Black Business Enterprises Fund

Nonprofit profile at a glance

EIN
863609489
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-EZ 2023
Location
Minneapolis, MN, USA
Phone
7635014035
Rating
44
Verdict
MIXED
Rating confidence
Moderate
Sector
Human Services N.E.C.

Official website

Reported finances

Revenue
$356,860
Expenses
$195,310
Assets
$195,612
Liabilities
$-36,580

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • Nancy Korsah (CEO)

People named in this filing

  • Nancy Korsah (CEO)
  • Tracy Call (Board Chair)
  • Otis Artis (Board Member)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To help minorities establish their worth to wealth

Operating model

Revenue model
Earned-program. 86% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 26
  • Transparency & Controls: 90
  • Accountability: 0
  • Sustainability: 63
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 22.3%; rating input score 22
  • Program expense ratio: 40.8%; rating input score 41
  • Fundraising efficiency: $0.7 raised per $1 spent on fundraising; rating input score 5; 5th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 0 of 7 controls in place; rating input score 0
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 45.3%; rating input score 90; 90th percentile among comparable filings
  • Total-asset coverage ratio: 1; rating input score 41; 41st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -62.6% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: 1.2% per year; rating input score 100; 30th percentile among comparable filings
  • Asset growth: 105.1% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 22.3% of revenue deployed · 40.8% of spending went to programs
  • Governance: 0 of 1 board members independent · 0 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $80K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 2 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 22/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 6 of 6 not reported.
  • Moderate — Financial Efficiency: Program expense ratio scored 41/100.
  • High — Financial Efficiency: Fundraising efficiency scored 5/100.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 41/100.