Nonprofit · EIN 59-2425541
BAC FUNDING CONSORTIUM INC
Tax-exempt · MIAMI, FL 33147
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $235,351 | $132,113 | $103,238 | $2,302,130 | $0 | $2,302,130 |
| December 31, 2023 | 990 | $179,846 | $147,144 | $32,702 | $2,198,892 | $0 | $2,198,892 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $230,469
- Investment income
- $231
- Other revenue
- $4,651
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $0
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Accounting fees
- $23,400
- Program services (functional)
- $32,113
- Management and general (functional)
- $100,000
Balance sheet and other
- Total assets, start of year
- $2,198,892
- Total assets, end of year
- $2,302,130
- Total liabilities, end of year
- $0
- Net assets, end of year
- $2,302,130
- Net assets without donor restrictions
- $1,504,531
- Net assets with donor restrictions
- $797,599
- Gross receipts
- $235,351
- Employees
- 0
- Volunteers
- 3
- 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 |
|---|---|---|---|
| Ronald Frazier | Chairman Trustee or director, Officer | 2 | $0 |
| Otto Latimer | Secretary Trustee or director, Officer | 2 | $0 |
| Miguel Rasco | Director Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 3 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Ronald Frazier | Chairman Trustee or director, Officer | 2 | $0 |
| Otto Latimer | Secretary Trustee or director, Officer | 2 | $0 |
| Miguel Rasco | Director Trustee or director | 1 | $0 |
Address and contacts
- Address (IRS master file)
- 6600 NW 27TH AVE, MIAMI, FL 33147-7220
- Principal officer (990 for 2024)
- Ronald Frazier, 6600 NW 27TH AVENUE, MIAMI, FL 33147
- Signed the 990
- Ronald Frazier, Chairman
- Phone
- (305) 693-3550
- Return prepared by
- WatsonRice LLP
Mission
The Consortium was formed to offer an alternative method for financial institutions to participate in the economic revitalization of the African-American community.
Program accomplishments
- 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.Expenses $32,113 · revenue $185,867
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
- 59-2425541
- Tax-exempt status
- 501(c)(4): Social welfare organization
- Donations deductible
- No
- Exempt since
- 1985
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $2,302,130
- Income (IRS master file)
- $235,351
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $235,351 | $132,113 | $2,302,130 | XML |
| 990 | December 2023 | $179,846 | $147,144 | $2,198,892 | XML |
| 990 | December 2022 | $130,736 | $128,027 | $2,166,190 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | 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 59-2425541).
Questions about BAC FUNDING CONSORTIUM INC
- What is the EIN of BAC FUNDING CONSORTIUM INC?
- The employer identification number (EIN) of BAC FUNDING CONSORTIUM INC is 59-2425541.
- Is BAC FUNDING CONSORTIUM INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(4) since 1985.
- Are donations to BAC FUNDING CONSORTIUM INC tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does BAC FUNDING CONSORTIUM 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 BAC FUNDING CONSORTIUM 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 BAC FUNDING CONSORTIUM 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 BAC FUNDING CONSORTIUM INC?
- The 990 for the year ended December 31, 2024 names Ronald Frazier.
- Who are the officers and directors of BAC FUNDING CONSORTIUM INC?
- The 990 for the year ended December 31, 2024 lists 3 people; 0 received compensation from the organization.
- How much revenue does BAC FUNDING CONSORTIUM INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $235,351, expenses of $132,113 and total assets of $2,302,130 at year end.
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