Civic Intelligence

Bac Funding Corporation

EIN 59-2196535 • 501(c)3 • Miami, FL

Profile

BAC Funding Corporation ("BAC or Corporation"), a nonprofit organization, is an outgrowth of the Business Revitalization Action Committee of the Greater Miami Chamber of Commerce ("GMCC"). BAC was formed in April 1982, to help stimulate the economic growth of Liberty City. The objective of BAC is to develop and expand new and existing businesses for minority group residents of Miami-Dade County, Florida. These objectives are met by extending credit to new and existing businesses within Miami-Dade County, Florida.

6600 NW 27th AvenueMiami, FL 33147

www.bacfundingcorp.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

84th percentile

0.70x

Higher debt load relative to assets than 84% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

89th percentile

2.12x

Higher debt load relative to revenue than 89% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

46th percentile

3.1%

Higher net margin than 46% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

11th percentile

-9.3%

Faster asset growth than 11% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

34th percentile

0.1%

Faster revenue growth than 34% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets84th percentile

Assets

Down

$11,857,533

Down $1,211,912 (-9.3%) from 2023

Liabilities

Down

$8,350,164

Down $1,335,057 (-14%) from 2023

Net Assets

Up

$3,507,369

Up $123,145 (+3.6%) from 2023

Operations
Liabilities / Revenue89th percentileNet Margin46th percentile

Revenue

Up

$3,945,176

Up $3,415 (+0.1%) from 2023

Expenses

Up

$3,822,031

Up $235,951 (+6.6%) from 2023

Net Income

Down

$123,145

Down $232,536 (-65%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth11th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0Assets 2010: $27,668,282Liabilities 2010: $21,014,725Net Assets 2010: $6,653,5572010Assets 2011: $25,521,845Liabilities 2011: $19,676,055Net Assets 2011: $5,845,7902011Assets 2012: $24,547,837Liabilities 2012: $19,009,874Net Assets 2012: $5,537,9632012Assets 2013: $23,141,680Liabilities 2013: $18,672,423Net Assets 2013: $4,469,2572013Assets 2014: $22,952,555Liabilities 2014: $17,906,158Net Assets 2014: $5,046,3972014Assets 2016: $22,125,071Liabilities 2016: $17,014,610Net Assets 2016: $5,110,4612016Assets 2017: $21,690,681Liabilities 2017: $16,306,375Net Assets 2017: $5,384,3062017Assets 2018: $20,742,907Liabilities 2018: $15,186,369Net Assets 2018: $5,556,5382018Assets 2019: $19,990,222Liabilities 2019: $14,221,837Net Assets 2019: $5,768,3852019Assets 2020: $18,932,921Liabilities 2020: $13,035,023Net Assets 2020: $5,897,8982020Assets 2021: $17,927,247Liabilities 2021: $12,121,126Net Assets 2021: $5,806,1212021Assets 2022: $16,443,268Liabilities 2022: $10,885,074Net Assets 2022: $5,558,1942022Assets 2023: $13,069,445Liabilities 2023: $9,685,221Net Assets 2023: $3,384,2242023Assets 2024: $11,857,533Liabilities 2024: $8,350,164Net Assets 2024: $3,507,3692024

Highlighted filing

2024

Assets$11,857,533
Liabilities$8,350,164
Net Assets$3,507,369
Open 2024 Filing

Operations Trend

Revenue Growth34th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2010: $567,425Expenses 2010: $1,605,906Net Income 2010: -$1,038,4812010Revenue 2011: $21,988Expenses 2011: $829,755Net Income 2011: -$807,7672011Expenses 2012: $591,9832012Revenue 2013: $393,363Expenses 2013: $1,579,045Net Income 2013: -$1,185,6822013Revenue 2014: $1,138,437Expenses 2014: $676,423Net Income 2014: $462,0142014Revenue 2016: $655,976Expenses 2016: $673,849Net Income 2016: -$17,8732016Revenue 2017: $848,043Expenses 2017: $704,309Net Income 2017: $143,7342017Revenue 2018: $774,431Expenses 2018: $602,199Net Income 2018: $172,2322018Revenue 2019: $967,641Expenses 2019: $755,794Net Income 2019: $211,8472019Revenue 2020: $4,868,553Expenses 2020: $4,739,040Net Income 2020: $129,5132020Revenue 2021: $4,831,785Expenses 2021: $4,923,562Net Income 2021: -$91,7772021Revenue 2022: $4,083,859Expenses 2022: $3,565,037Net Income 2022: $518,8222022Revenue 2023: $3,941,761Expenses 2023: $3,586,080Net Income 2023: $355,6812023Revenue 2024: $3,945,176Expenses 2024: $3,822,031Net Income 2024: $123,1452024

Highlighted filing

2024

Revenue$3,945,176
Expenses$3,822,031
Net Income$123,145
Open 2024 Filing

Filings

Most recent year

2024 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$11,857,533
Liabilities
$8,350,164
Net assets
$3,507,369
Revenue
$3,945,176
Expenses
$3,822,031
Net income
$123,145
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.9$8.35$3.51$3.95$3.82$0.12
2023Summary only. Only limited summary data is available for this year.$13.1$9.69$3.38$3.94$3.59$0.36
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.4$10.9$5.56$4.08$3.57$0.52
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$17.9$12.1$5.81$4.83$4.92$0.09
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.9$13.0$5.90$4.87$4.74$0.13
2019Summary only. Only limited summary data is available for this year.$20.0$14.2$5.77$0.97$0.76$0.21
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.7$15.2$5.56$0.77$0.60$0.17
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$21.7$16.3$5.38$0.85$0.70$0.14
2016Summary only. Only limited summary data is available for this year.$22.1$17.0$5.11$0.66$0.67$0.02
2014Detailed filing. Detailed filing data is available for this year.$23.0$17.9$5.05$1.14$0.68$0.46
2013Summary only. Only limited summary data is available for this year.$23.1$18.7$4.47$0.39$1.58$1.19
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$24.5$19.0$5.54$0.59
2011Summary only. Only limited summary data is available for this year.$25.5$19.7$5.85$0.02$0.83$0.81
2010Summary only. Only limited summary data is available for this year.$27.7$21.0$6.65$0.57$1.61$1.04
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 16, 2023
Return Version
2022v5.0
Gross Receipts
$4,083,859
Mission and Program Overview

Mission

BAC Funding Corporation ("BAC or Corporation"), a nonprofit organization, is an outgrowth of the Business Revitalization Action Committee of the Greater Miami Chamber of Commerce ("GMCC"). BAC was formed in April 1982, to help stimulate the economic growth of Liberty City. The objective of BAC is to develop and expand new and existing businesses for minority group residents of Miami-Dade County, Florida. These objectives are met by extending credit to new and existing businesses within Miami-Dade County, Florida.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$14,138,731$12,623,018▼ $1,515,713
Savings and Temporary Cash Investments$2,011,791$1,952,543▼ $59,248
Cash and Non-Interest-Bearing Accounts$491,200$508,239▲ $17,039
Other Notes and Loans Receivable, Net$563,740$412,735▼ $151,005
Investments Program Related$404,840$370,199▼ $34,641
Accounts Receivable$70,594$101,503▲ $30,909
Prepaid Expenses and Deferred Charges$3,494$3,495▲ $1
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$17,927,247$16,443,268▼ $1,483,979
Other Assets Total$242,857$471,536▲ $228,679
Liabilities
Tax Exempt Bond Liabilities$11,065,665$10,019,834▼ $1,045,831
Unsecured Notes Loans Payable$456,644$363,904▼ $92,740
Other Liabilities$350,283$339,892▼ $10,391
Accounts Payable and Accrued Expenses$248,534$161,444▼ $87,090
Total Liabilities$12,121,126$10,885,074▼ $1,236,052
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,627,258$3,224,312▼ $402,946
Net Assets Without Donor Restrictions$2,178,863$2,333,882▲ $155,019
Total Net Assets Fund Balance$5,806,121$5,558,194▼ $247,927
Total Liabilities and Net Assets / Fund Balance$17,927,247$16,443,268▼ $1,483,979

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$62,261$1,679,253$1,741,514
Other Land Buildings$11,271$455,536$466,807
Equipment-$49,080$49,080
Investment Program Related Org$137,362--
Buildings$12,549,486$19,515,968-
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Jessie Houston IIControllerFT$160,585$160,585

Board Members and Trustees

NameTitle
Ronald FrazierChairman
Eric KnowlesDirector
John HallDirector
Leonard GarrettDirector
Linda BryantDirector
Miguel RascoDirector
Monique HaynesDirector
Patrick Range IIDirector
Ricardo ForbesDirector
Sonless MartinDirector
Stephen JohnsonDirector
Mr Otto LatimerSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$20,000
Program Service Revenue
$4,052,244
Investment Income
$11,615
Other Revenue
$0
All Other Contributions
$20,000
Change in Net Assets
$518,822

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,083,859
Revenue Not Reported on Form 990
$123,524
Total Revenue per Audited Statements
$4,207,383
Total Revenue per Form 990
$4,083,859
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,168,904
Salaries, Compensation, and Employee Benefits$396,133
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$2,818,202--$2,818,202
Other Expenses$199,757--$199,757
Current Officers, Directors, Trustees, and Key Employees$160,585--$160,585
Other Salaries and Wages$138,764--$138,764
Other Employee Benefits-$74,705-$74,705
Fees for Services Accounting$40,500--$40,500
Fees for Services Other$39,781--$39,781
Travel-$29,645-$29,645
Payroll Taxes-$22,079-$22,079
Office Expenses-$17,541-$17,541
Insurance$16,219--$16,219
Fees for Services Legal$4,595--$4,595
Advertising$2,500--$2,500
Depreciation Depletion$164--$164
Total Functional Expenses$3,421,067$143,970$0$3,565,037

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,688,561
Expenses per Audited Statements$3,565,037
Total Expenses per Form 990$3,565,037
Expenses Not Reported on Form 990$123,524
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Rental deposits$313,272
Accrued interest payable$26,620

Bond Issues

BondIssuerIssuedIssue PricePurpose
AMiami-Dade County Industrial Development Authority2000-10-01$21,570,000Building Construction
BMDC Industrual Dev Auth2013-12-01$16,409,614To refund revenue bond

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$16,171,470--$718,884
B---$238,144

Bond Financing Compliance

Form 8038-T filed
Yes
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“One (1) Board member is an officer of a bank where taxpayer also banks.”

Form 990, Part VI, Section B, Line 11B

“IRS Form 990 is reviewed and approved by Board of Directors prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Board meets quarterly. Board members are asked to disclose any conflicts.”

Form 990, Part VI, Section B, Line 15B

“Board of Directors review comparable compensation of key employees and highly compensated employees as part of annual budget process.”

Form 990, Part VI, Section C, Line 19

“The organization's governing documents, conflict of interest policy and financial statements are available to public upon request.”

Filing and Contact Details

Filer

Filer Name
BAC Funding Corporation
EIN
59-2196535
Phone
3056933550
Address
6600 NW 27TH AVENUE, MIAMI, FL 33147

Signing Officer

Name
Ronald E Frazier
Title
Chairman
Signed
2023-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ronald Frazier
Formed
1982
Legal Domicile
Fl
Voting Board Members
12
Independent Board Members
12
Employees
3
Volunteers
12

Preparer

Firm
Watsonrice Llp
Address
5 Penn Plz FL 19, New York, NY 10001
Preparer
Baruti Bediako CPA
Phone
2124477300
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D

“OTHER PROGRAM SERVICES 4: Martin Luther King (MLK) Building Project - provides maintenance of the office space leased by the Miami-Dade County.”

Financial Statement Notes

Part X : FIN48 Footnote

“BAC follows the provisions of ASC 740, Income Taxes, and has determined that as of December 31, 2021 and 2020, BAC had no material unrecognized tax provisions or benefits. BAC does not expect that unrecognized tax provisions or benefits will materially increase within the next twelve months.”

Raw XML AppendixShowing 400 of 652 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/Form990PartVIISectionAGrp/PersonNm10Patrick Range II
IRS990/Form990PartVIISectionAGrp/PersonNm11Sonless Martin
IRS990/Form990PartVIISectionAGrp/PersonNm12Monique Haynes
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IRS990/MissionDesc0BAC Funding Corporation ("BAC or Corporation"), a nonprofit organization, is an outgrowth of the Business Revitalization Action Committee of the Greater Miami Chamber of Commerce ("GMCC"). BAC was formed in April 1982, to help stimulate the economic growth of Liberty City. The objective of BAC is to develop and expand new and existing businesses for minority group residents of Miami-Dade County, Florida. These objectives are met by extending credit to new and existing businesses within Miami-Dade County, Florida.
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IRS990/ProgSrvcAccomActy2Grp/Desc0The 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.
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IRS990/ProgSrvcAccomActy3Grp/Desc0BAC 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.
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