Colored People's Time. also see: CPT
The usually correct stereotype that African-Americans are incapable of punctuality, and are chronically tardy in both arriving at and beginning events and functions.
White girl: Why are we still waiting? It should have started 15 minutes ago.
White guy: The organizers are black so we're on CP Time. They're probably backstage talking or eating.
Black organizer thinking to herself: Well, we should probably start, even though most of my friends haven't arrived yet because of good old CP Time. I guess we'll wait another 30 minutes for the black folks to show up.