Black Economic Development Coalition Inc
- Assets
- $7.0m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 9
- Location
- Miami, FL
- Founding
- 03/1993
- Data as of
- 12/2021
- EIN
- 65-0159176
Organization Overview
Black Economic Development Coalition Inc, operating under the name Tools For Change, is located in Miami, FL. The organization was established in 1993. 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, Tools For Change employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tools For Change 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, Tools For Change generated $1.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $1.3m 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
ADMINISTER'S LOAN PROGRAMS WHO'S PURPOSE IS TO PROVIDE SMALL BUSINESSES AND MICROENTERPRISES IN MIAMI DADE COUNTY THE FINANCING AND TECHNICAL ASSISTANCE NEEDED TO ASSIST WITH JOB CREATION, EQUIPMENT PURCHASES AND WORKING CAPITAL
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE TECHNICAL ASSISTANCE AND LOANS TO SMALL BUSINESSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leroy Jones Executive Directors | Officer | 22 | $30,242 |
Verbert C Anderson President | Trustee | 2 | $0 |
Betty George Treasurer | Trustee | 2 | $0 |
Nick Decius Secretary | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,358,760 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,358,760 |
| Total Program Service Revenue | $6,241 |
| Investment income | $5,254 |
| 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 | $1,506,749 |
| 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. | $30,242 |
| Compensation of current officers, directors, key employees. | $30,242 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $265,778 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $72,702 |
| Payroll taxes | $25,842 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,789 |
| 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 | $31,240 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $24,680 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,513 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,400 |
| All other expenses | $0 |
| Total functional expenses | $1,282,057 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,786 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $393,706 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,561,624 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,988,116 |
| Accounts payable and accrued expenses | $67,750 |
| Grants payable | $0 |
| Deferred revenue | $163,000 |
| 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 | $4,560,712 |
| Total liabilities | $4,791,462 |
| Net assets without donor restrictions | $2,193,675 |
| Net assets with donor restrictions | $2,979 |
| 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 | $6,988,116 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Black Economic Development Coalition Inc has recieved totaling $360,000.
| Awarding Organization | Amount |
|---|---|
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF UNDERSERVED SMALL BUSINESS EXPANSION | $360,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Bay Park Conservancy Inc Sarasota, FL | $16,645,209 | $18,178,827 |
Florida Opportunity Fund Inc Orlando, FL | $119,810,322 | $8,334,220 |
Florida Community Loan Fund Orlando, FL | $108,210,727 | $7,672,092 |
Bac Funding Corporation Miami, FL | $17,927,247 | $4,831,785 |
Community And Economic Development Quincy, FL | $11,268,446 | $5,882,256 |
Broward County Community Development Corporation Inc Fort Lauderdale, FL | $8,205,586 | $4,659,433 |
Miami Beach Community Development Corporation Inc Miami Beach, FL | $28,003,490 | $2,129,125 |
Neighbors And Neighbors Association Inc Miami, FL | $2,936,211 | $3,300,045 |
Pasco Economic Development Council Inc Lutz, FL | $4,349,801 | $2,360,770 |
Sunshine State Economic Development Corp Clearwater, FL | $6,634,562 | $1,695,679 |
Small Business Assistance Corp Savannah, GA | $17,970,431 | $1,539,306 |
Endeavor Miami Inc Miami, FL | $2,466,456 | $1,752,588 |