Overview
What is Black Economic Development Coalition Inc?
The Black Economic Development Coalition Inc, operating under the name "Tools for Change," is a nonprofit organization based in Miami, Florida. Established at 5120 NW 24th Avenue, its primary mission is to offer technical assistance and loans to small businesses and microenterprises in Miami-Dade County. This mission aims to facilitate job creation, support equipment purchases, and provide working capital for these businesses. With a team of five dedicated individuals, the organization administers loan programs to assist small businesses in their financial needs and growth.
Official website here: www.tfcmiami.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
The Black Economic Development Coalition Inc has earned a solid Three-Star rating from Charity Navigator, reflecting an overall score of 81% based on its Accountability & Finance metrics. This score indicates a strong commitment to transparent and responsible financial practices, with the entire evaluation based on a single beacon focused on these aspects.
Key strengths of the organization include having a fully independent board and a robust program expense ratio of 87.20%, which suggests that a significant portion of its funding goes directly towards its mission-driven programs. The coalition also demonstrates effective governance practices, as evidenced by its comprehensive conflict of interest and whistleblower policies, as well as its established audit and oversight committee.
However, the organization received a low score in its liabilities to assets ratio, garnering no points in this area. This could indicate potential challenges related to its financial leverage. Overall, while the coalition shows commendable financial accountability and governance practices, there may be areas for improvement in managing liabilities.
This AI summary has been generated from information found on Charity Navigator.
Is Black Economic Development Coalition Inc legitimate?
Black Economic Development Coalition Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Black Economic Development Coalition 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: $30,900
Professional Fundraising Fees: $0
Other Salaries and Wages: $210,435
For more financial information, click here
Official website here: www.tfcmiami.org
What is the mission statement of Black Economic Development Coalition Inc?
The Black Economic Development Coalition Inc serves a mission to aid small businesses and microenterprises in their financial needs. This is achieved through the administration of loan programs, which provide essential funding and technical assistance for job creation, equipment purchases, and working capital. Beyond providing loans, the organization also offers technical assistance to these businesses, contributing to their overall growth and success.
Official website here: www.tfcmiami.org
Who is the CEO of Black Economic Development Coalition Inc?
Leroy Jones is the Executive Directors of Black Economic Development Coalition Inc.
Official website here: www.tfcmiami.org
What is the revenue of Black Economic Development Coalition Inc?
Black Economic Development Coalition Inc's revenue in 2022 was $791,216.
Official website here: www.tfcmiami.org
Who are the executives of Black Economic Development Coalition Inc and what are their salaries?
The average compensation at Black Economic Development Coalition Inc during 2022 was $48,267. There are 5 employees at Black Economic Development Coalition Inc.
Here are 4 key members and their salaries:
- Compensation: $30,900
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.tfcmiami.org
Where can I find the form 990 for Black Economic Development Coalition Inc?
Black Economic Development Coalition Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.tfcmiami.org
Learn more at the official website: www.tfcmiami.org
Mission Statement of Black Economic Development Coalition Inc
The Black Economic Development Coalition Inc is committed to a mission that revolves around administering loan programs. This mission aims to provide the necessary financing and technical assistance to small businesses and microenterprises in Miami-Dade County. The primary objective of these initiatives is to foster job creation, facilitate equipment purchases, and bolster working capital within these businesses. In addition to financial aid, the Coalition provides technical assistance to these small enterprises, aiming to support their growth and success.
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Impact
July, 2024
The Black Economic Development Coalition Inc administers loan programs aimed at providing small businesses and microenterprises in Miami-Dade County with the financing and technical assistance necessary to facilitate job creation, equipment purchases, and working capital. Its impact lies in empowering small businesses by offering both financial support and the necessary guidance to thrive in the local economy. Through its mission to provide technical assistance and loans to small businesses, the organization plays a crucial role in driving community improvement in Miami, Florida.
This information is meant to be a general summary of Black Economic Development Coalition 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: $30,614
- Program Service Revenue: $7,772
- Gross Receipts: $791,216
Assets and Liabilities:
- Total Assets: $7,096,450
- Total Liabilities: $5,120,273
- Net Assets: $1,976,177
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FEES FOR SERVICES
Revenue
$7,772
Organization Details
Founding Year
1989
Phone
(305) 200-5568Principal Officer
Leroy Jones
Main Address
5120 NW 24th AVENUE, MIAMI, FL, 33142
Website
www.tfcmiami.orgNTEE Category
Code: S310 - Community improvement
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