Boomin University

Nonprofit profile at a glance

EIN
883628370
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-N 2023
Location
Nashville, TN, USA
Phone
6153077474
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Small Business Development

Official website

Reported finances

Revenue
$455,664
Expenses
$704,869
Assets
$311,311
Liabilities
$0

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

Leadership & pay

7 people listed

Highest reported compensation

  • Danielle Gibson (Board Member): $36,538 total reported compensation

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

Overview

Mission

Boomin University empowers underserved entrepreneurs in the United States with free educational programs and mentorship, providing the skills, resources, and support needed to build sustainable businesses and drive economic growth.

What it reported doing in 2024

In fiscal year 2024/2025, Boomin University made a significant impact by empowering 200 small business owners through our four core programs. We facilitated over 60 hours of group learning, equipping participants with essential skills and strategies to grow and sustain their businesses. Additionally, we provided over 800 hours of direct technical assistance and one-on-one coaching, ensuring personalized guidance to address each business owner's unique challenges and goals. Our commitment to fostering economic resilience and business growth within the minority community continues to drive meaningful, measurable outcomes.

Operating model

Revenue model
Donor-supported. 81% of the money available for current operations came from contributions and gifts.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 92
  • Accountability: 94
  • Sustainability: 22
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 86.3%; rating input score 86
  • Fundraising efficiency: Limited

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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -54.7%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 0.44; rating input score 22; 22nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 5.2%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: 115.8% per year; rating input score 100; 99th percentile among comparable filings
  • Revenue growth: -47.7% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -57.2% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 86.3% of spending went to programs
  • Governance: 3 of 3 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $608K in reported program spending
  • Leadership: top reported pay $37K · 7 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Sustainability: Operating margin scored 5/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 22/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.