Nonprofit · EIN 85-1559517
BLACK AMBITION OPPORTUNITY INC
Tax-exempt · MIAMI, FL 33127
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $6,100,508 | $7,286,351 | -$1,185,843 | $10,535,844 | $2,832,507 | $7,703,337 |
| December 31, 2023 | 990 (amended) | $6,102,999 | $7,821,621 | -$1,718,622 | $12,255,256 | $3,374,899 | $8,880,357 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $6,086,828
- Program service revenue
- $12,826
- Investment income
- $854
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $1,751,500
- Compensation of officers, directors and key employees
- $436,430
- Other salaries and wages
- $439,596
- Salaries, compensation and benefits (total)
- $968,846
- Professional fundraising fees
- $0
- Legal fees
- $89,138
- Accounting fees
- $89,755
- Occupancy
- $230,074
- Travel
- $534,652
- Program services (functional)
- $6,229,303
- Management and general (functional)
- $900,358
- Fundraising (functional)
- $156,690
Balance sheet and other
- Total assets, start of year
- $12,255,256
- Total assets, end of year
- $10,535,844
- Total liabilities, end of year
- $2,832,507
- Net assets, end of year
- $7,703,337
- Net assets without donor restrictions
- $2,983,920
- Net assets with donor restrictions
- $4,719,417
- Gross receipts
- $6,100,508
- Employees
- 8
- Volunteers
- 0
- Year formed
- 2020
- State of legal domicile
- DE
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 | Other / benefits |
|---|---|---|---|---|
| Felicia Hatcher | CEO Officer | 40 | $418,771 | $17,659 |
| Pharrell Williams | Director & Chair Trustee or director | 1 | $0 | $0 |
| Erik Moore | Board Member Trustee or director | 1 | $0 | $0 |
| Ron Laffitte | Board Member Trustee or director, Officer | 1 | $0 | $0 |
990 for the year ended December 31, 2023: 4 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Felicia Hatcher | CEO Officer | 40 | $360,781 | $27,195 |
| Pharrell Williams | Director & Chair Trustee or director | 1 | $0 | $0 |
| Erik Moore | Board Member Trustee or director | 1 | $0 | $0 |
| Ron Laffitte | Board Member Trustee or director, Officer | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 360 NW 27TH ST, MIAMI, FL 33127-4158
- Principal officer (990 for 2024)
- Erik Moore, 360 NW 27th Street, Miami, FL 33127
- Signed the 990
- Erik Moore, Board Member
- Phone
- (310) 229-0371
- Website
- www.blackambitionprize.com
- Return prepared by
- WHALEN CPAS
Mission
Provide increased economic opportunities to underrepresented entrepreneurs to bridge wealth and opportunity gaps through entrepreneurship by increasing both the pipeline of diverse entrepreneurs as well as the number of historically excluded entrepreneurs who succeed at raising necessary startup capital.
Program accomplishments
- Black Ambition provides a platform for underrepresented founders to access capital, coaching, community and bespoke training content through a national prize competition. Eligible applicants consist of teams of underrepresented startup founders, who have raised no more than $1 million in dilutive funding, scaling early-stage ventures across technology, AI, media and entertainment, healthcare and consumer products and services. Black Ambition believes entrepreneurs historically left out of traditional investment funnels are building the companies of tomorrow.Expenses $6,229,303 · grants $1,751,500 · revenue $12,826
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
- 85-1559517
- 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
- 2022
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Civil rights, social action and advocacy (R30)
- Assets (IRS master file)
- $10,535,844
- Income (IRS master file)
- $6,100,508
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $6,100,508 | $7,286,351 | $10,535,844 | XML |
| 990 | December 2023 | $6,102,999 | $7,821,621 | $12,255,256 | XML |
| 990 | December 2022 | $15,514,312 | $4,162,251 | $13,804,199 | IRS |
| 990-EZ | December 2021 | – | – | – | 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 85-1559517).
Questions about BLACK AMBITION OPPORTUNITY INC
- What is the EIN of BLACK AMBITION OPPORTUNITY INC?
- The employer identification number (EIN) of BLACK AMBITION OPPORTUNITY INC is 85-1559517.
- Is BLACK AMBITION OPPORTUNITY INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2022.
- Are donations to BLACK AMBITION OPPORTUNITY INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does BLACK AMBITION OPPORTUNITY 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 BLACK AMBITION OPPORTUNITY 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 BLACK AMBITION OPPORTUNITY 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 BLACK AMBITION OPPORTUNITY INC?
- The 990 for the year ended December 31, 2024 names Erik Moore.
- Who are the officers and directors of BLACK AMBITION OPPORTUNITY INC?
- The 990 for the year ended December 31, 2024 lists 4 people; 1 received compensation from the organization, the highest $418,771 (Felicia Hatcher, CEO).
- How much revenue does BLACK AMBITION OPPORTUNITY INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $6,100,508, expenses of $7,286,351 and total assets of $10,535,844 at year end.
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