Black Brand

What it reported doing in 2024

In 2023, b-force accelerator nurtured 140 businesses, many of whom are providing critical service in hampton roads every day. In addition to the technical assistance provided, business owners benefited in the following important ways: 1. B-force accelerator awarded 71,000 in funding to 20 program participants. 2. 65 b-force participants reported having accessed a total of 1,650,794 in capital. 3. B-force accelerator expanded its service area to accept businesses across the hampton roads region, and partnered with the city of portsmouth economic development to ensure that all portsmouth cohort program graduates would qualify to receive its 2000 and/or 5000 grant. 4. Black brand curated a popup event for each of its five cohorts whereby the community could come out, learn about and shop with local merchants. 5. Black brand organized a successful cash mob event for one deserving business during each cohort where the entire cohort committed to coming out, bringing a friend, and spending at least 20. 6. Black brand provided collaboration opportunities for participants which turned into a number of successful collaborations and joint ventures. 7. Black brand worked one on one with businesses not only to prepare them but to curate capital opportunities for them based on their unique profiles, resulting in a number of businesses receiving their first ever capital opportunities in the form of grants, business credit cards, lines of credit, and pitch contest winnings from across the region. Women who lead is a 12-week professional development accelerator that helps minority women (prioritizing lmi candidates) improve their leadership skills, access traditionally male-dominated industries, and gain certifications to obtain higher paying wages or access to contract opportunities. In partnership with nsu, participants are exposed to 58 subject-matter experts. 75% of participants matriculated into wwl society for ongoing professional development. 15% of participants increased their pay during or after the 12-week cohort. 20% of cohort members took classes to obtain certification. 30% of participants obtained community-based leadership positions. 10% of participants matriculated into other personal or professional development programs. Black diamond weekend 2023 expanded its offering to create a free track called 757 bias which included an opportunity fair and affirmative action town hall, introducing participants to the invaluable resources that exist across the hampton roads region. In addition to four other value-packed tracks, participants were given the opportunity to earn ceus through tcc for the courses taken. The 8th annual black diamond affair awarded key leaders in the following categories: excellence in innovation: michelle wren- portsmouth partnership lifetime achievement in business: dr. Keith newby - fort norfolk medical plaza community impact: truist entrepreneur of the year: diamond gorman- rea-d employment agency, llc excellence in nonprofit leadership: anthony walters - ymca excellence in business leadership - nneka chiazor- cox communications excellence in health equity- dana beckton - sentara health excellence in public relations- kelli webb- kbd group llc excellence in entertainment- tony brothers- brothers restaurant bdw 2023 featured 70+ hours of content, 75 speakers across 3 days, 451 participants, 1 grant given to black health-industry business, and 9 community black diamond awards.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 92.4%; rating input score 92
• Fundraising efficiency: $10.86 raised per $1 spent on fundraising; rating input score 41; 41st percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 70%; rating input score 70; 15th percentile among comparable filings
• Governance controls: 7 of 9 controls in place; rating input score 88
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Limited
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -26.8%; rating input score 7; 7th percentile among comparable filings
• Total-asset coverage ratio: 0.1; rating input score 5; 5th percentile among comparable filings
• Liabilities to assets ratio: 1.57; rating input score 3; 3rd percentile among comparable filings
• Officer compensation ratio: 10.2%; rating input score 36; 36th percentile among comparable filings

Growth

• Program expense growth: 27.5% per year; rating input score 100; 89th percentile among comparable filings
• Revenue growth: 27.9% per year; rating input score 100; 91st percentile among comparable filings
• Asset growth: 15.8% per year; rating input score 100; 74th percentile among comparable filings