Form 990 for tax year 2024

Totals

Total revenue

$9,857,953

Total expenses

$7,891,644

Contributions and grants received

$8,914,120

Grants paid

$279,320

Program service revenue

$89,000

Investment income

$854,833

Other revenue

$0

Total assets, end of year

$13,730,460

Total liabilities, end of year

$439,834

Net assets or fund balances, end of year

$13,290,626

Program services expenses (Part IX)

$6,305,988

Management and general expenses

$1,058,027

Fundraising expenses

$527,629

Program service expenses (Part III)

$6,305,988

Program services were 79.9% 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 · 2024

• THE PROGRAM CONSISTS OF EIGHT INITIATIVES: INNER CITY CAPITAL CONNECTIONS, 10,000 SMALL BUSINESSES, BLACK IN BUSINESS, CULTIVATE SMALL BUSINESS, INNER CITY 100, BUILDING FOR GROWTH, AI INITIATIVE AND MANUFACTURING ACCELERATOR PROGRAM. PROGRAM I, INITIATIVE 1. INNER CITY CAPITAL CONNECTIONSINNER CITY CAPITAL CONNECTIONS (ICCC) IS A TUITION-FREE EXECUTIVE LEADERSHIP TRAINING PROGRAM DESIGNED TO HELP ESTABLISHED 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.SINCE 2005, THE PROGRAM HAS SERVED MORE THAN 7,300 BUSINESSES. THOSE BUSINESSES HAVE AVERAGED 174% REVENUE GROWTH, CREATED 29,000 NEW JOBS, AND RAISED OVER $2.6 BILLION IN CAPITAL SINCE PARTICIPATING IN ICCC.PROGRAM I, INITIATIVE 2. 10,000 SMALL BUSINESSESICIC PARTNERS WITH GOLDMAN SACHS TO RECRUIT AND SELECT HIGH-POTENTIAL ENTREPRENEURS FOR 10,000 SMALL BUSINESSES. THIS INITIATIVE HELPS SMALL BUSINESS OWNERS CREATE JOBS AND ECONOMIC OPPORTUNITIES BY PROVIDING THEM WITH GREATER ACCESS TO BUSINESS EDUCATION, FINANCIAL CAPITAL AND BUSINESS SUPPORT SERVICES. TO DATE, THE PROGRAM HAS SERVED OVER 17,000 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 BUSINESSSINCE 2009, ICIC HAS SERVED AS THE NATIONAL OUTREACH AND RECRUITMENT PARTNER FOR GOLDMAN SACHS' WIDELY IMPACTFUL 10,000 SMALL BUSINESSES INITIATIVE. THE PARTNERSHIP EXPANDED ITS REACH TO BETTER SERVE SOLE PROPRIETORS WITH THE CREATION OF THE ONE MILLION BLACK WOMEN: BLACK IN BUSINESS PROGRAM. BLACK IN BUSINESS IS A FREE BUSINESS EDUCATION PROGRAM DEDICATED TO EQUIPPING SOLE PROPRIETORS WITH THE TOOLS NECESSARY TO TURN THEIR BUSINESS POTENTIAL INTO BUSINESS GROWTH. THE PROGRAM HELPS SOLE PROPRIETORS LEARN HOW TO PRICE THEIR PRODUCT OR SERVICE, HIRE THEIR FIRST EMPLOYEE, UNDERSTAND THEIR FINANCES, AND SO MUCH MORE. THE CURRICULUM WAS DESIGNED IN PARTNERSHIP WITH THE NYU STERN SCHOOL OF BUSINESS AND IS DELIVERED THROUGH BOTH IN-PERSON SESSIONS AT GOLDMAN SACHS IN NYC AND VIRTUAL SESSIONS OVER 10 WEEKS, BOTH AT NO COST TO PARTICIPANTS ACROSS THE COUNTRY. THE PROGRAM HAS GRADUATED OVER 1,000 PARTICIPANTS ACROSS 7 COHORTS SINCE ITS LAUNCH IN MAY 2022.PROGRAM I, INITIATIVE 4. CULTIVATE SMALL BUSINESSSANTANDER'S AWARD-WINNING CULTIVATE SMALL BUSINESS HELPS EARLY-STAGE ENTREPRENEURS BUILD AND SUSTAIN BUSINESSES IN THE FOOD INDUSTRY, WITH A FOCUS ON HISTORICALLY UNDERSERVED FOUNDERS IN LOW-TO-MODERATE INCOME COMMUNITIES. CULTIVATE IS A FREE 12-WEEK MBA-STYLE PROGRAM THAT PROVIDES A CUSTOMIZED CURRICULUM THROUGH LIVE VIRTUAL CLASSES. SUCCESSFUL GRADUATES WILL LEAVE THE PROGRAM WITH A FULLY FORMULATED BUSINESS PLAN AND PITCH, A STRONG GRASP ON THEIR TARGET MARKET, FINANCIALS AND GROWTH GOALS, AND UP TO $20,000 IN CAPITAL GRANTS.PROGRAM I, INITIATIVE 5. INNER CITY 100THE INNER CITY 100 (IC100) IS AN ANNUAL AWARD THAT RECOGNIZES THE 100 FASTEST-GROWING COMPANIES IN UNDER-RESOURCED COMMUNITIES ACROSS THE NATION. THE AWARD BENEFITS INCLUDE NATIONAL AND LOCAL MEDIA COVERAGE, EXCLUSIVE NETWORKING OPPORTUNITIES, AND THE OPPORTUNITY TO BE MATCHED WITH AN EXPERT BUSINESS MENTOR. THE 2024 IC100 WINNERS REPRESENTED 22 INDUSTRIES AND 56 CITIES AND EXPERIENCED AN AVERAGE 4-YEAR REVENUE GROWTH OF 347%.PROGRAM I, INITIATIVE 6, BUILDING FOR GROWTHBUILDING FOR GROWTH (BFG) IS A NATIONAL, ONLINE, TUITION-FREE EXECUTIVE EDUCATION PROGRAM THAT HELPS CONSTRUCTION CONTRACTORS, PRIMARILY BIPOC-OWNED, AND/OR WOMAN-OWNED, AND/OR VETERAN-OWNED, AND/OR LOCATED IN UNDER-RESOURCED COMMUNITIES, BUILD CAPACITY AND DEVELOP SUSTAINABLE GROWTH STRATEGIES. THE BFG PROGRAM LAUNCHED ITS INAUGURAL COHORT IN 2022, AND SINCE THEN HAS SERVED 219 CONSTRUCTION FIRMS FROM 33 STATES. BFG COMBINES 18 WEEKLY 2-HOUR VIRTUAL CLASSES, DEDICATED TECHNICAL ASSISTANCE, AND LONG-TERM MENTORSHIP.PROGRAM I, INITIATIVE 7, ARTIFICIAL INTELLIGENCE ICIC AND INTUIT RECENTLY ANNOUNCED THE INTUIT MORE WITH AI TOUR. LAUNCHING IN 2025, THE TOUR INCLUDES SIX HALF-DAY EVENTS HELD ACROSS THE U.S. THAT WILL PROVIDE SMALL AND MID-MARKET BUSINESSES WITH ACTIONABLE INSIGHTS AND HANDS-ON EXPERIENCE ON A RANGE OF SMALL BUSINESS AI TOOLS FROM INTUIT AND OTHER COMPANIES. THE CURRICULUM IS INFORMED BY ICIC'S EXTENSIVE RESEARCH, AND INCLUDES PRACTICAL APPLICATIONS, BENEFITS, AND RESPONSIBLE IMPLEMENTATION STRATEGIES, ALL AT NO COST TO ATTENDEES.PROGRAM I, INITIATIVE 8, MANUFACTURING ACCELERATOR PROGRAM THE MANUFACTURING ACCELERATOR PROGRAM: HIGH GROWTH STRATEGIES FOR MANUFACTURERS (MAP) IS A NEW, TUITION-FREE EXECUTIVE EDUCATION INITIATIVE DESIGNED TO HELP SMALL MANUFACTURING BUSINESSES ACHIEVE SUSTAINABLE GROWTH. MAP'S INAUGURAL COHORT WILL BEGIN IN THE LATE SPRING OF 2025, AND WE'RE LOOKING FOR INDEPENDENT, FOR-PROFIT, GROWTH-ORIENTED MANUFACTURERS WITH AT LEAST 20 EMPLOYEES TO JOIN THIS TRANSFORMATIVE PROGRAM. OUR INNOVATIVE 12-WEEK CURRICULUM HAS BEEN TAILORED TO THE UNIQUE NEEDS OF MANUFACTURERS, LEVERAGING ICIC'S RESEARCH AND EXPERIENCE IN FOSTERING SMALL BUSINESS GROWTH. WITH A FOCUS ON GROWTH, ACCESS TO CAPITAL, AND SUSTAINABILITY, MAP WILL SET YOU ON A PATH TOWARD GREATER SUCCESS.

  Expenses $5,619,902 · Grants $279,320

• 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. WE BELIEVE THAT COMMUNITY AND ECONOMIC DEVELOPMENT SHOULD BE INCLUSIVE AND EQUITABLE IN THE PROCESS AS WELL AS IN OUTCOMES.

  Expenses $686,086 · Revenue $89,000

As filed on the 2024 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

2024

Filed

2 October 2025

IRS schema version

2024v5.2

Source object

202522769349300232

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