Virginia Black Chamber Of Commerce Foundation
- Assets
- $7.2k
- Revenue
- $218.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Fredericksburg, VA
- Founding
- Data as of
- 12/2022
- EIN
- 85-0797003
Organization Overview
Virginia Black Chamber Of Commerce Foundation is located in Fredericksburg, VA. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Black Chamber Of Commerce Foundation 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 12/2022, Virginia Black Chamber Of Commerce Foundation generated $218.6k in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 68.0% each year . All expenses for the organization totaled $266.9k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
VIRGNIA BLACK BUSINESS EXPO - A NETWORKING INITIATIVE THAT BRIDGES THE GAP IN WEALTH BY CONNECTING BLACK OWNED BUSINESSES TO CONSUMERS THROUGHOUT THE COMMUNITY. THE EXPO IS THE LARGEST EXPO IN VIRGINIA, ATTRACTING MORE THAN 2000 ATTENDEES AND 150 BLACK-OWNED BUSINESSES IN AUGUST, DURING NATIONAL BLACK BUSINESS MONTH. THE EXPO HAS SUCCESFULLY BEEN HOSTED AND ATTENDED FOR 2 YEARS. IN 2022 WE HAD 21 SPONSORS.
EDUCATION & TRAINING PROGRAM
VIRGNIA BLACK BUSINESS EXPO - A NETWORKING INITIATIVE THAT BRIDGES THE GAP IN WEALTH BY CONNECTING BLACK OWNED BUSINESSES TO CONSUMERS THROUGHOUT THE COMMUNITY. THE EXPO IS THE LARGEST EXPO IN VIRGINIA, ATTRACTING MORE THAN 2000 ATTENDEES AND 150 BLACK-OWNED BUSINESSES IN AUGUST, DURING NATIONAL BLACK BUSINESS MONTH. THE EXPO HAS SUCCESFULLY BEEN HOSTED AND ATTENDED FOR 2 YEARS. IN 2022 WE HAD 21 SPONSORS.
EDUCATION & TRAINING PROGRAM
VA BLACK BUSINESS DIRECTORY - AS OF APRIL 2022, 1200+ MEMBERS REPRESENTING 1421 ORGANIZATIONS AND BUSINESSES ARE LISTED IN THE DIRECTORY. TO DATE, THE VABBD HAS CONTINUED TO INCREASE BUSINESS MEMBERSHIP THROUGH VARIOUS OPPORTUNITIES.
VA BLACK BUSINESS DIRECTORY - AS OF APRIL 2022, 1200+ MEMBERS REPRESENTING 1421 ORGANIZATIONS AND BUSINESSES ARE LISTED IN THE DIRECTORY. TO DATE, THE VABBD HAS CONTINUED TO INCREASE BUSINESS MEMBERSHIP THROUGH VARIOUS OPPORTUNITIES.
SEASONAL PROGRAMS - SEASONAL PROGRAMS INCLUDE FORMAL SCHEDULED AFTERWORK EVENTS, INFORMAL VIRTUAL CHATS, AND SPECIAL OCASSION/HOLIDAY EVENTS. THE GOAL IS TO BUILD RELATIONSHIPS WITH TRANSPARENT CONVERSATIONS RELEVANT TO ENTRPRENEURSHIP AND STRENGTHENING THE COMMUNITY. OUR EVENTS THIS YEAR HAVE STRENGHTENED BUSINESS CONNECTIONS, AMPLIFIED BUSINESS EXPOSURE, AND HAVE ALLOWED OWNERS TO GAIN KNOWLEDGE, EXCHANGE IDEAS, DEVELOP LASTING PARTNERSHIPS, AND BUILD A SUPPORTIVE BUSINESS ECO-SYSTEM.
SEASONAL PROGRAMS - SEASONAL PROGRAMS INCLUDE FORMAL SCHEDULED AFTERWORK EVENTS, INFORMAL VIRTUAL CHATS, AND SPECIAL OCASSION/HOLIDAY EVENTS. THE GOAL IS TO BUILD RELATIONSHIPS WITH TRANSPARENT CONVERSATIONS RELEVANT TO ENTRPRENEURSHIP AND STRENGTHENING THE COMMUNITY. OUR EVENTS THIS YEAR HAVE STRENGHTENED BUSINESS CONNECTIONS, AMPLIFIED BUSINESS EXPOSURE, AND HAVE ALLOWED OWNERS TO GAIN KNOWLEDGE, EXCHANGE IDEAS, DEVELOP LASTING PARTNERSHIPS, AND BUILD A SUPPORTIVE BUSINESS ECO-SYSTEM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michelle Riddick Hon Founder And Director | Officer | 15 | $0 |
Damon Cunningham Director | Officer | 5 | $0 |
Laurasha Lovett Director | Officer | 5 | $0 |
Ernisha Hall President | Officer | 40 | $0 |
Tracey Hall Vice President | Officer | 25 | $0 |
Michelle Riddick Hon Founder And Director | Officer | 15 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $25,731 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $22,896 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $48,627 |
| Total Program Service Revenue | $170,021 |
| 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 | $218,648 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $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 | $3,262 |
| Fees for services: Legal | $206 |
| Fees for services: Accounting | $430 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,071 |
| Office expenses | $1,110 |
| Information technology | $1,893 |
| Royalties | $0 |
| Occupancy | $3,386 |
| Travel | $190 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $28 |
| Interest | $914 |
| Payments to affiliates | $63 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $247,348 |
| Total functional expenses | $266,901 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,972 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,235 |
| 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 | $7,207 |
| Accounts payable and accrued expenses | $25,738 |
| 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 | $26,000 |
| Unsecured mortgages and notes payable | $1,950 |
| Other liabilities | $38,170 |
| Total liabilities | $53,688 |
| Net assets without donor restrictions | -$46,481 |
| 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 | $7,207 |