Overview
What is Black Cooperative Impact Fund?
The Black Cooperative Impact Fund (BCIF) is a community-focused nonprofit organization situated in Los Angeles, California. With a primary mission to bridge the racial wealth gap, BCIF promotes economic empowerment through various activities. These activities include hosting virtual events, participating in panels, and fundraising to expand their pool of funds for granting microloans to Black-owned businesses in Southern California. The organization operates based on cooperative economics, emphasizing the importance of equity and wealth building within the Black community in the region.
Official website here: www.bcifund.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67% (Two-Star out of Four Star rating)
The Black Cooperative Impact Fund has received a 67% rating from Charity Navigator, which indicates a moderate level of accountability and financial health. The Accountability & Finance score stands at 57, suggesting some areas for improvement, particularly in financial management. However, the organization boasts a strong Culture & Community score of 91 and an impressive Leadership & Adaptability score of 100, highlighting its commitment to community engagement and effective leadership practices.
Strengths of the organization include a fully independent board consisting of 11 members and excellent feedback collection and usage metrics, both scoring 100 out of 100. This demonstrates a strong commitment to transparency and stakeholder engagement. Additionally, the absence of any material diversion of assets and a low liabilities-to-assets ratio points to a sound financial foundation.
Despite these strengths, the program expense ratio is at 44.79%, which may raise questions about the allocation of resources towards direct program expenses versus administrative costs. While the organization has proven effective in leadership development and adaptability in response to the pandemic, ongoing attention to financial management may enhance its overall impact and sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Black Cooperative Impact Fund legitimate?
Black Cooperative Impact Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Black Cooperative Impact Fund 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: $0
For more financial information, click here
Official website here: www.bcifund.org
What is the mission statement of Black Cooperative Impact Fund?
The Black Cooperative Impact Fund, being a community-based organization, is driven by cooperative economics. Its mission is to provide microloans to the Black community, utilizing pooled funds. The organization seeks to promote economic empowerment, equity, and wealth building, with a focus on communities in Southern California. Additionally, the Black Cooperative Impact Fund raises awareness about the significance of financial independence and wealth accumulation, working tirelessly to bridge the racial wealth gap. The organization has engaged in activities such as hosting virtual salons, participating in various panels, and fundraising to build a pool of funds for deploying loans to Black-owned businesses in Southern California.
Official website here: www.bcifund.org
What is the revenue of Black Cooperative Impact Fund?
Black Cooperative Impact Fund's revenue in 2024 was $183,095.
Official website here: www.bcifund.org
Who are the executives of Black Cooperative Impact Fund and what are their salaries?
There is 1 employee at Black Cooperative Impact Fund.
Here are 7 key members and their salaries:
- Compensation: $60,000
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
Official website here: www.bcifund.org
Where can I find the form 990EZ for Black Cooperative Impact Fund?
Black Cooperative Impact Fund's most recent form 990EZ was submitted in 2024 and can be accessed here.
Official website here: www.bcifund.org
Learn more at the official website: www.bcifund.org
Mission Statement of Black Cooperative Impact Fund
The Black Cooperative Impact Fund, abbreviated as BCIF, is a community-focused organization that operates on the principles of cooperative economics. Its primary mission is to empower the Black community by providing microloans, utilizing pooled dollars, in Southern California. Beyond financial aid, BCIF also aims to raise awareness about the significance of economic empowerment, equity, and wealth building within this community. By engaging in activities such as hosting virtual salons, participating in panels, and fundraising events, BCIF works tirelessly to expand its pool of funds, which are later deployed as microloans to support Black-owned businesses in the SoCal area. In essence, the Black Cooperative Impact Fund is dedicated to fostering economic growth and equality within the Black community through cooperative financing and educational initiatives.
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Impact
October, 2024
The Black Cooperative Impact Fund (BCIF) actively promotes economic empowerment and addresses the racial wealth gap by providing microloans to the Black community in Southern California through pooled resources. By raising awareness about the importance of equity and wealth building, BCIF plays a crucial role in fostering financial stability among Black-owned businesses in the region.
Through various initiatives, such as hosting virtual salons and participating in panels, BCIF engages community members and stakeholders in meaningful discussions about cooperative economics. This outreach helps to build a supportive network, increase access to financial resources, and highlight the significance of economic self-sufficiency. As BCIF continues to raise funds to expand its pool of microloans, it directly supports the growth and sustainability of local Black-owned businesses, contributing to a more equitable economic landscape in Los Angeles and beyond.
This information is meant to be a general summary of Black Cooperative Impact Fund. 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 2024.
- Program Service Revenue: $421
- Gross Receipts: $183,095
Assets and Liabilities:
- Total Assets: $507,477
- Total Liabilities: $0
- Net Assets: $507,477
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Borrower Repayment/Fees
Revenue
$453
Organization Details
Founding Year
2016
Principal Officer
Robert Lewis
Website
www.bcifund.orgNTEE Category
Code: J20 - Employment
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