Form 990 for tax year 2022

Totals

Total revenue

$11,628,829

Total expenses

$9,988,962

Contributions and grants received

$11,264,601

Grants paid

$1,281,931

Program service revenue

$237,600

Investment income

$126,628

Other revenue

$0

Total assets, end of year

$11,661,853

Total liabilities, end of year

$537,050

Net assets or fund balances, end of year

$11,124,803

Program services expenses (Part IX)

$8,376,484

Management and general expenses

$961,826

Fundraising expenses

$650,652

Program service expenses (Part III)

$8,376,484

Program services were 83.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Mission and programs · 2022

• 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.

  Expenses $7,534,231 · Grants $1,281,931

• 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

  Expenses $842,253 · Revenue $237,600

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type

form_990

Tax year

2022

Filed

25 October 2023

IRS schema version

2022v5.0

Source object

202313039349302381

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