Expanding Black Business Nfp
- Assets
- $10.1m
- Revenue
- $31.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 10/2019
- Data as of
- 12/2021
- EIN
- 81-5173829
Organization Overview
Expanding Black Business Nfp is located in Chicago, IL. The organization was established in 2019. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Expanding Black Business Nfp 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, Expanding Black Business Nfp generated $31.1k in total revenue. All expenses for the organization totaled $117.7k 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
EXPANDING BLACK BUSINESS NFP IS A NOT-FOR-PROFIT ORGANIZATION ESTABLISHED TO DOCUMENT AND DISSEMINATE BEST PRACTICES IN LENDING TO BLACK BUSINESSES WITHIN NETWORK AND BROADLY; WITH A GOAL OF DRAMATICALLY INCREASING LENDING TO BLACK-OWNED BUSINESSES ACROSS THE NATION. THE ORGANIZATION IS SUPPORTED PRIMARILY BY CONTRIBUTIONS FROM THE PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTS ARE MADE TO ORGANIZATIONS TO ASSIST WITH COVID-19 RECOVERY. ZERO GRANTS DISBURSED IN 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Houghton President | OfficerTrustee | 1 | $0 |
Bill Bynum Chair Of The Board | OfficerTrustee | 1 | $0 |
Brian Argrett Treasurer | OfficerTrustee | 1 | $0 |
Gary Cunningham Vice Chair | OfficerTrustee | 1 | $0 |
Connie Evans Director | Trustee | 1 | $0 |
Lee Winslett 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 | $18,698 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,698 |
| Total Program Service Revenue | $0 |
| Investment income | $12,365 |
| 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 | $31,063 |
| 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. | $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 | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,583 |
| Fees for services: Accounting | $21,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $57,950 |
| Advertising and promotion | $0 |
| Office expenses | $860 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $41 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $20 |
| Total functional expenses | $117,704 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,047,812 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,500 |
| 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 | $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 | $10,055,312 |
| Accounts payable and accrued expenses | $14,019 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $14,019 |
| Net assets without donor restrictions | $32,076 |
| Net assets with donor restrictions | $10,009,217 |
| 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 | $10,055,312 |
Grants Awarded
Over the last fiscal year, Expanding Black Business Nfp has awarded $3,500,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
Chicago, IL PURPOSE: COVID-19 RECOVERY | $500,000 |
Louisville, KY PURPOSE: COVID-19 RECOVERY | $500,000 |
Jackson, MS PURPOSE: COVID-19 RECOVERY | $500,000 |
Washington, DC PURPOSE: COVID-19 RECOVERY | $500,000 |
Lancaster, PA PURPOSE: COVID-19 RECOVERY | $500,000 |
Minneapolis, MN PURPOSE: COVID-19 RECOVERY | $500,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iec Hotel Corporation West Des Moines, IA | $103,529,195 | $16,531,928 |
Milwaukee Economic Development Corp Milwaukee, WI | $129,937,785 | $4,507,113 |
The Center Of Workforce Innovations Inc Valparaiso, IN | $2,958,255 | $14,608,336 |
Black Hawk County Gaming Assoc Waterloo, IA | $18,246,475 | $5,898,126 |
World Business Chicago Chicago, IL | $9,302,792 | $9,942,081 |
Enlace Chicago Chicago, IL | $7,912,354 | $9,016,287 |
West Central Indiana Economic Development District Inc Terre Haute, IN | $2,629,970 | $4,624,225 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Evansville Vanderburgh County Convention & Visitors Bureau Inc Evansville, IN | $5,490,585 | $3,551,749 |
Milwaukee Urban Strategic Investment Corp Milwaukee, WI | $23,035,863 | $4,044,506 |
Far South Cdc Chicago, IL | $4,303,074 | $2,694,787 |
Northwest Side Community Development Corporation Milwaukee, WI | $11,140,702 | $4,254,876 |