Form 990 for tax year 2023

Totals

Total revenue

$9,070,017

Total expenses

$9,667,573

Contributions and grants received

$8,540,693

Grants paid

$519,864

Program service revenue

$182,182

Investment income

$347,142

Other revenue

$0

Total assets, end of year

$11,620,463

Total liabilities, end of year

$434,390

Net assets or fund balances, end of year

$11,186,073

Program services expenses (Part IX)

$8,034,385

Management and general expenses

$982,083

Fundraising expenses

$651,105

Program service expenses (Part III)

$8,034,385

Program services were 83.1% 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 · 2023

• 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 18 YEARS, THE PROGRAM HAS SERVED MORE THAN 6,600 BUSINESSES, THAT HAVE AVERAGED 153% REVENUE GROWTH, CREATED 28,000 JOBS, AND RAISED OVER $2.5 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 14,500 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 750 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. THE PROGRAM HAS SUPPORTED OVER 500 FOOD ENTREPRENEURS SINCE ITS INCEPTION. 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 2023 IC100 WINNERS REPRESENTED 23 INDUSTRIES AND 54 CITIES AND EXPERIENCED AN AVERAGE 4-YEAR REVENUE GROWTH OF OVER 450%.PROGRAM I, INITIATIVE 6, BUILDING FOR GROWTHICIC'S BUILDING FOR GROWTH (BFG) IS A NATIONAL, ONLINE, TUITION-FREE EXECUTIVE EDUCATION PROGRAM THAT HELPS PRIMARILY BIPOC-, WOMAN-, AND VETERAN-OWNED CONSTRUCTION CONTRACTORS BUILD CAPACITY AND DEVELOP SUSTAINABLE GROWTH STRATEGIES THAT POSITION THEIR BUSINESSES TO INCREASE PROFITS. BFG COMBINES 18 ONLINE WEEKLY CLASSES, DEDICATED TECHNICAL ASSISTANCE, AND LONG-TERM MENTORSHIP TO SUCCESSFULLY SCALE CONSTRUCTION BUSINESSES. THE PROGRAM WAS LAUNCHED IN 2022 AND SINCE THEN HAS HELPED 166 COMPANIES ACROSS 29 STATES, OF WHICH 85% WERE BIPOC-OWNED, 62% WERE WOMAN-OWNED, AND 11% WERE VETERAN-OWNED.

  Expenses $7,186,644 · Grants $519,864

• 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 2023 INCLUDED: - BREAKING THE GLASS BOTTLENECK: THE ECONOMIC POTENTIAL OF BLACK AND HISPANIC REAL ESTATE DEVELOPERS AND THE CONSTRAINTS THEY FACE - THE EVOLUTION AND LANDSCAPE OF UNDER-RESOURCED COMMUNITIES IN U.S. METROPOLITAN AREAS - SEARCHING FOR THE GOLDEN MOUNTAIN: DEMYSTIFYING ASIAN AMERICAN AND NATIVE HAWAIIAN AND PACIFIC ISLANDER POVERTY IN UNDER-RESOURCED COMMUNITIES AND ITS IMPLICATIONS FOR ECONOMIC DEVELOPMENT

  Expenses $847,741 · Revenue $182,182

As filed on the 2023 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

2023

Filed

13 November 2024

IRS schema version

2023v5.1

Source object

202433199349302278

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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