Business Initiative Corporation Of New York
- Assets
- $920.3k
- Revenue
- $593.5k
- Investments
- $0.0
- Employees
- 2
- Location
- Bronx, NY
- Founding
- 09/2001
- Data as of
- 09/2022
- EIN
- 13-4088607
Organization Overview
Business Initiative Corporation Of New York is located in Bronx, NY. The organization was established in 2001. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2022, Business Initiative Corporation Of New York employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Business Initiative Corporation Of New York 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 09/2022, Business Initiative Corporation Of New York generated $593.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $560.8k during the year ending 09/2022. While expenses have increased by 7.3% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION WORKS WITH THE SBA AND PRIVATE LENDERS TO PROVIDE FINANCING TO ALL SECTORS OF THE BRONX AND NEW YORK STATE BUSINESS COMMUNITY TO SUPPORT ECONOMIC DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORORATION WORKS WITH THE SBA AND PRIVATE LENDERS TO PROVIDE FINANCING TO SMALL BUSINESSES. DURING FYE 9/30/22 BICNY APPROVED SIXTEEN (16) LOANS TOTALING $22,879,000 WHICH LEVERAGED $32,220,900 FROM BANKS AND $7,076,450 IN PRIVATE EQUITY FOR A TOTAL PROJECT COST OF $61,544,000. DURING THE SAME TIME PERIOD BICNY CLOSED NINE (9) LOANS AND SOLD BONDS TOTALING $13,089,000. THIS ACTIVITY LEVERAGED $23,118,100 FROM BANKS AND PRIVATE EQUITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rafael Roger Executive Director | Officer | 40 | $97,308 |
Syed Ahsan Director | Trustee | 1 | $0 |
Dolores Batista Director | Trustee | 1 | $0 |
Gustavo Buitrago Director | Trustee | 1 | $0 |
Hugh Campbell Director | Trustee | 1 | $0 |
Joseph Coleman Treasurer/director | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $14,441 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $26,941 |
| Total Program Service Revenue | $566,579 |
| Investment income | $0 |
| 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 | $593,520 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $107,692 |
| Compensation of current officers, directors, key employees. | $32,308 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $53,608 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,190 |
| Payroll taxes | $12,868 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,184 |
| Fees for services: Accounting | $18,975 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $246,760 |
| Advertising and promotion | $0 |
| Office expenses | $29,912 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,677 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $728 |
| Insurance | $6,893 |
| All other expenses | $0 |
| Total functional expenses | $560,772 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $747,456 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $160,021 |
| 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 | $10,907 |
| Net Land, buildings, and equipment | $1,411 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $500 |
| Total assets | $920,295 |
| Accounts payable and accrued expenses | $97,289 |
| Grants payable | $0 |
| Deferred revenue | $229,043 |
| 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 | $9,591 |
| Total liabilities | $335,923 |
| Net assets without donor restrictions | $584,372 |
| Net assets with donor restrictions | $0 |
| 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 | $920,295 |