Business Initiative Corporation of New York

Analysis

Business Initiative Corporation of New York is a registered charity in United States, based in Bronx, NY. It received its IRS tax-exemption ruling in September 2001, 25 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Business Initiative Corporation of New York reported income of $523k and spending of $687k, spending 131% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $398k to $523k (+32%), an average of +7.1% a year. The sharpest change came in the year to September 2022, when income rose by 58%. Over the whole period it spent 100% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Business Initiative Corporation of New York sits at the 68th percentile: it is larger than about 68% of them. Against every charity in United States with reported income it ranks in the 71st percentile, and in the 67th percentile within NY. Charities of a similar size with the same main cause include Gateway Municipalities Community ($523k), Restore SGF ($523k) and Renew Moline Inc ($523k).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 14% and program service revenue 86% of the total. Compensation of current officers, directors and key employees was $152k (22% of expenses). Other salaries and wages came to $140k. At year end it held assets of $546k against liabilities of $125k, net assets of $421k. It reported 3 employees.