2025-10-03T11:57:15-05:00 2024-12-31 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2024-01-01 133772904 INITIATIVE FOR A COMPETITIVE INNER CITY INC INIT 6172381740 PO BOX 191297 ROXBURY MA 02119 STEVE GROSSMAN CEO 6172381740 2025-10-02 1 0 CAITLIN LIMOGES CPA P01633588 5083669100 2025-10-01 2024 2025-03-06 01:10:19Z STEVE GROSSMAN PO BOX 191297 ROXBURY MA 02119 10872120 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 63 20 0 0 8540693 8914120 182182 89000 347142 854833 0 0 9070017 9857953 519864 279320 0 0 5397444 5297678 0 0 527629 3750265 2314646 9667573 7891644 -597556 1966309 11620463 13730460 434390 439834 11186073 13290626 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 5619902 279320 THE PROGRAM CONSISTS OF EIGHT INITIATIVES: INNER CITY CAPITAL CONNECTIONS, 10,000 SMALL BUSINESSES, BLACK IN BUSINESS, CULTIVATE SMALL BUSINESS, INNER CITY 100, BUILDING FOR GROWTH, AI INITIATIVE AND MANUFACTURING ACCELERATOR PROGRAM. PROGRAM I, INITIATIVE 1. INNER CITY CAPITAL CONNECTIONSINNER CITY CAPITAL CONNECTIONS (ICCC) IS A TUITION-FREE EXECUTIVE LEADERSHIP TRAINING PROGRAM DESIGNED TO HELP ESTABLISHED 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.SINCE 2005, THE PROGRAM HAS SERVED MORE THAN 7,300 BUSINESSES. THOSE BUSINESSES HAVE AVERAGED 174% REVENUE GROWTH, CREATED 29,000 NEW JOBS, AND RAISED OVER $2.6 BILLION IN CAPITAL SINCE PARTICIPATING IN ICCC.PROGRAM I, INITIATIVE 2. 10,000 SMALL BUSINESSESICIC PARTNERS WITH GOLDMAN SACHS TO RECRUIT AND SELECT HIGH-POTENTIAL ENTREPRENEURS FOR 10,000 SMALL BUSINESSES. THIS INITIATIVE HELPS SMALL BUSINESS OWNERS CREATE JOBS AND ECONOMIC OPPORTUNITIES BY PROVIDING THEM WITH GREATER ACCESS TO BUSINESS EDUCATION, FINANCIAL CAPITAL AND BUSINESS SUPPORT SERVICES. TO DATE, THE PROGRAM HAS SERVED OVER 17,000 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 BUSINESSSINCE 2009, ICIC HAS SERVED AS THE NATIONAL OUTREACH AND RECRUITMENT PARTNER FOR GOLDMAN SACHS' WIDELY IMPACTFUL 10,000 SMALL BUSINESSES INITIATIVE. THE PARTNERSHIP EXPANDED ITS REACH TO BETTER SERVE SOLE PROPRIETORS WITH THE CREATION OF THE ONE MILLION BLACK WOMEN: BLACK IN BUSINESS PROGRAM. BLACK IN BUSINESS IS A FREE BUSINESS EDUCATION PROGRAM DEDICATED TO EQUIPPING SOLE PROPRIETORS WITH THE TOOLS NECESSARY TO TURN THEIR BUSINESS POTENTIAL INTO BUSINESS GROWTH. THE PROGRAM HELPS SOLE PROPRIETORS LEARN HOW TO PRICE THEIR PRODUCT OR SERVICE, HIRE THEIR FIRST EMPLOYEE, UNDERSTAND THEIR FINANCES, AND SO MUCH MORE. THE CURRICULUM WAS DESIGNED IN PARTNERSHIP WITH THE NYU STERN SCHOOL OF BUSINESS AND IS DELIVERED THROUGH BOTH IN-PERSON SESSIONS AT GOLDMAN SACHS IN NYC AND VIRTUAL SESSIONS OVER 10 WEEKS, BOTH AT NO COST TO PARTICIPANTS ACROSS THE COUNTRY. THE PROGRAM HAS GRADUATED OVER 1,000 PARTICIPANTS ACROSS 7 COHORTS SINCE ITS LAUNCH IN MAY 2022.PROGRAM I, INITIATIVE 4. CULTIVATE SMALL BUSINESSSANTANDER'S AWARD-WINNING CULTIVATE SMALL BUSINESS HELPS EARLY-STAGE ENTREPRENEURS BUILD AND SUSTAIN BUSINESSES IN THE FOOD INDUSTRY, WITH A FOCUS ON HISTORICALLY UNDERSERVED FOUNDERS IN LOW-TO-MODERATE INCOME COMMUNITIES. CULTIVATE IS A FREE 12-WEEK MBA-STYLE PROGRAM THAT PROVIDES A CUSTOMIZED CURRICULUM THROUGH LIVE VIRTUAL CLASSES. SUCCESSFUL GRADUATES WILL LEAVE THE PROGRAM WITH A FULLY FORMULATED BUSINESS PLAN AND PITCH, A STRONG GRASP ON THEIR TARGET MARKET, FINANCIALS AND GROWTH GOALS, AND UP TO $20,000 IN CAPITAL GRANTS.PROGRAM I, INITIATIVE 5. INNER CITY 100THE INNER CITY 100 (IC100) IS AN ANNUAL AWARD THAT RECOGNIZES THE 100 FASTEST-GROWING COMPANIES IN UNDER-RESOURCED COMMUNITIES ACROSS THE NATION. THE AWARD BENEFITS INCLUDE NATIONAL AND LOCAL MEDIA COVERAGE, EXCLUSIVE NETWORKING OPPORTUNITIES, AND THE OPPORTUNITY TO BE MATCHED WITH AN EXPERT BUSINESS MENTOR. THE 2024 IC100 WINNERS REPRESENTED 22 INDUSTRIES AND 56 CITIES AND EXPERIENCED AN AVERAGE 4-YEAR REVENUE GROWTH OF 347%.PROGRAM I, INITIATIVE 6, BUILDING FOR GROWTHBUILDING FOR GROWTH (BFG) IS A NATIONAL, ONLINE, TUITION-FREE EXECUTIVE EDUCATION PROGRAM THAT HELPS CONSTRUCTION CONTRACTORS, PRIMARILY BIPOC-OWNED, AND/OR WOMAN-OWNED, AND/OR VETERAN-OWNED, AND/OR LOCATED IN UNDER-RESOURCED COMMUNITIES, BUILD CAPACITY AND DEVELOP SUSTAINABLE GROWTH STRATEGIES. THE BFG PROGRAM LAUNCHED ITS INAUGURAL COHORT IN 2022, AND SINCE THEN HAS SERVED 219 CONSTRUCTION FIRMS FROM 33 STATES. BFG COMBINES 18 WEEKLY 2-HOUR VIRTUAL CLASSES, DEDICATED TECHNICAL ASSISTANCE, AND LONG-TERM MENTORSHIP.PROGRAM I, INITIATIVE 7, ARTIFICIAL INTELLIGENCE ICIC AND INTUIT RECENTLY ANNOUNCED THE INTUIT MORE WITH AI TOUR. LAUNCHING IN 2025, THE TOUR INCLUDES SIX HALF-DAY EVENTS HELD ACROSS THE U.S. THAT WILL PROVIDE SMALL AND MID-MARKET BUSINESSES WITH ACTIONABLE INSIGHTS AND HANDS-ON EXPERIENCE ON A RANGE OF SMALL BUSINESS AI TOOLS FROM INTUIT AND OTHER COMPANIES. THE CURRICULUM IS INFORMED BY ICIC'S EXTENSIVE RESEARCH, AND INCLUDES PRACTICAL APPLICATIONS, BENEFITS, AND RESPONSIBLE IMPLEMENTATION STRATEGIES, ALL AT NO COST TO ATTENDEES.PROGRAM I, INITIATIVE 8, MANUFACTURING ACCELERATOR PROGRAM THE MANUFACTURING ACCELERATOR PROGRAM: HIGH GROWTH STRATEGIES FOR MANUFACTURERS (MAP) IS A NEW, TUITION-FREE EXECUTIVE EDUCATION INITIATIVE DESIGNED TO HELP SMALL MANUFACTURING BUSINESSES ACHIEVE SUSTAINABLE GROWTH. MAP'S INAUGURAL COHORT WILL BEGIN IN THE LATE SPRING OF 2025, AND WE'RE LOOKING FOR INDEPENDENT, FOR-PROFIT, GROWTH-ORIENTED MANUFACTURERS WITH AT LEAST 20 EMPLOYEES TO JOIN THIS TRANSFORMATIVE PROGRAM. OUR INNOVATIVE 12-WEEK CURRICULUM HAS BEEN TAILORED TO THE UNIQUE NEEDS OF MANUFACTURERS, LEVERAGING ICIC'S RESEARCH AND EXPERIENCE IN FOSTERING SMALL BUSINESS GROWTH. WITH A FOCUS ON GROWTH, ACCESS TO CAPITAL, AND SUSTAINABILITY, MAP WILL SET YOU ON A PATH TOWARD GREATER SUCCESS. 686086 89000 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. WE BELIEVE THAT COMMUNITY AND ECONOMIC DEVELOPMENT SHOULD BE INCLUSIVE AND EQUITABLE IN THE PROCESS AS WELL AS IN OUTCOMES. 6305988 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 1 103 0 1 63 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 359500 0 13800 MICHAEL PORTER FOUNDER & CHAIRMAN EMERITUS 0.50 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 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 BO MENKITI BOARD MEMBER 0.30 X 0 0 0 LYNDA APPLEGATE BOARD MEMBER (UNTIL 12/24) 0.30 X 0 0 0 OKSANA BONDAR CHIEF FINANCIAL OFFICER 40.00 X 197093 0 9080 HOWARD WIAL SR. VP OF RESEARCH 40.00 X 221451 0 17169 ELIZABETH PUGH DEVELOPMENT DIRECTOR 40.00 X 167414 0 31130 ELIZABETH BERNAL DIRECTOR OF TALENT & CULTURE 40.00 X 136385 0 21260 DIEGO PORTILLO-MAZAL PROGRAM DIRECTOR 40.00 X 145956 0 14177 SONIA MOIN SENIOR DIRECTOR (UNTIL 11/1/24) 40.00 X 156714 0 4020 NADIA LARASATI PROGRAM DIRECTOR 40.00 X 123137 0 21346 1507650 0 131982 9 0 1 0 STRATEGIC MARKETING CONSULTING 31 GREAT LAKE DRIVE SUDBURY MA 01776 INTERIM DIRECTOR OF MARKETING & COMMUNIC 138600 PACIFIC COMMUNITY VENTURES 1714 FRANKLIN STREET SUITE 100-347 OAKLAND CA 94612 MENTORSHIP/COACHING 138500 FORWARD PLANNING & SOLUTIONS 6513 EVENSONG MEWS COLUMBIA MD 21044 BFG CURRICULUM DEVELOPMENT AND IMPLEMENT 120000 3 250000 8664120 152728 8914120 EARNED INCOME 541690 89000 89000 89000 388906 388906 1480094 1014167 465927 465927 465927 9857953 89000 0 854833 204000 204000 75320 75320 825200 298543 340007 186650 3557009 2862777 451447 242785 95346 80376 9705 5265 501804 401385 83473 16946 318319 230729 56884 30706 90614 79035 8308 3271 41600 33767 5620 2213 693210 660180 30989 2041 421909 421909 253669 226269 20888 6512 25061 19866 3869 1326 234213 219214 1480 13519 8779 5650 2362 767 18195 14691 2514 990 17829 14313 2551 965 SPONSORSHIPS 274143 274143 PUBLICATION AND SUBSCRI 177936 140507 26815 10614 PROFESSIONAL DEVELOPMEN 44866 34789 8969 1108 MISCELLANEOUS 12622 8525 2146 1951 7891644 6305988 1058027 527629 141557 631403 4460361 5081746 808588 1007851 59814 59454 115498 106766 26927 8732 6051097 6898557 29850 17744 42269 24973 11620463 13730460 391421 339661 74000 42969 26173 434390 439834 X 9137122 10139961 2048951 3150665 11186073 13290626 11620463 13730460 1966309 138244 0 X X 0 1 X 1 0 X 7341845 6460649 11264601 8540693 8914120 42521908 7341845 6460649 11264601 8540693 8914120 42521908 20803342 21718566 130113 103140 126628 279652 388906 1028439 184 184 43550531 705210 0.49870 0.47670 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 115498 106766 8732 8732 OPERATING LEASE LIABILITY 26173 26173 X 10104393 138244 108196 246440 9857953 0 9857953 7999840 108196 108196 7891644 0 7891644 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, 2024. ICIC'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE JURISDICTIONS. 1 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 GRANTS TO RECIPIENTS LOCATED IN CANADA 75320 0 0 0 0 0 0 75320 0 75320 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES CAPITAL GRANTS 15064 0 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES CAPITAL GRANTS 15064 0 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES CAPITAL GRANTS 15064 0 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES CAPITAL GRANTS 15064 0 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES CAPITAL GRANTS 15064 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 102 204000 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 1 0 STEVE GROSSMAN CHIEF EXECUTIVE OFFICER 359500 0 0 0 0 0 13800 0 0 0 373300 0 0 0 HOWARD WIAL SR. VP OF RESEARCH 221451 0 0 0 0 0 8960 0 8209 0 238620 0 0 0 OKSANA BONDAR CHIEF FINANCIAL OFFICER 192093 0 5000 0 0 0 8000 0 1080 0 206173 0 0 0 ELIZABETH PUGH DEVELOPMENT DIRECTOR 152414 0 15000 0 0 0 7120 0 24010 0 198544 0 0 0 SONIA MOIN SENIOR DIRECTOR (UNTIL 11/1/24) 156714 0 0 0 0 0 4020 0 0 0 160734 0 0 0 DIEGO PORTILLO-MAZAL PROGRAM DIRECTOR 145956 0 0 0 0 0 5968 0 8209 0 160133 0 0 0 ELIZABETH BERNAL DIRECTOR OF TALENT & CULTURE 131385 0 5000 0 0 0 5804 0 15456 0 157645 0 0 0 PART I, LINE 7 BONUSES PAID TO EMPLOYEES ARE DISCRETIONARY. X 863 152728 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 XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.