Usbc Community Economic Development Corporation
- Assets
- $4.6m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 4
- Location
- Washington, DC
- Founding
- 04/2013
- Data as of
- 12/2021
- EIN
- 90-0899831
Organization Overview
Usbc Community Economic Development Corporation is located in Washington, DC. The organization was established in 2013. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2021, Usbc Community Economic Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Usbc Community Economic Development Corporation 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, Usbc Community Economic Development Corporation generated $2.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 37.1% each year . All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 23.6% per year over the past 7 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
THE ORGANIZATION WAS FORMED TO ASSIST LOCAL BLACK CHAMBERS OF COMMERCE NATIONALLY WITH SMALL BUSINESS DEVELOPMENT AND GROWTH AND TO REPRESENT THE BUSINESS INTEREST OF AFRICAN AMERICAN BUSINESSES THROUGHOUT THE US.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WAS ABLE TO PROVIDE TECHNICAL AND EDUCATIONAL ASSISTANCE TO BUSINESS OWNERS AND ASPIRING ENTREPRENEURS. IN ADDITION, THE ORGANIZATION WAS ABLE TO PROVIDE MICRO-GRANTS TO OUTSIDE ORGANIZATIONS THROUGHOUT THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Busby Executive Director | Officer | 10 | $316,000 |
Bridgett Gagne Treasurer | Trustee | 2 | $0 |
Antwanye Ford Vice Chair | Trustee | 2 | $0 |
Aimee Griffin Secretary | Trustee | 2 | $0 |
Charles Oneal Chairman Of The Board | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,180,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $396,854 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,576,854 |
| 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 | $2,576,854 |
| 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 | $506,334 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,227 |
| Payroll taxes | $32,288 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Advertising and promotion | $10,144 |
| Office expenses | $19,723 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,135 |
| 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 | $1,085 |
| Total functional expenses | $1,176,736 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,185,854 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $227,055 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $202,371 |
| 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 | $1,132 |
| Total assets | $4,616,412 |
| Accounts payable and accrued expenses | $55,341 |
| 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 | $314,573 |
| Total liabilities | $369,914 |
| Net assets without donor restrictions | $4,246,498 |
| 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 | $4,616,412 |
Grants Awarded
Over the last fiscal year, Usbc Community Economic Development Corporation has awarded $60,000 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
Mckinney, TX PURPOSE: Microgrant Program | $5,000 |
HEARTLAND BLACK CHAMBER OF COMMERCE PURPOSE: Microgrant Program | $5,000 |
Beaufort, SC PURPOSE: Microgrant Program | $5,000 |
Tallahassee, FL PURPOSE: Microgrant Program | $5,000 |
Phoenix, AZ PURPOSE: Microgrant Program | $5,000 |
Sacramento, CA PURPOSE: Microgrant Program | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Usbc Community Economic Development Corporation has recieved totaling $70,000.
| Awarding Organization | Amount |
|---|---|
Ewing Marion Kauffman Foundation Kansas City, MO PURPOSE: SUPPORT FORTHE INCREASING EQUITY IN SMALL BUSINESS FINANCING AND GOVERNMENT CONTRACTING FOR ENTREPRENEURS OF COLOR BY CONDUCTING FOCUS GROUPS AND EDUCATING POLICYMAKERS. 202105-10480 | $50,000 |
Us Chamber Of Commerce Foundation Washington, DC PURPOSE: Grant to serve as partner in the Coalition to Back Black Businesses program. | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Achieving The Dream Inc Silver Spring, MD | $48,979,373 | $23,156,070 |
Us Ignite Inc Washington, DC | $5,718,790 | $15,311,234 |
Washington Yu Ying Public Charter School Washington, DC | $27,086,728 | $12,170,772 |
National Association For College Admission Counseling Inc Arlington, VA | $22,607,858 | $9,863,408 |
National Alliance For Public Charter Schools Washington, DC | $20,433,842 | $17,753,309 |
American Federation For Children Growth Fund Inc Columbia, MD | $9,265,288 | $14,325,717 |
A Wider Circle Inc Silvers Spring, MD | $9,165,754 | $9,301,796 |
Anne Arundel Community College Foundation Inc Arnold, MD | $29,078,784 | $4,871,771 |
Success For All Foundation Inc Baltimore, MD | $3,571,160 | $7,960,925 |
American Constitution Society For Law And Policy Washington, DC | $6,124,680 | $5,609,154 |
American School Counselor Association Alexandria, VA | $7,066,172 | $7,522,290 |
Qm Quality Matters Annapolis, MD | $7,257,264 | $7,473,612 |