Black Economic Council Of Massachusetts Inc
- Assets
- $1.5m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 17
- Location
- Boston, MA
- Founding
- 06/2016
- Data as of
- 12/2021
- EIN
- 81-0687250
Organization Overview
Black Economic Council Of Massachusetts Inc, operating under the name Becma, is located in Boston, MA. The organization was established in 2016. According to its NTEE Classification (V31) the organization is classified as: Black Studies, under the broad grouping of Social Science and related organizations. As of 12/2021, Becma employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Becma 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, Becma generated $1.5m in total revenue. All expenses for the organization totaled $1.6m during the year ending 12/2021.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE THE ECONOMIC WELL-BEING OF BLACK BUSINESSES, ORGANIZATIONS & RESIDENTS IN MA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SMALL BUSINESS TECHNICAL ASSISTANCE: OUR BACK-OFFICE SUPPORT PROGRAM CONNECTS MICRO AND SMALL BLACK-OWNED BUSINESSES WITH RESOURCE PROVIDERS AT NO COST TO THEM. PROVIDERS INCLUDE BLACK ACCOUNTANTS, ATTORNEYS, DIGITAL MARKETERS, AND ALLY COMPANIES LIKE DRIFT FOR WEB SUPPORT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Oluwasegun Idowu Executive Director | Officer | 40 | $125,970 |
Nicole Obi CEO | Trustee | 1 | $19,993 |
Teri Williams President | OfficerTrustee | 1 | $0 |
Lamont Clemons Treasurer | OfficerTrustee | 1 | $0 |
Reginald Nunnally Director | OfficerTrustee | 1 | $0 |
Chiderah Okoye Clerk | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $60,226 |
| Fundraising events | $275,405 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,460,419 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,796,050 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$275,405 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,520,645 |
| 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. | $126,470 |
| Compensation of current officers, directors, key employees. | $126,470 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $334,940 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $17,424 |
| Payroll taxes | $42,776 |
| Fees for services: Management | $441 |
| Fees for services: Legal | $500 |
| Fees for services: Accounting | $12,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,230 |
| Advertising and promotion | $66,441 |
| Office expenses | $4,572 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $26,844 |
| Travel | $37,811 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,436 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $22,537 |
| Total functional expenses | $1,553,842 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,512,988 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $14,000 |
| Accounts receivable, net | $0 |
| 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 | $5,927 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,395 |
| Total assets | $1,534,310 |
| Accounts payable and accrued expenses | $203,376 |
| 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 | $87,100 |
| Other liabilities | $26,165 |
| Total liabilities | $316,641 |
| Net assets without donor restrictions | $1,057,683 |
| Net assets with donor restrictions | $159,986 |
| 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 | $1,534,310 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Black Economic Council Of Massachusetts Inc has recieved totaling $624,537.
| Awarding Organization | Amount |
|---|---|
Fidelity Foundation Boston, MA PURPOSE: ORGANIZATIONAL DEVELOPMENT | $175,000 |
Barr Foundation Boston, MA PURPOSE: SPECIAL INITIATIVES: TO PROVIDE GENERAL OPERATING SUPPORT | $150,000 |
Morgan Stanley Global Impact Funding Trust Inc Indianapolis, IN PURPOSE: UNRESTRICTED GENERAL SUPPORT | $110,000 |
Altamira Foundation Westwood, MA PURPOSE: CHARITBALE | $75,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: PUBLIC, SOCIETAL BENEFIT | $52,500 |
The Hyams Foundation Inc Boston, MA PURPOSE: PARTICIPATION ON THE FOUNDATION'S FIELD BUILDING DESIGN TEAM | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Behavioral Ideas Lab Inc New York, NY | $32,612,042 | $18,817,686 |
Social Science Research Council Brooklyn, NY | $62,507,345 | $18,832,970 |
American Academy Of Arts And Sciences Cambridge, MA | $98,109,829 | $16,451,568 |
Human Services Research Institute Inc Cambridge, MA | $6,662,398 | $12,105,184 |
Just Capital Foundation Inc New York, NY | $4,314,649 | $11,131,024 |
Nextcorps Inc Rochester, NY | $28,231,131 | $13,616,302 |
Association Of The Bar Of The City Of New York Fund Inc New York, NY | $17,486,251 | $7,750,390 |
American Institute For Economic Research Inc Great Barrington, MA | $214,395,947 | $3,768,400 |
American Federation For Aging New York, NY | $30,014,800 | $13,781,782 |
The Institute For New Economic Thinking Inc New York, NY | $26,645,757 | $24,831,883 |
Council For Economic Education New York, NY | $5,635,385 | $6,851,531 |
Democratic Socialists Of America Inc New York, NY | $4,898,729 | $6,854,135 |