2024-11-13T08:45:21-06:00 2023-12-31 833019782 STONE & COMPANY LLC 57 BEDFORD ST STE 225 LEXINGTON MA 024204443 990 2023-01-01 821543658 BOSTON IMPACT INITIATIVE FUND BOST 6177029132 PO BOX 300443 JAMAICA PLAIN MA 02130 BETTY FRANCISCO CEO 6177029132 2024-11-12 1 0 DIANE WEST CPA P01061849 7818636300 2024-11-04 2023 2024-10-15 13:58:12Z BETTY FRANCISCO 2300 WASHINGTON STREET 2ND FLOOR ROXBURY MA 02119 1948405 0 X WWW.BOSTONIMPACT.ORG X 2017 MA FORM 990 - ORGANIZATION'S MISSION OR MOST SIGNIFICANT ACTIVITIESBOSTON IMPACT INITIATIVE FUND'S MISSION IS TO HELP BUILD A FUTURE WHERE ENTREPRENEURS OF COLOR AND THEIR COMMUNITIES HAVE THE FINANCIAL, SOCIAL AND POLITICAL POWER TO CREATE A SUSTAINABLE, INCLUSIVE AND EQUITABLE ECONOMY FOR GENERATIONS TO COME. TO DO THIS, BII INVESTS INTEGRATED CAPITAL IN SOCIAL ENTERPRISES AND COMMUNITY-CONTROLLED REAL ESTATE TO INCREASE WEALTH AND ASSET-BUILDING OPPORTUNITIES FOR COMMUNITIES OF COLOR IN MASSACHUSETTS AND NEW ENGLAND. BII IS ALSO TRANSFORMING THE IMPACT INVESTING FIELD THROUGH FIELD-BUILDING AND EDUCATION SO THAT ECONOMIC AND RACIAL JUSTICE BECOMES INTEGRAL TO ANY COMMUNITY-CENTERED INVESTMENT STRATEGY. 9 7 12 9 0 0 2436038 1640671 429323 57146 26687 182518 46810 68070 2938858 1948405 369404 6130 0 0 863922 967506 0 0 135610 904418 1163626 2137744 2137262 801114 -188857 10143671 15981911 6745127 13075946 3398544 2905965 X SEE SCHEDULE O 0 0 982698 2147 27873 SEE SCHEDULE O 275678 3983 97343 SEE SCHEDULE O N/A 1258376 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 28 0 1 12 1 0 0 0 0 0 0 0 0 0 0 X 9 7 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 0 1 1 0 MA X X KAFILAT LAWAL 6177029132 2300 WASHINGTON STREET 2ND FLOOR ROXBURY MA 02119 BETTY FRANCISCO CEO 40.00 X X 215000 0 6450 LISA OWENS DIRECTOR 1.00 X 0 0 0 GUILLERMO QUINTEROS DIRECTOR 1.00 X 0 0 0 JUAN LEYTON DIRECTOR 1.00 X 0 0 0 ROSE FELIX SECRETARY 1.00 X X 0 0 0 NIA EVANS DIRECTOR 1.00 X 0 0 0 DEBORAH FRIEZE PRESIDENT 10.00 X X 0 0 0 GEETA AIYER DIRECTOR 1.00 X 0 0 0 REBECCA REGAN TREASURER 5.00 X X 0 0 0 KAFILAT LAWAL FINANCIAL CONTROLLER 40.00 X 110905 0 4258 HENRY NOEL INVESTMENT DIRECTOR 40.00 X 142000 0 4260 ALIANA PINEIRO IMPACT DIRECTOR 40.00 X 135500 0 4140 603405 0 19108 4 0 1 0 ECRATCHIT INC 2 SHARP STREET UNIT B HINGHAM MA 02043 ACCOUNTING 132877 MISSION DRIVEN FINANCE LLC 2245 SAN DIEGO AVE STE 121 SAN DIEGO CA 92110 INVESTING 112500 2 1640671 1266 1640671 SERVICE FEES 523000 97343 97343 PROGRAMMATIC INVESTMEN 541900 -40197 -40197 57146 182518 182518 68070 68070 68070 1948405 125216 0 182518 X 6130 6130 215000 137600 21500 55900 638915 421362 173764 43789 22060 11030 9706 1324 26091 13044 11481 1566 65440 43175 14569 7696 172960 172960 540097 301196 213907 24994 499 21 478 39726 26015 13576 135 33540 25283 8176 81 15221 1147 14074 53361 21169 32192 249885 249885 6294 6294 24451 24451 MISCELLANEOUS 15405 34 15371 BANK AND RELATED FEES 12187 1285 10777 125 2137262 1258376 743276 135610 2345263 2554912 1642018 5288705 999646 718750 52700 45710 19000 1727 12425 52789 72259 0 0 4943059 7071009 68927 177190 18542 40951 10143671 15981911 469026 486594 1022924 1034012 5253177 11532411 0 22929 6745127 13075946 X 2132901 1678532 1265643 1227433 3398544 2905965 10143671 15981911 X -188857 -303722 X 0 1 X 1 0 X X X 3 CENTER FOR ECONOMIC DEMOCRACY INC 473589804 10 1 0 0 URBAN REVIVAL INC 042660311 10 1 0 0 RUDOLF STEINER FOUNDATION INC 136082763 10 1 0 0 3 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 CARE ACADEMY (LOAN) 500000 C EBNT HOLDINGS (LOAN) 500000 C 88 ACRES FOOD(EQUITY) 206444 C WASH CYCLE LAUND(EQUITY) 200000 C VALLEY HOME INSUL (LOAN) 151735 C 88 ACRES (EQUITY) 164543 C TARTT'S (LOAN) 118620 C MENTORWORKS (LOAN) 150000 C FUTURO MEDIA (LOAN) 150000 C SOMERVILLE CDC (LOAN) 150000 C CARE ACADEMY INC. (EQUITY) 150000 C FIVE STAR PLATING (LOAN) 90328 C INTEREST RECEIVABLE 282570 C PLANETA (LOAN) 101943 C 88 ACRES FOOD (2019.12.16)(EQUITY) 101030 C TRILLFIT (EQUITY) 100000 C CFNE (LOAN) 100000 C CAPITAL GOOD (LOAN) 50000 C NUEVO DIA (EQUITY) 100000 C SUNWEALTH POWER, INC. (EQUITY) 100000 C MATHTALK (EQUITY) 99999 C 88 ACRES(EQUITY) 99998 C RENEW ENERGY (EQUITY) 64784 C MATH TALK (EQUITY) 89108 C BEANTOWN (LOAN) 53114 C HILLSIDE HARVEST (LOAN) 69687 C FUTURO MEDIA (LOAN) 39685 C ALLHERE EDUCATION, INC (2020.07.03) 70000 C ROUNDHEAD (LOAN) 46520 C WASH CYCLE LAUNDRY (LOAN) 60504 C CHOPVALUE (EQUITY) 50000 C CHOP VALUE (EQUITY) 50000 C SOMERVILLE CDC (LOAN) 50000 C PLANETA (LOAN) 50000 C CASABE (LOAN) 42765 C PLANETA (LOAN) 45000 C EMVISION (LOAN) 35510 C CHELSEA (LOAN) 3236 C WASH CYCLE LAUNDRY (2017.09.23)(EQUITY) 39496 C WAKU (LOAN) 38532 C EMVISION (LOAN) 27387 C ALL IN ENERGY (LOAN) 21371 C QUALITY INTERACTIONS (LOAN) 250000 C ALLHERE EDUCATION, INC (2021.04.20) 24898 C CARABALLO (LOAN) 2979 C DONE GOOD PBC (EQUITY) 11951 C CERO COOPERATIVE (LOAN) 7070 C ALLHERE EDUCATION, INC (2021.04.20) 5103 C DEMOCRACY BREWING (EQUITY) 5000 C CICD (LOAN) 50000 C PLANETA (LOAN) 25000 C PLANETA (LOAN) 25000 C SYNERGY(LOAN) 150000 C KINGSTOWN 100000 C CPA MA (LOAN) 100000 C PLANETA (LOAN) 500000 C SUNWEALTH (LOAN) 500000 C MATH TALK (LOAN) 200000 C SIGN SPEAK (LOAN) 150000 C THRIVE! (LOAN) 50000 C BWB (LOAN) 250000 C ASWR 250000 C SOLOMON (LOAN) 90000 C INNOVATION (LOAN) 150000 C BONTERRA (EQUITY) 47745 C MEETCAREGIVERS (EQUITY) 154754 C FLORENT (EQUITY) 100000 C BONTERRA (EQUITY) 42011 C ALLOWANCE FOR DOUBTFUL ACCOUNTS -784411 C 7071009 LEASE LIABILITY 22929 22929 X 2441627 493222 493222 1948405 0 1948405 2605001 467738 467738 2137263 -1 -1 2137262 PART X, LINE 2: THE ORGANIZATION ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS BASED ON APPLICATION OF A "MORE LIKELY THAN NOT" THRESHOLD TO THE RECOGNITION OF THE TAX POSITIONS BEING SUSTAINED BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. INTEREST AND PENALTIES ASSESSED, IF ANY, ARE ACCRUED AS INCOME TAX EXPENSE. THE ORGANIZATION IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE ORGANIZATION HAS IDENTIFIED ITS TAX STATUS AS A TAX-EXEMPT ENTITY AS ITS ONLY SIGNIFICANT TAX POSITION; HOWEVER, THE ORGANIZATION HAS DETERMINED THAT SUCH A TAX POSITION DOES NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. PART XII, LINE 4B - OTHER ADJUSTMENTS: ROUNDING -1. 1 X X 0 0 0 0 0 0 0 0 0 BETTY FRANCISCO CEO 215000 0 0 0 0 0 0 0 6450 0 221450 0 0 0 DEBORAH FRIEZE BOARD PRESIDENT FUNDING X 250000 264077 0 1 1 MICHAEL FRIEZE FORMER BOARD VICE PRESIDENT FUNDING X 250000 264077 0 1 1 DEBORAH FRIEZE BOARD PRESIDENT FUNDING X 250000 252929 0 1 1 MICHAEL FRIEZE FORMER BOARD VICE PRESIDENT FUNDING X 250000 252929 0 1 1 1034012 FORM 990 - ORGANIZATION'S MISSION THE BOSTON IMPACT INITIATIVE (BII) WORKS TO BUILD A SUSTAINABLE, INCLUSIVE AND EQUITABLE ECONOMY THAT RESTORES THE PRODUCTIVE CAPACITY OF COMMUNITIES OF COLOR IN EASTERN MASSACHUSETTS. WE DO THIS BY INVESTING INTEGRATED CAPITAL (EQUITY, DEBT AND GRANTS) IN REGENERATIVE LOCAL ENTERPRISES THAT ARE OWNED AND CONTROLLED BY ENTREPRENEURS OF COLOR OR ARE SERVING COMMUNITIES OF COLOR TO HELP CLOSE THE RACIAL WEALTH DIVIDE. BII WORKS WITH OR PORTFOLIO COMPANIES TO STRENGTHEN THE IMPACT THEY HAVE IN THEIR COMMUNITIES AND IMPROVE THE EFFECTIVENESS OF ENTREPRENEURIAL SERVCIES IN EASTERN MASSACHUSETTS. BII ALSO PROVIDES EDUCATION AND TRAINING FOR FELLOW INVESTORS, FUND MANAGERS AND PHILANTHROPISTS NATIONWIDE TO BUILD THE FIELD OF IMPACT INVESTING WITH A RACIAL JUSTICE LENS. FORM 990, PART III, LINE 4A - FIRST ACCOMPLISHMENT BII MANAGES TWO INTEGRATED CAPITAL INVESTMENT FUNDS - BII FUND I AND BII FUND II. BII FUND I BII'S INAUGURAL FUND ("BII FUND I") WAS LAUNCHED IN 2017 TO INVEST INTEGRATED CAPITAL - DEFINED AS DEBT, EQUITY AND GRANTS - IN REGENERATIVE LOCAL ENTERPRISES IN EASTERN MASSACHUSETTS THAT ARE OWNED AND CONTROLLED BY ENTREPRENEURS OF COLOR OR THAT SERVE COMMUNITIES OF COLOR. BY USING THIS "WHOLE PORTFOLIO" APPROACH, BII SELECTS THE BEST CAPITAL INSTRUMENT FOR THE AGE AND STAGE OF EACH ORGANIZATION IN WHICH IT INVESTS. IN ADDITION TO MAKING INVESTMENTS IN THESE ENTERPRISES, BII PROVIDES TECHNICAL ASSISTANCE, BUSINESS COACHING, CONNECTIONS, AND EDUCATIONAL PROGRAMMING TO SUPPORT ITS PORTFOLIO INVESTMENTS, STRENGTHEN THE IMPACT OF THESE ENTERPRISES IN THEIR COMMUNITIES, AND IMPROVE THE EFFECTIVENESS OF ENTREPRENEURIAL SERVICES. BII FUND I HAS MADE CUMULATIVE INTEGRATED CAPITAL INVESTMENTS OF APPROXIMATELY $7.7 MILLION. THIS TOTAL COMPRISES $6.9 MILLION OF DEBT AND EQUITY INVESTMENTS ACROSS 50 ENTERPRISES AND $949,193 AWARDED IN GRANTS FROM A SEPARATE GRANT POOL AS OF DECEMBER 31, 2023. IN 2023, BII FUND I MADE 7 IMPACT INVESTMENTS TOTALING $600,000. BII FUND II IN MAY 2022, BII ESTABLISHED BOSTON IMPACT INITIATIVE FUND II LLC ("BII FUND II") A WHOLLY-OWNED SUBSIDIARY OF BII FOR THE PURPOSE OF LAUNCHING BII'S SECOND INTEGRATED CAPITAL FUND. BII FUND II IS A $20 MILLION DEBT FUND THAT WILL INVEST INTEGRATED CAPITAL INTO EARLY-STAGE SOCIAL ENTERPRISES OWNED BY ENTREPRENEURS OF COLOR AND COMMUNITY-CONTROLLED REAL ESTATE IN MASSACHUSETTS AND THE NORTHEAST. BII FUND II PRIORITIZES INVESTMENTS IN ENTERPRISES THAT ADDRESS AN UNMET NEED OR ISSUE AFFECTING COMMUNITIES OF COLOR, BUILD CLIMATE RESILIENCE AND EXPAND CLEAN ENERGY SOLUTIONS, AND GROW WORKER OR COMMUNITY POWER AND VOICE, INCLUDING CO-OPS, AND WORKER-OWNED AND UNIONIZED BUSINESSES. BII FUND II ALSO INVESTS IN COMMERCIAL AND RESIDENTIAL REAL ESTATE PROJECTS THAT SUPPORT COMMUNITY OWNERSHIP AND CONTROL OF LAND TO PREVENT DISPLACEMENT. BII FUND II INVESTED A TOTAL OF $4.2 MILLION IN EIGHTEEN ENTERPRISES AND REAL ESTATE PROJECTS AS OF DECEMBER 31, 2023. FORM 990, PART III, LINE 4B - SECOND ACCOMPLISHMENT BII ENGAGES IN FIELD-BUILDING, EDUCATION AND ADVOCACY INITIATIVES THAT CHALLENGE CONVENTIONAL BELIEFS ABOUT OWNERSHIP, COMPETITION, PROFIT-MAKING AND CONTROL-AND ADVANCE FRESH PERSPECTIVES ON TRUST-BASED INVESTING, INTEGRATED RISK AND RETURN, AND DEMOCRATIZING OWNERSHIP AND DECISIONMAKING TO ADVANCE ECONOMIC JUSTICE. BII'S FIELD-BUILDING PROGRAMS INCLUDE: 1.EMERGING FUND MANAGER EDUCATION PROGRAM THE EMERGING FUND MANAGER EDUCATION PROGRAM EQUIPS FUND MANAGERS WITH DEVELOPING THE SKILLS AND KNOWLEDGE THEY NEED TO STRUCTURE, RAISE AND MANAGE A BLENDED CAPITAL FUND. THE PURPOSE OF THESE FUNDS IS TO BUILD SUSTAINABLE, INCLUSIVE AND EQUITABLE LOCAL ECONOMIES THAT BUILD WEALTH AND POWER IN COMMUNITIES OF COLOR. 2. IMPACT CAPITAL LAB (ADVISORY SERVICES) BII DELIVERS CUSTOMIZED ADVISORY SERVICES AND EDUCATIONAL TRAINING THROUGH ITS IMPACT CAPITAL LAB PROGRAM TO SUPPORT AND AMPLIFY THE SUCCESS OF INDIVIDUAL AND INSTITUTIONAL INVESTORS AND PHILANTHROPISTS FOCUSED ON COMMUNITY-BASED IMPACT INVESTING. 3. INTEGRATED CAPITAL CARDS AND PROGRAM THE INTEGRATED CAPITAL CARDS AND PROGRAM IS DESIGNED TO HELP FUND MANAGERS, FUNDERS, ENTREPRENEURS, AND IMPACT AND COMMUNITY INVESTORS LEARN HOW TO USE CREATIVE FINANCIAL TOOLS FOR SOLVING WEALTH INEQUALITY. FORM 990, PART VI, SECTION A, LINE 7A THE BII HAS A STANDING INVESTMENT COMMITTEE THAT REVIEWS AND RECOMMENDS POTENTIAL INVESTMENT OPPORTUNITIES TO THE BII BOARD. THEIR RECOMMENDATIONS ARE APPROVED BY THE BOARD. THERE ARE NO MATERIAL DIFFERNCES BETWEEN GOVERNING BODY'S VOTING RIGHTS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE FUND'S EXTERNAL ACCOUNTING FIRM AND THEN DISTRIBUTED TO THE BOARD FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C ALL BII BOARD MEMBERS NEED TO SIGN AN ANNUAL CONFLICT OF INTEREST FORM. IF BII IS DELIBERATING ON A PARTICULAR PROGRAMMATIC INVESTMENT, AND IF THEY ARE ANY CONFLICTS OF INTEREST, THE BOARD MEMBER(S), THE INVESTMENT COMMITTEE MEMBER(S) OR STAFF MEMBER(S) ARE EXPECTED TO DISCLOSE THE CONFLICT AND RECUSE THEMSELVES FROM THE DELIBERATION PROCESS. FORM 990, PART VI, SECTION B, LINE 15 LINE 15A A RECOMMENDATION IS MADE TO THE FULL BOARD FOR THE COMPENSATION OF THE CEO AND TOP MANAGEMENT BASED UPON A REVIEW OF COMPARABLE DATA. LINE 15B COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES ARE DISCUSSED AND VOTED ON AT BOARD MEETINGS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. NO REQUESTS OF THESE DOCUMENTS WERE MADE DURING THE YEAR. FORM 990, PART IX, LINE 11G CONSULTING: PROGRAM SERVICE EXPENSES 52,844. MANAGEMENT AND GENERAL EXPENSES 81,181. FUNDRAISING EXPENSES 19,700. TOTAL EXPENSES 153,725. ADMIN SUPPORT: PROGRAM SERVICE EXPENSES 2,431. MANAGEMENT AND GENERAL EXPENSES 52,004. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 54,435. OTHER FEES: PROGRAM SERVICE EXPENSES 245,921. MANAGEMENT AND GENERAL EXPENSES 80,722. FUNDRAISING EXPENSES 5,294. TOTAL EXPENSES 331,937. FORM 990, PART XI, LINE 9: INVESTMENT IMPAIRMENT LOSSES -329,204. CAPITALIZED TRADEMARK DONATED LEGAL SERVCIES 19,420. CAPITALIZED START UP FEES DONATED LEGAL SERVCIES 6,064. ROUNDING -2. BOSTON IMPACT INITIATIVE FUND II 2300 WASHINGTON STREET 2ND FLOOR ROXBURY MA 02119 821543658 LENDING MA URBAN REVIVAL INC 284 AMORY STREET 1ST FLOOR JAMAICA PLAIN MA 02130 042660311 HOUSING MA 501(C)(3) LINE 7 N/A 0 RUDOLF STEINER FOUNDATION INC 1002 OREILLY AVENUE SAN FRANCISCO CA 94129 136082763 LENDING & CA 501(C)(3) LINE 10 N/A 0 CENTER FOR ECONOMIC DEMOCRACY INC 69 ROBESON STREET STE 6 JAMAICA PLAIN MA 02130 473589804 LENDING & MA 501(C)(3) LINE 7 N/A 0 BOSTON IMPACT INITIATIVE LLC 14 CHESTNUT PL STE 1 JAMAICA PLAIN MA 02130 461304300 LENDING MA N/A 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RUDOLF STEINER FOUNDATION B CASH