2024-11-12T10:34:37-08:00 2023-12-31 261726741 WatsonRice LLP 31 West 34th Street 7006 New York NY 10001 990 2023-01-01 592196535 BAC Funding Corporation BACF 3056933550 6600 NW 27TH AVENUE MIAMI FL 33147 Ronald E Frazier Chairman 2024-11-12 true true Baruti Bediako CPA P00740658 2124477300 2023 2024-10-15 13:58:12Z Ronald Frazier 6600 NW 27TH AVENUE MIAMI FL 33147 3941761 false X www.bacfunding.com X 1982 FL 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. 13 13 3 13 0 20000 41675 4052244 3829707 11615 70379 0 4083859 3941761 0 0 396133 431461 0 0 3168904 3154619 3565037 3586080 518822 355681 16443268 13069445 10885074 9685221 5558194 3384224 X 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. false false 3246598 Martin Luther King (MLK) Building Project - provides maintenance of the office space leased by the Miami-Dade County. 152700 The 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. BAC 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. 3399298 true true false false false false false false false false true false false false true true true true false false false false false false false false false false false true true false true false false false false false false false false false false false false false true true true false false true 0 0 false 3 true false false false false false false false 0 false false false false false false false X 13 13 true false false false false false false true true false false true true true true true true true true true true X Jessie Houston 3056933550 6600 NW 27th Avenue Miami FL 33147 X Jessie Houston II Controller 40.00 0.00 175000 0 0 Stephen Johnson Director 1.00 0.00 X 0 0 0 Ricardo Forbes Director 1.00 0.00 X 0 0 0 Leonard Garrett Director 1.00 0.00 X 0 0 0 John Hall Director 1.00 0.00 X 0 0 0 Miguel Rasco Director 1.00 0.00 X 0 0 0 Linda Bryant Director 1.00 0.00 X 0 0 0 Ronald Frazier Chairman 4.00 0.00 X X 0 0 0 Mr Otto Latimer Secretary 4.00 0.00 X X 0 0 0 Eric Knowles Director 1.00 0.00 X 0 0 0 Patrick Range II Director 1.00 0.00 X 0 0 0 Sonless Martin Director 1.00 0.00 X 0 0 0 Monique Haynes Director 1.00 0.00 X 0 0 0 James Dillard Director 1.00 0.00 X 0 0 0 175000 1 false true false 0 41675 41675 Administrative Fees 561000 703 703 Consulting Fees 541900 33888 33888 Interest on Leased Asset 532000 395783 395783 Management Fees 561000 231811 231811 Rental Income 532000 3167522 3167522 3829707 70379 70379 0 0 0 0 0 0 0 0 3941761 3829707 70379 0 0 0 0 175000 131250 43750 0 256461 192751 63710 0 0 0 0 970 970 56500 56500 0 0 0 34508 34508 0 27129 27129 0 0 2962923 2962923 39035 39035 0 0 0 0 2788 2788 17608 17608 Bad debt expense 13158 13158 0 3586080 3399298 186782 0 508239 1647999 1952543 762623 0 101503 115851 0 0 412735 394485 0 3495 3495 31809565 22628495 12623018 9181070 0 0 370199 459088 0 471536 504834 16443268 13069445 161444 148764 10019834 8932412 703796 604045 10885074 9685221 X 2333882 3384224 3224312 5558194 3384224 16443268 13069445 355681 -2529651 X false true X true false X 14200 32417 10000 20000 41675 118292 0 125730 110677 108701 123524 123524 592156 139930 143094 118701 143524 165199 710448 0 710448 31354 40832 13523 11615 70379 167703 0 0 878151 21949056 0.80900 0.85410 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29374248 20441836 8932412 1988375 1743995 244380 249030 249030 197912 193634 4278 9181070 Accrued interest payable 26620 Notes payable to Affiliate, current 20000 Notes payable to Affiliate, long-term 243904 Rental deposits 313521 604045 X 4065285 123524 123524 3941761 3941761 3709604 123524 123524 3586080 3586080 Part X : FIN48 Footnote BAC follows the provisions of ASC 740, Income Taxes, and has determined that as of December 31, 2023 and 2022, 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. false false false false false false false false false Jessie Houston II Controller 175000 175000 A Miami-Dade County Industrial Development Authority 591662816 59333EBE2 2000-10-01 21570000 Building Construction true false false B MDC Industrual Dev Auth 591662816 59333EBE2 2013-12-01 16409614 To refund revenue bond false false false A 718884 20000013 false false true true B 16171470 238144 true false true true A false false B false false A true false false false false false B true false false false false false 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. 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. BAC Funding Consortium Inc 6600 NW 27th Avenue Miami FL 33147 592425541 Expand bus. opportunities for minorities FL 501(c)(4) BAC Funding Corporation true BAC Urban Initiatives 6600 NW 27th Avenue Miami FL 33147 Provides capital for urban development FL BAC Funding Corporation true BAC Urban Initiatives Inc 6600 NW 27 Avenue Miami FL 33147 650804430 Personal/ Residential Property FL N/A C corp 42614 461538 1.00000 true false false false false false false false false false false false true false false false false false false false BAC Funding Consortium Inc l 100000 Policy BAC Urban Initiatives l 10000 Policy