BAC Funding Corporation

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1982

Legal Domicile

Principal Officer

Ronald Frazier

Phone

3056933550

Tax Period

2023-01-01 to 2023-12-31

BAC Funding Corporation, founded in 1982, is a community nonprofit in the Community Improvement sector that reported $3.9M in total revenue in fiscal year 2023. Expenses of $3.6M left a modest 9% surplus.

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 Service Accomplishments

Program 1

Expenses: $3,246,598

Martin Luther King (MLK) Building Project - provides maintenance of the office space leased by the Miami-Dade County.

Program 2

Expenses: $152,700

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.

Program 3

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...

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 $40 million in loans or equity funds to over fifty (50) businesses including women owned businesses.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $41,675

Program Service Revenue $3,829,707

Investment Income $70,379

Other Revenue $0

TOTAL REVENUE $3,941,761

Expense Breakdown

Grants Paid $0

Salaries & Benefits $431,461

Fundraising Expenses $0

Program Expenses $3,399,298

Other Expenses $3,154,619

TOTAL EXPENSES $3,586,080

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,941,761	$4,083,859	0.0%
Expenses	$3,586,080	$3,565,037	+0.0%
Net Income	$355,681	$518,822	-0.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Jessie Houston II	Controller	40.00		$175,000	$0	$175,000
Stephen Johnson	Director	1.00	Director	$0	$0	$0
Ricardo Forbes	Director	1.00	Director	$0	$0	$0
Leonard Garrett	Director	1.00	Director	$0	$0	$0
John Hall	Director	1.00	Director	$0	$0	$0
Miguel Rasco	Director	1.00	Director	$0	$0	$0
Linda Bryant	Director	1.00	Director	$0	$0	$0
Ronald Frazier	Chairman	4.00	Officer Director	$0	$0	$0
Mr Otto Latimer	Secretary	4.00	Officer Director	$0	$0	$0
Eric Knowles	Director	1.00	Director	$0	$0	$0
Patrick Range II	Director	1.00	Director	$0	$0	$0
Sonless Martin	Director	1.00	Director	$0	$0	$0
Monique Haynes	Director	1.00	Director	$0	$0	$0
James Dillard	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	$3,941,761	$3,586,080	$13,069,445	$355,681
2022	$4,083,859	$3,565,037	$16,443,268	$518,822
2021	$4,831,785	$4,923,562	$17,927,247	$-91,777
2020	$4,868,553	$4,739,040	$18,932,921	$129,513
2019	$967,641	$755,794	$19,990,222	$211,847
2018	$774,431	$602,199	$20,742,907	$172,232