Overview
What is Indy Black Chamber Of Commerce Inc?
Indy Black Chamber Of Commerce Inc, located at 202 E Market Street Ste 700, Indianapolis, IN 46204, is a dedicated nonprofit organization with a mission to serve as a comprehensive resource for Black and Minority-owned businesses. They achieve this goal by offering various services, including business education, financing, and access to capital opportunities, which are vital for the growth and success of minority-owned enterprises. One of their notable initiatives is the S.O.U.L of the City Kitchen Incubator program, which offers state-of-the-art food preparation and retail spaces for local entrepreneurs, helping them develop their businesses. As of March 2019, Indy Black Chamber Of Commerce Inc has supported 82 Black-owned businesses through their premier 10-week Wealth Building Ownership program. With a team of 7 employees, they aim to empower the Black and minority business community to thrive and grow in Indianapolis and beyond.
Official website here: www.indybcc.org/
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (61%)
The Indy Black Chamber of Commerce Inc has received a two-star rating from Charity Navigator, indicating that there are areas requiring enhancement. The organization showcases strong accountability and finance practices, achieving a perfect score of 100% in this area. It has a majority of independent board members, which reflects a commitment to good governance.
However, there are significant gaps in transparency, particularly in financial reporting, as the organization has not provided any financial statements. Additionally, the absence of a whistleblower policy and a document retention and destruction policy may raise concerns about internal oversight and accountability. While the program expense ratio is 60.39%, suggesting that a good portion of its budget is allocated towards its mission, the lack of publicly available financial documentation could hinder donor confidence.
This AI summary has been generated from information found on Charity Navigator.
Is Indy Black Chamber Of Commerce Inc legitimate?
Indy Black Chamber Of Commerce Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Indy Black Chamber Of Commerce 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $146,215
For more financial information, click here
Official website here: www.indybcc.org/
What is the mission statement of Indy Black Chamber Of Commerce Inc?
The Indy Black Chamber of Commerce Inc's mission is centered around serving as a comprehensive resource for fostering the growth of Black and minority-owned businesses. This is achieved by offering business education, facilitating access to financing, and providing opportunities for capital acquisition. The organization's activities extend to hosting workshops aimed at empowering entrepreneurs for wealth creation through business ownership. Notably, Indy Black Chamber of Commerce Inc operates a kitchen incubator program, providing local entrepreneurs with state-of-the-art food preparation facilities and guidance. Since its inception in March 2019, the chamber has graduated 82 Black-owned business owners through its 10-week Wealth Building Ownership program.
Official website here: www.indybcc.org/
Who is the CEO of Indy Black Chamber Of Commerce Inc?
Larry Williams Jr is the President of Indy Black Chamber Of Commerce Inc.
Official website here: www.indybcc.org/
What is the revenue of Indy Black Chamber Of Commerce Inc?
Indy Black Chamber Of Commerce Inc's revenue in 2022 was $789,345.
Official website here: www.indybcc.org/
Who are the executives of Indy Black Chamber Of Commerce Inc and what are their salaries?
The average compensation at Indy Black Chamber Of Commerce Inc during 2022 was $20,888. There are 7 employees and 7 volunteers at Indy Black Chamber Of Commerce Inc.
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Official website here: www.indybcc.org/
Where can I find the form 990 for Indy Black Chamber Of Commerce Inc?
Indy Black Chamber Of Commerce Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.indybcc.org/
Learn more at the official website: www.indybcc.org/
Mission Statement of Indy Black Chamber Of Commerce Inc
The Indy Black Chamber of Commerce Inc is committed to serving as a comprehensive resource for developing Black and Minority-owned businesses. Their mission is twofold: firstly, they aim to provide business education to help these entrepreneurs thrive, and secondly, they offer financing and access to capital opportunities for businesses that may struggle to secure traditional financing. The organization's activities are geared towards empowering these businesses, thereby contributing to the economic growth and prosperity of the Black and Minority communities.
One of the ways Indy Black Chamber of Commerce Inc achieves its mission is through their loan programs. These programs provide much-needed access to capital for underserved small businesses, allowing them to grow and expand their operations. In addition to financing, the organization also offers business education and workshops. Their flagship program, the Wealth Building Ownership program, positions participants for wealth building through business ownership. This 10-week program has graduated 82 Black-owned business owners since its inception in March 2019, contributing to the growth and success of these businesses.
Furthermore, Indy Black Chamber of Commerce Inc has a S.O.U.L of the City Kitchen Incubator program. Located within the Indianapolis City Market, this program provides state-of-the-art food prep retail space and guidance to local entrepreneurs. This hands-on approach to business development has been instrumental in helping these entrepreneurs launch and grow their businesses, contributing to the vibrancy and diversity of the local food scene. In summary, Indy Black Chamber of Commerce Inc is a vital resource for Black and Minority-owned businesses, providing them with the education, financing, and support they need to succeed in the business world.
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Impact
July, 2024
The Indy Black Chamber of Commerce Inc's impact is clear and significant. Through our comprehensive programming, we have provided access to capital for underserved small businesses, empowering them to thrive and grow. Our workshops on wealth building through business ownership have equipped participants with the tools and knowledge needed to succeed. Additionally, our S.O.U.L of the City Kitchen Incubator program has supported local entrepreneurs by providing state-of-the-art facilities and guidance. Graduating numerous cohorts under our Wealth Building Ownership program further demonstrates our commitment to equipping Black-owned businesses for success. Overall, our work is contributing to the economic empowerment and advancement of Black and Minority-owned businesses in Indianapolis.
This information is meant to be a general summary of Indy Black Chamber Of Commerce 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.
- Program Service Revenue: $101,283
- Gross Receipts: $789,345
Assets and Liabilities:
- Total Assets: $784,594
- Total Liabilities: $209,879
- Net Assets: $574,715
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Education and Events
Revenue
$101,283
Organization Details
Founding Year
2015
Phone
(833) 439-4222Principal Officer
Larry Williams Jr
Main Address
202 E Market Street Ste 702, Indianapolis, IN, 46204
Website
www.indybcc.org/NTEE Category
Code: S41 - Community improvement
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