Bac Funding Corporation

Organization Overview

Bac Funding Corporation is located in Miami, FL. The organization was established in 1982. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Bac Funding Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bac Funding Corporation 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, Bac Funding Corporation generated $4.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 39.5% each year . All expenses for the organization totaled $4.9m during the year ending 12/2021. While expenses have increased by 39.3% per year over the past 6 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

BAC FUNDING CORPORATION ("BAC OR CORPORATION"), A NONPROFIT ORGANIZATION, IS AN OUTGROWTH OF THE BUSINESS REVITALIZATION ACTION COMMITTEE OF THE GREATER MIAMI CHAMBER OF COMMERCE ("GMCC"). BAC WAS FORMED IN APRIL 1982, TO HELP STIMULATE THE ECONOMIC GROWTH OF LIBERTY CITY. THE OBJECTIVE OF BAC IS TO DEVELOP AND EXPAND NEW AND EXISTING BUSINESSES FOR MINORITY GROUP RESIDENTS OF MIAMI-DADE COUNTY, FLORIDA. THESE OBJECTIVES ARE MET BY EXTENDING CREDIT TO NEW AND EXISTING BUSINESSES WITHIN MIAMI-DADE COUNTY, FLORIDA.

Describe the Organization's Program Activity:

Part 3 - Line 4a

MARTIN LUTHER KING (MLK) BUILDING PROJECT - PROVIDES MAINTENANCE OF THE OFFICE SPACE LEASED BY THE MIAMI-DADE COUNTY.


THE BUSINESS INCUBATOR - PROVIDES OFFICE SPACE AT LOWER THAN THE PREVAILING MARKET RATES TO NEW AND EXISTING BUSINESSES OF MINORITY GROUP RESIDENTS IN MIAMI-DADE COUNTY, FLORIDA.


BAC FUNDING CORPORATION WAS FORMED TO FOSTER GROWTH OF EXISTING AFRICAN AMERICAN OWNED ENTERPRISES AND IS DEDICATED TO PROVIDE CAPITAL RESOURCES TO ASSIST IN THE LONG RANGE DEVELOPMENT OF A SUCCESSFUL AFRICAN-AMERICAN BUSINESS CLASS IN SOUTH FLORIDA. BAC HAS DISBURSED OVER $40 MILLION IN LOANS OR EQUITY FUNDS TO OVER FIFTY (50) BUSINESSES INCLUDING WOMEN OWNED BUSINESSES.


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Board, Officers & Key Employees

Name (title)Compensation
Jessie Houston II
Controller
$157,085
Ronald Frazier
Chairman
$0
Mr Otto Latimer
Secretary
$0
Stephen Johnson
Director
$0
Miguel Rasco
Director
$0
John Hall
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$10,000
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$10,000
Total Program Service Revenue$4,801,841
Investment income $13,523
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 $4,831,785

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Bac Funding Corporation has recieved totaling $23,916.

Awarding OrganizationAmount
The Miami Foundation Inc

Miami, FL

PURPOSE: PROGRAM SUPPORT

$23,916
View Grant Recipient Profile

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