Beverly Gray Business Exchange Center Inc
- Assets
- $417.8k
- Revenue
- $553.8k
- Investments
- $0.0
- Employees
- 4
- Location
- Buffalo, NY
- Founding
- Data as of
- 06/2023
- EIN
- 85-3125463
Organization Overview
Beverly Gray Business Exchange Center Inc is located in Buffalo, NY. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Beverly Gray Business Exchange Center Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Beverly Gray Business Exchange Center 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 06/2023, Beverly Gray Business Exchange Center Inc generated $553.8k in total revenue. This represents relatively stable growth, over the past 2 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $494.4k during the year ending 06/2023. 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
ENTREPRENEUR SERVICE ORGANIZATION SERVING THE UNDERREPRESENTED IN BUFFALO, NY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE EXCHANGE AT BEVERLY GRAY BEGAN DEVELOPMENT OF ITS OPERATIONS IN FISCAL 2022 TO ESTABLISH A PREMIER ENTREPRENEUR SERVICE ORGANIZATION SPECIFICALLY SERVING THE UNDERREPRESENTED AND BIPOC ENTREPRENEURIAL COMMUNITY IN BUFFALO, NY. THE EXCHANGE AIMS TO BE A CONDUIT FOR BUSINESS DEVELOPMENT AND GROWTH FOR NEW AND EXISTING ENTREPRENEURS, CREATING A PATHWAY TO ATTAINING GENERATIONAL WEALTH WHILE BUILDING THE LOCAL COMMUNITY.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Derrick Parson Executive Director | Officer | 40 | $97,529 |
Chantele Thompson Chair | OfficerTrustee | 1 | $0 |
Hollis Deabreu Davis Co-Chair | OfficerTrustee | 1 | $0 |
Matt Davison Director | Trustee | 1 | $0 |
Lisa Hicks Director | Trustee | 1 | $0 |
Kimberly Lavare Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $500,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $29,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $529,000 |
| Total Program Service Revenue | $24,762 |
| 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 | $553,762 |
| 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. | $107,660 |
| Compensation of current officers, directors, key employees. | $21,532 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $70,456 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,570 |
| Payroll taxes | $15,664 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $28,331 |
| Advertising and promotion | $24,592 |
| Office expenses | $61,341 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $167,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,119 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,705 |
| All other expenses | $0 |
| Total functional expenses | $494,438 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $117,081 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $300,000 |
| Accounts receivable, net | $740 |
| 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 | $417,821 |
| Accounts payable and accrued expenses | $77,028 |
| Grants payable | $0 |
| Deferred revenue | $65,000 |
| 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 | $142,028 |
| Net assets without donor restrictions | $260,793 |
| Net assets with donor restrictions | $15,000 |
| 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 | $417,821 |