Form 990 for tax year 2022

Totals

Total revenue

$2,244,096

Total expenses

$2,035,079

Contributions and grants received

$1,987,242

Grants paid

$680,796

Program service revenue

$254,535

Investment income

$2,319

Other revenue

$0

Total assets, end of year

$2,566,394

Total liabilities, end of year

$348,511

Net assets or fund balances, end of year

$2,217,883

Program services expenses (Part IX)

$1,835,215

Management and general expenses

$102,148

Fundraising expenses

$97,716

Program service expenses (Part III)

$1,835,215

Program services were 90.2% 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

• CIC PROVIDES BUSINESS EDUCATION, MENTORING AND NETWORKING OPPORTUNITIES TO UNDER-RESOURCED ENTREPRENEURS. THE SIGNATURE EDUCATION PROGRAM IS A 16 WEE ENTREPRENEUR WORKSHOP THAT COMBINES CASE STUDIES, DISCUSSION AND APPLIED LEARNING. A FINANCIAL MANAGEMENT PROGRAM HELPS ENTREPRENEURS DEVELOP THE BOOKKEEPING, RECORD KEEPING, AND FINANCIAL ANALYSIS SKILLS AND HABITS TO BETTER MANAGE THEIR BUSINESS. ADDITIONAL PROGRAMS INCLUDE MENTORING, BUSINESS OFFICE HOURS, SMALL BUSINESS CIRCLES AND OUR COLLABORATIVE CO-WORKING SPACE. IN 2022, 209 CLIENTS PARTICIPATED IN CIC PROGRAMS. TO DATE: THERE ARE 514 GRADUATES OF OUR 16 WEEK WORKSHOP, 127 MENTOR MATCHES, AND 51 FINANCIAL MANAGEMENT PROGRAM PARTICIPANTS. TO DATE: THOSE CLIENTS HAVE STARTED 153 NEW BUSINESSES, SUSTAINED 252 EXISTING BUSINESSES AND CREATED 317.5 NEW FULL TIME EQUIVALENT JOBS.

  Expenses $623,202

• CIC HAS TWO CORE FINANCING PROGRAMS INCLUDING A MICROLOAN PROGRAM THAT PROVIDES LOANS UP TO 50,000, A MICRO GRANTS PROGRAM THAT HELPS UNDER- RESOURCED ENTREPRENEURS TEST THEIR PRODUCT OR SERVICES. IN 2022, 36 BUSINESSES RECEIVED 471,380 IN LOANS AND 21,938 IN MICROGRANTS. CIC'S LIFETIME TOTAL LENDING TO DATE INCLUDES 2,503,492 IN LOANS. ADDITIONALLY, CIC PARTNERS WITH LOCAL GOVERNMENTS AND OTHER ENTITIES TO MANAGE GRANT PROGRAMS THAT PROVIDE ACCESS TO CAPITAL TO BUSINESSES IN THE REGION. IN 2022, WE PARTNERED WITH 2 LOCAL GOVERNMENTS TO PROVIDE CAPITAL FOR BUSINESSES IMPACTED BY THE COVID-19 PANDEMIC. 101 BUSINESSES RECEIVED 450,362 IN GRANTS THROUGH THESE PARTNERSHIPS. CIC ALSO PILOTED A NEW PROGRAM TO PROVIDE LOAN SERVICING TO ANOTHER MISSION DRIVEN LENDER, BRIDGING VIRGINIA BASED OUT OF RICHMOND, VA. CIC LEVERAGES ITS CAPACITY AS LENDER TO SUPPORT BRIDGING VIRGINIA BY MANAGING ITS LOAN PAYMENTS, HELPING BRIDGING VIRGINIA MANAGE ITS FIRST 178,500 IN DIRECT LENDING TO UNDER-RESOURCED ENTREPRENEURS IN THE RICHMOND AREA.

  Expenses $598,318 · Grants $576,796

• THE CVSBDC IS HOUSED AT CIC WITH SUPPORT FROM THE SMALL BUSINESS ADMINISTRATION, STATE AND LOCAL GOVERNMENTS ALONG WITH PRIVATE SUPPORT. IT PROVIDES FREE ONE ON ONE BUSINESS ADVISING AND TRAINING WORKSHOPS. IN 2022, CVSBDC PROVIDED 571 CLIENTS WITH 5190 HOURS OF BUSINESS ADVISING. ADDITIONALLY, 1036 INDIVIDUALS PARTICIPATED IN 75 TRAINING EVENTS. CVSBDC CLIENTS CREATED 24 NEW BUSINESSES, ACCESSING 17.3 MILLION IN NEW CAPITAL FORMATION AND CREATED 207 NEW JOBS.

  Expenses $613,695 · Grants $104,000

• NETWORKING: BUILDING STRONG ENTREPRENEURIAL NETWORKS IS AN UNDERPINNING OF CIC CULTURE. CIC PARTNERS WITH LOCAL ORGANIZATIONS TO OFFERING NETWORKING EVENTS RANGING FROM MARKET ACCESS OPPORTUNITIES AT BLOCK PARTIES AND COMMUNITY FAIRS TO EDUCATION OPPORTUNITIES THROUGH BUSINESS EXPOS AND PITCH NIGHTS. PARTNERING ORGANIZATIONS INCLUDE: TOM TOM FOUNDERS FESTIVAL, WHOLE FOODS MARKET, CHARLOTTESVILLE BUSINESS INNOVATION COUNCIL, ILAB AT DARDEN, CENTRAL VIRGINIA SMALL BUSINESS DEVELOPMENT CENTER. MENTORING AND COACHING: MENTORS DRAWN FROM LOCAL BUSINESS AND BUSINESS COUNSELING COMMUNITIES MEET REGULARLY WITH CIC ENTREPRENEURS TO PROVIDE ONGOING GUIDANCE AND ADVISORY SUPPORT. THE FINANCIAL MANAGEMENT PROGRAM PROVIDES FINANCIAL COACHING IN BUSINESS BOOKKEEPING AND RECORD KEEPING. TO DATE: 121 MENTOR MATCHES; 30 FINANCIAL MANAGEMENT PROGRAM PARTICIPANTS. COVID-19 BUSINESS GRANTS: CIC PARTNERED WITH 11 MUNICIPALITIES TO PROVIDE ACCESS TO CAPITAL IN THE FORM OF BUSINESS GRANTS FUNDED BY THE FEDERAL CARES ACT. AS A RESULT, 599 BUSINESSES AND ADDITIONAL 106 NONPROFIT ENTITIES RECEIVED 11,192,341 IN GRANTS TO SUPPORT THEIR OPERATIONS IN A 6 MONTH PERIOD.

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.

Grants on this return

• SEE ATTACHED

  $576,796

• SEE ATTACHED

  $104,000

Provenance

Return type

form_990

Tax year

2022

Filed

15 May 2023

IRS schema version

2022v5.0

Source object

202331359349314053

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

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