Overview
What is Initiative For A Competitive Inner City Inc?
Initiative For A Competitive Inner City Inc, based in Roxbury, Massachusetts, is a nonprofit organization dedicated to fostering economic prosperity in underprivileged communities. They achieve this goal through various initiatives, such as Inner City Capital Connections, which helps small and medium-sized businesses build capacity and resilience, create jobs, and secure capital. Another initiative, 10,000 Small Businesses, partners with Goldman Sachs to provide education, financial capital, and business support services to entrepreneurs. Their Black in Business program, launched in 2022, focuses on empowering Black women entrepreneurs. Cultivate Small Business supports early-stage entrepreneurs, especially those from underrepresented communities, with education, networking, and mentoring. The Inner City 100 awards are given to fast-growing companies in underprivileged areas, offering them national recognition and mentorship opportunities. Building for Growth is a tuition-free executive education program specifically for BIPOC and women-owned construction companies. Lastly, Succession Ready is a series of workshops to help small business owners develop and execute successful succession plans for their businesses.
Official website here: www.icic.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 100% (Four-Star out of Four Stars)
The Initiative For A Competitive Inner City Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong performance across various operational metrics. The overall score is derived from its high marks in Accountability & Finance, Leadership & Adaptability, and Culture & Community. Notably, it has a perfect Accountability & Finance score of 100%, indicating robust financial management and oversight practices. The organization boasts a high percentage of independent board members, enhancing its governance quality.
Strengths of the initiative include a strong commitment to professional development, with each staff member receiving at least $1,000 annually to foster leadership skills. Feedback collection and usage are also rated 100%, showcasing the organization’s dedication to stakeholder engagement and responsiveness. The adaptability during the COVID-19 pandemic highlights its capacity to innovate in challenging times, which is critical for sustaining its mission.
While the organization excels in many areas, the low score in Leadership & Adaptability at 16% suggests room for improvement in demonstrating its impact in these dimensions compared to others. However, the overall ratings indicate a well-managed and effective organization committed to its mission and community engagement.
This AI summary has been generated from information found on Charity Navigator.
Is Initiative For A Competitive Inner City Inc legitimate?
Initiative For A Competitive Inner City Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Initiative For A Competitive Inner City Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $790,676
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,616,293
For more financial information, click here
Official website here: www.icic.org
What is the mission statement of Initiative For A Competitive Inner City Inc?
The Initiative For A Competitive Inner City Inc, often referred to as ICIC, aims to drive inclusive economic prosperity in under-resourced communities. They accomplish this through innovative research and programs, focusing on creating jobs, income, and wealth for local residents. ICIC's mission encompasses seven initiatives, including Inner City Capital Connections, 10,000 Small Businesses, Black in Business, Cultivate Small Business, Inner City 100, Building for Growth, and Succession Ready. These programs provide various resources such as business education, coaching, and access to capital, ultimately leading to increased revenue growth, job creation, and capital raising.
Official website here: www.icic.org
Who is the CEO of Initiative For A Competitive Inner City Inc?
Steve Grossman is the Chief Executive Officer of Initiative For A Competitive Inner City Inc. The CEO's salary of Initiative For A Competitive Inner City Inc is $330,656 and their total compensation is $348,438.
Official website here: www.icic.org
What is the revenue of Initiative For A Competitive Inner City Inc?
Initiative For A Competitive Inner City Inc's revenue in 2022 was $11,628,829.
Official website here: www.icic.org
Who are the executives of Initiative For A Competitive Inner City Inc and what are their salaries?
The average compensation at Initiative For A Competitive Inner City Inc during 2022 was $62,957. There are 70 employees and 19 volunteers at Initiative For A Competitive Inner City Inc.
Here are 27 key members and their salaries (Initiative For A Competitive Inner City Inc's CEO's salary is $330,656 and their total compensation is $348,438):
- Compensation: $330,656
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- Other: $17,782
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- Compensation: $191,600
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- Other: $8,978
- Compensation: $226,430
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- Other: $15,230
- Compensation: $176,438
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- Other: $9,544
- Compensation: $175,710
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- Other: $19,181
- Compensation: $149,780
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- Other: $7,535
- Compensation: $123,309
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- Other: $17,483
- Compensation: $121,184
- Related: $0
- Other: $14,094
Official website here: www.icic.org
Where can I find the form 990 for Initiative For A Competitive Inner City Inc?
Initiative For A Competitive Inner City Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.icic.org
Learn more at the official website: www.icic.org
Mission Statement of Initiative For A Competitive Inner City Inc
Initiative For A Competitive Inner City Inc, often referred to as ICIC, is a nonprofit organization dedicated to fostering inclusive economic prosperity in underprivileged communities. Its mission is to accomplish this by driving research and implementing programs that create jobs, income, and wealth for local residents. By providing innovative solutions, ICIC aims to bridge the gap between disadvantaged areas and opportunities for growth, ultimately leading to sustainable long-term revenue growth, profitability, and local job creation. The organization's approach encompasses seven initiatives, including Inner City Capital Connections, 10,000 Small Businesses, Black in Business, Cultivate Small Business, Inner City 100, Building for Growth, and Succession Ready. Each initiative addresses specific challenges faced by small businesses and entrepreneurs in under-resourced communities, providing them with the necessary tools, resources, and support to thrive and contribute to their local economies.
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Impact
October, 2024
The Initiative for a Competitive Inner City (ICIC) significantly impacts under-resourced communities by driving inclusive economic prosperity through a suite of innovative programs and research initiatives. By focusing on building capacity in small and medium-sized businesses, ICIC’s initiatives facilitate sustainable job creation, income growth, and wealth generation for local residents.
One of the key programs, Inner City Capital Connections (ICCC), offers a tuition-free executive leadership training that empowers over 5,800 businesses, leading to an impressive average revenue growth of 141% and the creation of 26,000 jobs. The program's structure, which includes capacity-building education, one-on-one coaching, and connections to capital, strengthens businesses in ways that promote resilience and long-term profitability.
Additionally, the 10,000 Small Businesses initiative, in partnership with Goldman Sachs, has supported over 13,600 small business owners from diverse geographical areas, helping them gain access to essential business education and financial support, resulting in increased revenues for many participants.
Programs like Black in Business specifically address the unique challenges faced by Black women entrepreneurs, equipping them with strategies to price products effectively and hire employees, thereby fostering economic empowerment in this demographic. Similarly, Cultivate Small Business targets early-stage entrepreneurs in the food industry, particularly among BIPOC communities, providing tailored education and small capital grants.
Through the Inner City 100 initiative, ICIC recognizes and promotes rapidly growing businesses in under-resourced areas, facilitating national exposure and networking opportunities that can further catalyze their growth. The Building for Growth program focuses on increasing the capacity of construction firms owned by BIPOC and women, addressing systemic barriers and enabling them to secure larger contracts.
Lastly, the Succession Ready initiative prepares business owners for successful business transition, ensuring the sustainability of these enterprises in their communities.
Overall, ICIC’s multifaceted approach not only enhances the economic landscape of under-resourced areas but also fosters a culture of mentorship, collaboration, and empowerment that invigorates local economies.
This information is meant to be a general summary of Initiative For A Competitive Inner City Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $126,628
- Program Service Revenue: $237,600
- Gross Receipts: $11,643,733
Assets and Liabilities:
- Total Assets: $11,661,853
- Total Liabilities: $537,050
- Net Assets: $11,124,803
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EARNED INCOME
Revenue
$237,600
Organization Details
Founding Year
1994
Phone
(617) 238-1740Principal Officer
Steve Grossman
Main Address
PO BOX 191297, ROXBURY, MA, 02119
Website
www.icic.orgNTEE Category
Code: L50 - Housing
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