Better Business Bureau Report for
Chicago Minority Supplier Development Council

Better Business Bureau Report issued December 2013
Better Business Bureau Report expires December 2015


Does not meet one or more standards
This charity does not meet one or more of the 20 standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: Chicago Minority Supplier Development Council
Address: 105 W. Adams Street, Suite 2300
  Chicago, IL 60603
Phone: (312) 755-8880
Web Address: http://affiliate.nmsdc.org/chicagomsdc/app/template/Index.vm
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Better Business Bureau Comments

Year, State Incorporated:
Affiliates: None
Stated Purpose: The Chicago Minority Supplier Development Council, Inc. (ChicagoMSDC) is a premier organization for increasing business opportunities between major buying organizations and minority-owned businesses.

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Evaluation Conclusions

              

Chicago Minority Supplier Development Council does not meet the following 3 Standards for Charity Accountability.

Standard 14: Budget - Have a board-approved annual budget for its current fiscal year, outlining projected expenses for major program activities, fund raising, and administration.

Standard 16: Annual Report - Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.

Chicago Minority Supplier Development Council does not meet this standard because the most recent annual report did not include:

  • Total end of year net assets.

Standard 17: Web Site Disclosures - Include on any charity websites that solicit contributions, the same information that is recommended for annual reports, as well as the mailing address of the charity and electronic access to its most recent IRS Form 990.

Chicago Minority Supplier Development Council does not meet this Standard because the organization's website, http://affiliate.nmsdc.org/chicagomsdc/app/template/Index.vm, does not include all of the recommended information for those charity websites that solicit for donations. Specifically, it does not include:

  • Total income.
  • Total program expenses.
  • Total fund raising expenses.
  • Total administrative expenses.
  • End of year net assets.
  • Electronic access to the organization’s most recent IRS Form 990.
Chicago Minority Supplier Development Council meets the remaining 17 Standards for Charity Accountability.
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Programs

              

ChicagoMSDC was founded on two fundamental principles: there had to be a partnership between minority business, corporate America and government, and there had to be basic fairness in the marketplace for all. For more than two decades, ChicagoMSDC has operated on the premise that all those who have an idea to sell and a dream to fulfill and are willing to sacrifice and take risks can get the opportunity to do so anywhere in the country. Along the way, minority businesses have created jobs for American workers, increased the tax base and contributed to the gross national product. ChicagoMSDC supports the premise that the overriding reason for business development is job creation. The effective creation of above-the-poverty-level jobs benefit not only the minority economy but the national economy as well.

For the fiscal year ended December 31, 2012, Chicago Minority Supplier Development Council's program expenses were:

  
Total Program Expenses: $
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Governance

              

Chief Executive : Shelia C. Morgan, President & CEO
Compensation*: 

Chair of the Board: Shelly Brown, Chairman of the Board
Chair's Profession / Business Affiliation: Manager, Supplier Diversity & Business Development, Johnson Controls, Inc.

Co-Chair of the Board : Juventino Canos

Chair's Profession / Business Affiliation: President/CEO, Canos Container Co.

Co-Chair of the Board : Nancy Connor

Chair's Profession / Business Affiliation: Manager, Supplier Diversity, W.W. Grainger, Inc.

Board Size: 42

Paid Staff Size: 14

*Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

              

Method(s) Used:

invitations to fund raising events, print advertisements, grant proposals, internet, membership
Fund raising costs were 2% of related contributions. (Related contributions, which totaled $2,039,719, are donations received as a result of fund raising activities.)
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Tax Status

              

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

              

The following information is based on Chicago Minority Supplier Development Council's audited financial statements for the fiscal year ended December 31, 2011.

Source of Funds  
Chicago Business Opportunity Fair 742,613
Contributions 638,706
MBA Grant 443,400
Application Fees 442,225
Meetings/Shows/Miscellaneous 165,187
In-Kind Contributions 140,000
MBOC Grant 75,000
Newspaper 5,000
Corporate Bridges 4,160
Interest Income 861
Total Income $2,657,152


chart



Uses of Funds as a % of Total Expenses

Programs: 89%  Fund Raising: 2%  Administrative: 9% 

Total income $2,657,152
Program expenses $2,341,359
Fund raising expenses 49,826
Administrative expenses 244,057
Total expenses $2,635,242
Income in Excess of Expenses 21,910
Beginning net assets 676,110
Ending net assets 698,021
Total liabilities 307,367
Total assets $1,005,388


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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

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