Form 990 for tax year 2024
Filed by BUSINESS INITIATIVE CORPORATION OF NEW YORK.
Totals
- Total revenue
- $597,292
- Total expenses
- $632,351
- Contributions and grants received
- $39,068
- Grants paid
- $0
- Program service revenue
- $490,908
- Investment income
- $67,278
- Other revenue
- $38
- Total assets, end of year
- $1,440,794
- Total liabilities, end of year
- $1,233,739
- Net assets or fund balances, end of year
- $207,055
- Program services expenses (Part IX)
- $466,656
- Management and general expenses
- $148,711
- Fundraising expenses
- $16,984
- Program service expenses (Part III)
- $466,656
Program services were 73.8% 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.
Revenue
Part VIII, the statement of revenue.
-
1c · Fundraising events
$13,419
-
1f · All other contributions, gifts and grants
$25,649
-
1g · Noncash contributions included above
$1,200
-
2a · Program service revenue: CDC FEES
total $387,376 · related or exempt $387,376
-
2b · Program service revenue: COMMITTMENT FEES AND OTHER LOAN FEES
total $67,799 · related or exempt $67,799
-
2c · Program service revenue: INTEREST ON LOANS
total $35,733 · related or exempt $35,733
-
3 · Investment income
total $67,278 · excluded $67,278
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
6d · Net rental income or loss
total $0
-
7d · Net gain or loss
total $0
-
8a · Fundraising events: gross income
$27,151
-
8a · Fundraising events: contributions included on line 1c
$13,419
-
8b · Fundraising events: direct expenses
$27,151
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total $0
-
11a · Other revenue: MISCELLANEOUS INCOME
total $38 · related or exempt $38
-
11e · Other revenue, total
$38
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $137,235 · program services $89,203 · management and general $41,170 · fundraising $6,862
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $112,523 · program services $73,140 · management and general $33,757 · fundraising $5,626
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $23,448 · program services $15,241 · management and general $7,035 · fundraising $1,172
-
10 · Payroll taxes
total $22,954 · program services $14,920 · management and general $6,886 · fundraising $1,148
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $2,395 · management and general $2,395
-
11c · Fees: accounting
total $20,156 · management and general $20,156
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $243,065 · program services $243,065
-
12 · Advertising and promotion
total $0
-
13 · Office expenses
total $36,328 · program services $16,007 · management and general $19,098 · fundraising $1,223
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $0
-
17 · Travel
total $0
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $11,020 · program services $7,163 · management and general $3,306 · fundraising $551
-
20 · Interest
total $0
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $557 · management and general $557
-
23 · Insurance
total $8,034 · program services $5,222 · management and general $2,410 · fundraising $402
-
24a · Other expenses: BRONX EVENTS
total $2,695 · program services $2,695
-
24b · Other expenses: BAD DEBT EXPENSE
total $11,941 · management and general $11,941
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $147,808 · end of year $473,106
-
2 · Savings and temporary cash investments
beginning of year $0 · end of year $0
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $91,061 · end of year $64,993
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $513,649 · end of year $896,251
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $34,579 · end of year $5,972
-
10a · Land, buildings and equipment: cost or other basis
$3,522
-
10b · Land, buildings and equipment: accumulated depreciation
$3,050
-
10c · Land, buildings and equipment, net
beginning of year $1,029 · end of year $472
-
11 · Investments: publicly traded securities
beginning of year $0 · end of year $0
-
12 · Investments: other securities
beginning of year $0 · end of year $0
-
13 · Investments: program-related
beginning of year $0 · end of year $0
-
14 · Intangible assets
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $0 · end of year $0
-
17 · Accounts payable and accrued expenses
beginning of year $111,142 · end of year $102,146
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $158,718 · end of year $46,435
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $0
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $276,152 · end of year $1,085,158
-
27 · Net assets without donor restrictions
beginning of year $230,114 · end of year $195,055
-
28 · Net assets with donor restrictions
beginning of year $12,000 · end of year $12,000
Mission and programs · 2024
Mission
THE MISSION OF THE BUSINESS INITIATIVE CORPORATION OF NEW YORK (BICNY) IS TO SUPPORT ECONOMIC DEVELOPMENT AND INDUCE PRIVATE INVESTMENTS IN NEW YORK STATE BY PROVIDING BELOW-MARKET INTEREST RATE LOANS AND LONG-TERM CAPITAL FOR THE BUSINESS COMMUNITY. THESE EFFORTS WILL RESULT IN CREATING MUCH-NEEDED JOBS IN TEH BRONX, AS WELL AS IN THE STATE, BY ASSISTING SMALL BUSINESSES TO GROW AND EXPAND BY ACQUIRING BELOW-MARKET RATE LOANS FROM THE SBA AND ADDITIONAL FUNDS FROM PRIVATE LENDERS. WE PROVIDE FINANCING TO: * PURCHASE COMMERCIAL REAL ESTATE THAT WILL BE OCCUPIED BY THE BUSINESS; * PURCHASE MACHINERY AND EQUIPMENT TO BE USED BY THE BUSINESS; * PROVIDE LEASEHOLD IMPROVEMENTS TO A PROPERTY OCCUPIED BY THE BUSINESS; * CONSTRUCT COMMERCIAL REAL ESTATE AND OR LAND IMPROVEMENTS, AND * COVER SOFT COSTS ASSOCIATED WITH ANY OF THE ABOVE USES OF FUNDS. BICNY FOCUSES ON ALL INDUSTRIES AND SECTORS, INDUSTRIAL, COMMERCIAL, MANUFACTURERS, AND SERVICE FIRMS. BICNY ALSO PROVIDES LOANS TO BUSINESSES IN L
Activities or mission (Part I)
THE CORPORATION WORKS WITH THE SBA AND PRIVATE LENDERS TO PROVIDE FINANCING TO all sectors of the Bronx and New York State business community to support economic development.
-
THE CORPORATION WORKS WITH THE SBA AND PRIVATE LENDERS TO PROVIDE FINANCING SMALL BUSINESSES. DURING FYE 9/30/25, BICNY CLOSED ON A TOAL OF FIVE LOANS AMOUNTING TO $4,559,000. $4,359,000 FOUR (4) 504 LOANS AND ONE (1) COMMUNITY ADVANTAGE LOAN FOR $200,000. BICNY 504 LOANS INDUCED DURING FYE 2025 INVESTMENTS OF $4,315,600 FROM BANKS AND $1,078,900 FROM PRIVATE EQUITY. THESE LOANS LEVERAGED TOTAL PROJECT COSTS AMOUNTING TO OVER $9,700,000 AS A RESULT OF COMPLETING AND CLOSING THESE PROJECTS, 25 NEW JOBS SHOULD BE CREATED OR MAINTAINED OVER THE NEXT TWO YEARS. IN FYE 2025, BICNY PROCESSED AND RECEIVED SBA AUTHORIZATIONS FOR 3 PROJECTS WITH A POTENTIAL CAPITAL INVESTMENT OF PUBLIC AND PRIVATE MONEY OF $10,140,400 OF WHICH $3,858,500 MILLION REPRESENTS BICNY'S PORTION. THE BANKS PARTICIPATION AMOUNTED TO APPROXIMATELY $5,070,200, AND PRIVATE EQUITY INVESTMENT AMOUNTED TO $1,211,700.
Expenses $466,656 · Revenue $490,946
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Rafael A Roger
President
- Total calculated
- $132,152
- From this org
- $132,152
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Syed Ahsan
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Dolores Batista
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Gustavo Buitrago
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Hugh Campbell
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Joseph Coleman
Treasurer/Director
- Total calculated
- $0
- Hours/week
- 1
-
Sandra Erickson
Vice Chair/DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jessica Johnson
Secretary/DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
James Lanfranchi
Board Chairman/DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Ralph Bumbaca
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Mark Simshauer
Director
- Total calculated
- $0
- Hours/week
- 1
-
Deodat Singh
Director
- Total calculated
- $0
- Hours/week
- 1
-
Lola Gazivoda
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Anthony Mormile
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Robert Walsh
Director
- Total calculated
- $0
- Hours/week
- 1
-
Rosa Diaz
Director
- Total calculated
- $0
- Hours/week
- 1
-
Carlos M Santana
Director
- Total calculated
- $0
- Hours/week
- 1
-
Byron Logan
Director
- Total calculated
- $0
- Hours/week
- 1
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.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
Bronx Overall Economic Development Corp
7 · Related · NY
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 15 August 2026
- IRS schema version
- 2024v5.2
- Source object
- 202612239349302411
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.