Civic Intelligence

Black Wealth Summit Inc.

990 • Fiscal year 2023 • EIN 85-2809001

Jan 01, 2023 to Dec 31, 2023 • Filed on Sep 28, 2024

Organization Profileblackwealthsummit.com
9501 Sheridan Street STE 200Lanham, MD 20706

(301) 577-4111

Siviq Scores

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

Liabilities / Assets

99th percentile

9.50x

Higher debt load relative to assets than 99% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Liabilities / Revenue

91st percentile

0.38x

Higher debt load relative to revenue than 91% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Net Margin

14th percentile

-32%

Higher net margin than 14% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Top Officer Pay

78th percentile

$0

Higher top officer pay than 78% of similar nonprofits.

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

2023 filings • 501(c)3 • <$500k nonprofits • Source year 2023

Asset Growth

5th percentile

-83%

Faster asset growth than 5% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Revenue Growth

14th percentile

-40%

Faster revenue growth than 14% of similar nonprofits.

2023 filings • 501(c)3 • <$500k nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets99th percentile

Assets

Down

$18,953

Down $95,567 (-83%) from 2022

Net Assets

Down

-$161,047

Down $152,567 (-1799%) from 2022

Liabilities

Up

$180,000

Up $57,000 (+46%) from 2022

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin14th percentile

Revenue

Down

$478,861

Down $323,593 (-40%) from 2022

Expenses

Down

$631,427

Down $348,322 (-36%) from 2022

Net Income

Up

-$152,566

Up $24,729 (+14%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth5th percentile

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

$400K$200K$0-$200K-$400KAssets 2021: $118,555Liabilities 2021: $0Net Assets 2021: $118,5552021Assets 2022: $114,520Liabilities 2022: $123,000Net Assets 2022: -$8,4802022Assets 2023: $18,953Liabilities 2023: $180,000Net Assets 2023: -$161,0472023Assets 2024: $123,893Liabilities 2024: $328,189Net Assets 2024: -$204,2962024Assets 2025: $154,247Liabilities 2025: $296,338Net Assets 2025: -$142,0912025

Highlighted filing

2023

Assets$18,953
Liabilities$180,000
Net Assets-$161,047
Open 2023 Filing

Operations Trend

Revenue Growth14th percentile

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

$1.0M$500K$0-$500KRevenue 2021: $533,255Expenses 2021: $415,685Net Income 2021: $117,5702021Revenue 2022: $802,454Expenses 2022: $979,749Net Income 2022: -$177,2952022Revenue 2023: $478,861Expenses 2023: $631,427Net Income 2023: -$152,5662023Revenue 2024: $221,775Expenses 2024: $242,839Net Income 2024: -$21,0642024Revenue 2025: $356,609Expenses 2025: $294,403Net Income 2025: $62,2062025

Highlighted filing

2023

Revenue$478,861
Expenses$631,427
Net Income-$152,566
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Sep 28, 2024
Return Version
2023v5.1
Gross Receipts
$478,861
Mission and Program Overview

Mission

To create an inclusive wealth and financial educational experience, uniquely designed to bring together champions and channels that will foster prosperity for Black lives.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$113,421$17,883▼ $95,538
Prepaid Expenses and Deferred Charges$1,099$1,070▼ $29
Total Assets$114,520$18,953▼ $95,567
Liabilities
Unsecured Notes Loans Payable$123,000$205,000▲ $82,000
Accounts Payable and Accrued Expenses-$-25,000-
Total Liabilities$123,000$180,000▲ $57,000
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-8,480$-161,047▼ $152,567
Total Net Assets Fund Balance$-8,480$-161,047▼ $152,567
Total Liabilities and Net Assets / Fund Balance$114,520$18,953▼ $95,567
Compensation and Service Providers
Top Officer Pay78th percentile

Board Members and Trustees

NameTitle
Cedric NashPresident
Michael RobinsonVice-President
Renea J PierreSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Robinson Group Consulting IncConsulting Service57 East Delaware Place Suite 1305, Chicago, IL 60611-1609$121,246
Revenue and Support

Revenue Composition

Contributions and Grants
$478,861
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$478,861
Change in Net Assets
$-152,566
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$630,427
Grants and Similar Amounts Paid$1,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising-$49,450-$49,450
All Other Expenses-$17,452-$17,452
Other Expenses$541,589$14,877-$14,877
Insurance-$1,695-$1,695
Grants to Domestic Individuals$1,000--$1,000
Fees for Services Accounting-$600-$600
Total Functional Expenses$542,589$88,838$0$631,427
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

“Copies of this Form 990 were disseminated to the Board of Directors for their review and approval prior to the submission of said form.”

Conflict of interest policy compliance Part VI line 12C

“The Board of Directors has adopted and established a Conflict of interest policy. This policy applies to the board members, officers and managers of the organization. There is an annual affirmation clause in the policy that states that all directors, officers and managers shall annually affirm this policy.”

Governing documents etc available to public Part VI line 19

“The Form 990 will be made available to the public upon written request to the administrative headquarters located in Lanham, MD.”

Filing and Contact Details

Filer

Filer Name
Black Wealth Summit Inc
EIN
85-2809001
Address
9501 Sheridan Street STE 200, Lanham, MD 20706

Signing Officer

Name
Cedric Nash Director
Title
President
Phone
3015774111
Signed
2024-09-28
Discuss with paid preparer
No

Organization Details

Principal Officer
Cedric Nash Director
Formed
2020
Legal Domicile
Md
Voting Board Members
4
Independent Board Members
2
Employees
0
Volunteers
7

Preparer

Firm
Philos Tax and Accounting Services
Address
321 Vale Summit S, Laurel, MD 20724
Preparer
Ted Petito
Phone
3018757125
Supplemental Narrative

Additional Explanations

Explanation of other changes in net assets or fund balances Part XI line 9

“Rounding”

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

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Form 990 will be made available to the public upon written request to the administrative headquarters located in Lanham, MD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Rounding
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Explanation of other changes in net assets or fund balances Part XI line 9
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ReturnHeader/BusinessOfficerGrp/SignatureDt02024-09-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Black Wealth Summit Inc
ReturnHeader/Filer/BusinessNameControlTxt0BLAC
ReturnHeader/Filer/EIN0852809001
ReturnHeader/Filer/USAddress/AddressLine1Txt09501 Sheridan Street STE 200
ReturnHeader/Filer/USAddress/CityNm0Lanham
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MD
ReturnHeader/Filer/USAddress/ZIPCd020706
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0871991315
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Philos Tax and Accounting Services
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0321 Vale Summit S
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Laurel
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd020724
ReturnHeader/PreparerPersonGrp/PhoneNum03018757125
ReturnHeader/PreparerPersonGrp/PreparationDt02024-09-28
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Ted Petito
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02024-09-28T12:19:50-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$18,953
Liabilities
$180,000
Net assets
-$161,047
Revenue
$478,861
Expenses
$631,427
Net income
-$152,566
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.54$2.96$1.42$3.57$2.94$0.62
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.24$3.28$2.04$2.22$2.43$0.21
2023Detailed filing. Detailed filing data is available for this year.$0.19$1.80$1.61$4.79$6.31$1.53
2022Detailed filing. Detailed filing data is available for this year.$1.15$1.23$0.08$8.02$9.80$1.77
2021Detailed filing. Detailed filing data is available for this year.$1.19$0.00$1.19$5.33$4.16$1.18