Latin Business Association Inc
- Assets
- $5.6k
- Revenue
- $153.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Montebello, CA
- Founding
- 04/1989
- Data as of
- 12/2021
- EIN
- 95-3256245
Organization Overview
Latin Business Association Inc is located in Montebello, CA. The organization was established in 1989. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Latin Business Association Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Latin Business Association Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Latin Business Association Inc generated $153.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.0%) each year. All expenses for the organization totaled $129.0k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (12.9%) per year over the past 7 years. 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
TO ASSIST SMALL BUSINESSES IN THE LATINO COMMUNITY WITH THE FINANCIAL AND HUMAN RESOURCES THAT WILL HELP THEM GROW AND MAKE CONTRIBUTIONS TO THE ECONOMY
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LATIN BUSINESS ASSOCIATION, INC. (LBA) OFFERS BUSINESS SEMINARS AND PROCUREMENT TO SMALL BUSINESS OWNERS IN THE LATINO COMMUNITY WITH THE OBJECTIVE FOR GROWTH AND CONTRIBUTION TO THE LOCAL ECONOMY. THE LBA ALSO OFFERS NETWORKING EVENTS SO ENTREPRENEURS OF VARIOUS INDUSTRIES CAN HAVE THE OPPORTUNITY TO MARKET THEIR PRODUCTS AND SERVICES TO OTHER INTERESTED PARTIES. THE LBA HAS QUARTERLY MEETINGS TO DISCUSS CURRENT PROJECTS AS WELL AS QUARTERLY RESULTS FROM THEIR SEMINAR AND PROCUREMENT EVENTS. EVERY YEAR IN THE FALL THE LBA HOLDS AN ANNUAL GALA TO RECOGNIZE SUCCESSFUL LATINO BUSINESS PEOPLE WHO ARE CURRENTLY MAKING A DIFFERENCE OR CONTRIBUTING IN A MAJOR WAY TO THE COMMUNITY AND HELPING THE GROWTH OF THE DEMOGRAPHIC GROUP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gabriela Marroquin Director | Trustee | 2 | $0 |
Zeferino Luna Director | Trustee | 2 | $0 |
Andrea Navarrete Director | Trustee | 2 | $0 |
Harold Robles Director | Trustee | 2 | $0 |
Raul Nunez Director | Trustee | 2 | $0 |
David V Cruz Director | Trustee | 2 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $148,619 |
| 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 | $153,388 |
| 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. | $13,491 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,565 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,770 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,820 |
| Advertising and promotion | $788 |
| Office expenses | $3,613 |
| Information technology | $6,003 |
| Royalties | $0 |
| Occupancy | $17,488 |
| Travel | $12,470 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,614 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $40 |
| All other expenses | $4,007 |
| Total functional expenses | $128,984 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$1,287 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,188 |
| 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 | $2,010 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,709 |
| Total assets | $5,620 |
| Accounts payable and accrued expenses | $46,991 |
| 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 | $10,679 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $99,417 |
| Other liabilities | $11,013 |
| Total liabilities | $168,100 |
| Net assets without donor restrictions | -$162,480 |
| 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 | $5,620 |