Rhode Island Black Business Association
- Assets
- $398.5k
- Revenue
- $497.2k
- Investments
- $0.0
- Employees
- 6
- Location
- Providence, RI
- Founding
- 07/2011
- Data as of
- 12/2021
- EIN
- 45-1454867
Organization Overview
Rhode Island Black Business Association is located in Providence, RI. The organization was established in 2011. 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, Rhode Island Black Business Association employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rhode Island Black Business Association 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, Rhode Island Black Business Association generated $497.2k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 42.9% each year . All expenses for the organization totaled $451.5k during the year ending 12/2021. While expenses have increased by 46.6% per year over the past 5 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
TO HELP BLACK AND MINORITY BUSINESSES GROW AND SCALE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM AND SERVICES DEISGNED TO HELP BLACK BUSINESSES GROW WITH ONE-ON ONE BUSINESS DEVELOPMENT ASSISTANCE
CAREER DEVELOPMENT INITIATIVE FOCUSED ON SUPPORTING YOUNG ADULTS ON THEIR ACADMIC CAREER JOURNEY THROUGH ACCESS TO MENTORS, FINANCIAL LITERACY, SCHOLARSHIPS AND SKILLS TRAINING
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Ranglin Executive Director | Officer | 40 | $70,716 |
Evelyn Ranone Secretary | Officer | 10 | $0 |
Darrell Moore Director | Officer | 5 | $0 |
Tyler Joseph Director | Officer | 5 | $0 |
Grant Falconer Director | Officer | 5 | $0 |
Berry-Jean Murray Director | Officer | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $17,026 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $234,371 |
| All other contributions, gifts, grants, and similar amounts not included above | $245,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $496,897 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $287 |
| 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 | $497,184 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,585 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $127,853 |
| Compensation of current officers, directors, key employees. | $70,716 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $94,477 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $28,573 |
| Fees for services: Management | $1,523 |
| Fees for services: Legal | $800 |
| Fees for services: Accounting | $7,915 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,264 |
| Advertising and promotion | $7,568 |
| Office expenses | $6,453 |
| Information technology | $1,000 |
| Royalties | $0 |
| Occupancy | $24,583 |
| Travel | $2,275 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,803 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,437 |
| All other expenses | $119 |
| Total functional expenses | $451,503 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $236,583 |
| 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 | $161,954 |
| 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 | $398,537 |
| Accounts payable and accrued expenses | $3,988 |
| Grants payable | $4,650 |
| Deferred revenue | $163,967 |
| 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 | $172,605 |
| Net assets without donor restrictions | $225,932 |
| 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 | $398,537 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Rhode Island Black Business Association has recieved totaling $233,100.
| Awarding Organization | Amount |
|---|---|
Ralph R Papitto And Barbara A Papitto Private Family Foundation Hope, RI PURPOSE: TO FUND ITS REVOLVING LOAN PROGRAM FOR BLACK OWNED BUSINESESS | $103,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $55,000 |
Partnership For Rhode Island Providence, RI PURPOSE: GRANT | $50,000 |
United Way Of Rhode Island Inc Providence, RI PURPOSE: DESIGNATED DONATION/GRANT | $25,100 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ll Global Inc Of Connecticut Windsor, CT | $82,107,687 | $49,999,799 |
Key Human Services Inc Wethersfield, CT | $14,644,434 | $25,649,507 |
Network Inc Andover, CT | $11,161,726 | $23,443,256 |
Warren Alpert Foundation Providence, RI | $0 | $34,230,713 |
Rhode Island Automobile Insurance Plan Johnston, RI | $25,251,183 | $13,070,810 |
Telecom Infra Project Inc Wakefield, MA | $19,363,144 | $19,879,167 |
Northeast Gas Association Inc Needham, MA | $15,830,312 | $17,592,560 |
Chartered Alternative Investment Analyst Association Inc Amherst, MA | $10,766,695 | $9,878,929 |
Downtown Boston Business Improvement District Corporation Boston, MA | $4,039,139 | $7,235,337 |
Greater Boston Chamber Of Commerce Boston, MA | $11,076,057 | $7,257,999 |
Better Business Bureau Inc Marlborough, MA | $5,408,175 | $6,008,226 |
Two Ten Footwear Foundation Inc Waltham, MA | $38,171,628 | $5,812,562 |