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 inspire our expanding membership.

Members - 6,000 Corporate Partners - 360 Chapters - 39 Total Net Assets - $1,019,670

6 2007 Annual Report 2007 Annual Report 7 National Award Recognition of the people and 2004: Re-Imagine Winners partners who have shared our vision is vital. Their examples of service Based on a new definition of our 2003 – 2007 and excellence are timeless. organization, we challenged ourselves, members and partners to think anew about the possibilities of what we could Award 2003 2004 2005 2006 2007 achieve and deliver to a market where the H. Naylor Kevin Cohee & Stedman Dennis Nat Irvin Clarence Otis combination of talent and diversity were at a Fitzhugh Award Terri Williams Graham Kimbro premium. Sound financial management and of Relevance membership growth allowed us to consider new goals for service and engagement.

Members - 6,000 Corporate Partners - 437 Award 2003 2004 2005 2006 2007 Chapters - 39 Total Net Assets - $496,650 Outstanding Calvin Ward Anica Howard David Harrison Jannet Thoms Oyama Garrison MBA of the Year

From 2003 to 2007, the National Black MBA Association has remained Award 2003 2004 2005 2006 2007 focused on securing the financial Outstanding GMAC Howard University Clark Atlanta Winston-Salem Educational (Graduate University of Chicago University State University future of our organization. This Institution of Management the Year Admission commitment helps ensure a legacy Council) that will continue to serve the Award 2003 2004 2005 2006 2007 needs of future generations. Chairman’s Robert Nash Congressman Bishop 1. Bishop Tamika Curry Award Elijah E. T.D. Jakes McKinley Young Cummings 2. Dr. Oswald P. Bronson, Sr. 2003: Changing the Course of Your Future

In dialogue with our local chapters, corporate and education partners, we took a proactive stance in defining the direction of our organization in the face of changing demographics, new disruptive technologies and the flattening of the global economy. Smart investments in our own infrastructure were coupled with a realignment of our national priorities.

Members - 5,480 Corporate Partners - 356 Chapters - 39 Total Net Assets - $312,049 Scholarship Award Winner 8 2007 Annual Report 2007 Annual Report 9 National EDUCATION Award Winners Solidifying our education pipeline became 2003 – 2007 a renewed priority in 2003. We strive to Continued help close the gaps and build new bridges of opportunity for the next generation.

Award 2003 2004 2005 2006 2007 President’s Award Sybil C. Mobley Sandra Dr. William Catherine Earl Avery of Outstanding Thompkins Qualls LeBlanc Leadership

Award 2003 2004 2005 2006 2007 Silver Torch Dell Inc. ExxonMobil Deloitte. Pitney Bowes Target Corporation

Award 2003 2004 2005 2006 2007 Outstanding Alfred Liggins Sean Combs Julieanna Robin Roberts Susan Taylor Communicator Richardson of the Year

2007 Case Competition Finalists, sponsored by Chrsyler, LLC Award 2003 2004 2005 2006 2007 Entrepreneur Kenneth John W. David L. Herman David Robinson of the Year Gamble Rogers, Jr. Steward Russell, Sr. We’ve never lost sight over nearly four decades that education is the key to success and advancement for Black families in America and world- wide. Our pipeline from the classroom to the boardroom delivers re- Award 2003 2004 2005 2006 2007 sources and relationships that deliver against our mission and vision. In Helping Hands ShoreBank Audrey Hines General Electric Clorox Harris Rosen 2007, we solidified our presence at the undergraduate level in order to Corporation African American Corporation Forum support and encourage more young people making the choice to pursue an advanced degree in business. The national office, our chapters, part- ners and members collectively provide hundreds of thousands in direct scholarship dollars, along with countless hours as mentors and advisors to young scholars at every level. Along with money, access to knowledge and information is critical. We are dedicated to making the MBA degree an attainable dream for anyone.

10 2007 Annual Report 2007 Annual Report 11 EDUCATION CAREER leaDERSHIP ENTREPRENEURSHIP LIFESTYLE EDUCATION Continued

NBMBAA Leaders of Tomorrow® (LOT) provides and increase the pool of Black talent for the high school students with one-on-one mentoring, business, public, private and nonprofit sectors. ® exposure to the opportunities and rigors of Graduate scholarships are awarded annually to NBMBAA Builds a Solid Pipeline of Support business and an introduction to college life and business students in accredited Association to business school. Participants have the chance Advance Collegiate Schools of Business (AACSB) through Annual Scholarship Program to earn scholarships at the local and national graduate business programs in the . ® levels, attend the annual LOT Leadership Camp, With the help of its corporate partners, NBMBAA recognizes and uplifts Two fellowships are awarded each year to students or the LOT National Conference held each year in in U.S. doctoral business or management programs the newest generation of Black business professionals by providing more conjunction with the NBMBAA® annual conference. or related disciplines. The national office makes a than $500,000 annually in scholarships to undergraduate, graduate Wal-Mart LOT project, access link at $1,000 scholarship available to each local chapter and doctoral students pursuing careers in business. The application http://www.naylornetwork.com/nbm-nwl/ for disbursement to undergraduate students. process begins in January, applications are submitted by May, and the articles/?aid=11620&projid=1164 In 2007, we continued our initiative started in winners are announced in September based upon DEMONSTRATED Since 1992, the NBMBAA Case 2006 to establish collegiate chapters Competition® has awarded more nationwide to close the gap ACADEMIC EXCELLENCE, EXCEPTIONAL LEADERSHIP POTENTIAL than $300,000 in scholarships between the high school LOT AND ACTIVE INVOLVEMENT IN THEIR LOCAL COMMUNITIES THROUGH to diverse business program and graduate SERVICE TO OTHERS. Winners may receive awards up to $15,000, students, and helped school. The specific ® more than 1,000 MBA mission of the collegiate NBMBAA membership, round-trip airfare & housing to the Annual students gain access to chapters is to increase Conference & Exposition, complimentary conference registration, and scholarship, mentoring the number of African special VIP access to receptions and events at the conference. and employment Americans in business, Plan ahead now by visiting www.nbmbaa.org for opportunities. management, and submission guidelines. Competing teams are educational programs given four weeks to throughout the world and prepare an analysis and to encourage and support presentation of a complex young African Americans business case. Students who are interested in pursuing NBMBAA’s 2007 Scholarship Winners present and defend before a panel careers in business. We provide of senior executives, who evaluate the additional resources to students, including Last year alone, more than 45 students received scholarship awards teams on presentation skills, thoroughness, GMAT test preparation and the Hobsons Student toward completion of their MBA degrees. The awards were given out and creativity. Scholarships totaling $35,000 Guide to graduate programs. Partnerships include during the NBMBAA® 29th Annual Conference and Exposition in are awarded to the top three ranking teams. The BoardnetUSA, Consortium for Graduate Study in Orlando, Florida in September 2007. Black MBA Magazine featured 2007 competition was won by the team entering Management, Diversity Pipeline Alliance and The four of last year’s winners to find out how they’re fulfilling their from Stellenbosch University, South Africa. PhD Project. educational and career goals. Each year the national association provides more Collegiate Chapters access link at, http://www. than $500,000 in scholarships to undergraduates, nbmbaa.org/index.aspx?pageID=829 graduates and doctoral students pursuing careers in business. The program’s mission is to identify

12 2007 Annual Report 2007 Annual Report 13 CAREER LEADERSHIP Over the past five years we have helped a growing number of leaders in corporate Between 2003 and 2007, the association America apply the principles embodied revamped career services incorporating executive in our mission. coaching, online search resources and greater direct access to top talent for employers. The NBMBAA® vision of leadership blends professional acumen with community commitment.

Through our NtentialSM suite of services, NBMBAA® provides not only This leadership concept was explored extensively at the 2007 Annual Conference and the NBMBAA Leadership InstituteSM, a specialized program for professionals and high achievers who access to jobs, but the additional insights, coaching and guidance are among the most dedicated learners within our membership. Learning tracks within the Institute needed to transform potential in to success in a highly competitive were presented by some of the leading teachers and practitioners in the areas of team leadership, global job market. Access to diverse talent is a competitive advantage for marketing, finance, innovation and entrepreneurship. Presenters included urban futurist Nat Irvin, corporations, non-profits and other enterprises facing stiffer competition. Donald Comer, Fedex, Faculty at the Disney Institute, Strategist David Samuel, Charles McClendon, We provide our partners with platforms for attracting, recruiting and Simon T. Bailey, Gregory White and Dr. Dennis Kimbro. retaining the top achievers who will make a difference. The NBMBAA Local Empowerment Initiative® makes elements of the annual conference accessible to local markets by providing workshops, sessions, employment and networking opportunities designed to help participants achieve their personal and professional objectives. The 2007 Local Empowerment Initiative was hosted by the Austin, San Francisco and Boston chapters. It featured a career fair, networking and an executive workshop by Nat Irvin. In 2006, the association launched NBMBAA Gold Key AccessSM to provide a private networking forum for senior executives and to help reduce the cost of talent acquisition at the senior level for our corporate partners. In 2007, the association hosted Gold Key events in Chicago and Boston. Through an affiliation with BoardNet USA, we provided access to volunteer opportunities at the non-profit board level that allow rising executives to hone leadership skills and expand their working knowledge of board related issues.

In 2007, The Clorox Company renewed its support of

® Career Fair Attendee with Career Fair Exhibitor NBMBAA with the pledge to sponsor new members into the association. “Our commitment to In 2007, more than 400 exhibitors and recruiters participated in the NBMBAA® Annual Conference & Exposition in Orlando, Florida. Our conference again featured the the NBMBAA® is both a commitment to NBMBAA Career Success NetworkSM Center (CSN), which provides onsite coaching, ensuring continued opportunity for resume feedback, and interviewing skills workshops. CSN was created in response to member and partner demands for additional career skills building opportunities for recent top-tier talent as well as to ensuring graduates and high-achieving mid-career professionals. workplace diversity throughout the Bay NBMBAA Employment Network™ and Conference Job Match, a function of the employment network service, leverages web-based resources to help employers find Area and the nation,” said Vice President, and screen qualified candidates for management positions requiring an MBA Marketing at Clorox, Derek Gordon. or advanced experience.

14 2007 Annual Report 2007 Annual Report 15 ENTREPRENEURSHIP CHAPTERS & LIFESTYLE

From 2003 to 2007, we gained by investing in our chapters, and in our members’ interests in Entrepreneurship is the entrepreneurship, health, wealth and well-being. leading engine for job groups in the African American community. Relevance at the Local Level—­ ® It’s within the NBMBAA local “I spent 14 years in the In recent years, the association has begun to focus chapters that growth takes place on its role in helping align the interests of corporate pharmaceutical industry America with those of black entrepreneurs. We have on a regular basis. Being relevant emphasized the value of the MBA degree to established before I opened my company,” and aspiring entrepreneurs. Content tailored to the manifests as the student who needs of entrepreneurs at the 29th Annual Conference gains the assistance needed said member Beatrice Mensah included several key workshops and the introduction to attend business school, of the NBMBAA®/Wells Fargo Entrepreneur Excellence Taut, president, Diamond Award. the company that finds a new source for diverse talent, or International Inc., a project Corey Bell, winner of the first-ever NBMBAA®/Wells Fargo Entrepreneur Excellence Award, CEO and co-founder of TriFusion, based in Round Rock, Texas. TriFusion provides PC, the entrepreneur who gets the development company. “Now server and software solutions to companies of all sizes. Bell is involved in community breakthrough training that allows I do what I truly love.” outreach, supporting the Texas Baptist Children’s Home, the United Way and Habitat for Humanity. At the age of 28, after his parents’ death, he became guardian to eight of his 12 business to boom. younger siblings. His extraordinary story led to appearances on “The Oprah Winfrey Show” and “Good Morning America,” and in People magazine.

Lifestyle—Achieving balance between work, home and community is critical for our members if they are to remain productive and fulfilled.

Workshops on life balance, access to life coaches, and opportunities to network and socialize with like-minded individuals are key components of the NBMBAA’s approach to lifestyle for its members. In 2007, we placed a greater emphasis on health, wealth and balance, participating in the State Farm 50 Million Pound Challenge with Dr. Ian Smith, and hosting a walk/run and health screening day of activities during our national conference Attendee at the 2007 Leadership Institute benefiting Leaders of Tomorrow®.

16 2007 Annual Report 2007 Annual Report 17 CHAPTERS INDEPENDENT AUDITOR’S REPORT Continued

Westchester/ Greater Connecticut “It is the first time we’ve received such an honor. It’s a reflection of everyone’s hard work, dedication, and The Board of Directors The “Chapter of the Year” commitment to fulfilling our ® mission,” said WGC Presi- National Black MBA Association , Inc.: honor recognizes the chapters dent Michael C. McNeil. that successfully pursued our The award capped a series We have audited the accompanying statements of financial position of National Black MBA of accomplishments for the Association, Inc. (NBMBAA), as of December 31, 2007 and 2006, and the related statements mission and most successfully organization, including a 133% jump in member- ship since June 2006. of activities and changes in net assets and cash flows for the years then ended. These financial provided exemplary value to their statements are the responsibility of NBMBAA’s management. Our responsibility is to express an Also contributing to the chapter’s momentum were opinion on these financial statements based on our audit. members and communities. We the various professional and cultural events held throughout the year, including the first annual Minority We conducted our audit in accordance with auditing standards generally accepted in the are privileged to honor three Entrepreneur Summit and Business Showcase. A chapters that earned the title Diversity Career Summit was held in conjunction with United States of America. Those standards require that we plan and perform the audit to obtain the small business event. It gave representatives reasonable assurance about whether the financial statements are free of material misstatement. “Chapter of the Year.” from major corporations in Westchester and Southern An audit includes examining, on a test basis, evidence supporting the amounts and disclosures Connecticut areas the opportunity to meet and recruit in the financial statements. An audit also includes assessing the accounting principles used and prospective employees. significant estimates made by management, as well as evaluating the overall financial statement Another key driver of the chapter’s success presentation. We believe that our audit provides a reasonable basis for our opinion. Columbus, Ohio was its Leaders of Tomorrow (LOT) program. Conducted in cooperation with the Norwalk, CT In our opinion, the financial statements referred to above present fairly, in all material respects, 2007 marked the third school district, the LOT—spearheaded by WGC the financial position of National Black MBA Association, Inc. as of December 31, 2007 and consecutive year that the committee chair Diane Winston—provides tutorial 2006, and the changes in its net assets and its cash flows for the years then ended in conformity Columbus, Ohio, chapter and mentoring services to area school children. received Chapter of the Year The program has received generous donations with accounting principles generally accepted in the United States of America. recognition. “In Columbus, from several major corporate sponsors. it’s all about moving forward: Our audit was conducted for the purpose of forming an opinion of the basic financial statements maintaining a focus on the taken as a whole. The accompanying supplementary information is presented for the purpose of mission of the chapter and Washington, D.C. additional analysis and is not a required part of the basic financial statements. Such information tying this mission into that of has been subjected to the auditing procedures applied in the audit of the basic financial the national organization,” Growth and development said Columbus chapter president and MBA of the within the Washington D.C. statements of National Black MBA Association, Inc. and, in our opinion, is fairly stated in all Year for 2007 Oyauma Garrison. chapter were driven by a material respects in relation to the basic financial statements taken as a whole. dynamic mix of learning and Garrison added that the chapter is productive networking opportunities because its leadership is keenly aware of the for members looking to ad- needs in the market. The Columbus market, like vance their careers or busi- others, struggles to attract and retain high-poten- ness development plans, tial performers. “We have our career connection Oscar Mardis, Washington Benford Brown & Associates, LLC seminars, where they hear about how to climb the D.C. Chapter President. Chicago, IL proverbial ladder and break through the proverbial July 31, 2008 glass ceiling,” he said. “But we try to bring them an Goal-Setting with a Life Coach spotlighted the needs of individuals who were looking to take that next step added value of making them feel comfortable here in their lives as managers, executives, career chang- by giving them a connection to the community.” ers, or those with the entrepreneurial spirit. Columbus, Garrison insisted, can be a destina- tion of choice for young professionals—once they The Entrepreneur Showcase provided an opportu- know the territory. “We need to make sure the nity for members and local entrepreneurs talent we have stays here and makes a connec- to show what products and services they have to tion with the community,” he said. “We show them offer to the community. where the churches are, the nonprofits they might be interested in, what’s available for continuing The Wealth Building Series focused on home buy- education, where the Black hair salons are.” ing, entrepreneurship, and franchising. The chapter’s executive roundtable series explored how the chapter, as well as past chapter leaders, can best leverage relationships into a win-win. 18 2007 Annual Report 2007 Annual Report 19 EDUCATION CAREER leaDERSHIP ENTREPRENEURSHIP LIFESTYLE FINANCIALS

Statements of Financial Position Statements of Activities and Change in Net Assets December 31, 2007 and 2006 Years ended December 31, 2007 and 2006

ASSETS 2007 2006 2007 2006 Temporarily Temporarily Current assets Unrestricted Total Unrestricted Total Restricted Restricted Cash - unrestricted $ 1,198,864 $ 1,027,543 Support and revenue Cash - restricted – 48,450 Short-term investments 307,243 292,976 Conference revenue $ 9,246,131 – $ 9,246,131 $ 8,453,105 – $ 8,453,105 Contracts receivable 3,327,153 4,044,958 Product sales 183,470 – 183,470 137,790 – 137,790

Less: allowance for doubtful accounts ( 10,000 ) ( 10,000 ) Membership revenue 671,307 – 671,307 553,372 – 553,372

Prepaid expenses 162,563 – Contributions 426,541 90,984 517,525 427,604 100,000 527,604 Due from foundation and other receivables 39,844 2,626 In-kind contributions 649,003 – 649,003 365,000 – 365,000 Total current assets 5,025,667 5,406,553 Publication revenue 147,279 – 147,279 102,300 – 102,300 Non-current assets Furniture and equipment 1,736,725 1,401,489 Other revenue 255,289 – 255,289 297,102 – 297,102

Leasehold improvements 251,866 161,211 Net assets released from restrictions 125,000 ( 125,000 ) – 106,193 ( 106,193 ) – Less: accumulated depreciation ( 1,086,480 ) ( 924,694 ) Total support and revenue 11,704,020 ( 34,016) 11,670,004 10,442,466 ( 6,193 ) 10,436,273 Total non-current assets 902,111 638,006 Other assets Expenses

Security deposits 30,000 30,000 Program Services Total assets $ 5,957,778 $ 6,074,559 Conference 5,507,901 – 5,507,901 4,797,978 – 4,797,978 Liabilities and Net Assets Chapter relations 1,075,958 – 1,075,958 916,702 – 916,702 Current liabilitieS Membership 809,440 – 809,440 936,509 – 936,509 Accounts payable and accrued payroll $ 360,030 $ 359,770 Deferred revenue 3,193,285 3,881,350 Other programs 947,428 – 947,428 938,278 – 938,278

Total current liabilities 3,553,315 4,241,120 Total program services 8,340,727 – 8,340,727 7,589,468 – 7,589,468 Non-current liabilities Supporting Services Due to foundation – 48,450 Management and general 2,068,431 – 2,068,431 1,688,392 – 1,688,392 Total noncurrent liabilities – 48,450 Total liabilities 3,553,315 4,289,570 Fundraising 641,372 – 641,372 413,301 – 413,301

Net assets Total supporting services 2,709,803 – 2,709,803 2,101,693 – 2,101,693 Unrestricted 2,250,979 1,597,489 Total expenses 11,050,530 – 11,050,530 9,691,161 – 9,691,161 Temporarily restricted 153,484 187,500 Increase/(decrease) in net assets 653,490 ( 34,016 ) 619,474 751,305 ( 6,193 ) 745,112 Total net assets 2,404,463 1,784,989 Total liabilities and net assets $ 5,957,778 $ 6,074,559 Net assets as of January 1, 2007 and 2006 1,597,489 187,500 1,784,989 846,184 193,693 1,039,877 Net assets as of December 31, 2007 and 2006 $ 2,250,979 153,484 $ 2,404,463 $ 1,597,489 187,500 $ 1,784,989

20 2007 Annual Report 2007 Annual Report 21 EDUCATION CAREER leaDERSHIP ENTREPRENEURSHIP LIFESTYLE PARTNERS

3M Carlson Equitable Resources International Finance Corporation Nike Inc. Toyota Motor Sales A.T. Kearney Case Western Reserve Ernst & Young LLP International Franchise Assoc EF Nissan North America, Inc. The Travelers Companies Inc. Abbott Laboratories Central Florida YMCA ESPN International Paper North Carolina State University Travelport Abercrombie & Fitch Central Intelligence Agency Excelsior College International Truck and Engine Corp. Northern Trust Company Tribune Company Accenture Chase Paymentech Solutions Exelon Corporation Iowa Careers Consortium Northwest Airlines, Inc. Tuck School of Business at Dartmouth ADP CHEP Expedia Inc. J P Morgan Chase Northwestern Mutual Tulane University, Freeman School Aetna Inc. Chevron ExxonMobil John Deere Novo Nordisk Inc. TXU Alberto Culver Chicago Mercantile Exchange Fannie Mae Johnson & Johnson NYU Stern School of Business Tyco International Inc. Alcatel-Lucent CHICK-FIL-A Farmers Insurance Group of Companies Johnson Controls O’Connell Group Inc. UBS Alcoa Inc. Choicepoint Inc. FBI Jones Lang LaSalle The Ohio State University UCLA Anderson School of Management Alcon Laboratories Chrysler Financial Federal Deposit Insurance Corp. Joseph M Katz Grad School of Business OmniOne Group UNC’s Kenan-Flagler Business School Allianz Life The Chrysler Foundation Federal Home Loan Bank System Kaiser Permanente Oracle Corporation United Health Group Allstate Insurance Company Cintas Corporation Federal Reserve Bank of Boston Kaplan, Inc. Owens Corning United States Postal Service Amazon.com Cisco Federal Reserve Bank of New York Kellogg Company Peace Corps United States Tennis Association American Airlines Citi Federal Reserve Bank of San Francisco Kellogg School of Management Penn State Smeal MBA Program United Technologies Corporation American Express Clark Atlanta University Federal Reserve Board of Governors Key Bank Pension Benefit Guaranty Corporation University of Arizona Eller MBA American International Group The Clorox Company FedEx Corporation Kimberly-Clark Corporation PepsiCo University of California, Berkeley Ameriprise Financial The Coca-Cola Company Fireman’s Fund Insurance Co Kinetic Concepts Inc. The PHD Project University of Chicago GSB Amgen Inc. Colgate-Palmolive The First American Corporation Koch Industries Philip Morris USA University of Dallas AmTrust Bank Columbia Business School Florida A&M University Kohler Company Pitney Bowes Inc. University of Florida AON Corporation Comcast Ford Motor Company KPMG LLP Pittsburgh Regional Alliance University of Georgia-Terry MBA Apple Computer Inc. Comerica Bank Forest Laboratories, Inc. Kraft Foods PNC Financial Services Group Inc. University of Miami Applied Materials ConAgra Foods Fortune Brands The Kroger Company Praxair, Inc. University of Michigan Business School Archer Daniels Midland The Consortium For Graduate Study Freddie Mac Kurt Salmon Associates The Procter and Gamble Company University of Minnesota Ariel Mutual Funds Constellation Energy Freeman Decorating L’Oreal USA Prudential Financial University of Missouri-Columbia, Crosby ArvinMeritor, Inc. Continental Airlines Inc. Freightliner, LLC Lehman Brothers Purdue University University of Pittsburgh Medical Center AstraZeneca Cook Inc. G & K Services Lexmark International, Inc. Qualcomm University of Rochester Asurion Coors Brewing Company Gartner Liberty Mutual Group Rain Bird Corporation University of Rochester - Div. Staffing AT&T Cornell University-The Johnson School GE Limitedbrands Raymond James Financial University of South Carolina AXA Equitable Countrywide Financial Genentech Lincoln Financial Group Raytheon University of Southern California AXA Foundation Covanta Energy Corporation General Mills Lowe’s Regions Financial University of St. Thomas Babson College Covidien General Motors Corporation Lyondell Chemical Company Rice University University of Texas at Dallas Bank of America Cox Enterprises Georgetown University McDonough Manpower Inc. RJ Reynolds Tobacco Company University of Virginia Darden School The Bank of New York Mellon Cox School Southern Methodist Univ. Georgia-Pacific Corporation Marriott International Robert H. Smith School of Business University of Wisconsin-Madison Bausch & Lomb Credit Suisse Georgia State University Mars NorthAmerica Robert Half International Inc. UPSCALE Baxter Healthcare Corp. CSX Georgia Tech College of Management Marshall & Ilsley Corporation Robert W. Baird US Airways Bayer HealthCare Cummins Inc. Girl Scouts of The USA Masco Corporation Roche US Bank BB&T (Branch Banking and Trust) Company Darden Restaurants GlaxoSmithKline MasterCard Worldwide Rohm and Haas Company Valassis Bear Stearns & Co. Dartmouth College GlobalHue Mattel, Inc. Rollins College Belk Inc. Del Monte Foods GMAC LLC Mayo Clinic Russell Investment Group The Vanguard Group Bentley College Dell Inc. Goldman Sachs McDonalds Ryder System, Inc. Vault Inc. Best Buy Deloitte. The Goodyear Tire & Rubber Co. The McGraw-Hill Companies SAP Verizon Beta Gamma Sigma Delta Air Lines Google Medtronic, Inc. SC Johnson Virginia Tech Black & Decker Corporation Deutsche Bank Grainger Meijer Schering-Plough Corporation Volkswagon Black Enterprise Magazine Diageo Harland Clarke Mercedes-Benz USA, LLC Sears Holding Corporation Wachovia Corporation Black EOE Journal Diamond Harley-Davidson Motor Mercer Human Resource Consulting Select Comfort Wal-Mart Stores, Inc. Blue Cross Blue Shield of Massachusetts Digitas Harrah’s Entertainment, Inc. Merck & Company, Inc. Simmons School of Management Walden University BMC Software Discover Financial Services LLC Harris and BMO Capital Markets Merrill Lynch Sony Electronics Walgreen Co. BNSF Railway Diversitytalent.com Harvard Business School Metro Milwaukee Assoc of Commerce Sprint Nextel The Walt Disney Company Boehringer Ingelheim Pharmaceuticals DTE Energy HCA MGM Mirage Stanford University Washington Mutual Boeing Duff and Phelps LLC Heineken USA Incorporated Michigan State University Staples Washington University in St. Louis Booz Allen Hamilton Duke Energy Henkel of America Microsoft Corporation State Farm Insurance Waste Management Boston Scientific Duke Realty Corporation Hewitt Associates Miller Brewing Co. Stockamp & Associates Watson Wyatt Worldwide Boston University School of Management Duke University Hewlett-Packard Company Mitchell Madison Group SunTrust Bank Wellpoint Brandeis International Business School Eaton Corporation Hilti Inc Monitor Group SUPERVALU Inc. Wells Fargo Brinker International EBay, Inc. Hobsons Monster Symantec Corporation Weyerhaeuser Bristol-Myers Squibb Company Ecolab The Home Depot Moody’s Investors Service Takeda Pharmaceuticals North America Whirlpool Corporation The Broad Center Education Pioneers Howard University MBA Program Morgan Stanley Target Corporation Whitman School of Management Brown-Forman Edward Jones HSBC Motorola, Inc. Tepper School of Business Winston-Salem State University Burger King Corporation EFinancialCareers.com Humana, Inc. NASD Texas Alliance Wm. Wrigley Jr. Company C.R. Bard Inc. Eli Lilly & Company Hyundai Motor America National City Corporation Texas Christian University Wyeth Cadbury Schweppes EMBARQ IBM Corporation National Society of Black Engineers Texas Instruments Wyndham Worldwide Campbell Soup Company Emerson Electric Indiana University Kelley MBA Nationwide The Thomson Corporation Yale School of Management Capital One Emory University ING Investment Management NCB Thunderbird School of Global Management Yum! Brands Cardinal Health Endo Pharmaceuticals Institute for Supply Management NCCI Holdings, Inc. TIAA-CREF CareerTV Energizer Intel Corporation Nestlé USA Time Warner Inc. Cargill Environmental Defense Internal Revenue Service The TJX Companies, Inc.

22 2007 Annual Report 2007 Annual Report 23 CHAPTER

DIRECTORY Nashville San Diego (interim chapter) LoLita Toney Henry Hall Dayton P. 0. Box 25131 (760) 774-2214 Dwight Johnson Nashville, TN 37202 P. 0. Box 3709 (615) 255-0172 San Francisco Dayton, OH 45401-3709 Michelle Rider (937) 285-0113 New Jersey P. 0. Box 193683 Kevin B. McMillan San Francisco, CA 94119-3683 Denver P. 0. Box 28023 (510) 386-2622 Atlanta Thomas Potter Newark, NJ 07101 Jannet Thoms P. 0. Box 5926 (732) 246-2878 Seattle/Portland P. 0. Box 54656 Denver, CO 80217 Joshua S. Williams Atlanta, GA 30308-0656 (303) 328-3573 New Orleans P.O. Box 4143 (404) 572-8001 Darryl Ward Portland, OR 97208 Detroit P. 0. Box 57978 (503) 327-4420 Austin Corrie Patton New Orleans, LA 70157-7978 Belinda Matingou P. 0. Box 02398 (504) 368-1534 South Florida P.O. Box 144822 Detroit, MI 48202 [email protected] Sam Hines Austin, TX 78714-4822 (313) 972-4832 P.O. Box 278872 New York Miramar, FL 33027 Birmingham Hartford Frances Ferguson (305) 264-920 Robert Hagler Kris Floyd P. 0. Box 8135 P.O. Box 3009 P. 0. Box 2332 New York, NY 10116 Tampa (interim chapter) Birmingham, AL 35202 Hartford, CT 06146 (917) 723-4906 Max Oligario Boston (860) 586-7002 P.O Box 22853 Philadelphia Tampa, FL 3362 Renee Malbranche Houston Venetta S. Larry P. 0. Box 181188 Paul D. Charles P. 0. Box 1384 Toronto Canada Boston, MA 02118-0010 P. 0. Box 56509 Philadelphia, PA 19105 (interim chapter) Houston, TX 77256 Central Florida (215) 472-2622 Damon Knights Eugene Campbell (713) 866-6573 P.O. Box 41642 Phoenix 230 Sandalwood Pkwy P.O. Box 692696 Indianapolis Kathy J. Andrews Brampton, Ontario, L6Z4R1 Orlando, FL 32869-2696 Michael Florence P. 0. Box 27601 P. 0. Box 2325 Charlotte Tempe, AZ 85285-7601 Twin Cities Indianapolis, IN 46206-2325 Joachim Rogers (602) 735-3958 Linda Sloan P. 0. Box 34613 (317) 308-6447 P. 0. Box 2709 Piedmont - Triad Minneapolis, MN 55402 Charlotte, NC 28234 Kansas City Thomas Houston (651) 223-7373 (877) 732-0314 Toni Johnson 380-H Knollwood St. P. 0. Box 414661 Chicago Suite 192 Washington, D.C. Kansas City, MO 64141 Kathy April-Barr Winston-Salem, NC 27103 Angela Dixon-Van Croft (877) 493-2073 P. 0. Box 8513 (336) 779-6222 P. 0. Box 14042 Washington, DC 20044 Chicago, IL 60680 Los Angeles [email protected] (202) 628-0138 (312) 458-9161 Charles Clinton Pittsburgh 2711 S. Robertson Blvd. Cincinnati James Beach Westchester/Greater Los Angeles, CA 90034 Vanessa Enoch P. 0. Box 3502 Connecticut D. Dayneen Preston P.O. Box 14656 Louisville Pittsburgh, PA 15230 P.O. Box 552 Cincinnati, OH 45250 Gerald Joiner Raleigh/Durham White Plains, NY 10602 (513) 787-4451 P.O. Box 2953 Sandra Thompson (914) 882-8881 Louisville, KY 40201 Cleveland / Northeast Ohio P. 0. Box 13614 (502) 540-5946 Alton Tinker Durham, NC 27709 Western New York Willliam Battle P. 0. Box 22839 Memphis (919) 990-2351 P. 0. Box 20581 Beachwood, OH 44122 Kathy O. Lofton Richmond Rochester, NY 14602 (216) 556-3633 P. 0. Box 181262 Jeanette Lesine (585) 234-4412 Memphis, TN 38181 Columbus P.O. Box 15492 (901) 725-4166 Oyauma Garrison Richmond, VA 23227-5492 P. 0. Box 163575 Milwaukee (804) 222-2005 Columbus, OH 43216-3575 Brenda Pegues St. Louis (614) 470-1683 P.O. Box 1472 Sam Gradford Milwaukee, WI 53201 Dallas-Fort Worth P.O. Box 5296 (414) 466-1052 Kevin Davis St. Louis, MO 63115-0296 P. 0. Box 797174 (636) 230-2404 Dallas, TX 75379-7174 (214) 853-4497

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