Civic Intelligence

Bac Funding Consortium Inc

990 • Fiscal year 2013 • EIN 59-2425541

Jan 01, 2013 to Dec 31, 2013 • Filed on Nov 05, 2014

6600 NW 27th Avenue33147

(305) 693-3550

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

38th percentile

0.04x

Higher debt load relative to assets than 38% of similar nonprofits.

2013 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2013

Liabilities / Revenue

61st percentile

0.27x

Higher debt load relative to revenue than 61% of similar nonprofits.

2013 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2013

Net Margin

2nd percentile

-168%

Higher net margin than 2% of similar nonprofits.

2013 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2013

Top Officer Pay

58th percentile

$0

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2013 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2013

Asset Growth

7th percentile

-18%

Faster asset growth than 7% of similar nonprofits.

2013 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Assets

Down

$2,863,992

Down $614,882 (-18%) from 2012

Net Assets

Down

$2,757,783

Down $670,333 (-20%) from 2012

Liabilities

Up

$106,209

Up $55,451 (+109%) from 2012

Revenue

$400,132

No earlier filing loaded for comparison.

Expenses

Up

$1,070,465

Up $720,777 (+206%) from 2012

Net Income

-$670,333

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $3,416,639Liabilities 2011: $1,971Net Assets 2011: $3,414,6682011Assets 2012: $3,478,874Liabilities 2012: $50,758Net Assets 2012: $3,428,1162012Assets 2013: $2,863,992Liabilities 2013: $106,209Net Assets 2013: $2,757,7832013Assets 2014: $2,859,612Liabilities 2014: $250,760Net Assets 2014: $2,608,8522014Assets 2016: $2,518,588Liabilities 2016: $125,670Net Assets 2016: $2,392,9182016Assets 2017: $2,309,554Liabilities 2017: $0Net Assets 2017: $2,309,5542017Assets 2018: $2,234,965Liabilities 2018: $0Net Assets 2018: $2,234,9652018Assets 2019: $2,178,800Liabilities 2019: $0Net Assets 2019: $2,178,8002019Assets 2020: $2,151,631Liabilities 2020: $0Net Assets 2020: $2,151,6312020Assets 2021: $2,163,481Liabilities 2021: $0Net Assets 2021: $2,163,4812021Assets 2022: $2,166,190Liabilities 2022: $0Net Assets 2022: $2,166,1902022Assets 2023: $2,198,892Liabilities 2023: $0Net Assets 2023: $2,198,8922023Assets 2024: $2,302,130Liabilities 2024: $0Net Assets 2024: $2,302,1302024

Highlighted filing

2013

Assets$2,863,992
Liabilities$106,209
Net Assets$2,757,783

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500K-$1.0MExpenses 2011: $568,1382011Expenses 2012: $349,6882012Revenue 2013: $400,132Expenses 2013: $1,070,465Net Income 2013: -$670,3332013Revenue 2014: $103,901Expenses 2014: $252,832Net Income 2014: -$148,9312014Revenue 2016: $56,088Expenses 2016: $153,445Net Income 2016: -$97,3572016Revenue 2017: $64,213Expenses 2017: $147,577Net Income 2017: -$83,3642017Revenue 2018: $90,844Expenses 2018: $165,433Net Income 2018: -$74,5892018Revenue 2019: $105,835Expenses 2019: $162,000Net Income 2019: -$56,1652019Revenue 2020: $125,912Expenses 2020: $153,081Net Income 2020: -$27,1692020Revenue 2021: $137,943Expenses 2021: $126,093Net Income 2021: $11,8502021Revenue 2022: $130,736Expenses 2022: $128,027Net Income 2022: $2,7092022Revenue 2023: $179,846Expenses 2023: $147,144Net Income 2023: $32,7022023Revenue 2024: $235,351Expenses 2024: $132,113Net Income 2024: $103,2382024

Highlighted filing

2013

Revenue$400,132
Expenses$1,070,465
Net Income-$670,333
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 5, 2014
Return Version
2013v3.1
Gross Receipts
$400,132
Mission and Program Overview

Mission

Under the sponsorship of the BAC Funding Corporation (the "BAC"), the Consortium was formed to offer an alternative method for financial institutions to participate in the economic revitalization of the African-American community. The Consortium is a Florida chartered not-for-profit corporation whose board of directors consists of community, local government, minority businesspersons, professional and other business organizations as well as the financial institution members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$2,627,325$1,749,075▼ $878,250
Cash and Non-Interest-Bearing Accounts$582,982$572,228▼ $10,754
Accounts Receivable$195,045$542,689▲ $347,644
Investments Other Securities$73,522$0▼ $73,522
Savings and Temporary Cash Investments-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$3,478,874$2,863,992▼ $614,882
Other Assets Total-$0-
Liabilities
Deferred Revenue$50,000$75,000▲ $25,000
Accounts Payable and Accrued Expenses$758$31,209▲ $30,451
Total Liabilities$50,758$106,209▲ $55,451
Net Assets / Fund Balance
Unrestricted Net Assets$3,143,741$2,154,658▼ $989,083
Temporarily Rstr Net Assets$284,375$603,125▲ $318,750
Total Net Assets Fund Balance$3,428,116$2,757,783▼ $670,333
Total Liabilities and Net Assets / Fund Balance$3,478,874$2,863,992▼ $614,882
Compensation and Service Providers

Board Members and Trustees

NameTitle
Ronald FrazierChairman
Basil BernardDirector
Leonard GarrettDirector
Linda BryantDirector
Miguel RascoDirector
Ricardo ForbesDirector
Stephen JohnsonDirector
Otto LatimerSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$357,589
Program Service Revenue
$41,326
Investment Income
$1,217
Other Revenue
$0
All Other Contributions
$357,589
Change in Net Assets
$-670,333

Audited Revenue Reconciliation

Revenue per Audited Statements
$400,132
Total Revenue per Audited Statements
$400,132
Total Revenue per Form 990
$400,132
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,070,465
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management-$114,000-$114,000
Fees for Services Legal$65,583--$65,583
Fees for Services Accounting$25,000--$25,000
Fees for Services Other$3,271--$3,271
Other Expenses$2,284--$2,284
Conferences and Meetings$240--$240
All Other Expenses$151--$151
Total Functional Expenses$956,465$114,000$0$1,070,465

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,070,465
Total Expenses per Audited Statements$1,070,465
Total Expenses per Form 990$1,070,465
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-
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 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
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company

BAC Funding Consortium , Inc. pays BAC Funding Corporatation to perform administrative tasks

Form 990, Part VI, Line 11B: Form 990 Review Process

First reviewed by management, then by the Executive Committee, and then presented to all Board members at Board Meeting.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

Board meets quarterly. Board memeber are asked to disclose any conflicts.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

The Board uses multiple resources for assessing a reasonable salary, including referring to Form 990 of other Non-profit Organizations and surveying salaries from similar sized organizations. Board must approve all compensation determinations.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

The Board uses multiple resources for assessing a reasonable salary, including referring to Form 990 of other Non-profit Organizations and surveying salaries from similar sized organizations. Board must approve all compensation determinations.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

All public documents available to the public upon request.

Filing and Contact Details

Filer

EIN
59-2425541
Phone
3056933550

Signing Officer

Name
Ronald E Frazier
Title
Chairman
Signed
2014-11-05
Discuss with paid preparer
Yes

Organization Details

Formed
1982
Legal Domicile
Fl
Voting Board Members
8
Independent Board Members
8
Employees
0

Preparer

Preparer
Ronald Thompkins
Phone
3059471638
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IRS990/PYInvestmentIncomeAmt02042
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0349688
IRS990/PYProgramServiceRevenueAmt041633
IRS990/PYRevenuesLessExpensesAmt013448
IRS990/PYTotalExpensesAmt0349688
IRS990/PYTotalRevenueAmt0363136
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-670333
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/ExpensesSubtotalAmt01070465
IRS990ScheduleD/RevenueSubtotalAmt0400132
IRS990ScheduleD/TotalExpensesPerForm990Amt01070465
IRS990ScheduleD/TotalRevenuePerForm990Amt0400132
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0400132
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01070465
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BAC Funding Consortium , Inc. pays BAC Funding Corporatation to perform administrative tasks
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1First reviewed by management, then by the Executive Committee, and then presented to all Board members at Board Meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Board meets quarterly. Board memeber are asked to disclose any conflicts.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Board uses multiple resources for assessing a reasonable salary, including referring to Form 990 of other Non-profit Organizations and surveying salaries from similar sized organizations. Board must approve all compensation determinations.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Board uses multiple resources for assessing a reasonable salary, including referring to Form 990 of other Non-profit Organizations and surveying salaries from similar sized organizations. Board must approve all compensation determinations.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5All public documents available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine10BAC Funding Corporation
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0592196535
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)3
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0FL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Develop and expand business opportunities for minorities
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0170(b)(1)(A)vi
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine106600 NW 27th Avenue
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/City0Miami
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/State0FL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCode033147
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0true
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0114000
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0Mgmt Agreement
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine10BAC Funding Corporation
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0m
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt0284375
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt0603125
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03478874
IRS990/TotalAssetsEOYAmt02863992
IRS990/TotalAssetsGrp/BOYAmt03478874
IRS990/TotalAssetsGrp/EOYAmt02863992
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0357589
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0114000
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0956465
IRS990/TotalFunctionalExpensesGrp/TotalAmt01070465
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt050758
IRS990/TotalLiabilitiesEOYAmt0106209
IRS990/TotalLiabilitiesGrp/BOYAmt050758
IRS990/TotalLiabilitiesGrp/EOYAmt0106209
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03428116
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02757783
IRS990/TotalProgramServiceExpensesAmt0956465
IRS990/TotalProgramServiceRevenueAmt041326
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt042543
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0400132
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt03478874
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02863992
IRS990/TransactionWithControlEntInd0false
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt03143741
IRS990/UnrestrictedNetAssetsGrp/EOYAmt02154658
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02015-11-30 17:44:51Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Ronald E Frazier
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Chairman
ReturnHeader/BusinessOfficerGrp/SignatureDt02014-11-05

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.30$0.00$2.30$0.24$0.13$0.10
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.20$0.00$2.20$0.18$0.15$0.03
2022Detailed filing. Detailed filing data is available for this year.$2.17$0.00$2.17$0.13$0.13$0.00
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.16$0.00$2.16$0.14$0.13$0.01
2020Detailed filing. Detailed filing data is available for this year.$2.15$0.00$2.15$0.13$0.15$0.03
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.18$0.00$2.18$0.11$0.16$0.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.23$0.00$2.23$0.09$0.17$0.07
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.31$0.00$2.31$0.06$0.15$0.08
2016Detailed filing. Detailed filing data is available for this year.$2.52$0.13$2.39$0.06$0.15$0.10
2014Detailed filing. Detailed filing data is available for this year.$2.86$0.25$2.61$0.10$0.25$0.15
2013Detailed filing. Detailed filing data is available for this year.$2.86$0.11$2.76$0.40$1.07$0.67
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.48$0.05$3.43$0.35
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.42$0.00$3.41$0.57