2023-10-30T16:05:17-05:00 2022-12-31 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2022-01-01 133772904 INITIATIVE FOR A COMPETITIVE INNER CITY INC INIT 6172381740 PO BOX 191297 ROXBURY MA 02119 STEVE GROSSMAN CEO 6172381740 2023-10-25 1 STEVE GROSSMAN XXX-XX-XXXX 0 THOMAS F MULDOON CPA P01561688 5083669100 2023-10-25 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z STEVE GROSSMAN PO BOX 191297 ROXBURY MA 02119 11643733 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. 20 19 70 19 0 0 6460649 11264601 95484 237600 144491 126628 0 0 6700624 11628829 0 1281931 0 0 4226640 5117984 0 0 650652 2110232 3589047 6336872 9988962 363752 1639867 11137097 11661853 532736 537050 10604361 11124803 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 7534231 1281931 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 17 YEARS, THE PROGRAM HAS SERVED MORE THAN 5,800 BUSINESSES, THAT HAVE AVERAGED 141% REVENUE GROWTH, CREATED 26,000 JOBS, AND RAISED OVER $2.4 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 13,600 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 450 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.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 2022 IC100 WINNERS REPRESENTED 25 INDUSTRIES AND 57 CITIES AND EXPERIENCED AN AVERAGE 4-YEAR REVENUE GROWTH OF OVER 400%.PROGRAM I, INITIATIVE 6, BUILDING FOR GROWTHLAUNCHED IN MAY 2022, BUILDING FOR GROWTH (BFG) IS A TUITION-FREE, NATIONAL EXECUTIVE EDUCATION PROGRAM THAT HELPS BIPOC- AND WOMAN-OWNED CONSTRUCTION COMPANIES BUILD CAPACITY THROUGH CONSTRUCTION INDUSTRY-SPECIFIC TRAINING, TECHNICAL ASSISTANCE, AND MENTORSHIP. THE PROGRAM SUPPORTS BUSINESSES IN INCREASING THEIR BONDING CAPACITY, ACCESSING CAPITAL, AND SECURING LARGER-SCALE CONTRACTS. BFG'S INAUGURAL COHORT SERVED 54 BUSINESSES IN 19 STATES, 91% OF WHICH WERE BIPOC-OWNED AND 53% OF WHICH WERE WOMAN-OWNED. IN 2023, THE BFG PROGRAM HAS EXPANDED TO OFFER TWO COHORTS.PROGRAM I, INITIATIVE 7, SUCCESSION READYSUCCESSION READY IS A FREE SERIES OF FIVE THREE-HOUR EDUCATIONAL WORKSHOPS TO HELP SMALL BUSINESS OWNERS DEVELOP AND NAVIGATE A SUCCESSFUL SUCCESSION PLAN FOR THEIR BUSINESSES. THIS NEW PROGRAM WAS LAUNCHED IN AUGUST OF 2022 IN COLLABORATION WITH THE COMMUNITY COLLEGE OF RHODE ISLAND, NEW MAJORITY CAPITAL FOUNDATION, BABSON COLLEGE, AND RHODE ISLAND COMMERCE, AND HOSTED AN INAUGURAL CLASS OF 19 BUSINESSES. 842253 237600 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 2022 INCLUDED: - HOW THE CORONAVIRUS RECESSION AND RECOVERY HAVE AFFECTED BUSINESSES AND JOBS IN THE 100 LARGEST METROPOLITAN AREAS - TECHNICAL KNOCKOUT: CLOSING THE GAP IN REGIONAL SMALL BUSINESS TECHNICAL ASSISTANCE SYSTEMS - BRIDGING THE CAPITAL ACCESS GAP: AN OVERVIEW OF THE SMALL BUSINESS FINANCING INDUSTRY 8376484 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 0 0 0 0 0 0 0 0 0 1 144 0 1 70 1 0 0 0 0 0 0 0 0 0 0 0 0 X 20 19 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 330656 0 17782 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 CARL STERN BOARD MEMBER 0.30 X 0 0 0 WILLIE WOODS BOARD MEMBER 0.30 X 0 0 0 OKSANA BONDAR CHIEF FINANCIAL OFFICER 40.00 X 191600 0 8978 HOWARD WIAL SR. VP OF RESEARCH 40.00 X 226430 0 15230 SONIA MOIN SENIOR DIRECTOR 40.00 X 176438 0 9544 ELIZABETH PUGH DEVELOPMENT DIRECTOR 40.00 X 175710 0 19181 DIEGO PORTILLO-MAZAL PROGRAM DIRECTOR 40.00 X 149780 0 7535 MICHAEL SHORE PROGRAM DIRECTOR 32.00 X 123309 0 17483 ANNA MARIE CRUZ PROGRAM DEPUTY DIRECTOR 40.00 X 121184 0 14094 1495107 0 109827 12 0 1 0 PACIFIC COMMUNITY VENTURES 1714 FRANKLIN STREET SUITE 100-317 OAKLAND CA 94612 MENTORSHIP/COACHING 180000 MODE STUDIOS 1817 NE RAVENNA BLVD SEATTLE WA 98105 VIRTUAL CONFERENCE 107486 JOHN LEONARD EMPLOYMENT SERVICES 75 FEDERAL STREET SUITE 1120 BOSTON MA 02110 TEMP STAFF FOR PROGRAMS 103752 3 11264601 11264601 EARNED INCOME 541690 237600 237600 237600 126628 126628 14904 14904 0 11628829 237600 0 126628 X 152783 152783 1050800 1050800 78348 78348 790676 520408 235423 34845 3616293 2662339 464641 489313 65152 49063 6031 10058 315001 281985 13662 19354 330862 239017 52249 39596 149898 139659 5877 4362 3149 3149 32000 32000 1125537 1061084 60441 4012 566607 564303 1276 1028 254855 212423 29454 12978 147269 128429 6827 12013 584953 562476 9322 13155 12149 9358 2092 699 27835 22933 2815 2087 11549 9519 1156 874 SPONSORSHIPS 467871 464000 3568 303 PUBLICATION AND SUBSCRI 153727 135080 15142 3505 PROFESSIONAL DEVELOPMEN 35347 29388 3930 2029 RELOCATION EXPENSE 9681 9681 6620 3089 3090 441 9988962 8376484 961826 650652 1070708 2915593 3173928 3205459 467000 133319 98015 35204 272502 219644 58526 52858 6232703 5214379 36217 34639 0 70402 11137097 11661853 402436 454547 30300 11000 100000 71503 532736 537050 X 9046522 8564879 1557839 2559924 10604361 11124803 11137097 11661853 1639867 -1119425 0 X X 0 1 X 1 0 X 5622267 6227531 7341845 6460649 11264601 36916893 5622267 6227531 7341845 6460649 11264601 36916893 19454036 17462857 161126 160677 130113 103140 126628 681684 6449 6913 184 13546 37612123 434028 0.46430 0.52540 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 121473 113962 7511 151029 105682 45347 52858 OPERATING LEASE LIABILITY 71503 71503 X 10573201 -1119425 63797 -1055628 11628829 0 11628829 10043078 63797 63797 9979281 9681 9681 9988962 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, 2022. ICIC'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE JURISDICTIONS. PART XII, LINE 4B - OTHER ADJUSTMENTS: RELOCATION EXPENSE 9,681. 1 NORTH AMERICA 0 0 GRANTS TO RECIPIENTS LOCATED IN CANADA 78348 1 0 0 0 1 0 78348 0 78348 NORTH AMERICA CAPITAL GRANTS 15641 0 NORTH AMERICA CAPITAL GRANTS 15641 0 NORTH AMERICA CAPITAL GRANTS 15641 0 NORTH AMERICA CAPITAL GRANTS 15641 0 NORTH AMERICA CAPITAL GRANTS 15784 0 5 0 0 0 0 0 0 PART III ACCOUNTING METHOD: 1 GRANT FOR GENERAL SUPPORT 156 419800 TRAVEL STIPENDS 317 631000 X X 0 0 0 0 0 0 0 0 0 STEVE GROSSMAN CHIEF EXECUTIVE OFFICER 330656 0 0 0 0 0 13226 0 4556 0 348438 0 0 0 HOWARD WIAL SR. VP OF RESEARCH 226430 0 0 0 0 0 9057 0 6173 0 241660 0 0 0 OKSANA BONDAR CHIEF FINANCIAL OFFICER 191600 0 0 0 0 0 7664 0 1314 0 200578 0 0 0 ELIZABETH PUGH DEVELOPMENT DIRECTOR 175710 0 0 0 0 0 7028 0 12153 0 194891 0 0 0 SONIA MOIN SENIOR DIRECTOR 176438 0 0 0 0 0 6856 0 2688 0 185982 0 0 0 DIEGO PORTILLO-MAZAL PROGRAM DIRECTOR 149780 0 0 0 0 0 1362 0 6173 0 157315 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 896,640. MANAGEMENT AND GENERAL EXPENSES 32,644. FUNDRAISING EXPENSES 59. TOTAL EXPENSES 929,343. OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 164,444. MANAGEMENT AND GENERAL EXPENSES 27,797. FUNDRAISING EXPENSES 3,953. TOTAL EXPENSES 196,194. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.