Hispanic Business Initiative Fund Of Florida Inc
- Assets
- $4.1m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 37
- Location
- Orlando, FL
- Founding
- 02/1998
- Data as of
- 09/2021
- EIN
- 59-3341405
Organization Overview
Hispanic Business Initiative Fund Of Florida Inc, operating under the name Prospera, is located in Orlando, FL. The organization was established in 1998. 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 09/2021, Prospera employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prospera 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 09/2021, Prospera generated $3.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $2.6m during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
HBIF IS AN ECONOMIC DEVELOPMENT, NONPROFIT ORGANIZATION IN FLORIDA SPECIALIZING IN PROVIDING BILINGUAL ASSISTANCE TO HISPANIC ENTREPRENEURS TRYING TO ESTABLISH OR (SCH O)
Describe the Organization's Program Activity:
ONE-ON-ONE CONSULTING: HBIF STAFF MEET WITH BUSINESS OWNERS TO ASSESS THE VIABILITY OF THE BUSINESS IDEA AND THE JOB CREATION POTENTIAL OF THE BUSINESS VENTURE. IN-HOUSE STAFF ADVISE CLIENTS AS TO THE GENERAL BUSINESS PRACTICES, FINANCIALS, LICENSES/PERMITS, AND ACCESS TO CAPITAL, AMONG OTHERS. IN-HOUSE CONSULTING IS PROVIDED BILINGUAL AND FREE OF CHARGE TO THE BUSINESS OWNER. HBIF ASSISTED 1,989 BUSINESS OWNERS ACROSS THE STATE OF FLORIDA.
EDUCATIONAL ASSISTANCE: ORIENTATION SESSIONS PROVIDE BASIC INFORMATION ABOUT HOW TO START A BUSINESS. THE HISPANIC BUSINESS WORKSHOP SERIES OFFERS TRAINING ON SPECIFIC TOPICS THAT ASSIST ENTREPRENEURS IN MAKING CRITICAL DECISIONS TO ACHIEVE SUCCESS. HBIF HAD OVER 4,325 ATTENDEES TO THE EDUCATIONAL SESSIONS OFFERED IN SPANISH AND FREE OF CHARGE.
ENTREPRENEURIAL GRANTS: HBIF'S GRANTS ALLOW STARTUPS AND EXISTING BUSINESSES TO RECEIVE ADVANCED BUSINESS DEVELOPMENT SERVICES AT NO OR MINIMAL COST, COMPLETED BY SUBCONTRACTED PROVIDERS PAID BY HBIF. THE GRANTS OFFERED BY HBIF INCLUDE: LEGAL STRUCTURE ASSESSMENT, ACCOUNTING ASSESSMENT, BUSINESS PLAN DEVELOPMENT, MARKETING PLAN, CORPORATE BRANDING, WEB PAGE CREATION, QUICKBOOKS TRAINING, AND LOAN APPLICATION PREPARATION. HBIF AWARDED ENTREPRENEURIAL GRANTS TO 228 BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Augusto Sanabria President/ceo | Officer | 40 | $239,368 |
Luis E Otero CFO | Officer | 40 | $148,570 |
Eddie Soler Chair | OfficerTrustee | 2 | $0 |
Jose Sanchez Secretary | OfficerTrustee | 2 | $0 |
Boris Ayala Vice Chair | OfficerTrustee | 2 | $0 |
Alexander Sueiro Treasurer | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $333,428 |
| Related organizations | $0 |
| Government grants | $1,841,475 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,638,191 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,813,094 |
| Total Program Service Revenue | $0 |
| Investment income | $27,781 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$18,344 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,822,531 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $126,700 |
| 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. | $402,384 |
| Compensation of current officers, directors, key employees. | $60,488 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,061,456 |
| Pension plan accruals and contributions | $182,717 |
| Other employee benefits | $31,587 |
| Payroll taxes | $139,589 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,540 |
| Fees for services: Accounting | $95,052 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $72,000 |
| Advertising and promotion | $23,316 |
| Office expenses | $108,516 |
| Information technology | $70,861 |
| Royalties | $0 |
| Occupancy | $152,153 |
| Travel | $12,888 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,242 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,680 |
| Insurance | $11,344 |
| All other expenses | $0 |
| Total functional expenses | $2,560,897 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,256,806 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $714,701 |
| Accounts receivable, net | $22,260 |
| 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 | $35,544 |
| Net Land, buildings, and equipment | $148,851 |
| Investments—publicly traded securities | $901,224 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $42,418 |
| Total assets | $4,121,804 |
| Accounts payable and accrued expenses | $198,500 |
| Grants payable | $0 |
| Deferred revenue | $194,500 |
| 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 | $48,540 |
| Total liabilities | $441,540 |
| Net assets without donor restrictions | $3,499,972 |
| Net assets with donor restrictions | $180,292 |
| 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 | $4,121,804 |
Grants Recieved
Over the last fiscal year, we have identified 27 grants that Hispanic Business Initiative Fund Of Florida Inc has recieved totaling $1,033,210.
| Awarding Organization | Amount |
|---|---|
Citi Foundation New York, NY PURPOSE: SMALL BUSINESS TECHNICAL ASSISTANCE INITIATIVE | $500,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF UNDERSERVED SMALL BUSINESS EXPANSION | $100,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF UNDERSERVED SMALL BUSINESS EXPANSION | $100,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $95,000 |
The Miami Foundation Inc Miami, FL PURPOSE: PROGRAM SUPPORT | $90,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Florida Business Development Corporation Tampa, FL | $33,289,618 | $11,353,738 |
Florida First Capital Finance Corporation Inc Tallahassee, FL | $141,828,731 | $12,402,139 |
Black Business Investments Fund Inc Orlando, FL | $36,658,367 | $11,605,292 |
Innovation Depot Inc Birmingham, AL | $15,832,125 | $3,165,143 |
Hispanic Business Initiative Fund Of Florida Inc Orlando, FL | $4,121,804 | $3,822,531 |
Tampa Bay Wave Inc Tampa, FL | $1,054,674 | $1,625,044 |
The Southern Development Council Inc Mountain Brook, AL | $5,076,770 | $1,106,394 |
The Catalyst Center For Business & Entrepreneurship Huntsville, AL | $634,732 | $1,362,873 |
Curiosity Lab At Peachtree Corners Inc Peachtree Corners, GA | $759,235 | $737,622 |
Beaver Street Enterprise Center Inc Jacksonville, FL | $195,250 | $407,360 |
Birmingham Business Resource Center Inc Birmingham, AL | $2,142,207 | $111,250 |
Marietta Welcome Center Inc Marietta, GA | $323,025 | $326,253 |