Overview
What is Black Economic Council Of Massachusetts Inc?
Black Economic Council of Massachusetts Inc, abbreviated as BECMA, is a nonprofit organization located at ONE BEACON STREET 1500, Boston, MA 02108. Their primary mission is to advance the economic well-being of black businesses, organizations, and residents in Massachusetts. They achieve this through various initiatives, including advocacy, business and leadership development, and strategic partnerships. BECMA provides grants, back-office support, and digital solutions to support mass-based black-led firms. Additionally, they advocate for equal access to affordable capital, equitable procurement, and inclusive workforce development. With a team of 16 employees, BECMA is committed to empowering the black community in Massachusetts economically.
Official website here: www.becma.org/
What are the reviews and ratings of this charity?
Charity Navigator Rating: 91% (Four-Star out of Four Star Rating)
The Black Economic Council of Massachusetts Inc has earned a commendable Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. With a score of 91, the organization demonstrates a high level of transparency and governance, highlighted by its fully independent board and robust financial oversight mechanisms. The charity has no material diversions of assets and effectively communicates its policies, such as conflict of interest and whistleblower protections, which are all in place and well-documented.
Strengths of the organization include a solid financial structure, evidenced by a low liabilities to assets ratio of 17.79% and exceptional fundraising efficiency, with only $0.09 spent to raise each dollar. However, its program expense ratio of 59.44% suggests there is room for improvement in allocating resources directly towards its mission-driven programs.
Overall, while the Black Economic Council of Massachusetts demonstrates excellent governance and financial health, stakeholders may encourage the organization to focus more on programmatic expenses to enhance its impact within the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Black Economic Council Of Massachusetts Inc legitimate?
Black Economic Council Of Massachusetts Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Black Economic Council Of Massachusetts 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: $1,221,686
For more financial information, click here
Official website here: www.becma.org/
What is the mission statement of Black Economic Council Of Massachusetts Inc?
The Black Economic Council of Massachusetts Inc's mission is to enhance the economic prosperity of Black businesses, organizations, and residents in the state. They achieve this goal through advocacy, business and leadership development, and strategic partnerships. The council supports Black-led businesses by providing grants, back-office assistance, and digital solutions. They also advocate for equitable access to affordable capital, fair procurement opportunities, and inclusive workforce development.
Official website here: www.becma.org/
Who is the CEO of Black Economic Council Of Massachusetts Inc?
Nicole Obi is the Board Chair of Black Economic Council Of Massachusetts Inc. The CEO's salary of Black Economic Council Of Massachusetts Inc is $185,209 and their total compensation is $202,298.
Official website here: www.becma.org/
What is the revenue of Black Economic Council Of Massachusetts Inc?
Black Economic Council Of Massachusetts Inc's revenue in 2022 was $4,157,091.
Official website here: www.becma.org/
Who are the executives of Black Economic Council Of Massachusetts Inc and what are their salaries?
The average compensation at Black Economic Council Of Massachusetts Inc during 2022 was $76,355. There are 16 employees and 40 volunteers at Black Economic Council Of Massachusetts Inc.
Here are 13 key members and their salaries (Black Economic Council Of Massachusetts Inc's CEO's salary is $185,209 and their total compensation is $202,298):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $185,209
- Related: $0
- Other: $17,089
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- 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.becma.org/
Where can I find the form 990 for Black Economic Council Of Massachusetts Inc?
Black Economic Council Of Massachusetts Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.becma.org/
Learn more at the official website: www.becma.org/
Mission Statement of Black Economic Council Of Massachusetts Inc
The Black Economic Council of Massachusetts Inc, abbreviated as BECMA, is dedicated to enhancing the economic prosperity of Black businesses, organizations, and residents within the state. Their mission is multifaceted, encompassing advocacy, business and leadership development, and strategic partnerships. Through these initiatives, BECMA aims to uplift the economic well-being of its targeted community.
BECMA supports Black-led firms in Massachusetts by providing grants, back-office assistance, and digital solutions. Recognizing the need for equitable access to capital, BECMA advocates for adequate and affordable financing opportunities. Furthermore, they advocate for inclusive workforce development and equitable procurement, ensuring that Black businesses are not overlooked in these vital areas. By engaging in these advocacy efforts, BECMA works tirelessly to level the playing field for Black businesses and organizations in Massachusetts.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Black Economic Council Of Massachusetts Inc's impact is focused on advancing the economic well-being of Black businesses, organizations, and residents in Massachusetts. They support Massachusetts-based Black-led firms through grants, back-office support, and digital solutions. Additionally, they advocate for access to adequate and affordable capital, equitable procurement, and inclusive workforce development. Their work aims to create a more prosperous and equitable environment for the Black community in Massachusetts.
This information is meant to be a general summary of Black Economic Council Of Massachusetts 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: $393,115
- Gross Receipts: $4,157,091
Assets and Liabilities:
- Total Assets: $2,847,852
- Total Liabilities: $506,832
- Net Assets: $2,341,020
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EVENT SPONSORSHIP
Revenue
$356,727
PROGRAM REVENUE
Revenue
$36,388
Organization Details
Founding Year
2015
Phone
(857) 308-4623Principal Officer
Nicole Obi
Main Address
ONE BEACON STREET 1500, BOSTON, MA, 02108
Website
www.becma.org/NTEE Category
Code: V31 - Social research
If you are a representative of Black Economic Council Of Massachusetts Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.