2026-08-10T09:22:35-05:00 2025-12-31 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2025-01-01 133772904 INITIATIVE FOR A COMPETITIVE INNER CITY INC INIT 6172381740 PO BOX 191297 ROXBURY MA 02119 STEVE GROSSMAN CEO 6172381740 2026-08-05 1 CAITLIN LIMOGES CPA P01633588 5083669100 2026-08-05 2025 2025-03-06 01:10:19Z STEVE GROSSMAN PO BOX 191297 ROXBURY MA 02119 11230067 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. 17 16 64 16 0 0 8914120 9047161 89000 142500 854833 546024 0 0 9857953 9735685 279320 785095 0 0 5297678 5544429 0 0 708624 2314646 3305166 7891644 9634690 1966309 100995 13730460 14242666 439834 521647 13290626 13721019 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 7104540 785095 URBAN BUSINESS INITIATIVES:THE PROGRAM CONSISTS OF EIGHT INITIATIVES: GOLDMAN SACHS 10,000 SMALL BUSINESSES, GOLDMAN SACHS BLACK IN BUSINESS, INNER CITY CAPITAL CONNECTIONS, CULTIVATE SMALL BUSINESS, INNER CITY 100 AWARD, BUILDING FOR GROWTH, AI INITIATIVE AND MANUFACTURING ACCELERATOR PROGRAM. PROGRAM I, INITIATIVE 1. GOLDMAN SACHS 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 84% COLLABORATE WITH OTHER ALUMNI.PROGRAM I, INITIATIVE 2. GOLDMAN SACHS BLACK IN BUSINESSSINCE 2009, ICIC HAS SERVED AS THE NATIONAL OUTREACH AND RECRUITMENT PARTNER FOR THE GOLDMAN SACHS 10,000 SMALL BUSINESSES INITIATIVE. THE PARTNERSHIP EXPANDED ITS REACH TO BETTER SERVE SOLE PROPRIETORS WITH THE CREATION OF THE GOLDMAN SACHS ONE MILLION BLACK WOMEN: BLACK IN BUSINESS PROGRAM.GOLDMAN SACHS 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 12 WEEKS, BOTH AT NO COST TO PARTICIPANTS ACROSS THE COUNTRY. THE PROGRAM HAS GRADUATED OVER 1,600 PARTICIPANTS ACROSS 8 COHORTS SINCE ITS LAUNCH IN MAY 2022.PROGRAM I, INITIATIVE 3. 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 RESILIENCE 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 7,700 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 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 AND ACCESS TO CAPITAL 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 2025 IC100 WINNERS REPRESENTED 19 INDUSTRIES AND 55 CITIES AND EXPERIENCED AN AVERAGE 4-YEAR REVENUE GROWTH OF 439%.PROGRAM I, INITIATIVE 6, BUILDING FOR GROWTHBUILDING FOR GROWTH (BFG) IS A NATIONAL NO-COST EXECUTIVE EDUCATION PROGRAM THAT HELPS CONSTRUCTION CONTRACTORS BUILD CAPACITY AND DEVELOP SUSTAINABLE GROWTH STRATEGIES. THE BFG PROGRAM LAUNCHED ITS INAUGURAL COHORT IN 2022, AND SINCE THEN HAS SERVED 342 CONSTRUCTION FIRMS ACROSS 35 STATES. BFG COMBINES 18 WEEKLY CLASSES, DEDICATED TECHNICAL ASSISTANCE, AND LONG-TERM MENTORSHIP. IN 2025, WE EXPANDED TO 2 HYBRID COHORTS, IN BOSTON AND IN NEW JERSEY, IN ADDITION TO OUR TRADITIONAL VIRTUAL NATIONAL COHORT.PROGRAM I, INITIATIVE 7, ARTIFICIAL INTELLIGENCE INITIATIVEICIC AND INTUIT LAUNCHED THE INTUIT MORE WITH AI TOUR IN 2025, WHICH INCLUDED SIX HALF-DAY EVENTS HELD ACROSS THE U.S. THAT PROVIDED 350+ SMALL AND MID-MARKET BUSINESSES WITH ACTIONABLE INSIGHTS AND HANDS-ON EXPERIENCE ON A RANGE OF SMALL BUSINESS AI TOOLS. THE CURRICULUM WAS INFORMED BY ICIC'S EXTENSIVE RESEARCH, AND INCLUDED PRACTICAL APPLICATIONS, BENEFITS, AND RESPONSIBLE IMPLEMENTATION STRATEGIES, ALL AT NO COST TO ATTENDEES. IN ADDITION, WE ARE INCORPORATING A 90-MINUTE VERSION OF THE TOUR CURRICULUM INTO OUR EXISTING PROGRAMS.PROGRAM I, INITIATIVE 8, MANUFACTURING ACCELERATOR PROGRAM THE MANUFACTURING ACCELERATOR PROGRAM (MAP) IS A NO-COST EXECUTIVE EDUCATION INITIATIVE DESIGNED TO HELP SMALL MANUFACTURING BUSINESSES ACHIEVE SUSTAINABLE GROWTH. MAP'S INAUGURAL COHORT LAUNCHED IN 2025 WITH 60 BUSINESSES ACROSS 19 STATES. DEVELOPED AND TAUGHT BY INDUSTRY EXPERTS AND PRACTITIONERS, MAP IS A PROGRAM BUILT BY MANUFACTURERS, FOR MANUFACTURERS. IT EQUIPS PARTICIPANTS WITH THE TOOLS THEY NEED THROUGH 12 WEEKLY CLASSES TO COMPETE, INNOVATE, AND SCALE EFFECTIVELY THROUGH EXPERT-LED CLASSES AND PEER-TO-PEER NETWORKING. 701821 142500 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. 7806361 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 1 125 0 1 64 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 16 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 419650 0 14000 JAIR LYNCH 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 RONALD HOMER BOARD MEMBER (FORMER CHAIRMAN) 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 STEPHANIE HICKMAN 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 BO MENKITI BOARD MEMBER 0.30 X 0 0 0 CHRIS CONTI BOARD MEMBER (AS OF 2025) 0.30 X 0 0 0 ROSA SANTANA BOARD MEMBER (UNTIL 2025) 0.30 X 0 0 0 JUDY PAGLIUCA BOARD MEMBER (UNTIL 2025) 0.30 X 0 0 0 JENNIFER PINCK BOARD MEMBER (UNTIL 2025) 0.30 X 0 0 0 GEORGE GENDRON BOARD MEMBER (UNTIL 2025) 0.30 X 0 0 0 DENNIS GREEN BOARD MEMBER (UNTIL 2025) 0.30 X 0 0 0 OKSANA BONDAR CHIEF FINANCIAL OFFICER 40.00 X 223141 0 9743 HOWARD WIAL SR. VP OF RESEARCH 40.00 X 243497 0 17363 ELIZABETH PUGH DEVELOPMENT DIRECTOR 40.00 X 181051 0 31709 NICAELA CHINNASWAMY SR PROGRAM DIRECTOR 40.00 X 156899 0 13012 DIEGO PORTILLO MAZAL PROGRAM DIRECTOR 40.00 X 161115 0 14984 NADIA LARASATI PROGRAM DIRECTOR 40.00 X 145528 0 14435 ELIZABETH BERNAL TALENT & CULTURE DIRECTOR 40.00 X 137018 0 23960 1667899 0 139206 13 0 1 0 FORWARD PLANNING & SOLUTIONS 6513 EVENSONG MEWS COLUMBIA MD 21044 CURRICULUM DEVELOPMENT & DELIVERY 276231 STRATEGIC MARKETING CONSULTING 31 GREAT LAKE DR SUDBURY MA 01776 MARKETING & COMMUNICATIONS CONSULTING 171075 DAVID J ROACHE 84 STATE ST 1 MARBLEHEAD MA 01945 SMALL BUSINESSES COACH 148543 DOBBIN O BOOKMAN 182 WALNUT ST NEWTONVILLE MA 02460 CURRICULUM DEVELOPMENT & DELIVERY 126001 ONE VISUAL MIND 26 DUDLEY ST ARLINGTON MA 02476 GRAPHIC DESIGN & PRODUCTION 122282 7 749600 8297561 299240 9047161 EARNED INCOME 541690 142500 142500 142500 472670 472670 1567736 1494382 73354 73354 73354 9735685 142500 0 546024 X 712500 712500 72595 72595 873185 313841 357404 201940 3769865 2878720 531804 359341 100098 79887 11444 8767 458483 369988 50756 37739 342798 236710 65051 41037 110174 98343 6769 5062 44865 35846 5814 3205 1065218 1040995 21745 2478 899550 898471 1079 351055 314621 23555 12879 21750 17937 1796 2017 336947 317483 2116 17348 24164 22018 1359 787 8732 6976 1016 740 19742 15774 2558 1410 SPONSORSHIPS 187717 187172 366 179 PUBLICATION AND SUBSCRI 158591 121920 27835 8836 PROFESSIONAL DEVELOPMEN 62265 52787 7056 2422 MISCELLANEOUS 14396 11777 1261 1358 9634690 7806361 1119705 708624 631403 414873 5081746 5822699 1007851 124073 59454 76358 115498 115498 8732 0 6898557 7785600 17744 11792 24973 7271 13730460 14242666 339661 429876 74000 84000 26173 7771 439834 521647 X 10139961 12133798 3150665 1587221 13290626 13721019 13730460 14242666 X 100995 590254 -260856 X X 0 1 X 1 0 X 6460649 11264601 8540693 8914120 9047161 44227224 6460649 11264601 8540693 8914120 9047161 44227224 20264722 23962502 103140 126628 279652 388906 472670 1370996 45598220 746766 0.52550 0.49870 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 115498 115498 0 0 OPERATING LEASE LIABILITY 7771 7771 X 10127072 590254 61989 652243 9474829 260856 260856 9735685 9696679 61989 61989 9634690 0 9634690 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, 2025. ICIC'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE JURISDICTIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: WRITE-OFF PLEDGE RECEIVABLES 260,856. 1 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 GRANTS TO RECIPIENTS LOCATED IN CANADA 72595 0 0 0 0 0 0 72595 0 72595 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES CAPITAL GRANTS 14519 0 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES CAPITAL GRANTS 14519 0 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES CAPITAL GRANTS 14519 0 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES CAPITAL GRANTS 14519 0 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES CAPITAL GRANTS 14519 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 162 712500 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 389650 0 30000 0 0 0 14000 0 0 0 433650 0 0 0 HOWARD WIAL SR. VP OF RESEARCH 231847 0 11650 0 0 0 8959 0 8404 0 260860 0 0 0 OKSANA BONDAR CHIEF FINANCIAL OFFICER 202841 0 20300 0 0 0 8649 0 1094 0 232884 0 0 0 ELIZABETH PUGH DEVELOPMENT DIRECTOR 162411 0 18640 0 0 0 7656 0 24053 0 212760 0 0 0 DIEGO PORTILLO MAZAL PROGRAM DIRECTOR 153280 0 7835 0 0 0 6580 0 8404 0 176099 0 0 0 NICAELA CHINNASWAMY SR PROGRAM DIRECTOR 135899 0 21000 0 0 0 6435 0 6577 0 169911 0 0 0 ELIZABETH BERNAL TALENT & CULTURE DIRECTOR 124418 0 12600 0 0 0 5759 0 18201 0 160978 0 0 0 NADIA LARASATI PROGRAM DIRECTOR 128903 0 16625 0 0 0 5964 0 8471 0 159963 0 0 0 PART I, LINE 7 BONUSES PAID TO EMPLOYEES ARE DISCRETIONARY. X 1870 299240 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 1,040,995. MANAGEMENT AND GENERAL EXPENSES 21,745. FUNDRAISING EXPENSES 2,478. TOTAL EXPENSES 1,065,218. FORM 990, PART XI, LINE 9: WRITE-OFF PLEDGE RECEIVABLES -260,856. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.