2024-11-14T08:26:48-06:00 2023-12-31 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2023-01-01 133772904 INITIATIVE FOR A COMPETITIVE INNER CITY INC INIT 6172381740 PO BOX 191297 ROXBURY MA 02119 STEVE GROSSMAN CEO 6172381740 2024-11-13 1 0 CAITLIN LIMOGES CPA P01633588 5083669100 2024-11-13 2023 2024-10-15 13:58:12Z STEVE GROSSMAN PO BOX 191297 ROXBURY MA 02119 9143255 0 X WWW.ICIC.ORG X 1994 DE ICIC DRIVES INCLUSIVE ECONOMIC PROSPERITY IN UNDER-RESOURCED COMMUNITIES THROUGH INNOVATIVE RESEARCH AND PROGRAMS TO CREATE JOBS, INCOME, AND WEALTH FOR LOCAL RESIDENTS. 22 21 71 21 0 0 11264601 8540693 237600 182182 126628 347142 0 0 11628829 9070017 1281931 519864 0 0 5117984 5397444 0 0 651105 3589047 3750265 9988962 9667573 1639867 -597556 11661853 11620463 537050 434390 11124803 11186073 X ICIC DRIVES INCLUSIVE ECONOMIC PROSPERITY IN UNDER-RESOURCED COMMUNITIES THROUGH INNOVATIVE RESEARCH AND PROGRAMS TO CREATE JOBS, INCOME, AND WEALTH FOR LOCAL RESIDENTS. 0 0 7186644 519864 THE PROGRAM CONSISTS OF SEVEN INITIATIVES: INNER CITY CAPITAL CONNECTIONS, 10,000 SMALL BUSINESSES, BLACK IN BUSINESS, CULTIVATE SMALL BUSINESS, INNER CITY 100, BUILDING FOR GROWTH AND SUCCESSION READY.PROGRAM I, INITIATIVE 1. INNER CITY CAPITAL CONNECTIONSINNER CITY CAPITAL CONNECTIONS (ICCC) IS A TUITION-FREE EXECUTIVE LEADERSHIP TRAINING PROGRAM DESIGNED TO HELP SMALL AND MEDIUM SIZED BUSINESSES IN UNDER-RESOURCED COMMUNITIES BUILD CAPACITY AND RESILIENCY FOR SUSTAINABLE LONG-TERM REVENUE GROWTH, PROFITABILITY AND LOCAL JOB CREATION. ICCC PROVIDES THREE CRITICAL ELEMENTS: CAPACITY-BUILDING EDUCATION, ONE-ON-ONE COACHING AND CONNECTIONS TO CAPITAL AND CAPITAL PROVIDERS.OVER THE PAST 18 YEARS, THE PROGRAM HAS SERVED MORE THAN 6,600 BUSINESSES, THAT HAVE AVERAGED 153% REVENUE GROWTH, CREATED 28,000 JOBS, AND RAISED OVER $2.5 BILLION IN CAPITAL.PROGRAM I, INITIATIVE 2. 10,000 SMALL BUSINESSESICIC PARTNERS WITH GOLDMAN SACHS TO IDENTIFY HIGH-POTENTIAL ENTREPRENEURS FOR 10,000 SMALL BUSINESSES. THIS INITIATIVE HELPS SMALL BUSINESS OWNERS CREATE JOBS AND ECONOMIC OPPORTUNITY BY PROVIDING THEM WITH GREATER ACCESS TO BUSINESS EDUCATION, FINANCIAL CAPITAL AND BUSINESS SUPPORT SERVICES.TO DATE, THE PROGRAM HAS SERVED OVER 14,500 SMALL BUSINESSES FROM ALL 50 STATES, DC AND PUERTO RICO. GRADUATES OF THE PROGRAM HAVE SEEN INCREASED REVENUE AND 85% ARE ACTIVE IN ALUMNI GROUPS AS MENTORS OR DOING BUSINESS WITH OTHER ALUMNI.PROGRAM I, INITIATIVE 3. BLACK IN BUSINESSIN 2022, ICIC EXPANDED ITS PARTNERSHIP WITH GOLDMAN SACHS TO BETTER SERVE BLACK WOMEN SOLE PROPRIETORS WITH THE CREATION OF THE ONE MILLION BLACK WOMEN: BLACK IN BUSINESS PROGRAM. IN RESPONSE TO THE INCREASING NUMBER OF BLACK WOMEN SOLE PROPRIETORS AND THE OBSTACLES THEY FACE, THIS PROGRAM TEACHES PARTICIPANTS HOW TO PRICE THEIR PRODUCTS OR SERVICES, HIRE EMPLOYEES AND UNDERSTAND FINANCES THROUGH A TWELVE WEEK IN PERSON AND VIRTUAL CURRICULUM. THE PROGRAM WAS MET WITH IMMENSE ENTHUSIASM AND HAS SERVED 750 PARTICIPANTS SINCE ITS MAY 2022 LAUNCH. PROGRAM I, INITIATIVE 4. CULTIVATE SMALL BUSINESSCULTIVATE SMALL BUSINESS IS DESIGNED TO HELP EARLY-STAGE ENTREPRENEURS, ESPECIALLY BLACK, INDIGENOUS AND PEOPLE OF COLOR (BIPOC), WORKING TO BUILD AND SUSTAIN FOOD RELATED BUSINESSES IN DIVERSE NEIGHBORHOODS. THE PROGRAM PROVIDES INDUSTRY SPECIFIC EDUCATION, PROFESSIONAL NETWORKS AND MENTORING AS WELL AS SMALL CAPITAL GRANTS FOR BUSINESS OWNERS. THE PROGRAM HAS SUPPORTED OVER 500 FOOD ENTREPRENEURS SINCE ITS INCEPTION. PROGRAM I, INITIATIVE 5. INNER CITY 100THE INNER CITY 100 (IC100) IS AN ANNUAL AWARD THAT RECOGNIZES THE FASTEST-GROWING COMPANIES IN UNDER-RESOURCED COMMUNITIES ACROSS THE NATION. AWARD BENEFITS INCLUDE NATIONAL AND LOCAL MEDIA COVERAGE, EXCLUSIVE NETWORKING OPPORTUNITIES, AND THE OPPORTUNITY TO BE MATCHED WITH AN EXPERT, LONG-TERM BUSINESS MENTOR. THE IC100 LIST IS ANNOUNCED EACH YEAR AT THE ICIC ANNUAL CONFERENCE. THE 2023 IC100 WINNERS REPRESENTED 23 INDUSTRIES AND 54 CITIES AND EXPERIENCED AN AVERAGE 4-YEAR REVENUE GROWTH OF OVER 450%.PROGRAM I, INITIATIVE 6, BUILDING FOR GROWTHICIC'S BUILDING FOR GROWTH (BFG) IS A NATIONAL, ONLINE, TUITION-FREE EXECUTIVE EDUCATION PROGRAM THAT HELPS PRIMARILY BIPOC-, WOMAN-, AND VETERAN-OWNED CONSTRUCTION CONTRACTORS BUILD CAPACITY AND DEVELOP SUSTAINABLE GROWTH STRATEGIES THAT POSITION THEIR BUSINESSES TO INCREASE PROFITS. BFG COMBINES 18 ONLINE WEEKLY CLASSES, DEDICATED TECHNICAL ASSISTANCE, AND LONG-TERM MENTORSHIP TO SUCCESSFULLY SCALE CONSTRUCTION BUSINESSES. THE PROGRAM WAS LAUNCHED IN 2022 AND SINCE THEN HAS HELPED 166 COMPANIES ACROSS 29 STATES, OF WHICH 85% WERE BIPOC-OWNED, 62% WERE WOMAN-OWNED, AND 11% WERE VETERAN-OWNED. 847741 182182 RESEARCH:ICIC'S RESEARCH AGENDA HAS POSITIONED THE ORGANIZATION AS THE LEADING AND MOST TRUSTED RESOURCE IN THE ECONOMIES OF UNDER-RESOURCED COMMUNITIES. OUR RESEARCH FOCUSES ON THE ECONOMIC AND SOCIAL DEVELOPMENT OF UNDER-RESOURCED COMMUNITIES, INDUSTRIES AND CLUSTERS THAT PROVIDE GOOD JOBS FOR PEOPLE WITHOUT COLLEGE DEGREES, SMALL BUSINESSES, ANCHOR INSTITUTIONS, AND PROGRAM EVALUATION. WE USE QUANTITATIVE AND QUALITATIVE DATA TO IDENTIFY THE COMPETITIVE ADVANTAGES AND CHALLENGES OF UNDER-RESOURCED COMMUNITIES AND TO EXAMINE RACIAL ECONOMIC DISPARITIES AND HOW TO CLOSE THEM. WE BELIEVE THAT COMMUNITY AND ECONOMIC DEVELOPMENT SHOULD BE INCLUSIVE AND EQUITABLE IN THE PROCESS AS WELL AS IN OUTCOMES.RESEARCH PROJECTS IN 2023 INCLUDED: - BREAKING THE GLASS BOTTLENECK: THE ECONOMIC POTENTIAL OF BLACK AND HISPANIC REAL ESTATE DEVELOPERS AND THE CONSTRAINTS THEY FACE - THE EVOLUTION AND LANDSCAPE OF UNDER-RESOURCED COMMUNITIES IN U.S. METROPOLITAN AREAS - SEARCHING FOR THE GOLDEN MOUNTAIN: DEMYSTIFYING ASIAN AMERICAN AND NATIVE HAWAIIAN AND PACIFIC ISLANDER POVERTY IN UNDER-RESOURCED COMMUNITIES AND ITS IMPLICATIONS FOR ECONOMIC DEVELOPMENT 8034385 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 136 0 1 71 1 0 0 0 0 0 0 0 0 0 0 0 0 X 22 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA NY X X OKSANA BONDAR ICIC INC 6172381740 PO BOX 191297 ROXBURY MA 02119 STEVE GROSSMAN CHIEF EXECUTIVE OFFICER 40.00 X X 355156 0 14206 MICHAEL PORTER FOUNDER & CHAIRMAN EMERITUS 0.00 X 0 0 0 RONALD HOMER CHAIRMAN 0.50 X X 0 0 0 BARRY WHITE VICE CHAIRMAN & TREASURER 0.50 X X 0 0 0 BRENDA MCKENZIE SECRETARY 0.50 X X 0 0 0 LINDA APPLEGATE BOARD MEMBER 0.30 X 0 0 0 BARBARA BERKE BOARD MEMBER 0.30 X 0 0 0 RENA CLARK BOARD MEMBER 0.30 X 0 0 0 GEORGE GENDRON BOARD MEMBER 0.30 X 0 0 0 DENNIS GREEN BOARD MEMBER 0.30 X 0 0 0 STEPHANIE HICKMAN BOARD MEMBER 0.30 X 0 0 0 JAIR LYNCH BOARD MEMBER 0.30 X 0 0 0 JUDY PAGLIUCA BOARD MEMBER 0.30 X 0 0 0 JENNIFER PINCK BOARD MEMBER 0.30 X 0 0 0 KEVIN PROKOP BOARD MEMBER 0.30 X 0 0 0 KIM SAWYER BOARD MEMBER 0.30 X 0 0 0 SUSAN SCHIRO BOARD MEMBER 0.30 X 0 0 0 DARRYL SETTLES BOARD MEMBER 0.30 X 0 0 0 SONIA SMYTH BOARD MEMBER 0.30 X 0 0 0 WILLIE WOODS BOARD MEMBER 0.30 X 0 0 0 CARON NG BOARD MEMBER 0.30 X 0 0 0 ROSA SANTANA BOARD MEMBER 0.30 X 0 0 0 OKSANA BONDAR CHIEF FINANCIAL OFFICER 40.00 X 195600 0 8699 HOWARD WIAL SR. VP OF RESEARCH 40.00 X 224604 0 15760 SONIA MOIN SENIOR DIRECTOR 40.00 X 174788 0 6992 ELIZABETH PUGH DEVELOPMENT DIRECTOR 40.00 X 134412 0 22123 DIEGO PORTILLO-MAZAL PROGRAM DIRECTOR 40.00 X 147604 0 12680 ELIZABETH BERNAL DIRECTOR OF TALENT & CULTURE 40.00 X 138600 0 17994 ANDRE LEDGISTER COMMUNICATIONS DIRECTOR 40.00 X 153214 0 4089 1523978 0 102543 12 0 1 0 LGND 1445A LAUGHLIN AVE MCLEAN VA 22101 WEBSITE DEVELOPMENT 229000 PACIFIC COMMUNITY VENTURES 1714 FRANKLIN STREET SUITE 100-347 OAKLAND CA 94612 MENTORSHIP/COACHING 135000 FORWARD PLANNING & SOLUTIONS 6513 EVENSONG MEWS COLUMBIA MD 21044 BFG CURRICULUM DEVELOPMENT AND IMPLEMENT 120000 3 8540693 203676 8540693 EARNED INCOME 541690 182182 182182 182182 279652 279652 140728 73238 67490 67490 67490 9070017 182182 0 347142 X 443750 443750 76114 76114 814023 535851 241235 36937 3768592 2863316 491583 413693 82804 64116 8857 9831 391437 321433 49306 20698 340588 252749 54169 33670 359008 348180 7030 3798 7029 4711 2318 37750 30450 4489 2811 985602 878721 14760 92121 880830 875720 5110 333283 301761 20174 11348 96273 77221 12175 6877 277683 264803 4121 8759 4614 2308 1763 543 25740 20863 3145 1732 13647 11063 1669 915 SPONSORSHIPS 404711 404711 PUBLICATION AND SUBSCRI 270723 239781 24764 6178 PROFESSIONAL DEVELOPMEN 26002 14617 10416 969 RELOCATION EXPENSE 20953 20953 6417 2146 4046 225 9667573 8034385 982083 651105 2915593 141557 3205459 4460361 133319 808588 35204 59814 131220 104293 52858 26927 5214379 6051097 34639 29850 70402 42269 11661853 11620463 454547 391421 11000 71503 42969 537050 434390 X 8564879 9137122 2559924 2048951 11124803 11186073 11661853 11620463 -597556 658826 0 X X 0 1 X 1 0 X 6227531 7341845 6460649 11264601 8540693 39835319 6227531 7341845 6460649 11264601 8540693 39835319 20459143 19376176 160677 130113 103140 126628 279652 800210 6913 184 7097 40642626 616210 0.47670 0.46430 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 131220 104293 26927 26927 OPERATING LEASE LIABILITY 42969 42969 X 10925691 658826 1196848 1855674 9070017 0 9070017 10843468 1196848 1196848 9646620 20953 20953 9667573 PART X, LINE 2: ICIC ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. ICIC HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS AT DECEMBER 31, 2023. ICIC'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE JURISDICTIONS. PART XII, LINE 4B - OTHER ADJUSTMENTS: RELOCATION EXPENSE 20,953. 1 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 GRANTS TO RECIPIENTS LOCATED IN CANADA 76114 0 0 0 0 0 0 76114 0 76114 NORTH AMERICA CAPITAL GRANTS 15223 0 NORTH AMERICA CAPITAL GRANTS 15223 0 NORTH AMERICA CAPITAL GRANTS 15223 0 NORTH AMERICA CAPITAL GRANTS 15223 0 NORTH AMERICA CAPITAL GRANTS 15222 0 5 0 0 0 0 0 0 PART I, LINE 2: ICIC CONTACTS BUSINESSES WHICH WERE AWARDED THE GRANT, 6 MONTH AND 18 MONTHS AFTER GRADUATION FROM THE PROGRAM TO TRACK THEIR PROGRESS. THE USE OF FUNDS IS SELF-REPORTED. 1 GRANT FOR GENERAL SUPPORT 9 117750 CAPITAL GRANTS 163 326000 PART I, LINE 2: ICIC CONTACTS INDIVIDUALS WHO WERE AWARDED GRANTS, 6 MONTH AND 18 MONTHS AFTER GRADUATION FROM THE PROGRAM TO TRACK THEIR PROGRESS. THE USE OF FUNDS IS SELF-REPORTED. X X 0 0 0 0 0 0 0 0 0 STEVE GROSSMAN CHIEF EXECUTIVE OFFICER 355156 0 0 0 0 0 14206 0 0 0 369362 0 0 0 HOWARD WIAL SR. VP OF RESEARCH 224604 0 0 0 0 0 8984 0 6776 0 240364 0 0 0 OKSANA BONDAR CHIEF FINANCIAL OFFICER 195600 0 0 0 0 0 7824 0 875 0 204299 0 0 0 SONIA MOIN SENIOR DIRECTOR 174788 0 0 0 0 0 6992 0 0 0 181780 0 0 0 DIEGO PORTILLO-MAZAL PROGRAM DIRECTOR 147604 0 0 0 0 0 5904 0 6776 0 160284 0 0 0 ANDRE LEDGISTER COMMUNICATIONS DIRECTOR 153214 0 0 0 0 0 3031 0 1058 0 157303 0 0 0 ELIZABETH BERNAL DIRECTOR OF TALENT & CULTURE 138600 0 0 0 0 0 5437 0 12557 0 156594 0 0 0 ELIZABETH PUGH DEVELOPMENT DIRECTOR 134412 0 0 0 0 0 5376 0 16747 0 156535 0 0 0 X 1428 203676 FMV 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PROVIDED BY EMAIL TO THE BOARD OF DIRECTORS BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY ALL BOARD MEMBERS AND KEY EMPLOYEES MUST FILL OUT A CONFLICT OF INTEREST QUESTIONNAIRE. THESE QUESTIONNAIRES ARE MAINTAINED BY FISCAL OFFICE. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION ADJUSTMENT IS DETERMINED BY THE BOARD OF DIRECTORS AND IS BASED ON COMPARABILITY DATA, PERFORMANCE, AND FINANCIAL LIMITATIONS OF THE ORGANIZATION. THE ANNUAL COMPENSATION ADJUSTMENTS FOR KEY EMPLOYEES FOLLOW THE SAME PROCEDURES AS COMPENSATION ADJUSTMENTS FOR ALL OTHER EMPLOYEES. IT'S BASED ON ONE'S PERFORMANCE, INTERNAL AND EXTERNAL EQUITY, AND FINANCIAL LIMITATIONS OF THE ORGANIZATION. THIS PROCESS IS DOCUMENTED BY PERFORMANCE EVALUATION PAPERWORK FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE AVAILABLE ON ICIC'S WEBSITE, ON WWW.GUIDESTAR.ORG, AND UPON REQUEST. ICIC'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONTRACTED LABOR: PROGRAM SERVICE EXPENSES 777,716. MANAGEMENT AND GENERAL EXPENSES 10,696. FUNDRAISING EXPENSES 90,000. TOTAL EXPENSES 878,412. OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 101,005. MANAGEMENT AND GENERAL EXPENSES 4,064. FUNDRAISING EXPENSES 2,121. TOTAL EXPENSES 107,190. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.