING AND STRATEGIC PARTNERSHIPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CHAMBER PROVIDES OPPORTUNITIES FOR MEMBERS PROMOTION AND PUBLICITY, A VOICE IN GOVERNMENT, NETWORKING EVENTS AND OPPORTUNITIES AND CUSTOMER REFERRALS. THE FACILITY PROVIDES A CO-WORKING SPACE FOR MEMBERS. IN ADDITION, THE CHAMBER HAS A REVOLVING LOAN FUND THAT IS DESIGNED TO INCREASE ACCESS TO CAPITAL FOR EXISTING AND NEW MINORITY BUSINESSES, WHILE DEVELOPING PARTNERSHIPS WITHIN THE BUSINESS COMMUNITY. KIVA U.S. IS AN INTERNATIONAL NON-PROFIT THAT ENABLES FINANCIALLY EXCLUDED AND SOCIALLY IMPACTFUL ENTREPRENEURS TO ACCESS 0% INTEREST SMALL BUSINESS LOANS OF UP TO $10K.IN PARTNERSHIP WITH LISC, THE CHAMBER PROVIDES GRANTS TO SMALL BUSINESSES.
RISE MKE POWERED BY MORTAR - A 14-WEEK ENTREPRENEURIAL TRAINING PROGRAM DESIGNED TO ENSURE THAT EMERGING BUSINESSES DON'T START BLINDLY, PROVIDING BUSINESS DEVELOPMENT WITH A FOCUS ON MARKETING, BRANDING, BUSINESS NETWORK DEVELOPMENT, AND OTHER ESSENTIAL RESOURCES. RISE WAS ADAPTED FROM THE HIGHLY SUCCESSFUL CINCINNATI BASED MINORITY BUSINESS ACCELERATOR PROGRAM CALLED MORTAR. 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 ENTREPRENEURS THROUGH EDUCATION, GUIDANCE, AND MENTORSHIP. SPUR - CAPACITY BUILDING INTENSIVE WORKSHOP SERIES DESIGN BASED ON RESEARCH FROM THE FEDERAL RESERVE ABOUT THE NEEDS AND CRITICAL ISSUES OF SMALL BUSINESSES. THERE ARE THREE PRIMARY COMPONENTS 1)WORKSHOP SESSIONS; 2)SMALL GROUP ADVISORY ROUNDTABLES; 3)TARGETED NETWORKING SESSIONS. THE PROGRAM IS DESIGNED TO PROVIDE SMALL BUSINESSES WITH FOCUSED CUSTOMIZED TRAINING AND NETWORKING OPPORTUNITIES THAT ADDRESS THEIR SPECIFIC NEEDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nikki Purvis CEO | Officer | 40 | $98,346 |
Warren E Buliox Chair | OfficerTrustee | 1 | $0 |
Marjorie Rucker Vice-Chair | OfficerTrustee | 1 | $0 |
Julian Berry Secretary | Trustee | 1 | $0 |
Mikal Wesley Director | OfficerTrustee | 1 | $0 |
Nicosia King Director | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $24,958 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $518,566 |
| All other contributions, gifts, grants, and similar amounts not included above | $50,300 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $593,824 |
| Total Program Service Revenue | $20,850 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $27,800 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $78,395 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $726,551 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $17,200 |
| 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. | $140,664 |
| Compensation of current officers, directors, key employees. | $35,167 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $185,186 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $19,857 |
| Payroll taxes | $20,793 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,738 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $46,437 |
| Advertising and promotion | $1,679 |
| Office expenses | $12,235 |
| Information technology | $270 |
| Royalties | $0 |
| Occupancy | $90,383 |
| Travel | $472 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $809 |
| Interest | $2,531 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $64,843 |
| Insurance | $3,354 |
| All other expenses | $5,114 |
| Total functional expenses | $797,865 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,098,499 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $50,000 |
| Accounts receivable, net | $55,756 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $47,701 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $658,652 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $43,207 |
| Intangible assets | $0 |
| Other assets | $764,631 |
| Total assets | $2,718,446 |
| Accounts payable and accrued expenses | $50,869 |
| Grants payable | $0 |
| Deferred revenue | $933,999 |
| 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 | $124,811 |
| Other liabilities | $764,631 |
| Total liabilities | $1,874,310 |
| Net assets without donor restrictions | $706,616 |
| Net assets with donor restrictions | $137,520 |
| 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 | $2,718,446 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Strategic Management Society Inc Chicago, IL | $8,840,798 | $2,370,985 |
Chicago Arts Partnerships In Education Chicago, IL | $1,476,136 | $2,717,529 |
Illinois Digital Educators Alliance Naperville, IL | $1,109,158 | $589,582 |
African American Chamber Of Commerce Milwaukee, WI | $2,718,446 | $726,551 |
Whittier School Parent Teacher Organization Pto Oak Park, IL | $93,008 | $0 |
George F And Virginia B Markham Foundation Inc Milwaukee, WI | $393,354 | $58,881 |
Michigan Public Risk Management Association Flint, MI | $60,579 | $0 |