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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).
Once
all documents required are provided
the timeline for the process may run
between 35 to 90 days to complete . If the
documentation is incomplete or does not meet our
requirements, your company will be contacted.
Incomplete information significantly
lengthens the entire process (your package
goes to the bottom of the applicant pool).
Therefore, please do not send an incomplete
application.
First,
read the INSTRUCTIONS.
Second,
attend our FREE
Pre-Certification
Briefing
open to all applicants
interested in becoming a certified
ethnic-Minority Business Enterprise. Pre-Certification
Briefings are hosted on the First
(1st) Tuesday of each month at GMSDC
Headquarters. Please
Register in the Events Section of our
website.
Third,
review your accounting and financial information
with your Certified Public Accountant. Review
your 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 the 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, operate, and manage 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, follow
the standards of
Generally Accepted Accounting Principles
(GAAP)
. The Balance Sheet must 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 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 to
complete the
application. Note: All presented information is
reviewed independently, make certain all
documents are consistent. The NMSDC
requires that 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 documentation
accordingly. Internal or tax basis financial
statements are not accepted. Only a current,
2009 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
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