2025-11-17T06:04:04-08:00 2024-12-31 261726741 WatsonRice LLP 31 West 34th Street 7006 New York NY 10001 990 2024-01-01 592425541 BAC Funding Consortium Inc BACF 3056933550 6600 NW 27TH AVENUE MIAMI FL 33147 Ronald Frazier Chairman 2025-11-17 true true Baruti Bediako CPA P00740658 2124477300 2024 2025-03-06 01:10:19Z Ronald Frazier 6600 NW 27TH AVENUE MIAMI FL 33147 235351 false X N/A X 1982 FL The Consortium was formed to offer an alternative method for financial institutions to participate in the economic revitalization of the African-American community. 3 3 0 3 0 0 178327 230469 169 231 1350 4651 179846 235351 0 0 0 0 0 147144 132113 147144 132113 32702 103238 2198892 2302130 0 2198892 2302130 The Consortium was formed to offer an alternative method for financial institutions to participate in the economic revitalization of the African-American community. false false 32113 185867 UNDER THE SPONSORSHIP OF THE BAC FUNDING CORPORATION (THE "BAC"), THE CONSORTIUM WAS THE ECONOMIC REVITALIZATION OF THE AFRICAN-AMERICAN COMMUNITY. THE CONSORTIUM IS A FLORIDA CHARTERED NOT-FOR-PROFIT CORPORATION WHOSE BOARD OF DIRECTORS CONSISTS OF COMMUNITY, LOCAL GOVERNMENT, MINORITY BUSINESSPERSONS, PROFESSIONAL AND OTHER BUSINESS ORGANIZATIONS AS WELL AS THE FINANCIAL INSTITUTION MEMBERS. 32113 false false false false false false false false false false false true false false true true true false false false false false false false false false false false false false false false false false false false false false false false false false true false false true 0 0 false 0 false false false false false false false false false false false X 3 3 false true false false false false false true true false false true true true true true true true true false X Jessie Houston 3056933550 6600 NW 27th Avenue Miami FL 33147 X Ronald Frazier Chairman 2.00 1.00 X X 0 0 0 Otto Latimer Secretary 2.00 1.00 X X 0 0 0 Miguel Rasco Director 1.00 1.00 X 0 0 0 0 false false false 0 0 Interest on loans 900099 166325 166325 Loan fees 900099 64144 64144 230469 231 231 0 0 0 0 0 0 0 Other Income 900099 4651 4651 4651 235351 235120 231 0 0 0 0 0 0 0 0 0 0 100000 100000 0 23400 23400 0 0 0 600 600 0 8113 8113 0 0 0 0 0 0 0 0 0 0 0 132113 32113 100000 0 188379 217968 49791 400545 0 30047 30047 0 0 0 0 0 0 0 0 1930675 1653570 0 0 2198892 2302130 0 0 X 1491069 1504531 707823 797599 2198892 2302130 2198892 2302130 103238 X false true X true false 1653570 X 235351 235351 235351 132113 132113 132113 Part X : FIN48 Footnote The Consortium is exempt from federal income taxes under Section 501 (c) (4) of the Internal Revenue Code. Accordingly, donations to the Consortium do not qualify for the charitable contributions deduction under the Internal Revenue Code. We are annually required to file a Return of Organization Exempt from Income Tax (Form 990) with the IRS. In addition, it is subject to income tax on net income that is derived from business activities that are unrelated to our exempt purposes. We have determined that we are not subject to unrelated business income tax and have not filed an Exempt Organization Business Income Tax Return (Form 990-T) with the IRS. The Consortium follows the provisions of ASC 740, Income Taxes, and has determined that as of December 31, 2024 and 2023, the Consortium 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. Form 990, Part VI, Section A, Line 3 BAC Funding Consortium, Inc. pays BAC Funding Corporation to perform administrative tasks. Form 990, Part VI, Section B, Line 11b The Form 990 is first reviewed by management, then by the executive committee, and then presented to all board members at board meeting. Form 990, Part VI, Section B, Line 12c The Board meets quarterly and Board memebers are asked to disclose all conflicts of interest. Form 990, Part VI, Section B, Line 15a The board utilizes multiple resources for assessing a reasonable salary, including referring to form 990 of other nonprofit organizations and surveying salaries from similar sized organizations. The board must approve all compensation determinations. Form 990, Part VI, Section B, Line 15b The board utilizes multiple resources for assessing a reasonable salary, including referring to form 990 of other nonprofit organizations and surveying salaries from similar sized organizations. The board must approve all compensation determinations. Form 990, Part VI, Section C, Line 19 The organization's governing documents, conflict of interest policy and financial statements are available to the public upon request. BAC Funding Corporation 6600 NW 27th Avenue Miami FL 33147 592196535 Develop and expand business opportunities for minorities FL 501(c)3 7 N/A false BAC Urban Initiatives Inc 6600 NW 27th Avenue Miami FL 33147 650804430 Economic Revitalization FL N/A C corp false false false false false false false false false false false false false true false false false false false false