Black Cooperative Impact Fund
- Assets
- $563.8k
- Revenue
- $333.0k
- Investments
- $0.0
- Employees
- 1
- Location
- Los Angeles, CA
- Founding
- 05/2017
- Data as of
- 12/2023
- EIN
- 81-4320957
Organization Overview
Black Cooperative Impact Fund is located in Los Angeles, CA. The organization was established in 2017. According to its NTEE Classification (J20) the organization is classified as: Employment Preparation & Procurement, under the broad grouping of Employment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Black Cooperative Impact Fund 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 12/2023, Black Cooperative Impact Fund generated $333.0k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 53.6% each year . All expenses for the organization totaled $255.4k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
BASED ON COOPERATIVE ECONOMICS, BCIF IS A COMMUNITY-BASED ORGANIZATION THAT PROVIDES MICROLOANS TO THE BLACK COMMUNITY THROUGH POOLED DOLLARS AND RAISES AWARENESS ABOUT THE IMPORTANCE OF ECONOMIC EMPOWERMENT, EQUITY AND WEALTH BUILDING, WITH A FOCUS ON SOCAL COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTED THE IMPORTANCE OF ECONOMIC EMPOWERMENT IN ADDRESSING THE RACIAL WEALTH GAP THROUGH ACTIVITIES SUCH AS HOSTING A VIRTUAL SALON, PARTICIPATING ON SEVERAL PANELS FOR CONVENING, AND RAISING FUNDS TO BUILD THE POOL OF FUNDS TO DEPLOY AS MICROLOANS TO SOUTHERN CALIFORNIA BASED BLACK OWNED BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Lewis President | Officer | 1 | $60,000 |
Carron Brown Director | Trustee | 1 | $0 |
Tim Dodd Director | Trustee | 1 | $0 |
Michael Raeford Director | Trustee | 1 | $0 |
Tiana Sanchez Director | Trustee | 1 | $0 |
Kelvin Sauls Director | 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 | $332,121 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $332,121 |
| Total Program Service Revenue | $835 |
| 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 | $332,956 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $22,739 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $60,000 |
| Compensation of current officers, directors, key employees. | $60,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| 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 | $2,331 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $14,374 |
| Office expenses | $381 |
| Information technology | $601 |
| Royalties | $0 |
| Occupancy | $1,521 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,534 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,690 |
| All other expenses | $3,310 |
| Total functional expenses | $255,357 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $372,993 |
| 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 | $190,772 |
| 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 | $563,765 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $563,765 |
| Total liabilities and net assets/fund balances | $563,765 |