Nonprofit · EIN 59-2196535
BAC FUNDING CORPORATION
Tax-exempt · MIAMI, FL 33147
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $3,945,176 | $3,822,031 | $123,145 | $11,857,533 | $8,350,164 | $3,507,369 |
| December 31, 2023 | 990 | $3,941,761 | $3,586,080 | $355,681 | $13,069,445 | $9,685,221 | $3,384,224 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $38,110
- Program service revenue
- $3,830,017
- Investment income
- $77,049
- Net gain from sales of assets
- $25,533
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $185,000
- Other salaries and wages
- $137,039
- Salaries, compensation and benefits (total)
- $433,840
- Professional fundraising fees
- $0
- Legal fees
- $5,060
- Accounting fees
- $41,900
- Occupancy
- $3,047,146
- Travel
- $37,601
- Depreciation
- $1,794
- Program services (functional)
- $3,468,351
- Management and general (functional)
- $353,680
Balance sheet and other
- Total assets, start of year
- $13,069,445
- Total assets, end of year
- $11,857,533
- Total liabilities, end of year
- $8,350,164
- Net assets, end of year
- $3,507,369
- Land, buildings and equipment
- $8,367,906
- Net assets without donor restrictions
- -$660,815
- Net assets with donor restrictions
- $4,168,184
- Gross receipts
- $4,313,659
- Employees
- 3
- Volunteers
- 14
- Year formed
- 1982
- State of legal domicile
- FL
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 |
|---|---|---|---|
| Jessie Houston II | Controller | 40 | $185,000 |
| Ronald Frazier | Chairman Trustee or director, Officer | 4 | $0 |
| Mr Otto Latimer | Secretary Trustee or director, Officer | 4 | $0 |
| Leonard Garrett | Director Trustee or director | 1 | $0 |
| John Hall | Director Trustee or director | 1 | $0 |
| Miguel Rasco | Director Trustee or director | 1 | $0 |
| Linda Bryant | Director Trustee or director | 1 | $0 |
| Stephen Johnson | Director Trustee or director | 1 | $0 |
| Ricardo Forbes | Director Trustee or director | 1 | $0 |
| Victor Padial | Director Trustee or director | 1 | $0 |
| Eric Knowles | Director Trustee or director | 1 | $0 |
| Patrick Range II | Director Trustee or director | 1 | $0 |
| Sonless Martin | Director Trustee or director | 1 | $0 |
| Monique Haynes | Director Trustee or director | 1 | $0 |
| James Dillard | Director Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 14 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Jessie Houston II | Controller | 40 | $175,000 |
| Stephen Johnson | Director Trustee or director | 1 | $0 |
| Ricardo Forbes | Director Trustee or director | 1 | $0 |
| Leonard Garrett | Director Trustee or director | 1 | $0 |
| John Hall | Director Trustee or director | 1 | $0 |
| Miguel Rasco | Director Trustee or director | 1 | $0 |
| Linda Bryant | Director Trustee or director | 1 | $0 |
| Ronald Frazier | Chairman Trustee or director, Officer | 4 | $0 |
| Mr Otto Latimer | Secretary Trustee or director, Officer | 4 | $0 |
| Eric Knowles | Director Trustee or director | 1 | $0 |
| Patrick Range II | Director Trustee or director | 1 | $0 |
| Sonless Martin | Director Trustee or director | 1 | $0 |
| Monique Haynes | Director Trustee or director | 1 | $0 |
| James Dillard | Director Trustee or director | 1 | $0 |
Address and contacts
- Address (IRS master file)
- 2525 NW 62ND STREET, MIAMI, FL 33147-7716
- Principal officer (990 for 2024)
- Ronald Frazier, 6600 NW 27TH AVENUE, MIAMI, FL 33147
- Signed the 990
- Ronald E Frazier, Chairman
- Phone
- (305) 693-3550
- Website
- www.bacfunding.com
- Return prepared by
- WatsonRice LLP
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.
Program accomplishments
- Martin Luther King (MLK) Building Project - provides maintenance of the office space leased by the Miami-Dade County.Expenses $3,281,211
- 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.Expenses $187,140
- 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 $42 million in loans or equity funds to over fifty (50) businesses including women owned businesses.
- The Merchant Banking Fund provides short-term funds in the form of revolving credit lines and joint ventures to new and existing businesses of minority group residents in Miami-Dade County, Florida.
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
- 59-2196535
- 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
- 1982
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S310)
- Assets (IRS master file)
- $11,857,533
- Income (IRS master file)
- $4,313,659
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $3,945,176 | $3,822,031 | $11,857,533 | XML |
| 990 | December 2023 | $3,941,761 | $3,586,080 | $13,069,445 | XML |
| 990 | December 2022 | $4,083,859 | $3,565,037 | $16,443,268 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
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 59-2196535).
Questions about BAC FUNDING CORPORATION
- What is the EIN of BAC FUNDING CORPORATION?
- The employer identification number (EIN) of BAC FUNDING CORPORATION is 59-2196535.
- Is BAC FUNDING CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1982.
- Are donations to BAC FUNDING CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does BAC FUNDING CORPORATION 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 BAC FUNDING CORPORATION 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 BAC FUNDING CORPORATION 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 BAC FUNDING CORPORATION?
- The 990 for the year ended December 31, 2024 names Ronald Frazier.
- Who are the officers and directors of BAC FUNDING CORPORATION?
- The 990 for the year ended December 31, 2024 lists 15 people; 1 received compensation from the organization, the highest $185,000 (Jessie Houston II, Controller).
- How much revenue does BAC FUNDING CORPORATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $3,945,176, expenses of $3,822,031 and total assets of $11,857,533 at year end.
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All nonprofits in MIAMI · Florida · Community improvement and capacity building