Nonprofit · EIN 35-2028160
BUSINESS OWNERSHIP INITIATIVE OF INDIANA INC
Also known as BUSINESS OWNERSHIP INITIATIVE OF IN
Tax-exempt · INDIANAPOLIS, IN 46204
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $973,610 | $1,657,739 | -$684,129 | $6,501,469 | $4,357,679 | $2,143,790 |
| December 31, 2023 | 990 | $1,712,079 | $1,781,747 | -$69,668 | $7,563,755 | $4,736,850 | $2,826,905 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $671,289
- of which government grants
- $635,343
- Program service revenue
- $165,010
- Investment income
- $112,738
- Other revenue
- $24,573
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $139,613
- Other salaries and wages
- $764,303
- Salaries, compensation and benefits (total)
- $1,020,368
- Professional fundraising fees
- $0
- Legal fees
- $2,685
- Occupancy
- $91,309
- Travel
- $7,086
- Depreciation
- $15,165
- Program services (functional)
- $1,331,597
- Management and general (functional)
- $326,142
Balance sheet and other
- Total assets, start of year
- $7,563,755
- Total assets, end of year
- $6,501,469
- Total liabilities, end of year
- $4,357,679
- Net assets, end of year
- $2,143,790
- Publicly traded securities
- $578
- Net assets without donor restrictions
- $1,941,423
- Net assets with donor restrictions
- $202,367
- Gross receipts
- $973,610
- Employees
- 67
- Volunteers
- 30
- Year formed
- 1997
- State of legal domicile
- IN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| David herron | EXECUTIVE DIRECTOR Officer | 40 | $128,937 | $0 | $19,598 |
| E ZENAI SAVAGE | BOARD MEMBER (As of July 2024) Trustee or director | 1 | $0 | $85,844 | $4,644 |
| ANDREA MCGORDON | VICE CHAIR Trustee or director, Officer | 2 | $0 | $0 | $0 |
| DREW LINN | BOARD CHAIR Trustee or director, Officer | 2 | $0 | $0 | $0 |
| PATTY PROSSER | SECRETARY Trustee or director, Officer | 2 | $0 | $0 | $0 |
| ALTAF HUSSAIN | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| BILL BOWER | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| ERICA WILLIAMS | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| MATHEW FOLEY | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| NASHELLE FRAZIER | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| Phil powell | Board Member Trustee or director | 1 | $0 | $0 | $0 |
| Ryan O'connor | Board Member Trustee or director | 1 | $0 | $0 | $0 |
| SCOTT RANSBURG | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
| STACIE PORTER BILGER | BOARD MEMBER Trustee or director | 2 | $0 | $0 | $0 |
| WAYNE PATRICK | BOARD MEMBER Trustee or director | 1 | $0 | $0 | $0 |
990 for the year ended December 31, 2023: 14 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| David herron | EXECUTIVE DIRECTOR Officer | 40 | $21,791 | $839 |
| ANDREA MCGORDON | VICE CHAIR Trustee or director, Officer | 2 | $0 | $0 |
| DREW LINN | BOARD CHAIR Trustee or director, Officer | 2 | $0 | $0 |
| PATTY PROSSER | SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
| ALTAF HUSSAIN | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| BILL BOWER | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| ERICA WILLIAMS | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| MATHEW FOLEY | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| NASHELLE FRAZIER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| Phil powell | Board Member Trustee or director | 1 | $0 | $0 |
| Ryan O'connor | Board Member Trustee or director | 1 | $0 | $0 |
| SCOTT RANSBURG | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| STACIE PORTER BILGER | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| ZENAI SAVAGE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 111 MONUMENT CIR STE 1950, INDIANAPOLIS, IN 46204-5142
- Principal officer (990 for 2024)
- DAVID HERRON, 111 Monument Circle 1950, Indianapolis, IN 46204
- Signed the 990
- RICHARD PROCTOR, EXECUTIVE DIRECTOR
- Phone
- (317) 464-2258
- Website
- WWW.BUSINESSOWNERSHIP.ORG
- Return prepared by
- CROWE LLP
Mission
BUSINESS OWNERSHIP INITIATIVE OF INDIANA'S MISSION IS TO PROVIDE SERVICES AND SUPPORT TO EMERGING AND EXISTING BUSINESS OWNERS IN THE NINE-COUNTY, INDIANAPOLIS METROPOLITAN AREA. THE SERVICES INCLUDE MICRO LENDING, BUSINESS-TRAINING CLASSES AND WORKSHOPS, ONE-TO-ONE BUSINESS COUNSELING, LIFE COACHING, MENTORING AND ASSISTANCE WITH LOCATING AND OBTAINING FINANCIAL RESOURCES.
Program accomplishments
- The Business Ownership Initiative (BOI), located in Indianapolis, helps Central Indiana residents start & grow businesses by providing business resources, business coaching and access to financing. Whether you are a first time entrepreneur, developing a plan for a startup business or a small business veteran looking for a small business loan, BOI can help. BOI's services include the following: Entrepreneurial Services for Women: The Central Indiana Women's Business Center (CIWBC) is a cooperative program that partners with the U.S. Small Business Administration (SBA) to promote the creation and growth of businesses by women entrepreneurs, proving education business resources, and access to capital. Business Coaching and Training: BOI provides one-on-one, personalized business coaching free of charge. BOI also offers business training workshops and online business courses to educate entrepreneur and small business owners on a variety of business related topics from marketing to cash flow analysis. Our business coaches are qualified individuals who help our clients move forward and create success. This free service is provided by staff, contractors, and volunteers. Business coaching is also available in Spanish and is provided due to the generous support of The Clowes Fund, Inc. Small Business Lending: BOI offers micro loans from $1,000-$100,000+ for available start-ups or existing businesses.Expenses $1,331,597 · revenue $189,583
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 35-2028160
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1998
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S20)
- Assets (IRS master file)
- $6,501,469
- Income (IRS master file)
- $973,610
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $973,610 | $1,657,739 | $6,501,469 | XML |
| 990 | December 2023 | $1,712,079 | $1,781,747 | $7,563,755 | XML |
| 990 | December 2022 | $848,057 | $1,230,756 | $8,162,575 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 35-2028160).
Questions about BUSINESS OWNERSHIP INITIATIVE OF INDIANA INC
- What is the EIN of BUSINESS OWNERSHIP INITIATIVE OF INDIANA INC?
- The employer identification number (EIN) of BUSINESS OWNERSHIP INITIATIVE OF INDIANA INC is 35-2028160.
- Is BUSINESS OWNERSHIP INITIATIVE OF INDIANA INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1998.
- Are donations to BUSINESS OWNERSHIP INITIATIVE OF INDIANA INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does BUSINESS OWNERSHIP INITIATIVE OF INDIANA INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of BUSINESS OWNERSHIP INITIATIVE OF INDIANA INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did BUSINESS OWNERSHIP INITIATIVE OF INDIANA INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of BUSINESS OWNERSHIP INITIATIVE OF INDIANA INC?
- The 990 for the year ended December 31, 2024 names DAVID HERRON.
- Who are the officers and directors of BUSINESS OWNERSHIP INITIATIVE OF INDIANA INC?
- The 990 for the year ended December 31, 2024 lists 15 people; 1 received compensation from the organization, the highest $128,937 (David herron, EXECUTIVE DIRECTOR).
- How much revenue does BUSINESS OWNERSHIP INITIATIVE OF INDIANA INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $973,610, expenses of $1,657,739 and total assets of $6,501,469 at year end.
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