2020-08-12T15:09:30-07:00 2019-09-30 134036703 SCHALL & ASHENFARB CPAS 307 5th Ave 15th Floor NEW YORK NY 100166517 990 2018-10-01 810584343 Center for Comm Dev for New Americans dba Business Center for New Americans CENT 2128984112 120 Broadway Suite 230 New York NY 10271 Stan Kosyakovskiy Treasurer 2020-08-12 true Michael Schall P02024184 2122682800 2018 2020-09-23 17:36:50Z Larry Rubenstein 120 Broadway Suite 230 New York NY 10271 3565267 false false X www.nybcna.org X 2002 NY Provide microloans and training to help low and moderate-income immigrants, refugees and women in New York City start and run small businesses, build savings and assets, and achieve financial stability. 8 8 17 10 0 2398383 3002793 99299 104179 304590 444480 7495 13815 2809767 3565267 115074 162157 0 1163180 1365986 0 199935 791292 865092 2069546 2393235 740221 1172032 7528123 9917117 3022291 4239253 4505832 5677864 X The Business Center for New Americans (BCNA) creates a pathway to self-sufficiency for immigrant and refugee entrepreneurs in New York City by providing access to affordable credit, empowering with financial education, and offering training in best business practices and technology. false false 1403078 104179 BCNAs microloan program awarded 338 small business loans with a value of $4,641,450 to immigrant, refugee, and women micro-entrepreneurs operating businesses in all five boroughs of New York City. BCNA worked with clients from 40 countries in FY 2019. 95% of all loans went to minority entrepreneurs and 62% were granted to women. BCNA helped entrepreneurs start 34 new businesses and expand and strengthen 658 businesses. As a result, 135 full-time and 40 part-time jobs were created and 974 jobs were retained, supporting the economic development of communities throughout the city. 299195 162157 BCNAs Individual Development Account program provides financial literacy training and matching grants to help assist refugees with learning personal financial management skills and growing their savings. Each refugee can receive grants of up to $2,000 for an individual or $4,000 for a family. Grants must be used to invest in a small business, towards the purchase of a first home, or to cover costs of further education or vocational training. In FY 2019, a total of 113 refugees participated in the IDA Program and 64 refugees and asylees reached their savings goals, leveraging a total of $313,901 in savings, match grants, and microloans. BCNA provided 5,577 hours of small group training and individualized assistance to 821 clients in FY 2019. A total of 34 workshops were offered on small business management, financial literacy, social media marketing, and homeownership, with a total of 501 participants. BCNA staff assisted 692 businesses through business plan development, credit review and repair, cash flow analysis, and preparing business loan applications. 1702273 true true false false false false false false false false false false false false true true true false false false false false false false false false false false true true false false false false false false false false false false false false false false false false false false false false true 24 0 true 17 true false false false false false false false false 0 false false false false false false false false false false false false X 8 8 false false false false false false false true true false false true true true true true true true true false NY X Yanki Tshering 2128984112 120 Broadway Suite 230 New York NY 10271 Larry Rubenstein Chair 1.00 0.00 X X 0 0 0 Stan Kosyakovskiy CPA Treasurer 1.00 0.00 X X 0 0 0 Colleen Galvin Secretary 1.00 0.00 X X 0 0 0 Jay Taparia CFA Director 1.00 0.00 X 0 0 0 Peter Brest Director 1.00 0.00 X 0 0 0 Michelle Danso Director 1.00 0.00 X 0 0 0 Carolina Simon Director 1.00 0.00 X 0 0 0 Kwame Marfo Director 1.00 0.00 X 0 0 0 Yanki Tshering Executive Dir. 35.00 0.00 X 172356 0 26795 172356 26795 1 false true false 0 2088682 914111 3002793 Program Fees 900099 104179 104179 104179 444480 444480 0 0 0 0 0 0 0 Other Income 900099 13815 13815 13815 3565267 548659 13815 0 162157 162157 0 0 199151 49788 139405 9958 0 899988 710220 76537 113231 80317 63768 6390 10159 107114 80024 14247 12843 79416 55789 14603 9024 0 2755 2755 50060 50060 0 0 0 118491 31202 70524 16765 0 42426 24385 17843 198 13032 9155 2396 1481 0 184617 129692 33947 20978 75146 44951 24897 5298 0 0 27177 26927 250 0 0 8155 8155 Bad Debt Expense 286216 286216 Bank Charges and processing 15740 15740 Dues and Subscriptions 14144 8721 5423 Equipment Rental 14093 13088 1005 13040 6190 6850 2393235 1702273 491027 199935 3074327 4178641 0 281256 367223 0 0 0 4130730 5307940 0 3101 4078 0 0 0 0 0 38709 59235 7528123 9917117 77478 83491 120986 91050 2126196 2306969 510167 1560167 187464 197576 3022291 4239253 X 4076977 4846691 428855 831173 4505832 5677864 7528123 9917117 1172032 X false true X true true true X 1663602 2308094 2248638 2398383 3002793 11621510 0 0 1663602 2308094 2248638 2398383 3002793 11621510 728734 10892776 174253 183875 259471 304590 444480 1366669 0 691 2232 19223 7495 13815 43456 13031635 268007 0.83590 0.87260 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED Wealf Payable 197576 197576 X 3565267 3565267 3565267 2393235 2393235 2393235 Part X : FIN48 Footnote The Center does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending September 30, 2016 and later are subject to examination by applicable taxing authorities. true 0 0 Matching contributions for savings 40 162157 Grantmaker's Description of How Grants are Used Upon qualifying for the "Matched Savings Program", the Center matches the savings amount up to a specified allowable limit. X false false false false false false false false false false Yanki Tshering Executive Dir. 162356 10000 16235 10560 199151 Form 990, Part VI, Line 11b: Form 990 Review Process Management reviewed a draft of the form 990 with the audit/finance committee and provided edits to the tax preparer. After this process was performed, the form 990 was sent to the full board of directors prior to being filed with the IRS. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts The organization has a board approved conflicts of interest policy. Each board member must fill out an annual declaration stating they had no conflicts or identifying the nature of their interested party transactions. Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management Each year, the executive committee reviews comparable salaries based on a recognized study and reviews the performance of the executive director to determine if the existing salary falls within these ranges. After a deliberation of this matter, a new proposed salary and benefit package is voted on. Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees Each year, the executive committee reviews comparable salaries based on a recognized study and reviews the performance of key employees to determine if the existing salaries fall within these ranges. After a deliberation of this matter, new proposed salary and benefit packages are voted on. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available Financial statements are available upon request. Part III, Line 4a Supplemental Information Business Center for New Americans provides: Loans for small businesses that range from $500 to $250,000Financial literacy and business management workshops Individualized coaching and technical assistance for micro-entrepreneursCredit repair services and credit building loans Home ownership training that connects clients with down payment assistance programs Incentivized savings program for refugees through Individual Development Accounts During FY 2019, the Business Center for New Americans:Awarded 338 small business loans with a value of $4,641,450 to immigrant and refugee micro-entrepreneurs. Ninety-five percent of loans went to minority entrepreneurs, with 56% granted to women. Helped entrepreneurs start 34 new businesses, and expand and strengthen 658 existing businesses, creating 135 full-time and 40 part-time jobs and retaining 974 jobs. 821 unique clients were served through workshops and intensive one-on-one counseling. Provided 34 workshops on an assortment of small business related topics, as well as credit building and homeownership, with 501 participants in total.Assisted 113 refugees to save money through the Individual Development Account program, which matches savings dollar for dollar up to $2,000 for individuals and $4,000 for families. The total leveraged value of the client savings, savings match, and microloans to those starting a small business or investing in further education or recertification by 64 refugees who successfully graduated from the program was $313,901.The Business Center for New Americans is certified as a Community Development Financial Institution (CDFI) by the US Department of the Treasury. BCNA is also certified as a Small Business Administration Intermediary Microlender and a Community Advantage Lender by the U. S. Small Business Administration (SBA).