Bac Funding Corporation

Analysis

Bac Funding Corporation is a registered charity in United States, based in Miami, FL. It received its IRS tax-exemption ruling in July 1982, 44 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Bac Funding Corporation reported income of $3.9m and spending of $3.6m, spending 91% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $968k to $3.9m (+307%), an average of +42% a year. The sharpest change came in the year to December 2020, when income rose by 403%. Over the whole period it spent 94% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Bac Funding Corporation sits at the 91st percentile: it is larger than about 91% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 92nd percentile within FL. Charities of a similar size with the same main cause include Great Plains Enterprises Inc ($3.9m), Women Employed ($3.9m) and Groundwork USA Inc ($3.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.1% and program service revenue 97% of the total. Compensation of current officers, directors and key employees was $175k (4.9% of expenses). Other salaries and wages came to $256k. At year end it held assets of $13.1m against liabilities of $9.7m, net assets of $3.4m. It reported 3 employees.