Innovation Black Chamber Of Commerce
- Assets
- $14.0k
- Revenue
- $120.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Killeen, TX
- Founding
- Data as of
- 12/2023
- EIN
- 84-3410441
Organization Overview
Innovation Black Chamber Of Commerce is located in Killeen, TX. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, 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. Innovation Black Chamber Of Commerce 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, Innovation Black Chamber Of Commerce generated $120.1k in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $121.6k during the year ending 12/2023. While expenses have increased by 11.3% per year over the past 3 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
TO PROMOTE THE ECONOMIC DEVELOPMENT OF BUSINESS ENTITIES WITHIN THE HE
Describe the Organization's Program Activity:
Part 3 - Line 4a
JUNETEENTH/5K PROVIDES AN OPPORTUNITY TO GIVE BACK TO THE COMMUNITY WITH CULTURAL ENTERTAINMENT WHILE CREATING A MARKETPLACE FOR MICRO ENTERPRISES AND SMALL BUSINESS OWNERS IN THE MICRO ENTERPRISES A AFRICAN AMERICAN COMMUNITY TO BE PROMOTED AND FREQUENTED. THE JUNETEENTH /5K GRANT WAS WORTH $12,000 AND WAS DIVIDED BETWEEN 1ST 2ND AND 3RD PLACE WINNERS WHO GO THROUGH A VETTING PROCESS TO BE A QUALIFIED SMALL BUSINESS WHO WILL REINVEST THE GRANT BACK INTO THEIR SMALL BUSINESS.
CULTURE ON THE SQUARE PROVIDES AN OPPORTUNITY TO BACK TO THE COMMUNITY AND PRESENTS AN OPPORTUNITY FOR ALL VENDORS TO HAVE A MARKETPLACE TO HAVE A MARKETPLACE WHILE CELEBRATING CULTURAL DIFFERENCES OPEN TO THE PUBLIC.
TX BLACK BUSINESS WEEK AND THE BLACK BUSINESS EXCELLENCE AWARDS PROVIDE A WEEK FULL OF BUSINESS EDUCATION TO MEMBERS AND NON MEMBERS AT VERY LITTLE COST. THIS PROGRAM IS ROOTED IN PROVIDING ACCESS TO CURRENT AND PROSPECTIVE BUSINESS OWNERS WHO DESIRE TO CHANGE THEIR ECONOMICAL CIRCUMSTANCES. THE BLACK BUSINESS EXCELLENCE AWARDS AFFORDS THE OPPORTUNITY FOR SMALL BUSINESS OWNERS IN THE COMMUNITY TO HAVE THE SPOTLIGHT ON THEIR BUSINESS WHILE BEING AWARDED IN FRONT OF A GRAND AUDIENCE THAT THEY ARE THE BEST IN THEIR BUSINESS CATEGORY. WE ALSO UTILIZE BUSINESSES WITHIN OUR CHAMBER TO CONTRACT WITH OUR ORGANIZATION FOR THE EVENING AND DEMONSTRATE THEIR BUSINESS SKILLS THROUGH CATERING, DECOR, ETC.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Victoria Odom Vice President | OfficerTrustee | $0 | |
Ronnie Russell Presidentchairman | Officer | $0 | |
Dr Claudette Morgan-Scott Secretary | Officer | $0 | |
Jacqueline Townsend Treasurer | Officer | $0 | |
Tavares Bethel Director Of Military A | Trustee | $0 | |
Mayor Andy Williams Director Of Leadership | Trustee | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Frontier Sounds Sound And Equipment | 12/30/23 | $14,360 |
Everlasting Designs And De Decorations And Rentals | 12/30/23 | $8,808 |
Alexander Reign & Co Llc Balloon Decorations | 12/30/23 | $2,322 |
Creative Call Marketing Ll Creation Of Online Virtual | 12/30/23 | $2,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $28,645 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $91,424 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $120,069 |
| 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 | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $120,069 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $12,000 |
| 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 | $2,089 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,749 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,392 |
| Office expenses | $2,922 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,152 |
| 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 | $11,983 |
| Total functional expenses | $121,648 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,258 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $500 |
| Net Land, buildings, and equipment | $1,200 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $65 |
| Other assets | $0 |
| Total assets | $14,023 |
| 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 | $14,023 |
| Net assets with donor restrictions | $0 |
| 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 | $14,023 |