The Business Initiative Corporation of New York

Nonprofit profile at a glance

EIN
134088607
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-EZ 2009
Location
Bronx, NY, USA
Phone
7185903980
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Business and Industry

Official website

Reported finances

Revenue
$597,292
Expenses
$632,351
Assets
$1,440,794
Liabilities
$1,233,739

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

18 people listed

Executive titles in this filing

  • Rafael A Roger (President)

Highest reported compensation

  • Rafael A Roger (President): $132,152 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of the business initiative corporation of New York (bicny) is to support economic development and induce private investments in New York state by providing below-market interest rate loans and long-term capital for the business community. These efforts will result in creating much-needed jobs in teh bronx, as well as in the state, by assisting small businesses to grow and expand by acquiring below-market rate loans from the sba and additional funds from private lenders. We provide financing to: * purchase commercial real estate that will be occupied by the business; * purchase machinery and equipment to be used by the business; * provide leasehold improvements to a property occupied by the business; * construct commercial real estate and or land improvements, and * cover soft costs associated with any of the above uses of funds. Bicny focuses on all industries and sectors, industrial, commercial, manufacturers, and service firms. Bicny also provides loans to businesses in l

What it reported doing in 2024

The corporation works with the sba and private lenders to provide financing small businesses. During fye 9/30/25, bicny closed on a toal of five loans amounting to $4,559,000. $4,359,000 four (4) 504 loans and one (1) community advantage loan for $200,000. Bicny 504 loans induced during fye 2025 investments of $4,315,600 from banks and $1,078,900 from private equity. These loans leveraged total project costs amounting to over $9,700,000 as a result of completing and closing these projects, 25 new jobs should be created or maintained over the next two years. In fye 2025, bicny processed and received sba authorizations for 3 projects with a potential capital investment of public and private money of $10,140,400 of which $3,858,500 million represents bicny's portion. The banks participation amounted to approximately $5,070,200, and private equity investment amounted to $1,211,700.

Operating model

Revenue model
Earned-program. 82% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 86
  • Accountability: 95
  • Sustainability: 33
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.3%; rating input score 69
  • Program expense ratio: 73.8%; rating input score 74
  • Fundraising efficiency: $2.3 raised per $1 spent on fundraising; rating input score 7; 7th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 22nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -5.9%; rating input score 23; 23rd percentile among comparable filings
  • Total-asset coverage ratio: 2.28; rating input score 68; 68th percentile among comparable filings
  • Liabilities to assets ratio: 0.86; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 20.9%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: 7.2% per year; rating input score 100; 53rd percentile among comparable filings
  • Revenue growth: 3.1% per year; rating input score 100; 32nd percentile among comparable filings
  • Asset growth: 13.1% per year; rating input score 100; 68th percentile among comparable filings

Details

  • Where the money goes: 69.3% of revenue deployed · 73.8% of spending went to programs
  • Governance: 17 of 17 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $467K in reported program spending
  • Leadership: top reported pay $132K · 18 people listed
  • Consistency: 27 of 28 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 7/100.
  • High — Sustainability: Operating margin scored 23/100.
  • Review — Accountability: Governance controls: Document-retention policy not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.