Rainbow Business & Professional Assoc

Overview

The Rainbow Business & Professional Assoc is a nonprofit organization designated as a 501(c)(6) entity, which includes business leagues, chambers of commerce, and similar organizations focused on improving business conditions. However, distinct from typical chambers of commerce, its mission is to support diversity and promote the vitality, productivity, and growth of the gay, lesbian, bisexual, and transgendered community in Maine[4].

Mission

The organization's primary mission is to foster an inclusive environment that supports the LGBTQ+ business community by promoting equality and economic development within Maine[4].

Financial Overview

• Revenue Streams: The organization's revenue is primarily derived from program services and fundraising efforts. For example, in one fiscal year, program services accounted for about 34.3% of total revenue, while net fundraising comprised approximately 56.2%[1].
• Grants: The association has contributed to community development by issuing grants. In 2018, it provided $4,000 in grants to support its mission[3].
• Assets and Liabilities: Historically, the organization has maintained a positive asset balance with no reported liabilities in the fiscal data available[1].

Governance

The organization is led by a board of directors and officers, including roles such as President, Treasurer, Secretary, and Vice President. Notably, the leadership positions listed in public filings indicate that no compensation was paid to key employees or officers[1].

Location

The Rainbow Business & Professional Assoc is based in Portland, Maine, positioning it to serve the local LGBTQ+ community[3].

References

This article uses information from publicly available nonprofit financial reports, which are accessible through resources like ProPublica's Nonprofit Explorer and Instrumentl[1][3].

[1] https://projects.propublica.org/nonprofits/organizations/10502284 [2] https://projects.propublica.org/nonprofits/organizations/10502284/201811349349204031/full [3] https://www.instrumentl.com/990-report/rainbow-business-and-professional-assoc [4] https://greatnonprofits.org/org/rainbow-business-professional-assoc [5] https://www.dnb.com/business-directory/company-profiles.rainbow_associates_inc.46c55820d0d2354c0ed1e6579ebb75cc.html