Foundation For Business Equity Inc
- Assets
- $0.0
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 09/2017
- Data as of
- 09/2022
- EIN
- 82-1912000
Organization Overview
Foundation For Business Equity Inc is located in Boston, MA. The organization was established in 2017. According to its NTEE Classification (T70) the organization is classified as: Federated Giving Programs, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For Business Equity 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 09/2022, Foundation For Business Equity Inc generated $2.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (7.1%) each year. All expenses for the organization totaled $1.5m during the year ending 09/2022. As we would expect to see with falling revenues, expenses have declined by (17.0%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISBURSEMENTS TO PARTNERS-THE FOUNDATION WILL MATCH STRATEGIC ADVISORS TO THE ENTERPRISES OF COLOR TO HELP THEM GROW. THE STRATEGIC ADVISORS WILL CO-CREATE EFFECTIVE GROWTH STRATEGIES AND THEN PARTNER DIRECTLY WITH THE PARTICIPATING ENTERPRISES TO HELP EXECUTE/OPERATIONALIZE THE STRATEGY. THE FOUNDATION WILL SUBSIDIZE 80% TO 90% OF THE COST.IN 2022 $500,448 WAS DISBURSED UNDER THIS PROGRAM AND $76,648 WAS REIMBURSED TO THE FOUNDATION BY PARTICIPATING ENTERPRISES.
TRANSFORMATIVE DEVELOPMENT - THE FOUNDATION WILL LEVERAGE PHILANTHROPIC DOLLARS AND DEEP COMMUNITY RELATIONS IN COMMUNITIES THAT ARE FEELING THE PRESSURE OF DISPLACEMENT AND GENTRIFICATION. THE FOUNDATION SEEKS TO CONDUCT DEVELOPMENT THAT AUTHENTICALLY WORKS WITH COMMUNITY RESIDENTS AND ENSURES THAT THOSE WHO ARE TYPICALLY NOT AT THE DEVELOPMENT/DESIGN TABLE TO BE AT THE TABLE AND PARTICIPATE IN THE FUTURE DESIGN/DEVELOPMENT OF THEIR NEIGHBORHOOD. THE FOUNDATION WILL IDENTIFY COMMUNITIES AT EARLY STAGES OF FEELING THE PRESSURES OF GENTRIFICATION AND DISPLACEMENT AND HELP TO STRENGTHEN AND DEVELOP COMMUNITY ANCHOR INSTITUTIONS. THE FOCUS IS ON SUPPORTING LEADERSHIP TO ACTUALIZE TRANSFORMATIVE DEVELOPMENT THAT IN TURN INFLUENCES FURTHER DEVELOPMENT IN THE PARTICULAR COMMUNITY.
RESPONSE TEAM IN MAY OF 2021, FBE PLACED ADDITIONAL FOCUS ON SUPPORTING COMMUNITIES OF COLOR WITH THE INTENTION OF STABILIZING AND MITIGATING RISKS AS A RESULT OF THE COVID-19 PANDEMIC. BUSINESS OWNERS WERE TO RECEIVE APPROXIMATELY 150 HOURS OVER SIX MONTHS OF BEST-IN-CLASS AND IN-DEPTH SUPPORT WITH MANAGING THEIR BUSINESS FROM A STRATEGIC SUPPORT TEAM (INCLUDING SPECIALISTS, AS NEEDED). FBE CONTINUES TO RELY ON ITS DEEP RELATIONSHIPS WITH STRATEGIC ADVISORS TO HELP COMPANIES WEATHER THE STORM. THESE TOOLS INCLUDE CASH DEPLOYMENTS, AFFORDABLE AND PATIENT LOANS, AND SOUND ADVICE. FBE PIVOTED THEIR MODEL TO DIRECTLY ADDRESS THE CRISIS BY DEPLOYING RESPONSE STRATEGY TEAMS WITH EXPERTISE IN TURN-AROUND SITUATIONS, SETTING UP A COVID-19 EMERGENCY FUND, COLLABORATING WITH CAPITAL PARTNERS ON LOAN PAYMENT DEFERMENTS & REPURPOSING OF CAPITAL FOR RELIEF, AND CONTINUING TO SERVE AS A CLEARINGHOUSE ON RESOURCES FOR LOCAL, STATE & FEDERAL SUPPORT SERVICES AND TOOLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James B Fitzgerald Treasurer/director | 1 | $0 | |
Glynn T Lloyd Director | 1 | $0 | |
Robert F Rivers Director | 1 | $0 | |
Nancy Huntington Stager President/director | 1 | $0 | |
Quincy L Miller Director | 1 | $0 | |
Kathleen C Henry Clerk/secretary/director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Happier Hearts Llc | 9/29/22 | $64,045 |
Tbm Consulting | 9/29/22 | $173,077 |
Eastern Bank | 9/29/22 | $499,970 |
Tempo Advisors Llc | 9/29/22 | $50,119 |
Brewster Strategic Advisory | 9/29/22 | $75,550 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $2,564,224 |
| Interest on Savings | $8,653 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $75,000 |
| Total Revenue | $2,647,877 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $739,156 |
| Total operating and administrative expenses | $1,512,241 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $1,512,241 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Foundation For Business Equity Inc has recieved totaling $1,895,025.
| Awarding Organization | Amount |
|---|---|
Eastern Bank Charitable Foundation Lynn, MA PURPOSE: EXEMPT PURPOSE | $1,345,025 |
Henry P Kendall Foundation Trust Boston, MA PURPOSE: SUPPORT ADVOCACY FOR BLACK AND LATINX OWNED FOOD ENTERPRISES | $200,000 |
Rockefeller Foundation New York, NY PURPOSE: TOWARD THE COSTS OF PROVIDING BUSINESS ADVISORY PROGRAMMING AND FINANCING ACCESS FOR BLACK AND LATINX-OWNED BUSINESSES IN BOSTON, MA | $175,000 |
Barr Foundation Boston, MA PURPOSE: SPECIAL INITIATIVES: TO SUPPORT COMMUNITY AND ECONOMIC DEVELOPMENT PROGRAMMING | $125,000 |
Oneworld Boston Inc Woburn, MA PURPOSE: SERVICES | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lighthouse Guild International Inc New York, NY | $511,507,297 | $10,629,551 |
North Star Fund Inc New York, NY | $26,831,975 | $32,265,698 |
Granite United Way Manchester, NH | $10,904,464 | $19,030,593 |
United Way Of Buffalo And Erie County Buffalo, NY | $31,555,637 | $14,020,396 |
United Way Of Long Island Deer Park, NY | $13,444,061 | $14,770,315 |
Wellington Management Foundation Boston, MA | $61,260,814 | $15,149,104 |
Keren Hayeshivot Trust Brooklyn, NY | $1,238,192 | $11,653,329 |
Ovarian Cancer Research Fund Inc New York, NY | $32,985,153 | $13,088,201 |
United Way Of Tri County Inc Framingham, MA | $6,314,872 | $10,584,211 |
United Way Of Greater New Haven Inc New Haven, CT | $7,094,504 | $11,335,998 |
United Way Inc Hartford, CT | $29,196,738 | $12,702,734 |
United Way Of Central New York Inc Syracuse, NY | $9,420,955 | $9,385,723 |