Initiative for a Competitive Inner City Inc

What it reported doing in 2025

Urban business initiatives: the program consists of eight initiatives: goldman sachs 10,000 small businesses, goldman sachs black in business, inner city capital connections, cultivate small business, inner city 100 award, building for growth, ai initiative and manufacturing accelerator program. Program i, initiative 1. Goldman sachs 10,000 small businessesicic partners with goldman sachs to recruit and select high-potential entrepreneurs for 10,000 small businesses. This initiative helps small business owners create jobs and economic opportunities by providing them with greater access to business education, financial capital and business support services.to date, the program has served over 17,000 small businesses from all 50 states, dc and puerto rico. Graduates of the program have seen increased revenue and 84% collaborate with other alumni.program i, initiative 2. Goldman sachs black in businesssince 2009, icic has served as the national outreach and recruitment partner for the goldman sachs 10,000 small businesses initiative. The partnership expanded its reach to better serve sole proprietors with the creation of the goldman sachs one million black women: black in business program.goldman sachs black in business is a free business education program dedicated to equipping sole proprietors with the tools necessary to turn their business potential into business growth. The program helps sole proprietors learn how to price their product or service, hire their first employee, understand their finances, and so much more. The curriculum was designed in partnership with the nyu stern school of business and is delivered through both in-person sessions at goldman sachs in nyc and virtual sessions over 12 weeks, both at no cost to participants across the country. The program has graduated over 1,600 participants across 8 cohorts since its launch in may 2022.program i, initiative 3. Inner city capital connectionsinner city capital connections (iccc) is a tuition-free executive leadership training program designed to help established small and medium sized businesses in under-resourced communities build capacity and resilience 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.since 2005, the program has served more than 7,700 businesses. Those businesses have averaged 174% revenue growth, created 29,000 new jobs, and raised over $2.6 billion in capital since participating in iccc.program i, initiative 4. Cultivate small businesssantander's award-winning cultivate small business helps early-stage entrepreneurs build and sustain businesses in the food industry, with a focus on historically underserved founders in low-to-moderate income communities. Cultivate is a free 12-week mba-style program that provides a customized curriculum and access to capital through live virtual classes. Successful graduates will leave the program with a fully formulated business plan and pitch, a strong grasp on their target market, financials and growth goals, and up to $20,000 in capital grants.program i, initiative 5. Inner city 100the inner city 100 (ic100) is an annual award that recognizes the 100 fastest-growing companies in under-resourced communities across the nation. The award benefits include national and local media coverage, exclusive networking opportunities, and the opportunity to be matched with an expert business mentor. The 2025 ic100 winners represented 19 industries and 55 cities and experienced an average 4-year revenue growth of 439%.program i, initiative 6, building for growthbuilding for growth (bfg) is a national no-cost executive education program that helps construction contractors build capacity and develop sustainable growth strategies. The bfg program launched its inaugural cohort in 2022, and since then has served 342 construction firms across 35 states. Bfg comb

Financial Efficiency

• Mission deployment rate: 81.7%; rating input score 82
• Program expense ratio: 81%; rating input score 81
• Fundraising efficiency: $12.77 raised per $1 spent on fundraising; rating input score 44; 44th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 2 of 6 controls in place; rating input score 33
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: 1 of 8 controls in place; rating input score 12
  • Claims monitoring procedures: Pass
  • Requires narrative reports: Fail
  • Conducts field audits: Fail
  • May suspend future funding: Fail
  • Requires financial reports: Fail
  • Conducts site visits: Fail
  • Requires grant agreements: Fail
  • May require repayment: Fail
• Grant itemization coverage: 100%; rating input score 100; 75th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 94.1%; rating input score 94; 25th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 1%; rating input score 30; 30th percentile among comparable filings
• Total-asset coverage ratio: 1.48; rating input score 47; 47th percentile among comparable filings
• Liabilities to assets ratio: 0.04; rating input score 65; 65th percentile among comparable filings
• Officer compensation ratio: 18.8%; rating input score 17; 17th percentile among comparable filings

Growth

• Program expense growth: 9.9% per year; rating input score 100; 60th percentile among comparable filings
• Revenue growth: 9.3% per year; rating input score 100; 63rd percentile among comparable filings
• Asset growth: 10% per year; rating input score 100; 58th percentile among comparable filings