Overview
What is Mbl Foundation Inc?
Mbl Foundation Inc, based in Richmond, VA, is a dedicated nonprofit organization that plays a pivotal role in fostering the growth and prosperity of small, minority, and women-owned businesses in the Richmond and Tri-cities regions. The foundation offers a range of support services, including education and training programs, financial assistance through grants, and opportunities for youth engagement. Their primary mission is to serve as a backbone for the development, nurturing, and enhancement of these entrepreneurial ventures, contributing positively to the local economy.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement, 63%, Two-Star out of Four Star rating.
The Mbl Foundation Inc has received a two-star rating from Charity Navigator, indicating that it needs improvement in several areas of accountability and finance. With a score of 63%, the foundation has shown some strengths, such as maintaining no material diversion of assets and a reasonable liabilities to assets ratio of 19.44%. However, the organization lacks independent board members and has not established essential policies related to conflict of interest and whistleblower protections, which are critical for promoting transparency.
Additionally, the foundation's website is missing from the tax form, and there are no publicly available financial statements on its site. Although the foundation does document its board meeting minutes, the absence of key governance policies raises concerns about oversight and accountability. Despite a decent program expense ratio of 67.08%, indicating that a significant portion of its resources is directed toward its programs, the overall lack of foundational governance practices may deter potential donors looking for fiscal responsibility and transparency.
This AI summary has been generated from information found on Charity Navigator.
Is Mbl Foundation Inc legitimate?
Mbl Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mbl Foundation 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:
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What is the mission statement of Mbl Foundation Inc?
The MBL Foundation Inc serves as a catalyst for the growth and empowerment of small, minority, and women-owned businesses. Their mission is centered around providing developmental support, advancement opportunities, and educational resources in these business sectors. The foundation offers various programs, including training, grants for business expenses, and youth activities, all aimed at fostering the success of these enterprises.
Who is the CEO of Mbl Foundation Inc?
Floyd Miller Ii is the Board Chair of Mbl Foundation Inc.
What is the revenue of Mbl Foundation Inc?
Mbl Foundation Inc's revenue in 2022 was $1,458,044.
Who are the executives of Mbl Foundation Inc and what are their salaries?
Here are 19 key members and their salaries:
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Where can I find the form 990 for Mbl Foundation Inc?
Mbl Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mbl Foundation Inc
MBL Foundation, Inc. is dedicated to serving as the driving force behind the growth, empowerment, and progress of small, minority, and women-owned businesses in the Richmond and Tri-cities regions. The organization's primary mission is to foster an environment that supports the development, advancement, and sustainability of these businesses, ensuring their continued success and contribution to the local economy. To achieve this goal, MBL Foundation, Inc. offers a range of programs, including education and training initiatives, grant opportunities, and youth activities, all designed to provide the necessary resources and guidance for these businesses to thrive. By investing in the growth of these enterprises, MBL Foundation, Inc. is not only contributing to the economic development of the community but also creating opportunities for minority and women entrepreneurs to make a significant impact in their industries.
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Impact
July, 2024
MBL Foundation Inc is the backbone for the development, support, and advancement of small, minority, and women-owned businesses in the Richmond & Tri-cities areas. Its programs provide education/training and grants for small business expenses, as well as youth activities. By focusing on this specific demographic, MBL Foundation Inc is making a direct impact on community improvement in Richmond, VA and surrounding areas.
This information is meant to be a general summary of Mbl Foundation 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: $593
- Program Service Revenue: $165,035
- Gross Receipts: $1,458,044
Assets and Liabilities:
- Total Assets: $1,204,782
- Total Liabilities: $172,624
- Net Assets: $1,032,158
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Signature Events
Revenue
$27,665
Educational Events
Revenue
$137,370
Organization Details
Founding Year
2007
Phone
(804) 649-7473Principal Officer
Floyd Miller Ii
Main Address
707 East Main Street, Richmond, VA, 23219
NTEE Category
Code: S41 - Community improvement
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