Overview
What is National Minority Supplier Development Council Business Consortium Fund Inc?
National Minority Supplier Development Council Business Consortium Fund Inc is a nonprofit organization based in New York City, specifically at 1345 Avenue of the Americas, 33rd Floor. Their primary mission is to support certified minority-owned businesses that engage in business-related activities with corporate members of the National Minority Supplier Development Council and its affiliated regional councils. They provide access to capital for these businesses, which might struggle to secure financing on reasonable terms through traditional lending channels. Their offerings include contract financing, accounts receivable and equipment financing, working capital loans, term loans, and equity-based funding. The organization aims to foster business growth and success among minority entrepreneurs.
Official website here: www.bcfcapital.com
What are the reviews and ratings of this charity?
This charity's score is 59%, earning it a One-Star out of Four Star rating on Charity Navigator. The accountability and finance score is notably low at 56, indicating concerns regarding financial management practices. However, it excels in areas such as community culture and governance, with 93% of board members being independent and a strong focus on compliance and oversight.
The organization demonstrates strong governance practices, maintaining a fully independent board and having well-defined policies for conflict of interest and document retention. Additionally, they have not shown any material diversion of assets, which reflects positively on their integrity. Despite these strengths, the charity's financial health appears lacking, as indicated by its liabilities to assets ratio of 19.82% and a program expense ratio of only 44.34%.
Overall, while the National Minority Supplier Development Council Business Consortium Fund Inc showcases commendable governance and a commitment to community engagement, significant improvements are needed in financial management and transparency to enhance its rating and effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is National Minority Supplier Development Council Business Consortium Fund Inc legitimate?
National Minority Supplier Development Council Business Consortium Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. National Minority Supplier Development Council Business Consortium Fund Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $730,321
Professional Fundraising Fees: $0
Other Salaries and Wages: $131,306
For more financial information, click here
Official website here: www.bcfcapital.com
What is the mission statement of National Minority Supplier Development Council Business Consortium Fund Inc?
The National Minority Supplier Development Council Business Consortium Fund Inc's mission is centered around providing access to capital for minority business entrepreneurs who face challenges in securing financing through traditional lending channels on reasonable terms. This organization, often referred to as BCF, offers a variety of financing programs, including contract financing, accounts receivable financing, equipment financing, working capital loans, term loans, and equity-based funding, to aid these entrepreneurs in overcoming financial barriers. By doing so, the BCF aims to support the growth and success of minority-owned businesses.
Official website here: www.bcfcapital.com
Who is the CEO of National Minority Supplier Development Council Business Consortium Fund Inc?
Sahra Halpern is the President of National Minority Supplier Development Council Business Consortium Fund Inc.
Official website here: www.bcfcapital.com
What is the revenue of National Minority Supplier Development Council Business Consortium Fund Inc?
National Minority Supplier Development Council Business Consortium Fund Inc's revenue in 2022 was $1,566,911.
Official website here: www.bcfcapital.com
Who are the executives of National Minority Supplier Development Council Business Consortium Fund Inc and what are their salaries?
The average compensation at National Minority Supplier Development Council Business Consortium Fund Inc during 2022 was $143,604. There are 6 employees and 15 volunteers at National Minority Supplier Development Council Business Consortium Fund Inc.
Here are 19 key members and their salaries:
- Compensation: $226,945
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- Other: $21,948
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- Compensation: $149,421
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- Other: $7,818
- Compensation: $117,798
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- Other: $24,426
- Compensation: $95,548
- Related: $0
- Other: $35,909
Official website here: www.bcfcapital.com
Where can I find the form 990 for National Minority Supplier Development Council Business Consortium Fund Inc?
National Minority Supplier Development Council Business Consortium Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.bcfcapital.com
Learn more at the official website: www.bcfcapital.com
Mission Statement of National Minority Supplier Development Council Business Consortium Fund Inc
The National Minority Supplier Development Council Business Consortium Fund Inc is committed to providing access to capital for National Minority Supplier Development Council (NMSDC) certified minority business entrepreneurs who struggle to secure financing on reasonable terms through traditional lending channels. The organization offers a variety of financing programs, including contract financing, accounts receivable financing, equipment financing, working capital loans, term loans, and equity-based funding, to help these entrepreneurs overcome financial barriers and grow their businesses. By providing these financing options, the National Minority Supplier Development Council Business Consortium Fund Inc aims to support and empower minority-owned businesses, fostering economic growth and diversity in the business community.
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Impact
August, 2024
National Minority Supplier Development Council Business Consortium Fund Inc provides crucial access to capital for NMSDC certified minority business entrepreneurs who face challenges in securing financing through traditional avenues. By offering a range of financing programs such as contract, accounts receivable, and equipment financing, as well as working capital loans and term loans, the organization plays a significant role in supporting the growth and success of minority-owned businesses. Through its efforts, National Minority Supplier Development Council Business Consortium Fund Inc contributes to the development and empowerment of minority entrepreneurs, fostering economic growth and community improvement.
This information is meant to be a general summary of National Minority Supplier Development Council Business Consortium Fund Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $27,989
- Program Service Revenue: $344,152
- Gross Receipts: $1,566,911
Assets and Liabilities:
- Total Assets: $5,426,269
- Total Liabilities: $1,076,297
- Net Assets: $4,349,972
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME FROM L
Revenue
$116,577
OTHER LOAN FEES
Revenue
$34,519
Organization Details
Founding Year
1987
Phone
(212) 243-7360Principal Officer
Sahra Halpern
Main Address
1345 AVE OF THE AMERICAS 33RD FLOO, NEW YORK, NY, 10105
Website
www.bcfcapital.comNTEE Category
Code: S43 - Community improvement
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