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NATIONAL BLACK MBA ASSOCIATION® INC Staying Current, Creative and Credible! ANNUAL REPORT 2007 3 NBMBAA® Background 4 Messages 6 A Culmination of a 5-Year Strategy 9 National Award Recipients 2003–2007 TABLE OF 11 Education 14 Career CONTENTS 15 Leadership 16 Entrepreneurship & Lifestyle 17 Chapters 19 Independent Auditor’s Report 20 Financials 22 Partners NBMBAA® Management Team 2007 Board of Directors Barbara L. Thomas William W. Wells Jr., Board Chair President & CEO President, W. Wells & Associates Cecil B. Lucy Angela D. Eason, Secretary Vice President, Finance & Legal Affairs/CFO Senior Manager, Deloitte Kim Wilson Dimitrius M. Hutcherson, Sr., Treasurer Vision Vice President, Strategic Program Initiatives Senior Manager, Deloitte Liz Hope Charles A. Bogguess The NBMBAA’s vision is to be an organization which leads in the creation of Director, Administration & Fund Development, Marketing Consultant, Next Age Consulting economic and intellectual wealth for Blacks. Bridgitti Knox Alvin Brown (Immediate Past Chair) CMP Director, Conference, Meetings & Events Senior Advisor, Hillary Clinton Fred Phillips Thomas W. Dortch, Jr. Director, Chapter Relations & Membership Services Chairman and CEO, TWD, Inc. Mission Reniece Wright Audrey D. Hines Director, Human Resources President, Dillard Hines & Associates ® Established in 1970, the National Black MBA Association is dedicated Stephen C. Lewis to developing partnerships that result in the creation of intellectual and Director, Strategic Planning, Manufacturing Executive economic wealth in the black community. In partnership with over 480 of Office, Ford Motor Company the nation’s top business organizations, the association has inroads into a Dr. dt ogilvie wide range of industries as well as the public and private sector. Yet all of Associate Professor, Rutgers University NBMBAA’s partners have one thing in common: we are all committed to ® a common goal. NBMBAA Background Programs and Services The organization gains its strength from a firm belief in community and Conceptualized ........................... 1970 a commitment to its development through economic and educational Networking Opportunities Incorporated ................................ 1972 • Local Career Fairs development initiatives that support the global African American community. • Chapter Social Events As a professional membership organization of Black graduates with MBAs, • Interaction with Other Professional Organizations Status ................... 501(C)3 Non-profit • Networking with Corporate Leaders and Top Business advanced degrees, and entrepreneurs, we will increase the number as well as Schools Nationally the diversity of successful Blacks in the business community by: Headquartered ................... Chicago, IL Professional Recognition • Providing innovative programs to stimulate their intellectual • Chapter Awards Programs Scope ..................................... National and economic growth • Local Newsletters • Board and Committee Opportunities Professional Chapters ..................... 42 • Building partnerships with key stakeholders who help facilitate this growth Career Development • Chapter Workshops with Industry Experts • Increasing awareness and facilitating access to graduate management Collegiate Chapters .......................... 11 education programs and career opportunities • Local Mentoring from Senior Members • Employment Networking with Corporate Partners in management fields Members .................................... 7,500 • Top-level Executive Coaching Local Community Involvement Corporate Partners ........................ 486 • Entrepreneurial Outreach Programs • Student Mentoring Opportunities • Tuition Assistance for MBA and PhD Students 2007 Annual Report 3 CHAIRMan’s PRESidENT & CEO’s In 2007, staying current, creative and credible was a challenge we MESSAGE issued to our organization internally as well as to our membership MESSAGE and partners. We continued our trend this year of increasing the numbers of our membership and strengthening our relationships. Staying current with our partners and welcoming new ones, NBMBAA provided more scholarships than ever before, mentored hundreds of students, and provided networking opportunities for National Black MBA Association® is dedicated to the success of thousands of Black professionals. our members and partners alike. In 2007, we focused on how we as an association could help each constituent become even more The challenge we face in coming years is how to continue the relevant to the other. creative transformation of our organization so that we continue to meet the needs of our members and out -perform their To be relevant in 2007 meant we had to be cognizant of changes expectations. In 2007, we laid more of the foundation for our in the landscape of business driven by changing demographics, own growth and change and will continue the process in years to powerful new technologies and the hyper-expansion of global come. After decades of success, we continue to grow and remain communications. We know that by maintaining a strong credible, providing quality programs and services and delivering organization, we are best able to play a role in helping our value to our members and partners. In this year’s report, you’ll see members achieve their success in the workplace, at home and in stories of how we’ve made a difference in the lives and careers of their communities. Likewise we enable our partners to succeed as today’s Black MBAs. employers committed to diversity and competitiveness, education and solid corporate citizenship. Delivering value to our partners is the essence of our success. This year especially, we began to hear from our partners who voiced Our 42 professional chapters and 11 new collegiate chapters that we could best help in five key areas: attraction, recruitment, leverage the commitment and creativity of their members to serve retention, community and branding. We began to retool our their communities and institutions. Each chapter represents a corporate partner relations at the national and chapter levels dedicated core of professionals committed to business excellence based on this insight. and creating opportunity for each other and for the youth who hope to follow similar paths to success. Staying relevant was more than just a theme--it was a process based on a 5-year vision that began in 2003. That story is recapped On behalf of the Board of Directors, I would like to thank the in this report as well. In 2007, it became further ingrained in how national staff and leadership, our chapter presidents, and we better serve all our constituents, members, chapters, partners the many volunteers who dedicated their time and talents and our communities. It became a part of how we view ourselves to our organization at every level towards making 2007 a and a part of our encouragement to other’s on how they should remarkable year. approach their lives and careers. In 2007, futurist Nat Irvin talked to us about the growing importance of African Americans Sincerely, and other diverse people to America’s future. I am proud to say that our staff, board of directors and volunteers at every level have been committed to doing our part in making sure that tomorrow is a bright day for business in America. William W. Wells, Jr. Chairman, Board of Directors Thank you for your commitment to our organization. ® National Black MBA Association , Inc. Respectfully, Barbara L. Thomas NBMBAA President and CEO 4 2007 Annual Report 2007 Annual Report 5 EDUCATION CAREER LEADERSHIP ENTREPRENEURSHIP LIFESTYLE A CULMINATION OF A 5-YEAR 2007: Relevance — Staying Current, STRATEGY Creative and Credible For our Association and for our members it has been imperative that we continue the cycle of innovation, improvement and growth. The face of American business and leadership has changed. The National Black MBA Association® remains relevant for this new generation, and those yet to come. As society moved into a new millennium, business in America, global Members - 7,500 Corporate Partners - 486 economics, diversity recruiting, retention, community engagement Chapters - 42 Total Net Assets - $2,404,463 and business education all underwent radical change and upheaval. The National Black MBA Association® responded by taking a close look at our own model for providing service, making note of both 2006: Winning With Intention! strengths and opportunities. As a result of our own introspection and input from our partners at every level, we devised an active 5-year Winning with Innovation! Winning strategy to transform, strengthen and expand our organization beyond With Integrity! expectation. 2007 was a benchmark year in this journey. This year’s results are shared in context of this plan, launched in 2003 by For Black MBAs, competition is intense. We focused on providing access to the resources, President and CEO Barbara L. Thomas. tools and innovative thinking that would allow our members and partners to win in the market and in their personal pursuits. Members - 7,500 Corporate Partners - 486 Chapters - 40 Total Net Assets - $1,784,989 2005: Leading with Passion, Purpose & Power We examined what it truly means to be passionate about business and community, to lead with a sense of purpose and to leverage power to empower others on the road to success. The Association sought to set the tone from the top by deploying more resources to our local markets and introducing new, NBMBAA® Conference Plenary Session innovative services to support and