PLATINUM2023

INITIATIVE FOR A COMPETITIVE INNER CITY INC

aka ICIC   |   ROXBURY, MA   |  WWW.ICIC.ORG
GuideStar Charity Check

INITIATIVE FOR A COMPETITIVE INNER CITY INC

EIN: 13-3772904


Mission

ICIC drives inclusive economic prosperity in under-resourced communities through innovative research and programs to create jobs, income, and wealth for local residents. Founded in 1994 by Harvard Business School Professor Michael Porter, the Initiative for a Competitive Inner City is a national nonprofit research and advisory organization and the leading authority on U.S. underserved economies and the businesses that thrive there.

Ruling year info

1995

CEO

Steve Grossman

Main address

PO Box 191297

ROXBURY, MA 02119 USA

Show more contact info

EIN

13-3772904

Subject area info

Community and economic development

Urban development

Population served info

Ethnic and racial groups

Low-income people

NTEE code info

Management & Technical Assistance (S02)

IRS subsection

501(c)(3) Public Charity

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Tax forms

Communication

Programs and results

What we aim to solve

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Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Research & Advisory

Founded in 1994 by Harvard Business School Professor Michael Porter, the Initiative for a Competitive Inner City is a national nonprofit research and advisory organization and the leading authority on U.S. inner city economies and the businesses that thrive there.

Population(s) Served

Goldman Sachs 10,000 Small Businesses program helps entrepreneurs create jobs and economic opportunity by providing them with greater access to education, capital, and business support services.

Population(s) Served
Ethnic and racial groups
Economically disadvantaged people

The Inner City Capital Connections Program helps firms in the growth-to-exit stage overcome obstacles to reach their respective goals. Participating entrepreneurs experience different business challenges, from the need for capital to restructuring for growth. The program helps all of these businesses build capacity and access capital.

Our executive education instructors hail from leading institutions such as Harvard Business School and Stern, and own their own businesses. Professor Michael Porter from Harvard Business School is teaching the strategy component at the Boston program.

Population(s) Served
Economically disadvantaged people
Ethnic and racial groups

The Inner City 100 program celebrates the 100 fastest-growing companies located in America's inner cities. The list is published annually in FORTUNE Magazine.

The program provides the leaders of these businesses access to executive education, networking opportunities and national visibility. It culminates with the annual Inner City 100 Conference and Awards where winning companies gather for a full day of management education and an unveiling of the Inner City 100 rankings.

Population(s) Served
Economically disadvantaged people
Ethnic and racial groups

Cultivate Small Business is designed to help early-stage entrepreneurs in low-income neighborhoods build and sustain their businesses, with a focus on women, minority and immigrant owned businesses in food-related industries. The program provides industry specific education, networks and mentoring as well as small capital grants for business owners.

Population(s) Served
Ethnic and racial groups
Economically disadvantaged people
Immigrants and migrants

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of jobs created and maintained

This metric is no longer tracked.
Totals By Year
Related Program

Inner City Capital Connections

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Context Notes

This metric measures jobs created/maintained since our program was created in 2005.

Total dollars loaned to businesses

This metric is no longer tracked.
Totals By Year
Related Program

Inner City Capital Connections

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Context Notes

This represents the debt and equity capital raised by participants since 2005.

Additional revenue and wages generated attributable to the organization's efforts

This metric is no longer tracked.
Totals By Year
Related Program

Inner City Capital Connections

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Holding steady

Context Notes

This represents 141% in average revenue growth among participants since 2005.

Number of businesses developed

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Holding steady

Context Notes

This represents the number of businesses served across all our programs in 2022.

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • Who are the people you serve with your mission?

    Women- and BIPOC-small business owners, small business owners from under-resourced communities.

  • How is your organization collecting feedback from the people you serve?

    Electronic surveys (by email, tablet, etc.), Paper surveys, Focus groups or interviews (by phone or in person), Constituent (client or resident, etc.) advisory committees,

  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To identify where we are less inclusive or equitable across demographic groups, To strengthen relationships with the people we serve, To understand people's needs and how we can help them achieve their goals,

  • With whom is the organization sharing feedback?

    The people we serve, Our staff, Our board, Our funders, Our community partners,

  • Which of the following feedback practices does your organization routinely carry out?

    We collect feedback from the people we serve at least annually, We take steps to get feedback from marginalized or under-represented people, We aim to collect feedback from as many people we serve as possible, We take steps to ensure people feel comfortable being honest with us, We engage the people who provide feedback in looking for ways we can improve in response, We act on the feedback we receive,

  • What challenges does the organization face when collecting feedback?

    It is difficult to get the people we serve to respond to requests for feedback,

Financials

INITIATIVE FOR A COMPETITIVE INNER CITY INC
Fiscal year: Jan 01 - Dec 31
Financial documents
2021 Audited Financial Statements 2020 Audited Financial Statements 2019 2018 2017 2016 2015 2014
done  Yes, financials were audited by an independent accountant. info

Revenue vs. expenses:  breakdown

SOURCE: IRS Form 990 info
NET GAIN/LOSS:    in 
Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2020 info

SOURCE: IRS Form 990

14.24

Average of 19.95 over 10 years

Months of cash in 2020 info

SOURCE: IRS Form 990

8.3

Average of 4.6 over 10 years

Fringe rate in 2020 info

SOURCE: IRS Form 990

16%

Average of 14% over 10 years

Funding sources info

Source: IRS Form 990

Assets & liabilities info

Source: IRS Form 990

Financial data

Source: IRS Form 990 info

INITIATIVE FOR A COMPETITIVE INNER CITY INC

Revenue & expenses

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990

Fiscal year ending: cloud_download Download Data

INITIATIVE FOR A COMPETITIVE INNER CITY INC

Balance sheet

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990

The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

Fiscal year ending: cloud_download Download Data

INITIATIVE FOR A COMPETITIVE INNER CITY INC

Financial trends analysis Glossary & formula definitions

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990

This snapshot of INITIATIVE FOR A COMPETITIVE INNER CITY INC’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.

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Business model indicators

Profitability info 2016 2017 2018 2019 2020
Unrestricted surplus (deficit) before depreciation $482,931 $1,017,947 -$709,246 $1,025,191 $873,072
As % of expenses 14.0% 23.6% -12.3% 16.5% 16.4%
Unrestricted surplus (deficit) after depreciation $446,389 $982,762 -$754,054 $969,694 $825,885
As % of expenses 12.8% 22.6% -12.9% 15.4% 15.4%
Revenue composition info
Total revenue (unrestricted & restricted) $4,379,590 $4,932,326 $5,543,213 $6,529,016 $8,178,746
Total revenue, % change over prior year 39.1% 12.6% 12.4% 17.8% 25.3%
Program services revenue 0.0% 0.0% 0.0% 0.0% 1.2%
Membership dues 0.0% 0.0% 0.0% 0.0% 0.0%
Investment income 0.9% 0.3% 2.9% 2.5% 1.6%
Government grants 0.0% 0.0% 0.0% 0.0% 0.0%
All other grants and contributions 96.3% 97.2% 101.4% 95.4% 89.8%
Other revenue 2.7% 2.6% -4.3% 2.2% 7.4%
Expense composition info
Total expenses before depreciation $3,453,709 $4,313,393 $5,779,970 $6,225,214 $5,324,475
Total expenses, % change over prior year 12.8% 24.9% 34.0% 7.7% -14.5%
Personnel 62.7% 60.7% 56.6% 54.8% 67.1%
Professional fees 10.9% 11.5% 15.2% 14.3% 16.2%
Occupancy 3.4% 2.7% 2.3% 2.8% 3.0%
Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Pass-through 0.0% 0.0% 0.0% 0.0% 0.0%
All other expenses 23.1% 25.2% 25.9% 28.2% 13.7%
Full cost components (estimated) info 2016 2017 2018 2019 2020
Total expenses (after depreciation) $3,490,251 $4,348,578 $5,824,778 $6,280,711 $5,371,662
One month of savings $287,809 $359,449 $481,664 $518,768 $443,706
Debt principal payment $0 $0 $0 $0 $0
Fixed asset additions $0 $0 $86,758 $0 $0
Total full costs (estimated) $3,778,060 $4,708,027 $6,393,200 $6,799,479 $5,815,368

Capital structure indicators

Liquidity info 2016 2017 2018 2019 2020
Months of cash 8.6 7.3 3.9 3.1 8.3
Months of cash and investments 21.3 20.6 12.6 12.8 20.8
Months of estimated liquid unrestricted net assets 17.5 16.8 10.9 12.0 16.0
Balance sheet composition info 2016 2017 2018 2019 2020
Cash $2,468,820 $2,614,201 $1,869,279 $1,594,923 $3,674,810
Investments $3,658,106 $4,795,970 $4,198,971 $5,046,462 $5,548,373
Receivables $111,230 $48,843 $466,854 $480,931 $1,012,777
Gross land, buildings, equipment (LBE) $184,080 $209,556 $283,566 $280,442 $275,040
Accumulated depreciation (as a % of LBE) 46.9% 58.0% 54.2% 66.7% 77.9%
Liabilities (as a % of assets) 1.9% 2.7% 4.9% 3.3% 6.9%
Unrestricted net assets $5,142,307 $6,125,069 $5,371,015 $6,340,709 $7,166,594
Temporarily restricted net assets $1,119,122 $1,255,439 $1,020,169 N/A N/A
Permanently restricted net assets $0 $0 $0 N/A N/A
Total restricted net assets $1,119,122 $1,255,439 $1,020,169 $706,852 $2,479,769
Total net assets $6,261,429 $7,380,508 $6,391,184 $7,047,561 $9,646,363

Key data checks

Key data checks info 2016 2017 2018 2019 2020
Material data errors No No No No No

Operations

The people, governance practices, and partners that make the organization tick.

CEO

Steve Grossman

Number of employees

Source: IRS Form 990

INITIATIVE FOR A COMPETITIVE INNER CITY INC

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

Compensation
Other
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Compensation data
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INITIATIVE FOR A COMPETITIVE INNER CITY INC

Highest paid employees

SOURCE: IRS Form 990

Compensation
Other
Related
Show data for fiscal year
Compensation data
Download up to 5 most recent years of highest paid employee data for this organization

INITIATIVE FOR A COMPETITIVE INNER CITY INC

Board of directors
as of 01/23/2023
SOURCE: Self-reported by organization
Board of directors data
Download the most recent year of board of directors data for this organization
Board chair

Prof. Michael Porter

Harvard Business School

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? No

Organizational demographics

SOURCE: Self-reported; last updated 10/14/2022

Who works and leads organizations that serve our diverse communities? GuideStar partnered on this section with CHANGE Philanthropy and Equity in the Center.

Leadership

The organization's leader identifies as:

Race & ethnicity
White/Caucasian/European
Gender identity
Male, Not transgender (cisgender)
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

Gender identity

 

Sexual orientation

No data

Disability

No data

Equity strategies

Last updated: 10/14/2022

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We review compensation data across the organization (and by staff levels) to identify disparities by race.
  • We ask team members to identify racial disparities in their programs and / or portfolios.
  • We analyze disaggregated data and root causes of race disparities that impact the organization's programs, portfolios, and the populations served.
  • We disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
  • We disaggregate data by demographics, including race, in every policy and program measured.
  • We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
Policies and processes
  • We have a promotion process that anticipates and mitigates implicit and explicit biases about people of color serving in leadership positions.
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We have community representation at the board level, either on the board itself or through a community advisory board.
  • We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.

Contractors

Fiscal year ending
There are no fundraisers recorded for this organization.