Ubiz Venture Capital
- Assets
- $1.1m
- Revenue
- $576.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Cleveland, OH
- Founding
- Data as of
- 12/2021
- EIN
- 84-3657936
Organization Overview
Ubiz Venture Capital is located in Cleveland, OH. According to its NTEE Classification (T12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2021, Ubiz Venture Capital employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ubiz Venture Capital 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, Ubiz Venture Capital generated $576.8k in total revenue. All expenses for the organization totaled $438.9k during the year ending 12/2021. While expenses have increased by 184.9% per year over the past 2 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
VISION: UBIZ ASPIRES TO BE THE PREEMINENT ORGANIZATION TO DIRECTLY OR COLLABORATIVELY MAKE BUSINESS CAPITAL READILY AVAILABLE TO SERIOUS AFRICAN AMERICAN AND OTHER MINORITY LED SMALL BUSINESSES THA HAVE POTENTIAL FOR GROWTH AND JOB CREATION IN THE GREATER CLEVELAND AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO MAKE ACCESS TO CREDIT MORE READILY AVAILABLE TO HIGH POTENTIAL EXISTING AFRICAN AMERICAN AND OTHER MINORITY BUSINESSES IN THE GREATER CLEVELAND AREA AND OTHER PARTS OF NORTHEAST OHIO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Obi President | OfficerTrustee | 30 | $146,674 |
Brian Hall Treasurer | Trustee | 0 | $0 |
David Merkel Director | Trustee | 0 | $0 |
Lynette Crenshaw Secretary | Trustee | 0 | $0 |
Lonnie Coleman Chairman | Trustee | 0 | $0 |
Marsha Mocabee Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $564,816 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $564,816 |
| Total Program Service Revenue | $4,696 |
| 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 | $576,814 |
| 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 | $177,318 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $26,400 |
| Payroll taxes | $65,788 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,463 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $36,587 |
| Advertising and promotion | $0 |
| Office expenses | $21,796 |
| 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 | $30,000 |
| Interest | $5,000 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $28,891 |
| All other expenses | $4,680 |
| Total functional expenses | $438,854 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $888,626 |
| 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 | $168,512 |
| 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 | $1,057,138 |
| Accounts payable and accrued expenses | $7,410 |
| 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 | $900,000 |
| Other liabilities | $2,600 |
| Total liabilities | $910,010 |
| Net assets without donor restrictions | $147,128 |
| 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 | $1,057,138 |
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