Nonprofit · EIN 45-3387003
AFRICAN-AMERICAN BUSINESS ASSOCIATION INC
Tax-exempt · WATERLOO, IA 50703
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $268,344 | $473,713 | -$205,369 | $3,696 | $0 | $3,696 |
| December 31, 2023 | 990 | $125,000 | $95,897 | $29,103 | $208,200 | $3,082 | $205,118 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $268,344
- Program service revenue
- $0
- Investment income
- $0
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Accounting fees
- $600
- Occupancy
- $11,070
- Travel
- $1,791
- Program services (functional)
- $437,998
- Management and general (functional)
- $35,715
Balance sheet and other
- Total assets, start of year
- $208,200
- Total assets, end of year
- $3,696
- Total liabilities, end of year
- $0
- Net assets, end of year
- $3,696
- Net assets without donor restrictions
- $3,696
- Gross receipts
- $268,344
- Employees
- 0
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MATTHEW GILBERT | PRESIDENT Trustee or director, Officer | 10 | $0 |
| YVONNE NASH | SECRETARY Trustee or director, Officer | 5 | $0 |
| TERRENCE THAMES | TREASURER Trustee or director, Officer | 5 | $0 |
990 for the year ended December 31, 2023: 3 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MATTHEW GILBERT | PRESIDENT Trustee or director, Officer | 10 | $0 |
| LU SPAIN | VP & SECRETA Trustee or director, Officer | 5 | $0 |
| TERRENCE THAMES | TREASURER Trustee or director, Officer | 5 | $0 |
Address and contacts
- Address (IRS master file)
- 325 E PARK AVE STE 215, WATERLOO, IA 50703-4611
- In care of
- % YING SA
- Mailing address (990-N for 2021)
- 315 E 5TH ST STE 12, DES MOINES IA 50309
- Principal officer (990 for 2024)
- MATTHEW GILBERT, 315 E 5TH ST STE 12, DES MOINES, IA 50309
- Principal officer (990-N for 2021)
- MATTHEW GILBERT, 315 E 5TH ST STE 12, DES MOINES IA 50309
- Signed the 990
- MATTHEW GILBERT, PRESIDENT
- Phone
- (319) 504-6685
- Return prepared by
- COMMUNITY CPA & ASSOCIATES INC
Mission
THE IOWA CENTER FOR OPPORTUNITY RESOURCES & EQUITY INC.'S MISSION IS TO RESEARCH, ADVOCATE, AND PROCURE RESOURCES FOR HISTORICALLY DISENFRANCHISED COMMUNITIES AND UNDERSERVED POPULATIONS IN IOWA.
Program accomplishments
- RETHINK IOWA FELLOWSHIP - COMMUNITY-LED RESEARCH FELLOWSHIP THAT INCLUDES WEEKLY ENGAGEMENTS WITH UNDERREPRESENTED ENTREPRENEURS IN IOWA, EDUCATIONAL WORKSHOPS WITH TECHNICAL EXPERTS, AND PUBLIC/ PRIVATE SECTOR LEADERSHIP TALENT DEVELOPMENT. SUCCESS IS MEASURED THROUGH AUTHENTIC STORYTELLING, RESILIENT HUMAN POTENTIAL, AND EQUITABLE POLICY MAKING. FELLOWSHIP PARTICIPANTS ALSO ENGAGE IN RESEARCH TO REDUCE SOCIAL WELFARE BARRIERS AND IMPROVE THE WELLBEING OF HISTORICALLY DISENFRANCHISED COMMUNITIES. THANKS TO ANNUAL DONATIONS OF IN-KIND SERVICES AND SUPPORT RESOURCES FROM THE MRG IMPACT FUND - NONGRANTOR CHARITABLE LEAD UNITRUST THIS PROGRAM HAS BEEN A CATALYST TO INNOVATION AND PARTICIPATORY PROGRAM DEVELOPMENTS. LEARN MORE - HTTPS://RETHINKIOWA.ORGExpenses $41,197
- BLACK CAPITAL STUDY + PROJECTS - THE BLACK CAPTIAL STUDY + PROJECTS (BCS+P) CONSISTS OF 18+ ACTIVE PROJECTS IN SERVICE OF BUILDING CAPACITY FOR TRADITIONAL MONETARY CAPITAL ACCESS AS WELL AS NON-MONETARY TYPES OF CAPITAL FOR AN INCLUSIVE ENTREPRENEURIAL ECOSYSTEM IN AND CONNECTED TO WATERLOO, IOWA. EACH PROJECT DEMONSTRATES A COMMITMENT TO FOUR COMPONENTS: A) EVOLVING CURRICULUM/TECHNICAL SKILL DEVELOPMENT; B) RESPONSIVE PROGRAM DELIVERY; 3) RIGOROUS RESEARCH AND 4) TRUSTWORTHY COMMUNICATION. THANKS TO GRANT FUNDS INVESTED BY THE EWING MARION KAUFFMAN FOUNDATION, AND DONATIONS OF IN-KIND SERVICES AND SUPPORT FROM THE UNIVERSITY OF NORTHERN IOWA - JOHN PAPPAJOHN ENTREPRENEURIAL CENTER THIS 3-YEAR RESEARCH STUDY WILL PUBLISH ITS FINDINGS IN OR ABOUT JULY 2025 FOR INCLUSIVE ECOSYSTEMS TO THRIVE AROUND THE WORLD. LEARN MORE - HTTPS://WWW.BLACKCAPITALSTUDY.ORG.Expenses $379,603
- SHOP BLACK IOWA - A CURATED E-COMMERCE MARKETPLACE FOR HISTORICALLY DISENFRANCHISED SMALL BUSINESSES IN IOWA THAT ALLOWS CUSTOMERS FROM IOWA AND OTHER STATES TO PURCHASE GOODS AND SERVICES THAT SHOWCASE IOWA'S DIVERSE ECONOMY. ANY SMALL BUSINESS THAT IS AT LEAST 51% OWNED BY ONE OR MORE INDIVIDUALS WHO HAVE BEEN HISTORICALLY SUBJECTED TO RACIAL OR ETHNIC PREJUDICES OR CULTURAL BIASES WITHIN THE LARGER AMERICAN CULTURE HAVE ACCESS TO A TRUSTED E-COMMERCE MARKETPLACE AND RESOURCES THAT IS A DESTINATION FOR ALL. SUCCESS IS MEASURED BY THE NUMBER OF BUSINESSES REGISTERED TO SELL ON THE ONLINE PLATFORM, THE NUMBER OF ITEMS THEY PUBLISH FOR E-COMMERCE, AND ACCUMULATED CAPACITY BUILDING SUPPORT / OUTREACH ENGAGEMENTS. THANKS TO DONATIONS OF IN-KIND SUPPORT FROM MEMBER MARKETPLACE INC. AND LOCAL SPONSORS, THE ONLINE MARKETPLACE REGISTRATION AND COSTS ARE SUBSIDIZED FOR THE FIRST 100 BUSINESSES THAT REGISTER FOR THE PLATFORM. CURRENTLY THERE ARE MORE THAN 40 BUSINESSES REGISTERED. LEARN MORE - HTTPS://RETHINKIOWA.SHOPWHEREILIVE.COM/Expenses $13,291
- SOCIAL ENTERPRISE / IMPACT INCUBATOR - AN INNOVATIVE PROGRAM THAT OPENS DOORS OF OPPORTUNITY FOR HISTORICALLY DISENFRANCHISED POPULATIONS TO DEVELOP SERVANT LEADERSHIP SKILLS, DESIGN SOLUTIONS TO THAT IMPACT HISTORICALLY UNDERSERVED COMMUNITIES, AND SCALE SOCIAL ENTERPRISES IN IOWA. THROUGH AN ASSESSMENT AND THE COMPETITION OF A CERTIFICATION PROGRAM, ANY SOCIAL ENTERPRISES ARE ELEVATED TO REVOLUTIONIZE SUSTAINABLE BUSINESS PRACTICES, ENSURING LOCAL BUSINESSES ARE BOTH PROFITABLE AND MAKING A POSITIVE SOCIETAL CONTRIBUTION. SUCCESS IS MEASURED THROUGH AN INCLUSIVE ECOSYSTEM AND SOCIAL JUSTICE FRAMEWORK THAT ACCELERATES INNOVATION, BUILDS SHARED GOVERNANCE, AND PROTECTS COMMUNITY EQUITY. CURRENTLY THERE ARE MORE THAN 10 SOCIAL ENTERPRISES BEING DEVELOPED OR IN FULL OPERATION, EACH BUSINESS HAS ACCESS TO AN IN-KIND GRANT OF SERVICES AND RESOURCES PROCURED BY RETHINK IOWA LLC, NOT TO EXCEED 2,500 FMV.Expenses $3,907
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 45-3387003
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2013
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S20)
- Assets (IRS master file)
- $3,696
- Income (IRS master file)
- $268,344
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $268,344 | $473,713 | $3,696 | XML |
| 990 | December 2023 | $125,000 | $95,897 | $208,200 | XML |
| 990 | December 2022 | $168,000 | $8,897 | $175,167 | IRS |
| 990-N for 2021 Officer: MATTHEW GILBERT | December 31, 2021 | ≤ $50,000 receipts | – | – | e-Postcard |
| 990-N for 2020 Officer: MATTHEW GILBERT | December 31, 2020 | ≤ $50,000 receipts | – | – | e-Postcard |
| 990-N for 2019 Officer: MATTHEW GILBERT | December 31, 2019 | ≤ $50,000 receipts | – | – | e-Postcard |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 45-3387003).
Questions about AFRICAN-AMERICAN BUSINESS ASSOCIATION INC
- What is the EIN of AFRICAN-AMERICAN BUSINESS ASSOCIATION INC?
- The employer identification number (EIN) of AFRICAN-AMERICAN BUSINESS ASSOCIATION INC is 45-3387003.
- Is AFRICAN-AMERICAN BUSINESS ASSOCIATION INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2013.
- Are donations to AFRICAN-AMERICAN BUSINESS ASSOCIATION INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does AFRICAN-AMERICAN BUSINESS ASSOCIATION INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of AFRICAN-AMERICAN BUSINESS ASSOCIATION INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did AFRICAN-AMERICAN BUSINESS ASSOCIATION INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of AFRICAN-AMERICAN BUSINESS ASSOCIATION INC?
- The 990 for the year ended December 31, 2024 names MATTHEW GILBERT.
- Who are the officers and directors of AFRICAN-AMERICAN BUSINESS ASSOCIATION INC?
- The 990 for the year ended December 31, 2024 lists 3 people; 0 received compensation from the organization.
- How much revenue does AFRICAN-AMERICAN BUSINESS ASSOCIATION INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $268,344, expenses of $473,713 and total assets of $3,696 at year end.
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