Overview
What is Black Ambition Opportunity Inc?
Black Ambition Opportunity Inc, based in Miami, Florida, is a nonprofit organization dedicated to bridging the racial wealth gap by increasing economic opportunities for Black and Latino communities through entrepreneurship. They focus on providing financial support to early-stage businesses and entrepreneurs with diverse teams that have made progress against their concept but have not raised more than $1 million in dilutive funding. By prioritizing diverse teams and entrepreneurs with limited funding, the program aims to eliminate prejudice and discrimination from the business startup process and mitigate its past effects. Black Ambition Opportunity Inc has a team of six employees working towards this mission.
Official website here: www.blackambitionprize.com
What are the reviews and ratings of this charity?
Black Ambition Opportunity Inc. is not currently rated by Charity Navigator, largely due to its relatively short history of electronically filed financial data with the IRS. To obtain a complete evaluation from Charity Navigator, the organization must provide a three-year average of such data, which hinders its ability to receive a comprehensive assessment at present. The absence of a rating should not be interpreted as a judgment on the organization’s performance or impact.
In terms of financial oversight, Black Ambition Opportunity Inc. has reported compensation data for key roles, illustrating some transparency. The CEO, Felicia Hatcher, receives a salary, while other directors, including Ron Laffitte and Helen Lasichanh, appear to volunteer their services. This aspect suggests a dedication to channel most resources towards the organization's mission, though thorough financial evaluations are pending due to the current lack of historical financial data.
While the historical ratings (before Charity Navigator's enhancements) mainly reflect accountability and finance factors, Black Ambition currently lacks scores for other important elements, such as Impact & Measurement, Culture & Community, and Leadership & Adaptability. This underscores a need for potential donors to seek additional information on organizational effectiveness and community impact beyond available data, keeping in mind the organization's nascent stage in the public recording of its financial footprint.
This AI summary has been generated from information found on Charity Navigator.
Is Black Ambition Opportunity Inc legitimate?
Black Ambition Opportunity Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Black Ambition Opportunity 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: $360,781
Professional Fundraising Fees: $0
Other Salaries and Wages: $496,730
For more financial information, click here
Official website here: www.blackambitionprize.com
What is the mission statement of Black Ambition Opportunity Inc?
Black Ambition Opportunity Inc is dedicated to bridging the racial wealth gap and providing increased economic opportunities to Black and Latino communities through entrepreneurship. They accomplish this by expanding the pipeline of diverse entrepreneurs and boosting the number of historically excluded entrepreneurs who achieve success in raising necessary startup capital.
The organization offers financial support to early-stage businesses and entrepreneurs with diverse teams that have demonstrated progress against their concept but have yet to secure more than $1 million in dilutive funding. Black Ambition's focus on diverse teams with limited funding works towards eliminating prejudice and discrimination from the business startup process while mitigating its past effects to promote social welfare.
Official website here: www.blackambitionprize.com
Who is the CEO of Black Ambition Opportunity Inc?
Felicia Hatcher is the CEO of Black Ambition Opportunity Inc The CEO's salary of Black Ambition Opportunity Inc is $360,781 and their total compensation is $387,976.
Official website here: www.blackambitionprize.com
What is the revenue of Black Ambition Opportunity Inc?
Black Ambition Opportunity Inc's revenue in 2023 was $5,166,718.
Official website here: www.blackambitionprize.com
Who are the executives of Black Ambition Opportunity Inc and what are their salaries?
The average compensation at Black Ambition Opportunity Inc during 2023 was $171,502. There are 5 employees at Black Ambition Opportunity Inc.
Here are 4 key members and their salaries (Black Ambition Opportunity Inc's CEO's salary is $360,781 and their total compensation is $387,976):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $360,781
- Related: $0
- Other: $27,195
Official website here: www.blackambitionprize.com
Where can I find the form 990 for Black Ambition Opportunity Inc?
Black Ambition Opportunity Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.blackambitionprize.com
Learn more at the official website: www.blackambitionprize.com
Mission Statement of Black Ambition Opportunity Inc
Black Ambition Opportunity Inc, a nonprofit organization, is dedicated to extending economic opportunities to Black and Latino communities and bridging the racial wealth gap through entrepreneurship. By focusing on the pipeline of diverse entrepreneurs and increasing the number of historically excluded entrepreneurs who successfully raise necessary startup capital, the organization aims to make a significant impact.
The mission of Black Ambition Opportunity Inc is twofold. Firstly, it endeavors to expand economic prospects for Black and Latino communities by fostering entrepreneurship. Secondly, it strives to bridge the racial wealth gap. The organization achieves this by providing financial support to early-stage businesses and entrepreneurs, composed of diverse teams, that have made progress with their concepts but have not yet raised more than one million dollars in dilutive funding.
Black Ambition Opportunity Inc promotes social welfare by eliminating prejudice and discrimination from the business startup process. The program mitigates the past effects of prejudice and discrimination by focusing on diverse teams of entrepreneurs who often face funding challenges. Through its efforts, the organization works towards creating a more equitable business environment, where merit and innovation are the primary factors in the success of a business.
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Impact
October, 2024
Black Ambition Opportunity Inc is pivotal in enhancing economic opportunities for Black and Latinx communities by fostering entrepreneurship and addressing the racial wealth gap. The organization focuses on increasing the pipeline of diverse entrepreneurs and provides crucial support to historically marginalized individuals who have innovative concepts but have yet to secure significant funding. Through initiatives like the Black Ambition Awards, it offers financial backing to early-stage businesses led by diverse teams, empowering them to grow and succeed. This approach not only supports individual entrepreneurs but also aims to create systemic change, driving economic equity in communities that have been traditionally underserved.
This information is meant to be a general summary of Black Ambition Opportunity 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 2023.
- Investment Income: $225
- Program Service Revenue: $74,000
- Gross Receipts: $5,166,718
Assets and Liabilities:
- Total Assets: $13,804,199
- Total Liabilities: $2,452,138
- Net Assets: $11,352,061
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Event Sponsorship
Revenue
$74,000
Organization Details
Founding Year
2020
Principal Officer
Ron Laffitte
Website
www.blackambitionprize.comNTEE Category
Code: R30 - Civil rights
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