First Coast Black Business Investment Corporation
- Assets
- $1.8m
- Revenue
- $27.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Jacksonville, FL
- Founding
- 10/1988
- Data as of
- 09/2019
- EIN
- 59-2846145
Organization Overview
First Coast Black Business Investment Corporation is located in Jacksonville, FL. The organization was established in 1988. According to its NTEE Classification (P84) the organization is classified as: Ethnic & Immigrant Centers, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First Coast Black Business Investment Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2019, First Coast Black Business Investment Corporation generated $27.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (20.2%) each year. All expenses for the organization totaled $42.6k during the year ending 09/2019. 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION PROVIDES LOANS TO BLACK-OWNED BUSINESSES OPERATING IN NORTHEAST FLORIDA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE FISCAL YEAR THE ORGANIZATION MADE 6 NEW LOANS AND CONDUCTED BUSINESS COUNSELING OF 78 INDIVIDUALS, 8 COLLABORATIVE WORKSHOPS, SERVING OVER 140 CLIENTS. THE ORGANIZATION'S FOCUS HAS BEEN COMMUNITY DEVELOPMENT, HOMELESSNESS, THE YOUTH,SMALL AND MINORITY BUSINESS DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
T Devaughn Nelson Director | OfficerTrustee | 5 | $0 |
Renee Harris Treasurer/secretary | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $10,800 |
| 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 | $27,187 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,653 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $620 |
| Fees for services: Accounting | $1,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $765 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $42,566 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,020,748 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $213,051 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $367,891 |
| Total assets | $1,753,220 |
| Accounts payable and accrued expenses | $330 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $105,000 |
| Other liabilities | $1,202,303 |
| Total liabilities | $1,307,633 |
| Net assets without donor restrictions | $445,587 |
| 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 |
| Total liabilities and net assets/fund balances | $445,587 |