Innovation Black Chamber Of Commerce
- Assets
- $28.8k
- Revenue
- $95.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Killeen, TX
- Founding
- Data as of
- 12/2021
- EIN
- 84-3410441
Organization Overview
Innovation Black Chamber Of Commerce is located in Killeen, TX. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation Black Chamber Of Commerce is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE ECONOMIC DEVELOPMENT OF BUSINESS ENTITIES WITHIN THE HE
Describe the Organization's Program Activity:
Part 3 - Line 4a
BLACK BUSINESS RELIEF GRANT ASSISTS BLACK OWNED BUSINESSES WITH ACCESS TO FUNDING TO FOCUS ON STRENGTHENING AND REEDUCATING BLACK BUSINESS OWNERS ULTIMATELY CREATING A CULTURAL AND ECONOMICAL IMPACT. WE UTILIZE THE JUNETEENTH HOLIDAY AND THE 5K RUN TO RAISE MONEY TO PROVIDE $10,000 TO BUSINESSES WHO ARE VETTED THOUROUGHLY AND QUALIFY FOR THE GRANT.
TEXAS BLACK BUSINESS WEEK IS A TOOL USED TO EDUCATE BLACK BUSINESS OWNERS WHILLE BUILDING LASTING RELATIONSHIPS WITH FUNDING RESOURCES AND SMALL BUSINESS MENTORS THROUGHOUT THE STATE OF TEXAS. AT THE END OF TEXAS BLACK BUSINESS WEEK, WE ENCOURAGE A COMMUNITY OF 176,000 THAT FREQUENTS BLACK BUSINESSES TO PARTICIPATE IN AN AWARD SHOW THAT HIGHLIGHTS BLACK BUSINESSES THAT STRIVE FOR EXCELLENCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Victoria Odom Vice President | OfficerTrustee | 20 | $0 |
Ronnie Russell Presidentchairman | Officer | 40 | $0 |
Jacqueline Townsend Treasurer | Officer | 20 | $0 |
Dr Claudette Morgan-Scott Secretary | Officer | $0 | |
Tavares Bethel Director Of Military A | Trustee | $0 | |
Mayor Andy Williams Director Of Leadership | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $16,848 |
| Fundraising events | $25,807 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $65,808 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $108,463 |
| 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 | -$12,947 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $95,516 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,475 |
| Grants and other assistance to domestic individuals. | $15,594 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $240 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $225 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $16,176 |
| Office expenses | $16,839 |
| Information technology | $1,854 |
| Royalties | $0 |
| Occupancy | $2,909 |
| Travel | $32 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $1,800 |
| Depreciation, depletion, and amortization | $131 |
| Insurance | $126 |
| All other expenses | $14,898 |
| Total functional expenses | $88,196 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,786 |
| 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 | $0 |
| 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 | $28,786 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $6,333 |
| 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 | $6,333 |
| Net assets without donor restrictions | $22,453 |
| 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 | $28,786 |
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