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New MBE
Certification
The certification process is
comprehensive and lengthy. The
process represents the requirements
established by the National Minority
Supplier Development Council
(NMSDC), Inc. and its Corporate
Members (FORTUNE 500 and other
Buying entities). The timeline for
the process may run between 35 to 90
days to complete once all
documents necessary are provided. If
the documentation is incomplete or
does not meet our requirements, your
company will be contacted.
Incomplete information
significantly lengthens the
entire process (i.e., your package
goes to the bottom of the applicant
pool). Therefore, please do not send
an incomplete application.
First, read the INSTRUCTIONS.
Second, attend FREE
Educational seminar open to the
public (applicants) interested in
becoming a certified ethnic-Minority
Business Enterprise at
Pre-Certification Briefing
on the First (1st)
Tuesday of each month. Please
Register in the Events Section
of our website.
Third, review your accounting and financial information with your
Certified Public Accountant. Review
you Bylaws, Operating Agreement or
Partnership Agreement with your
attorney to ensure your documents
conform with GMSDC/NMSDC’s
certification standards. Review your
entire certification package with a
trusted advisor.
Fourth, forward the certification package to GMSDC office. A
“submitted” application cannot be
returned. Therefore, please do not
send an incomplete application.
Applications are not returned. The
application includes a checklist of
“required” items.
Certification Criteria
(Refer to
Documents
Below)
A summary of the criteria is
presented below:
1.
Company shall be owned by an ethnic-minority that is a
U.S. citizen. Ethnic-minorities are
defined as: African-American or
Black, Asian-Indian American,
Asian-Pacific American, Hispanic
(non-European), or a documented
Native American Indian. The
principals must be U.S. citizens.
2.
The ethnic-minority shall own,
operated, and managed by no less
than 51 percent of the firm. The
applicant firm shall be an
independent business, with an
independent location and not a
“sales arm” of a non-minority firm.
The firm shall be an existing
operation (not a start-up) with an
existing contract
or a firm that has an
existing (documented) contract with
one of the NMSDC Corporate Members.
All equity investments shall be true
and real, presented on the Balance
Sheet (to Generally Accepted
Accounting Principles) and
documented and correspond with all
other legal documents.
3.
The minority owners shall have
complete and absolute control and be
active in the day-to-day management
and daily business operations.
Complete control means the
ethnic-minority owners shall be able
to act
independently of the
non-minority owners. The
ethnic-minority must demonstrate the
“capabilities of managing” the firm.
If a state charted entity (i.e.,
corporation, limited liability
company or a limited partnership),
the ethnic-minority(ies) must
demonstrate the ability to manage
and control the “chartered” entity,
the other shareholders and/or the
other unit holders. The ethnic-minority(ies)
must have numerical control of the
corporation’s Board of Directors and
the limited liability company’s
Board of Members. These operational
and control facts must be documented
in the corporate Bylaws, limited
liability company’s Operating
Agreement or the Limited
Partnership’s Agreements.
*Please
read this document before attempting
the application. Note: All presented
information is reviewed
independently, so make sure all
documents are consistent. The NMSDC
requires all financial statements
(Balance Sheet, Profit & Loss
Statement, and Statement of Cash
Flow) shall meet Generally Accepted
Accounting Principles (GAAP) of the
Financial Accounting Standards
Board. Please plan your financial
accounting and presentation
accordingly. Internal or tax basis
financial statements are not
accepted. Only a current, 2008 GMSDC
application, will be accepted.
Fees
·
$500.00 Application/1st Year Annual
Certification Fee (non-refundable)
Download Documents
Business Development Assistance
click here
Timeline
of MBE Certification
click here
Benefits
of MBE Certification
click here
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