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EIN 59-2196535

BAC Funding Corporation

IRS 501(c) type
501(c)(3)
Num. employees
3
City
Miami
State
Florida
Year formed
1982
Most recent tax filings
2022-12-01
NTEE code, primary
S43: Management Services for Small Business, Entrepreneurs
Description
BAC Funding Corporation, a nonprofit organization, was formed in April 1982 to stimulate economic growth and foster the development of a successful African-American business class in South Florida. The Corporation provides capital resources to existing African American owned enterprises. Additionally, BAC operates a Business Incubator that offers office space at below-market rates to new and existing businesses of minority group residents in Miami-Dade County, Florida.
Total revenues
$4,083,859
2022
Total expenses
$3,565,037
2022
Total assets
$16,443,268
2022
Num. employees
3
2022

Program areas at BAC Funding Corporation

Martin Luther King (MLK) Building Project - provides maintenance of the office space leased by the Miami-Dade County.
BAC Funding Corporation was formed to foster growth of existing African American owned enterprises and is dedicated to provide capital resources to assist in the long range development of a successful African-American business class in South Florida. BAC has disbursed over $40 million in loans or equity funds to over fifty (50) businesses including women owned businesses.
The Business Incubator - Provides office space at lower than the prevailing market rates to new and existing businesses of minority group residents in Miami-Dade County, Florida.

Personnel at BAC Funding Corporation

NameTitleCompensation
Ronald E FrazierChairman$0
Jessie HoustonChief Financial Officer / Controller$160,585
Otto LatimerSecretary$0

Financials for BAC Funding Corporation

RevenuesFYE 12/2022
Total grants, contributions, etc.$20,000
Program services$4,052,244
Investment income and dividends$11,615
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$4,083,859

Form 990s for BAC Funding Corporation

Fiscal year endingDate received by IRSFormPDF link
2022-122023-11-15990View PDF
2021-122022-11-15990View PDF
2020-122021-11-15990View PDF
2019-122021-04-13990View PDF
2018-122020-01-23990View PDF
...and 9 more Form 990s

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Start Up WacoWaco, TX$1,333,284
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Foundation for Black EntrepreneurshipDenver, CO$1,255,984
National Bankers Community AllianceWashington, DC$11,723,574
Data update history
January 9, 2024
Posted financials
Added Form 990 for fiscal year 2022
August 17, 2023
Posted financials
Added Form 990 for fiscal year 2020
July 29, 2023
Posted financials
Added Form 990 for fiscal year 2021
June 4, 2023
Updated personnel
Identified 1 new personnel
May 18, 2023
Used new vendors
Identified 1 new vendor, including
Nonprofit Types
Business and community development organizationsHeadquarter / parent organizationsCharities
Issues
African AmericansEconomic developmentBusiness and industry
Characteristics
State / local levelTax deductible donations
General information
Address
6600 NW 27th Ave
Miami, FL 33147
Metro area
Miami-Fort Lauderdale-Pompano Beach, FL
County
Miami-Dade County, FL
Website URL
bacfunding.com/contact/ 
Phone
(305) 693-3550
IRS details
EIN
59-2196535
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1982
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
S43: Management Services for Small Business, Entrepreneurs
NAICS code, primary
522120: Savings Institutions
Parent/child status
Central organization
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