247 Blac
- Assets
- $743.4k
- Revenue
- $315.9k
- Investments
- $0.0
- Employees
- 1
- Location
- Waterloo, IA
- Founding
- 07/2007
- Data as of
- 12/2023
- EIN
- 90-1179763
Organization Overview
247 Blac is located in Waterloo, IA. The organization was established in 2007. According to its NTEE Classification (S30) the organization is classified as: Economic Development, 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. 247 Blac 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
COORDINATION OF REDEVELOPMENT EFFORTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
BLACK BUSINESS & ENTREPRENEURSHIP ACCELERATOR - IN 2023 OUR ORGANIZATION SUCCESSFULLY FACILITATED TWO COHORTS OF PARTICIPANTS THROUGH OUR COMPREHENSIVE ENTREPRENEURIAL TRAINING PROGRAM. THESE COHORTS COMPRISING INDIVIDUALS FROM DIVERSE BACKGROUNDS WERE DESIGNED TO EQUIP PARTICIPANTS WITH THE NECESSARY SKILLS RESOURCES AND MENTORSHIP TO LAUNCH AND GROW THEIR OWN BUSINESSES. A TOTAL OF 21 PARTICIPANTS COMPLETED THE PROGRAM AND GRADUATED WITH EACH GRADUATE DEMONSTRATING PROFICIENCY IN CORE AREAS SUCH AS BUSINESS PLANNING FINANCIAL MANAGEMENT AND MARKETING STRATEGY. NOTABLY ALL 21 GRADUATES LAUNCHED ENTREPRENEURIAL VENTURES AS A RESULT OF THE PROGRAM CONTRIBUTING TO LOCAL ECONOMIC DEVELOPMENT AND FOSTERING INNOVATION WITHIN THEIR RESPECTIVE INDUSTRIES. THROUGH OUR CONTINUED FOCUS ON EDUCATION MENTORSHIP AND RESOURCE DEVELOPMENT WE REMAIN COMMITTED TO EMPOWERING EMERGING ENTREPRENEURS AND SUPPORTING THEIR JOURNEY TOWARD SUSTAINABLE BUSINESS OWNERSHIP.
PROJECT HOME - IN 2023 PROJECT HOME A PUBLIC-PRIVATE PARTNERSHIP DEDICATED TO INCREASING THE NUMBER OF BLACK HOMEOWNERS IN THE MIDWEST ACHIEVED SIGNIFICANT OUTCOMES ALIGNED WITH ITS MISSION TO FOSTER WEALTH-BUILDING AND PERSONAL ASSET DEVELOPMENT WITHIN HISTORICALLY UNDERREPRESENTED COMMUNITIES. THROUGH TARGETED EDUCATION FINANCIAL LITERACY PROGRAMS AND ACCESS TO RESOURCES PROJECT HOME SUCCESSFULLY SUPPORTED 33 PARTICIPANTS IN ACHIEVING FIRST-TIME HOMEOWNERSHIP. BY PROVIDING GUIDANCE ON NAVIGATING THE HOME-BUYING PROCESS AND SECURING FINANCING THESE 33 NEW HOMEOWNERS ARE NOW ON A PATH TOWARD BUILDING EQUITY AND FINANCIAL STABILITY. THE PROGRAM'S OUTCOMES REFLECT ITS STRONG COMMITMENT TO ADDRESSING SYSTEMIC BARRIERS TO HOMEOWNERSHIP AND SUPPORTING WEALTH CREATION IN BLACK COMMUNITIES ACROSS THE MIDWEST.
CONTENT THAT MATTERS - IN 2023 THE ORGANIZATION LAUNCHED A ONE-TIME PROJECT TITLED CURRICULUM THAT MATTERS DESIGNED TO REVAMP AND ENHANCE THE ENTIRE PROGRAM CURRICULUM ACROSS ALL OFFERINGS. THE GOAL OF THIS INITIATIVE WAS TO ENSURE THAT THE CURRICULUM REFLECTS CURRENT TRENDS BEST PRACTICES AND THE EVOLVING NEEDS OF PARTICIPANTS PARTICULARLY IN THE AREAS OF LEADERSHIP DEVELOPMENT PROFESSIONAL GROWTH AND BUSINESS STRATEGY. THIS COMPREHENSIVE OVERHAUL INCLUDED UPDATING INSTRUCTIONAL MATERIALS INTEGRATING INNOVATIVE LEARNING TECHNIQUES AND ENSURING THE CONTENT WAS CULTURALLY RELEVANT AND TAILORED TO THE EXPERIENCES OF BLACK PROFESSIONALS AND BUSINESSES. THE CURRICULUM THAT MATTERS PROJECT HAS POSITIONED THE ORGANIZATION TO DELIVER EVEN MORE IMPACTFUL AND EFFECTIVE PROGRAMMING IN THE FUTURE WITH A FOCUS ON EQUIPPING PARTICIPANTS WITH THE TOOLS AND KNOWLEDGE NECESSARY FOR SUSTAINED PERSONAL AND PROFESSIONAL SUCCESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sharina Sallis President | Officer | 3 | $0 |
Felicia Smith Nalls Vice President | Officer | 2 | $0 |
Kingsley Botchway Treasurer | Officer | 3 | $0 |
Kalola Roby Secretary | Officer | 2 | $0 |
Travis Hall Board Member | Trustee | 1 | $0 |
Travis Ferguson Board Member | Trustee | 1 | $0 |
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 | $311,451 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $311,451 |
| Total Program Service Revenue | $4,486 |
| 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 | $315,937 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $49,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $25,000 |
| Compensation of current officers, directors, key employees. | $23,750 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,162 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $100 |
| Fees for services: Accounting | $28,113 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $3,750 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $223,978 |
| Advertising and promotion | $0 |
| Office expenses | $26,872 |
| Information technology | $2,900 |
| Royalties | $0 |
| Occupancy | $65 |
| Travel | $4,230 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $20 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $366,768 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $324,906 |
| Savings and temporary cash investments | $368,497 |
| 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 | $50,000 |
| 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 | $743,403 |
| Accounts payable and accrued expenses | $2,854 |
| 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 | $2,854 |
| Net assets without donor restrictions | $740,549 |
| 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 | $743,403 |