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.
Who funds BAC Funding Corporation
Grants from foundations and other nonprofits
Personnel at BAC Funding Corporation
| Name | Title | Compensation | Date of data |
|---|
| Ronald E Frazier | Chairman | $0 | 2023-11-15 |
| Jessie Houston | Chief Financial Officer / Controller | $160,585 | 2022-12-31 |
Financials for BAC Funding Corporation
| Revenues | FYE 12/2023 | FYE 12/2022 | % Change |
|---|
| Total grants, contributions, etc. | $41,675 | $20,000 | 108.4% |
| Program services | $3,829,707 | $4,052,244 | -5.5% |
| Investment income and dividends | $70,379 | $11,615 | 505.9% |
| Tax-exempt bond proceeds | $0 | $0 | - |
| Royalty revenue | $0 | $0 | - |
| Net rental income | $0 | $0 | - |
| Net gain from sale of non-inventory assets | $0 | $0 | - |
| Net income from fundraising events | $0 | $0 | - |
| Net income from gaming activities | $0 | $0 | - |
| Net income from sales of inventory | $0 | $0 | - |
| Miscellaneous revenues | $0 | $0 | - |
| Total revenues | $3,941,761 | $4,083,859 | -3.5% |
Organizations like BAC Funding Corporation
| Organization | Type | Location | Revenue |
|---|
| Fortis Capital | 501(c)(3) | Minneapolis, MN | $1,392,728 |
| The Enterprise Center Capital Corporation | 501(c)(3) | Philadelphia, PA | $3,354,271 |
| Partners For Self Employment | 501(c)(3) | Miami, FL | $2,189,773 |
| Community Lending Partners of New Jersey | 501(c)(3) | New Brunswick, NJ | $1,103,829 |
| Michigan Community Capital | 501(c)(3) | Lansing, MI | $6,661,371 |
| Hawaii Community Lending | 501(c)(3) | Hilo, HI | $8,801,117 |
| Enterprise Center of Johnson County | 501(c)(3) | Overland Park, KS | $6,122,813 |
| Rain Catalysts | 501(c)(3) | Wilsonville, OR | $1,860,613 |
| Alloy Growth Lab | 501(c)(3) | Cincinnati, OH | $1,287,131 |
| Launch Tennessee | 501(c)(3) | Nashville, TN | $13,419,783 |
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 donationsAccepts online 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/Â
- 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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