Black Ambition Opportunity Inc
- Assets
- $12.6m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 5
- Location
- Miami, FL
- Founding
- Data as of
- 12/2023
- EIN
- 85-1559517
Organization Overview
Black Ambition Opportunity Inc is located in Miami, FL. According to its NTEE Classification (R30) the organization is classified as: Intergroup & Race Relations, under the broad grouping of Civil Rights, Social Action & Advocacy and related organizations. As of 12/2023, Black Ambition Opportunity Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Black Ambition Opportunity Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE INCREASED ECONOMIC OPPORTUNITIES TO BLACK AND LATINX COMMUNTIES AND BRIDGE THE RACIAL WEALTH GAP THROUGH ENTREPRENEURSHIP BY INCREASING BOTH THE PIPELINE OF DIVERSE ENTREPRENEURS AS WELL AS THE NUMBER OF HISTORICALLY EXCLUDED ENTREPRENEURS WHO SUCCEED AT RAISING NECESSARY STARTUP CAPITAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BLACK AMBITION AWARDS FINANCIAL SUPPORT TO EARLY-STAGE BUSINESSES AND ENTREPRENUERS COMPRISED OF DIVERSE TEAMS THAT HAVE SHOWN PROGRESS AGAINST CONCEPT, BUT HAVE RAISED LESS NO MORE THAN $1 MILLION IN DILUTIVE FUNDING. BY FOCUSING ON DIVERSE TEAMS OF BUSINESSES AND ENTREPRENEURS WITH LIMITED FUNDING, THE PROGRAM PROMOTES SOCIAL WELFARE BY WORKING TO ELIMINATE PREJUDICE AND DISCRIMINATION FROM THE BUSINESS STARTUP PROCESS WHILE ALSO MITIGATING ITS PAST EFFECTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pharrell Williams Director & Chair | Trustee | 1 | $0 |
Erik Moore Board Member | Trustee | 1 | $0 |
Ron Laffitte Board Member | OfficerTrustee | 1 | $0 |
Felicia Hatcher CEO | Officer | 40 | $360,781 |
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 | $5,092,493 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,092,493 |
| Total Program Service Revenue | $74,000 |
| Investment income | $225 |
| 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 | $5,166,718 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,185,712 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $360,781 |
| Compensation of current officers, directors, key employees. | $110,125 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $496,730 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $51,557 |
| Payroll taxes | $52,285 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $136,642 |
| Fees for services: Accounting | $35,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $684,194 |
| Advertising and promotion | $543,894 |
| Office expenses | $45,803 |
| Information technology | $118,494 |
| Royalties | $0 |
| Occupancy | $430,934 |
| Travel | $673,604 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $613,996 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $26,787 |
| All other expenses | $0 |
| Total functional expenses | $7,312,622 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,693,057 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,000,000 |
| 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 | $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 | $2,888,000 |
| Total assets | $12,581,057 |
| Accounts payable and accrued expenses | $2,240,260 |
| 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 | $1,134,640 |
| Total liabilities | $3,374,900 |
| Net assets without donor restrictions | $7,206,157 |
| Net assets with donor restrictions | $2,000,000 |
| 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 | $12,581,057 |