Bahamas Music Foundation Usa Inc
- Assets
- $4.2m
- Revenue
- $136.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Windermere, FL
- Founding
- 02/2018
- Data as of
- 12/2022
- EIN
- 82-1489150
Organization Overview
Bahamas Music Foundation Usa Inc, operating under the name One Bahamas Fund, is located in Windermere, FL. The organization was established in 2018. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. One Bahamas Fund 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 12/2022, One Bahamas Fund generated $136.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (61.4%) each year. All expenses for the organization totaled $1.6m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT EDUCATION OF BAHAMAS YOUTH THROUGH SCHOLARSHIPS AND DISASTER RELIEF
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE BAHAMAS YOUTH FOUNDATION IS FOCUSED ON HELPING TALENTED AND GIFTED YOUNG PEOPLE, THROUGH AWARDING SCHOLARSHIPS IN MUSIC, THE ARTS, ACADEMICS, AND ATHLETES. THE BAHAMAS YOUTH FOUNDATION FUNDAMENTALLY BELIEVES IN THE POTENTIAL OF EVERY SINGLE YOUNG PERSON TO ACHIEVE THEIR DREAMS THROUGH HARD WORK, EDUCATION, EXPOSURES AND EXPERIENCES THAT HELP THEM LEARN THEIR CRAFT AND WHAT IT TAKES TO SUCCEED IN IT.
THE ONE BAHAMAS FUND IS DEDICATED TO HELPING FAMILIES IMPACTED BY HURRICANE DORIAN PROVIDING EDUCATION ASSISTANCE, NEW HOUSES, AND BUSINESS RESTARTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Douglas Mcmahon Director | Trustee | 1 | $0 |
Lauren Morgan Director | Trustee | 1 | $0 |
Christopher Mangum Director | Trustee | 1 | $0 |
Jason Callender President | Officer | 1 | $0 |
Daminem Michelmore Vice President | Officer | 1 | $0 |
Donya Myrick Secretary | Officer | 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 | $66,757 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $66,757 |
| Total Program Service Revenue | $0 |
| Investment income | $70,078 |
| 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 | $136,835 |
| 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 | $1,577,225 |
| 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 | $5,724 |
| Fees for services: Accounting | $24,510 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $1,178 |
| Total functional expenses | $1,608,637 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $230,226 |
| Savings and temporary cash investments | $3,957,975 |
| Pledges and grants receivable | $38,065 |
| Accounts receivable, net | $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 | $4,226,766 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $4,194,766 |
| Net assets with donor restrictions | $32,000 |
| 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 | $4,226,766 |
Grants Awarded
Over the last fiscal year, Bahamas Music Foundation Usa Inc has awarded $542,000 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
THE ROBBINS FUND INC PURPOSE: BOAT REPAIR | $60,000 |
THE ST BERNARD PROJECT INC DBA SBP INC PURPOSE: HOUSING REPAIR - GRAND BAHAMA | $100,000 |
TGR LIVE PURPOSE: SCHOLARSHIPS | $175,000 |
SAMARITAN'S PURSE PURPOSE: HOUSING REPAIR | $150,000 |
IDEA RELIEF FOUNDATION INC PURPOSE: MARINE DEBRIS CLEAN UP | $57,000 |