Black Economic Alliance Foundation
- Assets
- $16.0m
- Revenue
- $12.9m
- Investments
- $0.0
- Employees
- 2
- Location
- Washington, DC
- Founding
- 07/2019
- Data as of
- 12/2023
- EIN
- 83-3790370
Organization Overview
Black Economic Alliance Foundation is located in Washington, DC. The organization was established in 2019. According to its NTEE Classification (T11) the organization is classified as: Single Organization Support, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Black Economic Alliance Foundation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Black Economic Alliance Foundation 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 12/2023, Black Economic Alliance Foundation generated $12.9m in total revenue. All expenses for the organization totaled $12.3m during the year ending 12/2023. While expenses have increased by 76.4% per year over the past 5 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION FOCUSES ON ADVANCING ECONOMIC PROGRESS IN BLACK COMMUNITIES BY SUPPORTING RESEARCH, EDUCATION, AND PUBLIC POLICY DEVELOPMENT AROUND WORK, WAGES, AND WEALTH IN THE BLACK COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOUNDATION WORKED TO SUPPORT RESEARCH, EDUCATION, AND PUBLIC POLICY DEVELOPMENT AROUND WORK, WAGES, AND WEALTH IN THE BLACK COMMUNITY.
CENTER FOR BLACK ENTREPRENEURSHIP - THE BLACK ECONOMIC ALLIANCE FOUNDATION, SPELMAN COLLEGE, AND MOREHOUSE COLLEGE HAVE PARTNERED TO DEVELOP THE CENTER FOR BLACK ENTREPRENEURSHIP (CBE), THE FIRST-EVER ACADEMIC CENTER OF ITS KIND TO PRODUCE, TRAIN, AND SUPPORT A NEW CLASSOF BLACK ENTREPRENEURIAL TALENT.THE CBE SEEKS TO ELIMINATE THE ACCESS BARRIER BETWEEN BLACK ENTREPRENEURS, PROFESSIONAL INVESTORS, AND BUSINESS BUILDERS BY LEVERAGING EDUCATION, MENTORSHIP, ACCESS TO CAPITAL, AND OPPORTUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
N Anthony Coles Jr Director, President | OfficerTrustee | 6 | $0 |
Vicki Palmer Director,treasurer | OfficerTrustee | 4.9 | $0 |
Charles Phillips Director, Secretary | OfficerTrustee | 6 | $0 |
Tia Breakley Director, Asst Treasurer | OfficerTrustee | 2.4 | $0 |
Kneeland Youngblood Director | Trustee | 1.2 | $0 |
Robyn Coles Director | Trustee | 6 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Skdk Communications Consultant | 12/30/23 | $190,145 |
Clark Lawrence Consulting Fundraising Consultants | 12/30/23 | $202,398 |
The Jenkins Group Llc Policy And Research Consultants | 12/30/23 | $236,250 |
Ab Partners Web Development | 12/30/23 | $187,300 |
The Bridgespan Group Strategic Consultant | 12/30/23 | $165,000 |
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 | $12,858,895 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,858,895 |
| 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 | $46,153 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,905,048 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,714,000 |
| 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. | $250,496 |
| Compensation of current officers, directors, key employees. | $114,931 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $234,254 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $67,603 |
| Payroll taxes | $35,626 |
| Fees for services: Management | $2,153,519 |
| Fees for services: Legal | $148,421 |
| Fees for services: Accounting | $144,296 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $55,834 |
| Office expenses | $28,118 |
| Information technology | $181,626 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $104,228 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $165,213 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,201 |
| All other expenses | $0 |
| Total functional expenses | $12,291,435 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,887,342 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,797,000 |
| 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 | $15,847 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $327,350 |
| Total assets | $16,027,539 |
| Accounts payable and accrued expenses | $413,162 |
| Grants payable | $2,650,000 |
| Deferred revenue | $30,000 |
| 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 | $511,244 |
| Total liabilities | $3,604,406 |
| Net assets without donor restrictions | $9,491,678 |
| Net assets with donor restrictions | $2,931,455 |
| 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 | $16,027,539 |
Grants Awarded
Over the last fiscal year, Black Economic Alliance Foundation has awarded $8,714,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
SPELMAN COLLEGE PURPOSE: TO SUPPORT THE CENTER FOR BLACK ENTREPRENEURSHIP | $2,350,000 |
CLARK ATLANTA UNIVERSITY PURPOSE: TO SUPPORT THE CENTER FOR BLACK ENTREPRENEURSHIP | $1,000,000 |
MOREHOUSE COLLEGE PURPOSE: TO SUPPORT THE CENTER FOR BLACK ENTREPRENEURSHIP | $5,300,000 |
BLACK ECONOMIC ALLIANCE (C4) PURPOSE: TO COVER EXPENSES FOR THE HART RESEARCH | $64,000 |