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Nonprofiteer
← BOSTON IMPACT INITIATIVE FUND

Form 990 for tax year 2023

Filed by BOSTON IMPACT INITIATIVE FUND.

Totals

Total revenue
$1,948,405
Total expenses
$2,137,262
Contributions and grants received
$1,640,671
Grants paid
$6,130
Program service revenue
$57,146
Investment income
$182,518
Other revenue
$68,070
Total assets, end of year
$15,981,911
Total liabilities, end of year
$13,075,946
Net assets or fund balances, end of year
$2,905,965
Program services expenses (Part IX)
$1,258,376
Management and general expenses
$743,276
Fundraising expenses
$135,610
Program service expenses (Part III)
$1,258,376

Program services were 58.9% 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.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $1,640,671

  • 1g · Noncash contributions included above

    $1,266

  • 2a · Program service revenue: SERVICE FEES

    total $97,343 · related or exempt $97,343

  • 2b · Program service revenue: PROGRAMMATIC INVESTMEN

    total -$40,197 · related or exempt -$40,197

  • 3 · Investment income

    total $182,518 · excluded $182,518

  • 11d · All other revenue

    total $68,070 · related or exempt $68,070

  • 11e · Other revenue, total

    $68,070

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $6,130 · program services $6,130

  • 5 · Compensation of officers, directors and key employees

    total $215,000 · program services $137,600 · management and general $21,500 · fundraising $55,900

  • 7 · Other salaries and wages

    total $638,915 · program services $421,362 · management and general $173,764 · fundraising $43,789

  • 8 · Pension plan contributions

    total $22,060 · program services $11,030 · management and general $9,706 · fundraising $1,324

  • 9 · Other employee benefits

    total $26,091 · program services $13,044 · management and general $11,481 · fundraising $1,566

  • 10 · Payroll taxes

    total $65,440 · program services $43,175 · management and general $14,569 · fundraising $7,696

  • 11c · Fees: accounting

    total $172,960 · management and general $172,960

  • 11g · Fees: other

    total $540,097 · program services $301,196 · management and general $213,907 · fundraising $24,994

  • 12 · Advertising and promotion

    total $499 · program services $21 · management and general $478

  • 13 · Office expenses

    total $39,726 · program services $26,015 · management and general $13,576 · fundraising $135

  • 14 · Information technology

    total $33,540 · program services $25,283 · management and general $8,176 · fundraising $81

  • 16 · Occupancy

    total $15,221 · program services $1,147 · management and general $14,074

  • 17 · Travel

    total $53,361 · program services $21,169 · management and general $32,192

  • 20 · Interest

    total $249,885 · program services $249,885

  • 22 · Depreciation, depletion and amortization

    total $6,294 · management and general $6,294

  • 23 · Insurance

    total $24,451 · management and general $24,451

  • 24a · Other expenses: MISCELLANEOUS

    total $15,405 · program services $34 · management and general $15,371

  • 24b · Other expenses: BANK AND RELATED FEES

    total $12,187 · program services $1,285 · management and general $10,777 · fundraising $125

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,345,263 · end of year $2,554,912

  • 2 · Savings and temporary cash investments

    beginning of year $1,642,018 · end of year $5,288,705

  • 3 · Pledges and grants receivable

    beginning of year $999,646 · end of year $718,750

  • 4 · Accounts receivable

    beginning of year $52,700 · end of year $45,710

  • 7 · Other notes and loans receivable

    beginning of year $19,000

  • 8 · Inventories for sale or use

    beginning of year $1,727 · end of year $12,425

  • 9 · Prepaid expenses and deferred charges

    beginning of year $52,789 · end of year $72,259

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $4,943,059 · end of year $7,071,009

  • 14 · Intangible assets

    beginning of year $68,927 · end of year $177,190

  • 15 · Other assets

    beginning of year $18,542 · end of year $40,951

  • 17 · Accounts payable and accrued expenses

    beginning of year $469,026 · end of year $486,594

  • 22 · Loans and payables to officers and key people

    beginning of year $1,022,924 · end of year $1,034,012

  • 24 · Unsecured notes and loans payable

    beginning of year $5,253,177 · end of year $11,532,411

  • 25 · Other liabilities

    beginning of year $0 · end of year $22,929

  • 27 · Net assets without donor restrictions

    beginning of year $2,132,901 · end of year $1,678,532

  • 28 · Net assets with donor restrictions

    beginning of year $1,265,643 · end of year $1,227,433

Mission and programs · 2023

Mission

SEE SCHEDULE O

Activities or mission (Part I)

FORM 990 - ORGANIZATION'S MISSION OR MOST SIGNIFICANT ACTIVITIESBOSTON IMPACT INITIATIVE FUND'S MISSION IS TO HELP BUILD A FUTURE WHERE ENTREPRENEURS OF COLOR AND THEIR COMMUNITIES HAVE THE FINANCIAL, SOCIAL AND POLITICAL POWER TO CREATE A SUSTAINABLE, INCLUSIVE AND EQUITABLE ECONOMY FOR GENERATIONS TO COME. TO DO THIS, BII INVESTS INTEGRATED CAPITAL IN SOCIAL ENTERPRISES AND COMMUNITY-CONTROLLED REAL ESTATE TO INCREASE WEALTH AND ASSET-BUILDING OPPORTUNITIES FOR COMMUNITIES OF COLOR IN MASSACHUSETTS AND NEW ENGLAND. BII IS ALSO TRANSFORMING THE IMPACT INVESTING FIELD THROUGH FIELD-BUILDING AND EDUCATION SO THAT ECONOMIC AND RACIAL JUSTICE BECOMES INTEGRAL TO ANY COMMUNITY-CENTERED INVESTMENT STRATEGY.

  • SEE SCHEDULE O

    Expenses $982,698 · Grants $2,147 · Revenue $27,873

  • SEE SCHEDULE O

    Expenses $275,678 · Grants $3,983 · Revenue $97,343

  • N/A

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • BETTY FRANCISCO

    CEO

    Total calculated
    $221,450
    From this org
    $215,000
    From related orgs
    $0
    Other
    $6,450
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $6,450
    Filer's total
    $221,450

  • LISA OWENS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • GUILLERMO QUINTEROS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JUAN LEYTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROSE FELIX

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • NIA EVANS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DEBORAH FRIEZE

    PRESIDENT

    Total calculated
    $0
    Hours/week
    10

  • GEETA AIYER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • REBECCA REGAN

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • KAFILAT LAWAL

    FINANCIAL CONTROLLER

    Total calculated
    $115,163
    From this org
    $110,905
    From related orgs
    $0
    Other
    $4,258
    Hours/week
    40

  • HENRY NOEL

    INVESTMENT DIRECTOR

    Total calculated
    $146,260
    From this org
    $142,000
    From related orgs
    $0
    Other
    $4,260
    Hours/week
    40

  • ALIANA PINEIRO

    IMPACT DIRECTOR

    Total calculated
    $139,640
    From this org
    $135,500
    From related orgs
    $0
    Other
    $4,140
    Hours/week
    40

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

Answered yes

  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202423189349300422

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