B&BB Overview
Bigger and Better Business became the first national program of Phi Beta Sigma Fraternity. It was first introduced to the fraternity at the Tenth Anniversary Conclave held in Philadelphia, Pennsylvania in December 1924. When Bigger and Better Business was adopted as a national program, special emphasis was placed on work with negro businesses. The main purpose at the time was to encourage negro business to improve their business acumen, efficiency and service to the public in order to favorably compete with other businesses.
The international program of Bigger & Better Business strengthens our membership by:
- Promoting entrepreneurship and minority owned businesses.
- Increasing financial stability.
- Increasing homeownership.
- Providing networking opportunities.
- Training members in business development.
The international program of Bigger & Better Business transforms our communities by:
- Increasing awareness of African American entrepreneurship and minority owned business.
- Preparing college graduates for careers in business.
- Promoting entrepreneurship.
- Promoting financial literacy.
- Promoting financial wellness and good financial management.
- Training members in business development.
IRS Vita Program
With so many tax benefits available today, taxes can serve as the starting point leading to greater prosperity for many people. In 2000, the IRS changed its approach to meeting individual taxpayers’ needs for tax education, awareness and assistance by establishing an office called SPEC (Stakeholder Partnerships, Education and Communication). In 2008 IRS-SPEC cultivated a partnership with Phi Beta Sigma Fraternity, Incorporated and shared mutual goals in three key areas:
- Promoting tax understanding and awareness
- Preparing tax returns for free for low-to-moderate income people
- Encouraging personal asset building and self-sufficiency through tax incentives
Mission Statement: To assist taxpayers in satisfying their tax responsibilities through collaborative efforts with IRS-SPEC and thus creating and sharing value by informing, educating and communicating with members of the community.
Guiding Principles
The International Headquarters of Phi Beta Sigma will strive to achieve this mission by:
- Supporting volunteer-based initiatives to address underserved community segments, primarily through awareness campaigns and free tax preparation
- Reaching out to our customers through trained Sigma personnel.
- Supporting fully this partnership.
- Leveraging our resources to reach rural as well as urban tax payers.
Our Partnership
In addition to strengthening local relationships and offering valuable services through our partnership, Phi Beta Sigma will:
- Bring dollars and other resources into the community
- Provide members and volunteers valuable personal skills and financial insights
- Satisfy community outreach goals or requirements
In this partnership, Phi Beta Sigma will be able provide the membership and community with information and assistance that need, want and value. Through this alliance with IRS-SPEC, Phi Beta Sigma will reach the following audiences:
- Low to moderate income population:Phi Beta Sigma will reach out to low–to-moderate income individuals, offering them tax credit assistance that puts more money in their pockets.
- Older American population: With the aging population which includes our membership, Phi Beta Sigma will reach out to this segment and with the assistance of IRS-SPEC to bring tax help and information to a taxpayer group that often lives on a fixed income.
- General population: As an international fraternity, Phi Beta Sigma in association with IRS-SPEC, can further expand its community objectives in terms of Bigger and Better Business by providing tax information to people who have just had a child, started their first job, bought a home, retired, etc.
- Members: In terms of membership satisfaction and benefits this partnership with IRS-SPEC offers members of Phi Beta Sigma valuable personal skills and financial insights.
- Student Population: With our links to the collegiate population and the academic community, our partnership with IRS-SPEC can add an increased sense of volunteerism to the list of attributes held by these future taxpayers. Collegiate members could provide valuable tax assistance and information to their parents and peers while learning more about the federal system.
- Disabled Population: In reaching out to the disabled community, Phi Beta Sigma with IRS-SPEC can make this population aware of tax credits, alternative media and other tolls available to assist them in understanding and meeting their tax responsibilities.
The Strategy
Although there is no specific formula for reaching these shared goals through the strength of this partnership, Phi Beta Sigma with IRS-SPEC commits to support local and national initiatives by offering support in the following areas:
- Technical tax expertise
- Research data based on tax filing statistics
- Customized tax education
- Marketing products and materials
- Access to local and national partnership networks
- Suggestions and support for building coalitions
- Ideas for local and national partnership models
Financial Literacy, Investment Club & Contest
Our economic development initiative promotes financial literacy amongst our Brothers and Chapters and communities we serve by facilitating financial knowledge, understanding the impact of money, how to participate in the stock market, embracing future investment and creating generational wealth with the Black community.
Billboard Jackson Entrepreneurial Development Program
Named in honor of Hon. Bro. James A. “Billboard” Jackson, a corporate pioneer and the first black editor of Billboard Magazine, the program invites all aspiring entrepreneurs from each region to participate in the biennial competition. All participants compete for one of two $20,000 business development grants during the Conclave.
Project S.E.E.D.
The Sigma Economic Empowerment Development Project (Project S.E.E.D.) is a Bigger & Better Business program developed to focus on two important topics of interest: Financial Management and Home Ownership. This focus provides useful information in both areas and benefits Phi Beta Sigma members, families, and communities. Project SEED is designed to be implemented at all organizational levels, by alumni and collegiate chapters. Each of the program’s components are economically viable and relevant, current concerns of our membership.
For college students today, financial management is a vital and necessary skill to be mastered in the new millennium. With the rising cost in campus living, tuition charges, books, and transportation, coupled with the decreasing funding sources for scholarships, loans, and grants, financial management is no longer optional. It is required. Helping more low and moderate-income Americans become homeowners is a national priority. Phi Beta Sigma seeks to play a more important role in sharing positive information about the advantages of homeownership to our members.
Suggested Topics:
- 401(k) plans and other tax differed plans
- Budgeting your work, working your budget
- Building your child’s education fund
- Building your financial portfolio on $25 a month
- Choosing the components of your financial portfolio
- Making the most of your retirement
- Successful money management
- Tax return preparation
- Affordable housing design
- Assistance with bad credit ratings
- Enhancing your housing strategies
- First-time homebuyers seminar
- HUD auctions
- Home ownership financing sources
- Refinancing advice
- Understanding the income qualification process
- Suggested Speakers
College professors with experience in financial management:
- Consumer credit counselor
- Financial planner
- IRS representative or agent
- Loan officer
- Human resources specialist or generalist
- Affordable housing advocates
- Mortgage lenders
- HUD representatives
- Realtors and brokers
- Fair housing organizations
- Residential home builders
- Public housing authorities
- Banking and finance professionals
For information please visit our IHQ.
Phi Beta Sigma Fraternity, Inc., Western Region