Initiative For A Competitive Inner City Inc

Organization Overview

Initiative For A Competitive Inner City Inc is located in Roxbury, MA. The organization was established in 1995. According to its NTEE Classification (L50) the organization is classified as: Homeowners & Tenants Associations, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Initiative For A Competitive Inner City Inc employed 70 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Initiative For A Competitive Inner City Inc 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 12/2022, Initiative For A Competitive Inner City Inc generated $11.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 17.7% each year . All expenses for the organization totaled $10.0m during the year ending 12/2022. While expenses have increased by 15.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

ICIC DRIVES INCLUSIVE ECONOMIC PROSPERITY IN UNDER-RESOURCED COMMUNITIES THROUGH INNOVATIVE RESEARCH AND PROGRAMS TO CREATE JOBS, INCOME, AND WEALTH FOR LOCAL RESIDENTS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

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 17 YEARS, THE PROGRAM HAS SERVED MORE THAN 5,800 BUSINESSES, THAT HAVE AVERAGED 141% REVENUE GROWTH, CREATED 26,000 JOBS, AND RAISED OVER $2.4 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 13,600 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 450 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.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 2022 IC100 WINNERS REPRESENTED 25 INDUSTRIES AND 57 CITIES AND EXPERIENCED AN AVERAGE 4-YEAR REVENUE GROWTH OF OVER 400%.PROGRAM I, INITIATIVE 6, BUILDING FOR GROWTHLAUNCHED IN MAY 2022, BUILDING FOR GROWTH (BFG) IS A TUITION-FREE, NATIONAL EXECUTIVE EDUCATION PROGRAM THAT HELPS BIPOC- AND WOMAN-OWNED CONSTRUCTION COMPANIES BUILD CAPACITY THROUGH CONSTRUCTION INDUSTRY-SPECIFIC TRAINING, TECHNICAL ASSISTANCE, AND MENTORSHIP. THE PROGRAM SUPPORTS BUSINESSES IN INCREASING THEIR BONDING CAPACITY, ACCESSING CAPITAL, AND SECURING LARGER-SCALE CONTRACTS. BFG'S INAUGURAL COHORT SERVED 54 BUSINESSES IN 19 STATES, 91% OF WHICH WERE BIPOC-OWNED AND 53% OF WHICH WERE WOMAN-OWNED. IN 2023, THE BFG PROGRAM HAS EXPANDED TO OFFER TWO COHORTS.PROGRAM I, INITIATIVE 7, SUCCESSION READYSUCCESSION READY IS A FREE SERIES OF FIVE THREE-HOUR EDUCATIONAL WORKSHOPS TO HELP SMALL BUSINESS OWNERS DEVELOP AND NAVIGATE A SUCCESSFUL SUCCESSION PLAN FOR THEIR BUSINESSES. THIS NEW PROGRAM WAS LAUNCHED IN AUGUST OF 2022 IN COLLABORATION WITH THE COMMUNITY COLLEGE OF RHODE ISLAND, NEW MAJORITY CAPITAL FOUNDATION, BABSON COLLEGE, AND RHODE ISLAND COMMERCE, AND HOSTED AN INAUGURAL CLASS OF 19 BUSINESSES.


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 2022 INCLUDED: - HOW THE CORONAVIRUS RECESSION AND RECOVERY HAVE AFFECTED BUSINESSES AND JOBS IN THE 100 LARGEST METROPOLITAN AREAS - TECHNICAL KNOCKOUT: CLOSING THE GAP IN REGIONAL SMALL BUSINESS TECHNICAL ASSISTANCE SYSTEMS - BRIDGING THE CAPITAL ACCESS GAP: AN OVERVIEW OF THE SMALL BUSINESS FINANCING INDUSTRY


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Board, Officers & Key Employees

Name (title)Compensation
Steve Grossman
Chief Executive Officer
$330,656
Michael Porter
Founder & Chairman Emeritus
$0
Ronald Homer
Chairman
$0
Barry White
Vice Chairman & Treasurer
$0
Brenda Mckenzie
Secretary
$0
Linda Applegate
Board Member
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
John Leonard Employment Services
Temp Staff For Programs
$103,752
Mode Studios
Virtual Conference
$107,486
Pacific Community Ventures
Mentorship/coaching
$180,000
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$11,264,601
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$11,264,601
Total Program Service Revenue$237,600
Investment income $126,628
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 $11,628,829

Peer Organizations

Organization NameAssets
Roc Usa Llc
Concord, NH
$14,090,679
Initiative For A Competitive Inner City Inc
Roxbury, MA
$11,628,829
Womens Prison Association And Home
New York, NY
$8,899,575
Homes For The Homeless Institute Inc
New York, NY
$10,091,761
Spring Meadows Association Of Responsible Tenants Inc
Springfield, MA
$4,498,699
St Vincents Development Inc
Trumbull, CT
$3,269,311
Mutual Housing Association Of Greater Hartford Inc
Hartford, CT
$4,301,543
Homeownership Affordability Trust Fund
Providence, RI
$1,978,717
Building Owners And Managers Association Of Greater New York B
New York, NY
$2,576,667
Urban Homeownership Corp
New York, NY
$2,230,263
Newvue Affordable Housing Corporation
Fitchburg, MA
$2,269,569
Woodridge Lake Property Owners Assoc Inc
Goshen, CT
$2,081,419
Joseph M Dassern Housing Corporation
Dobbs Ferry, NY
$1,335,857
Housing Court Answers Inc
New York, NY
$1,718,034
St Pauls Housing Corporation
Southington, CT
$1,255,686
Home Builders & Remodelers Association Of Central Connecticut
Rocky Hill, CT
$758,098
Towpath Housing Corp
Liverpool, NY
$722,872
Standardbred Owners Association Inc
Yonkers, NY
$3,071,538
United Tenants Of Albany Inc
Albany, NY
$850,910
Planned Parenthood Maine Action Fund Inc
Colchester, VT
$872,968
Independence Forge Association Inc
Mansfield, MA
$892,656
Home Builders Assn Of Central New York Inc
Syracuse, NY
$846,526
Depaul Housing Management Corporation
Albany, NY
$683,916
Fire Island Property Owners Association Inc
Fire Island Pines, NY
$682,530
National Retail Tenants Association Inc
Carmel, NY
$698,172

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