AFRICAN AMERICAN CHAMBER OF COMMERCE OF WISCONSIN INC

EIN: 391768969 501(c)(3) Education

MILWAUKEE, WI

Total Revenue
$726,551
Total Expenses
$797,865
Total Assets
$2,718,446
Net Assets
$844,136
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Financial Trends

Organization Details

Formation Year
1993
Legal Domicile
WI
Principal Officer
NIKKI PURVIS
Phone
4144629450
Tax Period
2023-01-01 to 2023-12-31

AFRICAN AMERICAN CHAMBER OF COMMERCE OF WISCONSIN INC, founded in 1993, is a small nonprofit in the Education sector that reported $727K in total revenue in fiscal year 2023. Revenue surged 24% from the prior year, signaling strong growth momentum.

Mission

WE CHAMPION THE GROWTH AND SUSTAINABILITY OF AFRICAN AMERICAN OWNED BUSINESSES BY PROVIDING ACCESS TO CAPITAL, EDUCATION AND ADVOCACY THROUGH CAPACITY BUILDING AND STRATEGIC PARTNERSHIPS.OUR VISION - STRONG AFRICAN AMERICAN OWNED BUSINESSES AND ENTREPRENEURS THAT PROMOTE THE ECONOMIC VIBRANCY OF OUR COMMUNITY BY PROVIDING LIMITLESS OPPORTUNITIES IN THE WORKPLACE.

Program Service Accomplishments

Program 1
Expenses: $453,862 Revenue: $5,682

THE CHAMBER PROVIDES OPPORTUNITIES FOR MEMBERS PROMOTION AND PUBLICITY, A VOICE IN GOVERNMENT, NETWORKING EVENTS AND OPPORTUNITIES AND CUSTOMER REFERRALS. THE FACILITY PROVIDES A CO-WORKING SPACE FOR...

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THE CHAMBER PROVIDES OPPORTUNITIES FOR MEMBERS PROMOTION AND PUBLICITY, A VOICE IN GOVERNMENT, NETWORKING EVENTS AND OPPORTUNITIES AND CUSTOMER REFERRALS. THE FACILITY PROVIDES A CO-WORKING SPACE FOR MEMBERS. IN ADDITION, THE CHAMBER HAS A REVOLVING LOAN FUND THAT IS DESIGNED TO INCREASE ACCESS TO CAPITAL FOR EXISTING AND NEW MINORITY BUSINESSES, WHILE DEVELOPING PARTNERSHIPS WITHIN THE BUSINESS COMMUNITY. KIVA U.S. IS AN INTERNATIONAL NON-PROFIT THAT ENABLES FINANCIALLY EXCLUDED AND SOCIALLY IMPACTFUL ENTREPRENEURS TO ACCESS 0% INTEREST SMALL BUSINESS LOANS OF UP TO $10K.IN PARTNERSHIP WITH LISC, THE CHAMBER PROVIDES GRANTS TO SMALL BUSINESSES.

Program 2
Expenses: $109,198 Revenue: $20,850

RISE MKE POWERED BY MORTAR - A 14-WEEK ENTREPRENEURIAL TRAINING PROGRAM DESIGNED TO ENSURE THAT EMERGING BUSINESSES DON'T START BLINDLY, PROVIDING BUSINESS DEVELOPMENT WITH A FOCUS ON MARKETING...

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RISE MKE POWERED BY MORTAR - A 14-WEEK ENTREPRENEURIAL TRAINING PROGRAM DESIGNED TO ENSURE THAT EMERGING BUSINESSES DON'T START BLINDLY, PROVIDING BUSINESS DEVELOPMENT WITH A FOCUS ON MARKETING, BRANDING, BUSINESS NETWORK DEVELOPMENT, AND OTHER ESSENTIAL RESOURCES. RISE WAS ADAPTED FROM THE HIGHLY SUCCESSFUL CINCINNATI BASED MINORITY BUSINESS ACCELERATOR PROGRAM CALLED MORTAR. THE AFRICAN AMERICAN CHAMBER HAS FORMED A STRATEGIC PARTNERSHIP BETWEEN LISC MILWAUKEE AND THE MILWAUKEE URBAN LEAGUE AS A COMPONENT OF THE RAMP UP PROJECT. RISE CURRICULUM WILL FOCUS ON ENABLING UNDERSERVED ENTREPRENEURS THROUGH EDUCATION, GUIDANCE, AND MENTORSHIP. SPUR - CAPACITY BUILDING INTENSIVE WORKSHOP SERIES DESIGN BASED ON RESEARCH FROM THE FEDERAL RESERVE ABOUT THE NEEDS AND CRITICAL ISSUES OF SMALL BUSINESSES. THERE ARE THREE PRIMARY COMPONENTS 1)WORKSHOP SESSIONS; 2)SMALL GROUP ADVISORY ROUNDTABLES; 3)TARGETED NETWORKING SESSIONS. THE PROGRAM IS DESIGNED TO PROVIDE SMALL BUSINESSES WITH FOCUSED CUSTOMIZED TRAINING AND NETWORKING OPPORTUNITIES THAT ADDRESS THEIR SPECIFIC NEEDS.

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $593,824
Program Service Revenue $20,850
Investment Income $0
Other Revenue $111,877
TOTAL REVENUE $726,551

Expense Breakdown

Grants Paid $17,200
Salaries & Benefits $366,500
Fundraising Expenses $40,174
Program Expenses $563,060
Other Expenses $414,165
TOTAL EXPENSES $797,865

Year-over-Year Comparison

2023 2022 Change
Revenue $726,551 $585,843 +0.2%
Expenses $797,865 $784,681 +0.0%
Net Income $-71,314 $-198,838 -0.6%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
13
Independent Members
13
Employees
6
Volunteers
13

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$130,748
Total Directors
13
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
NIKKI PURVIS CEO 40.00
Officer
$98,346 $32,402 $130,748
WARREN E BULIOX CHAIR 1.00
Officer Director
$0 $0 $0
MARJORIE RUCKER VICE-CHAIR 1.00
Officer Director
$0 $0 $0
JULIAN BERRY SECRETARY 1.00
Director
$0 $0 $0
MIKAL WESLEY DIRECTOR 1.00
Officer Director
$0 $0 $0
NICOSIA KING DIRECTOR 1.00
Officer Director
$0 $0 $0
DR DEBORAH ALLEN DIRECTOR 1.00
Director
$0 $0 $0
TIFFANY MEANS DIRECTOR 1.00
Director
$0 $0 $0
DR LIA KNOX DIRECTOR 1.00
Director
$0 $0 $0
NICHOLAS TREDER DIRECTOR 1.00
Director
$0 $0 $0
MATT PAZARAS DIRECTOR 1.00
Director
$0 $0 $0
WILLIAM DECK DIRECTOR 1.00
Director
$0 $0 $0
LAQUONDRA SHAW DIRECTOR 1.00
Director
$0 $0 $0
KEESHA JONES-SUTTON DIRECTOR 1.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $726,551 $797,865 $2,718,446 $-71,314
2022 $585,843 $784,681 $1,282,855 $-198,838
2021 $731,634 $904,193 $1,374,812 $-172,559
2020 $1,593,552 $819,823 $1,482,707 $773,729
2019 $608,865 $556,057 $492,443 $52,808
2018 $353,060 $509,528 $399,607 $-156,468
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