Bac Funding Corporation
- Assets
- $16.4m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 3
- Location
- Miami, FL
- Founding
- 07/1982
- Data as of
- 12/2022
- EIN
- 59-2196535
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 12/2022, 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 12/2022, Bac Funding Corporation generated $4.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 29.9% each year . All expenses for the organization totaled $3.6m during the year ending 12/2022. While expenses have increased by 26.9% 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
2022
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) | Role | Hours | Compensation |
|---|---|---|---|
Jessie Houston II Controller | Officer | 40 | $160,585 |
Stephen Johnson Director | Trustee | 1 | $0 |
Ricardo Forbes Director | Trustee | 1 | $0 |
Leonard Garrett Director | Trustee | 1 | $0 |
John Hall Director | Trustee | 1 | $0 |
Miguel Rasco Director | Trustee | 1 | $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 | $20,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,000 |
| Total Program Service Revenue | $4,052,244 |
| Investment income | $11,615 |
| 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 | $4,083,859 |
| 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. | $160,585 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $138,764 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $74,705 |
| Payroll taxes | $22,079 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,595 |
| Fees for services: Accounting | $40,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $39,781 |
| Advertising and promotion | $2,500 |
| Office expenses | $17,541 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,818,202 |
| Travel | $29,645 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $164 |
| Insurance | $16,219 |
| All other expenses | $0 |
| Total functional expenses | $3,565,037 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $508,239 |
| Savings and temporary cash investments | $1,952,543 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $101,503 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $412,735 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,495 |
| Net Land, buildings, and equipment | $12,623,018 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $370,199 |
| Intangible assets | $0 |
| Other assets | $471,536 |
| Total assets | $16,443,268 |
| Accounts payable and accrued expenses | $161,444 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $10,019,834 |
| 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 | $363,904 |
| Other liabilities | $339,892 |
| Total liabilities | $10,885,074 |
| Net assets without donor restrictions | $2,333,882 |
| Net assets with donor restrictions | $3,224,312 |
| 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 | $16,443,268 |