Atlanta Wealth Building Initiative Inc
- Assets
- $2.2m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 4
- Location
- Atlanta, GA
- Founding
- 08/2014
- Data as of
- 12/2021
- EIN
- 46-2239585
Organization Overview
Atlanta Wealth Building Initiative Inc is located in Atlanta, GA. The organization was established in 2014. 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. As of 12/2021, Atlanta Wealth Building Initiative Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Atlanta Wealth Building Initiative Inc 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, Atlanta Wealth Building Initiative Inc generated $2.3m in total revenue. All expenses for the organization totaled $1.3m during the year ending 12/2021.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
AWBI EXISTS TO MAKE SHARED PROSPERITY THE ATLANTA WAY BY SUPPORTING THE ENGAGEMENT, CAPACITY, AND LEADERSHIP NECESSARY TO ADDRESS ATLANTA'S RACIAL WEALTH DIVIDE. WE ACTIVELY REIMAGE ECONOMIC REALITIES TO PRODUCE AN OPPORTUNITY-RICH FUTURE FOR ALL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AWBI 2021 IMPACT HIGHLIGHTSLIKE MANY ORGANIZATIONS, AWBI WAS IMPACTED BY THE COVID-19 PANDEMIC AND FOCUSED ITS EFFORTS IN BOTH 2020 AND 2021 ON SECURING SUPPORT FOR A VARIETY OF SMALL BUSINESSES IN ITS LOCAL COMMUNITY. IN ADDITION TO THIS DEPLOYMENT, AWBI ACCOMPLISHED THE FOLLOWING:2021 PEOPLESUPPORTED OVER 400 BUSINESSES THROUGH GRANTS, TECHNICAL ASSISTANCE AND COACHINGDEVELOPED POLICY IN PRACTICE DOCUMENT FOR ATLANTA MAYORAL CANDIDATESSUPPORTED BEYA SALON STUDIOS IN EXPANSION TO TWO NEW LOCATIONSPROVIDED A GRANT TO THE KE'NEKT TO CONDUCT COMMUNITY OUTREACH AND COLLECT COMMUNITY INPUT AS AWBI EMBARKS ON ITS RETENTION AND ANTI-DISPLACEMENT STRATEGY2021 CAPITALDISTRIBUTED $420,000 ACROSS 14 GRANTSHELPED BROWN TOY BOX EXECUTE A $2.5M PURCHASE ORDER WITH TARGETBEGAN PLANNING FOR 2022 CAPITAL CONVENINGS TO EXPAND THE POOL OF CAPITAL AVAILABLE FOR BLACK-OWNED BUSINESSES IN ATLANTA2021 IDEASHOSTED THE COMMUNITY WEALTH BUILDING FORUM ON MARCH 25, 2021 WITH MORE THAN 150 ATTENDEESLAUNCHED THE 1,000 BUSINESSES CAMPAIGN AT THE COMMUNITY WEALTH BUILDING FORUM & DEVELOPED EXECUTIVE SUMMARY, VIDEO AND OTHER CAMPAIGN MATERIALSLAUNCHED COMMUNITY WEALTH BUILDING COMMITMENT SERIESPROMOTED COMMUNITY WEALTH BUILDING ONLINE & THROUGH SPEAKING ENGAGEMENTS:COMPLETED CAPITAL LANDSCAPE ANALYSIS WITH JPMC, NEXT STREET, COMMON FUTURE & PSEPROMOTED & SUPPORTED GANGSTERS TO GROWERS AS A WORKER-OWNER MODELIN 2023, AWBI WILL LAUNCH ITS NEW STRATEGIC PLAN FOCUSED ON AN INNOVATIVE SOLUTIONS PORTFOLIO MODEL THAT INCLUDES: AFFORDABLE COMMERCIAL REAL ESTATE, DATA ARCHITECTURE, EMPLOYEE OWNERSHIP, PROGRESSIVE PROCUREMENT AND SOCIAL LABS & INNOVATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Latresa Mclawhorn Ryan Executive Director | OfficerTrustee | 40 | $155,848 |
Alan Ferguson Director | Trustee | 2 | $0 |
Grace Fricks Director | Trustee | 2 | $0 |
Ellen Macht Director | Trustee | 2 | $0 |
Tyler Nickerson Director | Trustee | 2 | $0 |
James Wahls Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,192,194 |
| All other contributions, gifts, grants, and similar amounts not included above | $81,250 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,273,444 |
| 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 | $1,300 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,274,744 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $439,500 |
| 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. | $155,484 |
| Compensation of current officers, directors, key employees. | $61,975 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $150,668 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $25,194 |
| Payroll taxes | $21,570 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $32,282 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $337,475 |
| Advertising and promotion | $51,932 |
| Office expenses | $2,754 |
| Information technology | $11,113 |
| Royalties | $0 |
| Occupancy | $18,500 |
| Travel | -$1 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,897 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $162 |
| Insurance | $4,112 |
| All other expenses | $459 |
| Total functional expenses | $1,300,711 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,096,605 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,105,000 |
| 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 | $921 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,202,526 |
| Accounts payable and accrued expenses | $227,067 |
| Grants payable | $0 |
| Deferred revenue | $200,000 |
| 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 | $427,067 |
| Net assets without donor restrictions | $1,775,459 |
| 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 | $2,202,526 |
Grants Awarded
Over the last fiscal year, Atlanta Wealth Building Initiative Inc has awarded $420,000 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
THE KENEKTGEORGIA MICRO ENTERPRISE NETWORK INC PURPOSE: SUPPORTING THE ADDITION OF A PROGRAM COORDINATOR AND GRANT WRITER, AND THE COMPLETION OF PHASE ONE OF THE BUILD OUT OF THE KE'NEKT'S SPACE IN WESTVIEW. | $85,000 |
Atlanta, GA PURPOSE: TO HELP BROWN TOY BOX EXECUTE ON PURCHASE ORDERS | $75,000 |
VILLAGE MICRO FUND PURPOSE: TO HELP BROWN TOY BOX EXECUTE ON PURCHASE ORDERS | $75,000 |
Atlanta, GA PURPOSE: TO EXPAND THE ECOSYSTEM OF SERVICES FOR BLACK-OWNED BUSINESSES BY SUPPORTING GOODIE NATION IN HIRING ADDITIONAL STAFF | $40,000 |
GANGSTAS TO GROWERS PURPOSE: TO CULTIVATE FUNDING RELATIONSHIPS, GROW THE CAPACITY OF ITS EARNED REVENUE AND FINE TUNE ITS BUSINESS MODEL. | $40,000 |
Atlanta, GA PURPOSE: "SUPPORT BLACK-OWNED BUSINESSES IN ATLANTA IN RECOVERING FROM COVID, GROWING THEIR REVENUES, AND AVOIDING DISPLACEMENT BY PROVIDING ACCESS TO TECHNICAL ASSISTANCE AND COOPERATIVE SPACES, BOTH PHYSICAL AND VIRTUAL THROUGH THE VILLAGE MARKET ATLANTA ECOSYSTEM. | $30,000 |
Grants Recieved
Over the last fiscal year, we have identified 11 grants that Atlanta Wealth Building Initiative Inc has recieved totaling $1,558,123.
| Awarding Organization | Amount |
|---|---|
The Community Foundation For Greater Atlanta Inc Atlanta, GA PURPOSE: HOUSING AND SHELTER | $717,929 |
Kendeda Fund Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $400,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $100,000 |
Kendeda Fund Wilmington, DE PURPOSE: OPERATING RESERVE FUND | $94,500 |
Annie E Casey Foundation Baltimore, MD PURPOSE: SUPPORT THE CULTIVATING OF BLACK ENTREPRENEURSHIP IN ATLANTA'S SOUTHSIDE | $70,000 |
The Nathan Cummings Foundation Inc New York, NY PURPOSE: GENERAL SUPPORT | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
South Alabama Regional Planning Commission Mobile, AL | $10,162,715 | $18,722,811 |
Discover Palm Beach County Inc West Palm Beach, FL | $6,257,115 | $17,672,568 |
Step Up Suncoast Inc Sarasota, FL | $3,209,226 | $16,919,808 |
Atlanta Convention & Vistors Bureau Inc Atlanta, GA | $20,280,984 | $17,066,911 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Knoxville Convention & Visitors Bureau Inc Knoxville, TN | $5,768,468 | $5,619,069 |
South Carolina I-77 Alliance Richburg, SC | $4,361,702 | $6,505,378 |
Access To Capital For Entrepreneurs Inc Cleveland, GA | $88,796,114 | $11,013,240 |