Rhode Island Black Business Association
- Assets
- $2.1m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 5
- Location
- Providence, RI
- Founding
- 07/2011
- Data as of
- 12/2023
- EIN
- 45-1454867
Organization Overview
Rhode Island Black Business Association is located in Providence, RI. The organization was established in 2011. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Rhode Island Black Business Association employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rhode Island Black Business Association 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, Rhode Island Black Business Association generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 44.4% each year . All expenses for the organization totaled $1.2m during the year ending 12/2023. While expenses have increased by 42.9% per year over the past 8 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
TO HELP BLACK AND MINORITY BUSINESS GROW
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM AND SERVICES DESIGNED TO HELP BLACK BUSINESSES GROW WITH ONE-ON-ONE BUSINESS DEVELOPMENT ASSISTANCE.
CAREER DEVELOPMENT: INITIATIVE FOCUSED ON SUPPORTING YOUNG ADULTS ON THEIR ACADEMIC & CAREER JOURNEY THROUGH ACCESS TO MENTORS, FINANCIAL LITERACY, SCHOLARSHIP AND SKILLS TRAINING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Grant Falconer Director | Officer | 5 | $0 |
Evelyn Ranone Secretary | Officer | 10 | $0 |
Darrell Moore Director | Officer | 5 | $0 |
Tyler Joseph Director | Officer | 5 | $0 |
Berry-Jean Murray Director | Officer | 5 | $0 |
Marjorie Dilille Cassion Director | Officer | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $21,148 |
| Fundraising events | $199,055 |
| Related organizations | $0 |
| Government grants | $219,155 |
| All other contributions, gifts, grants, and similar amounts not included above | $702,770 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,142,128 |
| Total Program Service Revenue | $394,680 |
| Investment income | $30,734 |
| 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 | $1,577,829 |
| 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 | $38,029 |
| Compensation of current officers, directors, key employees. | $168,508 |
| Compensation of current officers, directors, key employees. | $101,105 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $495,601 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $62,114 |
| Fees for services: Management | $3,748 |
| Fees for services: Legal | $1,824 |
| Fees for services: Accounting | $35,106 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $48,283 |
| Fees for services: Investment Management | $1,859 |
| Fees for services: Other | $0 |
| Advertising and promotion | $32,338 |
| Office expenses | $10,785 |
| Information technology | $13,268 |
| Royalties | $0 |
| Occupancy | $23,114 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,157 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,010 |
| All other expenses | $185,954 |
| Total functional expenses | $1,159,570 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $269,622 |
| Savings and temporary cash investments | $659,952 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $684,921 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $407,589 |
| 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 | $49,677 |
| Total assets | $2,071,761 |
| Accounts payable and accrued expenses | $16,612 |
| Grants payable | $75,000 |
| Deferred revenue | $5,000 |
| 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 | $1,209,456 |
| Other liabilities | $0 |
| Total liabilities | $1,306,068 |
| Net assets without donor restrictions | $765,693 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $2,071,761 |