Carolinas-Virginia Minority Supplier Developoment Councils Inc
- Assets
- $1.4m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 7
- Location
- Charlotte, NC
- Founding
- 04/1983
- Data as of
- 12/2021
- EIN
- 56-1191106
Organization Overview
Carolinas-Virginia Minority Supplier Developoment Councils Inc is located in Charlotte, NC. The organization was established in 1983. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Carolinas-Virginia Minority Supplier Developoment Councils Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carolinas-Virginia Minority Supplier Developoment Councils Inc 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, Carolinas-Virginia Minority Supplier Developoment Councils Inc generated $1.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $982.9k during the year ending 12/2021. 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
CVMSDC BLENDS INTERESTS AND RESOURCES OF MAJOR CORPORATIONS AND MINORITY-OWNED BUSINESSES: 1)CERTIFIES AUTHENTICITY OF MINORITY SUPPLIERS, 2)SERVES AS A CLEARING HOUSE OF MINORITY PURCHASING OPTIONS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO FOSTER BUSINESS RELATIONSHIPS BETWEEN MAJOR CORPORATIONS AND MINORITY FIRMS THROUGH OUTREACH PROGRAMS IN NORTH AND SOUTH CAROLINA AND VIRGINIA. TO EDUCATE MINORITY BUSINESS OWNERS AND PROMOTE BUSINESS SUCCESS
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dominique Milton President & CEO | Officer | 40 | $125,314 |
Debra White 2nd Vice Chair | OfficerTrustee | 2 | $0 |
Roger Stone 1st Vice Chair | OfficerTrustee | 2 | $0 |
Jeff Conley Chair | OfficerTrustee | 2 | $0 |
Rueben Essandoh Treasurer | OfficerTrustee | 2 | $0 |
Louise Connell Secretary | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $166,750 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $69,965 |
| All other contributions, gifts, grants, and similar amounts not included above | $391,890 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $628,605 |
| Total Program Service Revenue | $674,967 |
| Investment income | $12 |
| 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 | $1,303,584 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $421,721 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $63,447 |
| Payroll taxes | $33,692 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,949 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $29,705 |
| Office expenses | $2,499 |
| Information technology | $42,520 |
| Royalties | $0 |
| Occupancy | $90,257 |
| Travel | $10,941 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $55,030 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,812 |
| Insurance | $689 |
| All other expenses | $79,213 |
| Total functional expenses | $982,871 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $799,521 |
| Savings and temporary cash investments | $531,260 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $45,200 |
| 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 | $14,136 |
| Net Land, buildings, and equipment | $7,247 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,397,364 |
| Accounts payable and accrued expenses | $29,165 |
| Grants payable | $0 |
| Deferred revenue | $30,000 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $59,165 |
| Net assets without donor restrictions | $1,238,199 |
| Net assets with donor restrictions | $100,000 |
| 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 | $1,397,364 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Carolinas-Virginia Minority Supplier Developoment Councils Inc has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
Coastal Community Foundation Of South Carolina Inc N Charleston, SC PURPOSE: NEIGHBORHOOD & COMMUNITY DEV. GRANT | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
South Carolina Manufacturing Extension Partnership Greenville, SC | $4,506,207 | $8,798,009 |
Norfolk State University Research And Innovation Foundation Norfolk, VA | $25,278,732 | $5,808,933 |
Black Girl Ventures Foundation Fort Belvoir, VA | $2,941,094 | $3,288,394 |
Brightbridge Inc Chattanooga, TN | $120,622,501 | $3,473,186 |
National Institute Of Minority Economic Development Durham, NC | $8,985,701 | $1,722,745 |
Winston Starts Winstonsalem, NC | $2,039,563 | $1,547,404 |
Wilmington Business Development Wilmington, NC | $1,640,676 | $1,342,071 |
Carolinas-Virginia Minority Supplier Developoment Councils Inc Charlotte, NC | $1,397,364 | $1,303,584 |
Provident Business Financial Services Inc West Columbia, SC | $539,066 | $980,704 |
Nussbaum Center For Entrepreneurship Inc Greensboro, NC | $5,252,016 | $1,124,383 |
Startup Virginia Richmond, VA | $1,761,356 | $941,595 |
Piedmont Business Capital Greensboro, NC | $3,626,382 | $1,839,047 |