New York City Business Assistance Corporation
- Assets
- $3.6m
- Revenue
- $275.9k
- Investments
- $1.5m
- Employees
- 0
- Location
- New York, NY
- Founding
- 12/1987
- Data as of
- 06/2022
- EIN
- 13-3423857
Organization Overview
New York City Business Assistance Corporation is located in New York, NY. The organization was established in 1987. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New York City Business Assistance Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, New York City Business Assistance Corporation generated $275.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (24.0%) each year. All expenses for the organization totaled $342.9k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (15.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, New York City Business Assistance Corporation has awarded 121 individual grants totaling $3,155,323. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO REDUCE UNEMPLOYMENT, PROMOTE AND PROVIDE FOR ADDITIONAL AND MAXIMUM EMPLOYMENT IN NYC, ENCOURAGE THE DEVELOPMENT AND/OR RETENTION OF BUSINESSES IN NYC; INSTRUCT OR TRAIN INDIVIDUALS TO IMPROVE AND DEVELOP THEIR CAPABILITIES FOR JOBS IN BUSINESS AND ENCOURAGE ECONOMIC DEVT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DOWNTOWN JAMAICA STOREFRONT IMPROVEMENT PROGRAM - THE DOWNTOWN JAMAICA STOREFRONT IMPROVEMENT PROGRAM IS A PROGRAM DESIGNED TO REVITALIZE BUILDING FACADES, IMPROVE COMMERCIAL CORRIDORS AND PROMOTE THE CHARACTER AND STABILITY OF DOWNTOWN JAMAICA, ALLOW LONGSTANDING BUSINESSES TO STAY COMPETITIVE AND KEEP PACE WITH NEIGHBORHOOD CHANGE, AND TO CREATE A STRONGER, SAFER NEIGHBORHOOD THAT ATTRACTS LOCAL RESIDENTS AND SHOPPERS, ALL IN ACCORDANCE WITH THE DOWNTOWN JAMAICA STOREFRONT IMPROVEMENT GRANT PROGRAM. NYBAC WILL APPLY THE FUNDING TO PAY FOR UP TO 75% OF THE TOTAL PROJECT COSTS FOR IMPROVEMENTS TO BUILDING FACADES.
BLACK ENTREPRENEURS NYC (BE NYC) A GROUNDBREAKING MODEL FOR A MAJOR AMERICAN CITY TO HELP CREATE EQUITY OF OPPORTUNITY BY ADVANCING BLACK ENTREPRENEURSHIP.
FUNDING IS BEING USED TO PAY FOR FIT-OUT GRANTS WHICH WILL BE AWARDED TO ELIGIBLE RETAIL BUSINESSES THROUGH THE LOVE YOUR LOCAL PROGRAM, A GRANT PROGRAM DESIGNED TO PRESERVE ESSENTIAL LOCAL JOBS, GOODS AND SERVICES BY PROVIDING MARKETING, TECHNICAL ASSISTANCE, AND GRANTS TO SMALL BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Indiana Baldera Secretary | Officer | 35 | $0 |
Jonnel Doris President | Trustee | 35 | $0 |
Ismail A Mohamed Treasurer | Trustee | 35 | $0 |
Andrew I Schwartz Vice President | Trustee | 35 | $0 |
Donald J Giampietro Board Member | Trustee | 35 | $0 |
Ophelia V Gabrino Board Member | Trustee | 35 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $275,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $275,000 |
| Total Program Service Revenue | $0 |
| Investment income | $878 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $275,878 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $203,250 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $112,116 |
| Advertising and promotion | $481 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,057 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $749 |
| All other expenses | $0 |
| Total functional expenses | $342,907 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $380,463 |
| Savings and temporary cash investments | $1,311,315 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $149,747 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,521,351 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $287,000 |
| Total assets | $3,649,876 |
| Accounts payable and accrued expenses | $7,000 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $7,000 |
| Net assets without donor restrictions | $234,200 |
| Net assets with donor restrictions | $3,408,676 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,649,876 |
Grants Awarded
Over the last fiscal year, New York City Business Assistance Corporation has awarded $0 in support to 13 organizations.
| Grant Recipient | Amount |
|---|---|
VON DESIGN LTD PURPOSE: Love Your Local Grant Reimbursement | $0 |
BROOKLYN ALLIANCE INC PURPOSE: Small Business Financing | $0 |
GREATER JAMAICA DEVELOPMENT CORPORA PURPOSE: Downtown Jamaica Storefront Program | $0 |
OBRA ARCHITECT PC PURPOSE: Love Your Local Grant Reimbursement | $0 |
BEAS TAVERN PURPOSE: Love Your Local Grant Reimbursement | $0 |
KEPCO INC PURPOSE: Love Your Local Grant Reimbursement | $0 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that New York City Business Assistance Corporation has recieved totaling $149,225.
| Awarding Organization | Amount |
|---|---|
Goldman Sachs Foundation New York, NY PURPOSE: GRANT TO SUPPORT THE 10,000 SMALL BUSINESSES INITIATIVE IN NEW YORK | $149,225 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
43north Bpc Inc Buffalo, NY | $13,425,800 | $3,001,464 |
Grameen America Inc Jackson Heights, NY | $237,127,552 | $50,248,348 |
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Homestart Inc Boston, MA | $5,713,584 | $14,864,192 |
The Community Action Agency Of Western Connecticut Inc Danbury, CT | $3,614,776 | $12,103,732 |
Massachusetts Manufacturing Extension Partnership Inc Auburn, MA | $5,456,400 | $10,807,956 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
Dorchester Bay Economic Development Corporation Dorchester, MA | $50,118,730 | $16,286,134 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Newark Downtown District Management Corporation Newark, NJ | $7,203,712 | $5,205,083 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |