ASSOCIATION OF AFRICAN AMERICAN FINANCIAL ADVISORS: Form 990, tax year 2020

View the entire original 990 at ProPublica ↗

Organization: ASSOCIATION OF AFRICAN AMERICAN FINANCIAL ADVISORS (EIN 38-4034837)
Tax period: 2020-01-01 to 2020-12-31
Filed: 2021-11-09
IRS object ID: 202123139349304527
Schema version: 2020v4.1
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2021-11-09T16:43:00-05:00	ReturnTs
Tax Period End	2020-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	822140550	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	Atlanta Tax LLC	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	3355 Lenox Road Suite 750	AddressLine1Txt
City	Atlanta	CityNm
State Abbreviation	GA	StateAbbreviationCd
ZIP	30326	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2020-01-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	384034837	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	Association of African American Financial Advisors	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Business Name Control	ASSO	BusinessNameControlTxt

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1050 Connecticut Avenue NW STE 500	AddressLine1Txt
City	Washington	CityNm
State Abbreviation	DC	StateAbbreviationCd
ZIP	20036	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	Sharif Muhammad	PersonNm
Person Title	Treasurer	PersonTitleTxt
Phone	7326627542	PhoneNum
Signature	2021-11-01	SignatureDt
Discuss With Paid Preparer	Yes (true)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	Sharif	PersonFirstNm
Person Last	Muhammad	PersonLastNm

Field	Value	IRS element (for citing)
SSN	XXX-XX-XXXX	SSN

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	Alicyn McLeod	PreparerPersonNm
PTIN	P01386210	PTIN
Phone	6789235314	PhoneNum
Preparation	2021-11-09	PreparationDt

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	0	TrustedCustomerCd
OOB Security Verification	00	OOBSecurityVerificationCd
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2020	TaxYr
Build TS	2022-09-23 18:48:47Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Gross Receipts	$589,806	GrossReceiptsAmt
Group Return For Affiliates	false	GroupReturnForAffiliatesInd
Organization501c	Yes (X)	Organization501cInd
Website Address	www.aaafainc.com	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	2017	FormationYr
Legal Domicile State	DC	LegalDomicileStateCd
Activity Or Mission	AAAA WAS CREATED TO ADDRESS THE NEEDS AND CONCERNS OF AFRICAN AMERICAN FINANCIAL PROFESSIONALS. AAAA IS A NON-PROFIT MEMBERSHIP ORGANIZATION FOR BLACK OR AFRICAN AMERICAN FINANCIAL ADVISORS AND AFFILIATED PROFESSIONALS. (CONTINUED ON SCHEDULE O)	ActivityOrMissionDesc
Voting Members Governing Body	8	VotingMembersGoverningBodyCnt
Voting Members Independent	8	VotingMembersIndependentCnt
Total Employee	0	TotalEmployeeCnt
Total Volunteers	30	TotalVolunteersCnt
Total Gross UBI	$0	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$0	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$44,162	PYContributionsGrantsAmt
CY Contributions Grants	$71,414	CYContributionsGrantsAmt
PY Program Service Revenue	$34,715	PYProgramServiceRevenueAmt
CY Program Service Revenue	$21,147	CYProgramServiceRevenueAmt
CY Investment Income	$0	CYInvestmentIncomeAmt
PY Other Revenue	$375,986	PYOtherRevenueAmt
CY Other Revenue	$497,245	CYOtherRevenueAmt
PY Total Revenue	$454,863	PYTotalRevenueAmt
CY Total Revenue	$589,806	CYTotalRevenueAmt
CY Grants And Similar Paid	$0	CYGrantsAndSimilarPaidAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
CY Salaries Comp Emp Bnft Paid	$0	CYSalariesCompEmpBnftPaidAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$427,340	PYOtherExpensesAmt
CY Other Expenses	$263,157	CYOtherExpensesAmt
PY Total Expenses	$427,340	PYTotalExpensesAmt
CY Total Expenses	$263,157	CYTotalExpensesAmt
PY Revenues Less Expenses	$27,523	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$326,649	CYRevenuesLessExpensesAmt
Total Assets BOY	$45,844	TotalAssetsBOYAmt
Total Assets EOY	$372,493	TotalAssetsEOYAmt
Total Liabilities EOY	$0	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$45,844	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$372,493	NetAssetsOrFundBalancesEOYAmt
Mission	AAAA WAS CREATED TO ADDRESS THE NEEDS AND CONCERNS OF AFRICAN AMERICAN FINANCIAL PROFESSIONALS. AAAA IS A NON-PROFIT MEMBERSHIP ORGANIZATION FOR BLACK OR AFRICAN AMERICAN FINANCIAL ADVISORS AND AFFILIATED PROFESSIONALS. (CONTINUED ON SCHEDULE O)	MissionDesc
Significant New Program Srvc	false	SignificantNewProgramSrvcInd
Significant Change	false	SignificantChangeInd
Desc	AAAA ACCOMPLISHES SUPPORT OF ITS MEMBERSHIP NETWORK AND THE COMMUNITY THROUGH:MONTHLY WEBINARS THAT INCLUDE ELIGIBILITY OF CFP CONTINUING EDUCATION CREDITS, AND AN ANNUAL SCHOLARSHIP TOWARD EARNING CFP DESIGNATION; REGIONAL NETWORKING EVENTS (MEETUPS)AND AN ANNUAL CONFERENCE; MEMBERSHIP DIRECTORY, ONLINE COMMUNITY FORUM, AND JOB POSTING BOARD; FIRM AND SERVICES SHOWCASE ON THE AAAA CONSUMER FINANCIAL ADVISOR FINDER PORTAL.	Desc
Described In Section501c3	false	DescribedInSection501c3Ind
Schedule B Required	false	ScheduleBRequiredInd
Political Campaign Acty	false	PoliticalCampaignActyInd
Subject To Proxy Tax	false	SubjectToProxyTaxInd
Donor Advised Fund	false	DonorAdvisedFundInd
Conservation Easements	false	ConservationEasementsInd
Collections Of Art	false	CollectionsOfArtInd
Credit Counseling	false	CreditCounselingInd
Donor Rstr Or Quasi Endowments	false	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	false	ReportLandBuildingEquipmentInd
Report Investments Other Sec	false	ReportInvestmentsOtherSecInd
Report Program Related Invst	false	ReportProgramRelatedInvstInd
Report Other Assets	false	ReportOtherAssetsInd
Report Other Liabilities	false	ReportOtherLiabilitiesInd
Include FIN48 Footnote	false	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	false	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	false	ConsolidatedAuditFinclStmtInd
School Operating	false	SchoolOperatingInd
Foreign Office	false	ForeignOfficeInd
Foreign Activities	false	ForeignActivitiesInd
More Than5000 K To Org	false	MoreThan5000KToOrgInd
More Than5000 K To Individuals	false	MoreThan5000KToIndividualsInd
Professional Fundraising	false	ProfessionalFundraisingInd
Fundraising Activities	false	FundraisingActivitiesInd
Gaming Activities	false	GamingActivitiesInd
Operate Hospital	false	OperateHospitalInd
Grants To Organizations	false	GrantsToOrganizationsInd
Grants To Individuals	false	GrantsToIndividualsInd
Schedule J Required	false	ScheduleJRequiredInd
Tax Exempt Bonds	false	TaxExemptBondsInd
Loan Outstanding	false	LoanOutstandingInd
Grant To Related Person	false	GrantToRelatedPersonInd
Business Rln With Org Mem	false	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	false	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	false	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	false	DeductibleNonCashContriInd
Deductible Art Contribution	false	DeductibleArtContributionInd
Terminate Operations	false	TerminateOperationsInd
Partial Liquidation	false	PartialLiquidationInd
Disregarded Entity	false	DisregardedEntityInd
Related Entity	false	RelatedEntityInd
Related Organization Ctrl Ent	false	RelatedOrganizationCtrlEntInd
Activities Conducted Prtshp	false	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (true)	ScheduleORequiredInd
IRP Document	5	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (true)	BackupWthldComplianceInd
Employee	0	EmployeeCnt
Unrelated Bus Incm Over Limit	false	UnrelatedBusIncmOverLimitInd
Foreign Financial Account	false	ForeignFinancialAccountInd
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTransInd
Taxable Party Notification	false	TaxablePartyNotificationInd
Nondeductible Contributions	false	NondeductibleContributionsInd
Indoor Tanning Services	false	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	false	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	false	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	8	GoverningBodyVotingMembersCnt
Independent Voting Member	8	IndependentVotingMemberCnt
Family Or Business Rln	false	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	false	DelegationOfMgmtDutiesInd
Change To Org Documents	false	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	false	MaterialDiversionOrMisuseInd
Members Or Stockholders	false	MembersOrStockholdersInd
Election Of Board Members	false	ElectionOfBoardMembersInd
Decisions Subject To Approva	false	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (true)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (true)	MinutesOfCommitteesInd
Officer Mailing Address	false	OfficerMailingAddressInd
Local Chapters	false	LocalChaptersInd
Form990 Provided To Gvrn Body	Yes (true)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (true)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (true)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (true)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (true)	WhistleblowerPolicyInd
Document Retention Policy	Yes (true)	DocumentRetentionPolicyInd
Compensation Process CEO	false	CompensationProcessCEOInd
Compensation Process Other	false	CompensationProcessOtherInd
Investment In Joint Venture	false	InvestmentInJointVentureInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Field	Value	IRS element (for citing)
Person	Sharif Muhammad	PersonNm
Phone	7326627542	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	120 Prospect Street	AddressLine1Txt
City	Somerset	CityNm
State Abbreviation	NJ	StateAbbreviationCd
ZIP	08873	ZIPCd

Field	Value	IRS element (for citing)
No Listed Persons Compensated	Yes (X)	NoListedPersonsCompensatedInd

Form990 Part VII Section A Form990PartVIISectionAGrp (8 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt
Sheena Gray
Partnership Co-Chair	10.00	0.00	Yes (X)	$0	$0	$0
Raymone Jackson
General Board Member	10.00	0.00	Yes (X)	$0	$0	$0
Lauren Taylor
Secretary	10.00	0.00	Yes (X)	$0	$0	$0
Malcom Ethridge
Events Committee Chair	10.00	0.00	Yes (X)	$0	$0	$0
Rene Nourse
Vice-Chair	20.00	0.00	Yes (X)	$0	$0	$0
Lazetta Rainey Braxton
Chair of the Board	10.00	0.00	Yes (X)	$0	$0	$0
Barrett Wragg
Chair of Partnership Committe	20.00	0.00	Yes (X)	$0	$0	$0
Christian Nwasike
Treasurer & Conference Plan C	30.00	0.00	Yes (X)	$0	$0	$0

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$0	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$0	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	0	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	false	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	false	TotalCompGreaterThan150KInd
Compensation From Other Srcs	false	CompensationFromOtherSrcsInd
Membership Dues	$71,414	MembershipDuesAmt
Total Contributions	$71,414	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp

Field	Value	IRS element (for citing)
Desc	Conference Registration	Desc
Business	900099	BusinessCd
Total Revenue Column	$21,147	TotalRevenueColumnAmt
Related Or Exempt Func Income	$21,147	RelatedOrExemptFuncIncomeAmt

Field	Value	IRS element (for citing)
Total Program Service Revenue	$21,147	TotalProgramServiceRevenueAmt

Other Revenue Misc OtherRevenueMiscGrp (2 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
Sponsorship Revenue	900099	$497,205	$497,205
Other Income	900099	$40	$40

Field	Value	IRS element (for citing)
Other Revenue Total	$497,245	OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$589,806	TotalRevenueColumnAmt
Related Or Exempt Func Income	$518,392	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$0	UnrelatedBusinessRevenueAmt
Exclusion	$0	ExclusionAmt

Field	Value	IRS element (for citing)
Info In Schedule O Part IX	Yes (X)	InfoInScheduleOPartIXInd

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$324	TotalAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$5,825	TotalAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$42,128	TotalAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$12,201	TotalAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$7,744	TotalAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$3,792	TotalAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$1,509	TotalAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$173,871	TotalAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$1,442	TotalAmt

Other Expenses OtherExpensesGrp (3 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt
Dues Fees & Licenses	$10,403	$10,403
Gifts	$804	$804
Bank & Credit Card Fees	$3,114	$3,114

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$263,157	TotalAmt
Program Services	$0	ProgramServicesAmt
Management And General	$0	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$45,844	BOYAmt
EOY	$372,493	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$45,844	BOYAmt
EOY	$372,493	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Field	Value	IRS element (for citing)
Org Does Not Follow FASB117	Yes (X)	OrgDoesNotFollowFASB117Ind

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

Field	Value	IRS element (for citing)
BOY	$45,844	BOYAmt
EOY	$372,493	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$45,844	BOYAmt
EOY	$372,493	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$45,844	BOYAmt
EOY	$372,493	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	$326,649	ReconcilationRevenueExpnssAmt
Other Changes In Net Assets	$0	OtherChangesInNetAssetsAmt
Method Of Accounting Cash	Yes (X)	MethodOfAccountingCashInd
Accountant Compile Or Review	false	AccountantCompileOrReviewInd
FS Audited	false	FSAuditedInd
Federal Grant Audit Required	false	FederalGrantAuditRequiredInd

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (5 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Form 990 governing body review Part VI line 11	FORM 990 IS PREPARED BY AN INDEPENDENT CPA FIRM AND REVIEWED BY THE ORGANIZATIONS TREASURER, FINANCE COMMITTEE, AND BOARD OF DIRECTORS FOR REVIEW, COMMENTS, AND APPROVAL PRIOR TO FILING.
Conflict of interest policy compliance Part VI line 12c	THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY IN PLACE AND REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH SUCH POLICY.
Governing documents etc available to public Part VI line 19	AVAILABLE UPON REQUEST.
List of other fees for services expenses Part IX line 11g	$188 - CFP Board Program Fees & Dues$23,015 - Virtual Assistant$18,925 - Consulting----------$42,128
General explanation attachment	CONTINUATION OF PAGE 1, PART 1, LINE 1:WE WORK IN ALLIANCE WITH ACADEMIC LEADERS AT HBCUS THAT SUPPORT FINANCIAL PLANNING DEGREE PROGRAMS, LEGISLATIVE AND REGULATORY BODIES, FINANCIAL SERVICES FIRMS AND CONSUMER INTEREST ORGANIZATIONS. AAAA FOSTERS THE VALUE OF FINANCIAL PLANNING AND ADVANCES THE FINANCIAL PLANNING PROFESSION. WE ACCOMPLISH THIS BY PROMOTING MEANINGFUL NETWORKING AMONG PEERS, SPONSORS AND AFFILIATED PROFESSIONALS. WITH A COMMITMENT TO LEARNING, BUSINESS DEVELOPMENT, OUTREACH, AND SUPPORT, OUR MEMBERS ARE EMPOWERED TO ADVANCE THEMSELVES AND THE FINANCIAL PLANNING PROFESSION.