2016-05-17T06:23:16-07:00 2015-09-30 SCHALL & ASHENFARB CPAS 307 5th Ave 15th Floor NEW YORK NY 100166517 990 2014-10-01 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 2016-05-17 true David C Ashenfarb P00535436 2122682800 2014 2016-08-17 19:52:53Z Harriet Joynes 120 Broadway Suite 230 New York NY 10271 1878326 false false X www.nybcna.org X 2002 NY Provide microloans and training to help low- and moderate-income immigrants, refugees and women start and run small businesses, build savings and assets, and create financial stability. 11 11 10 11 0 1542379 1663602 45157 39780 168157 174253 15551 691 1771244 1878326 243830 199407 0 807687 921047 0 137328 450565 588334 1502082 1708788 269162 169538 3515421 4085003 1545371 1945415 1970050 2139588 The Business Center for New Americans helps immigrants, refugees, women, and other low- and moderate-income New Yorkers start and run small businesses and build financial assets through access to micro-loans and matched savings grants, financial and business training, and one-on-one coaching. false false 865482 BCNAs microloan program awarded 307 small business loans with a value of $1,606,070 to immigrant, refugee, and women micro-entrepreneurs operating businesses in all five boroughs of New York City. BCNA worked with clients from 50 countries in FY 2015. 96% of all loans went to minority entrepreneurs and 48% were granted to women. BCNA helped entrepreneurs start 45 new businesses, expand 57 existing businesses, and strengthen 546 businesses. As a result, 88 full-time and 66 part-time jobs were created and 617 jobs were retained, supporting the economic development of communities throughout the city. 298265 In addition, BCNAs Individual Development Account program provides financial literacy training and matching grants to assist refugees and asylees learn personal financial management skills and grow 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 2015, a total of 67 refugees and asylees reached their savings goals, leveraging a total of $455,384 in savings, match grants, and microloans.BCNA also provided small group training and individualized assistance to 648 clients in FY 2015. A total of 45 workshops were offered on small business management, financial literacy, social media marketing, and homeownership, with a total of 511 participants. BCNA staff provided one-on-one counseling to 663 clients, assisting them with business plan development, credit review and repair, cash flow analysis, and preparing business loan applications. Business Center for New Americans provides: Micro-loans for small businesses that range from $500 to $50,000Financial 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 fiscal year 2015, the Business Center for New Americans:Awarded 307 small business loans with a value of $1,606,070 to immigrant and refugee micro-entrepreneurs. Ninety six percent of loans went to minority entrepreneurs, with 48% were granted to women. Helped entrepreneurs start 45 new businesses, expand 57 businesses, and strengthen 546 existing businesses, creating 88 full-time and 66 part-time jobs and retaining 617 jobs. A total of 663 unique clients were served through workshops and intensive one-on-one counseling. Provided 45 workshops on an assortment of small business related topics, as well as credit building and homeownership, with 511 participants in total.Assisted 67 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 was $455,384.The Business Center for New Americans is certified as a Community Development Financial Institution (CDFI) by the US Department of the Treasury and a Small Business Administration Intermediary Microlender by the U. S. Small Business Administration (SBA). In FY 2015, BCNA was recognized by the Small Business Administration for making the most SBA microloans in New York City for the 9th year. 1163747 true true false false false false false false false false false false false false false true true false false false false false false false false false false false true false false false false false false false false false false false false false false false false false false false false false false true 20 0 true 10 true false false false false false false false false 0 false false false false false false false false false false X 11 11 false false false false false false false true true false false true true true true true true true true false NY X X Yanki Tshering 2128984112 120 Broadway Suite 230 New York NY 10271 Harriet Joynes Board Chair 1.00 0.00 X X 0 0 0 Colleen Galvin Director 1.00 0.00 X 0 0 0 Stan Kosyakovskiy Treasurer 1.00 0.00 X X 0 0 0 Peter Brest Director 1.00 0.00 X 0 0 0 Jill Kelly Director 1.00 0.00 X 0 0 0 Foulis Peacock Director 1.00 0.00 X 0 0 0 Deepti Sharma Kapur Director 1.00 0.00 X 0 0 0 Melissa Lloyd Director 1.00 0.00 X 0 0 0 Anthony Schweinzer Director 1.00 0.00 X 0 0 0 Sheel Tyle Director 1.00 0.00 X 0 0 0 Larry Rubenstein Director 1.00 0.00 X 0 0 0 Yanki Tshering Executive Dir. 35.00 0.00 X 111877 0 21429 111877 21429 1 false false false 0 1411192 252410 1663602 Program Fees 900099 39780 39780 39780 174253 174253 0 0 0 0 0 0 0 Other Income 900099 691 691 691 1878326 691 214033 0 199407 199407 0 0 128434 32109 89903 6422 0 605927 467825 56936 81166 64492 43904 12896 7692 64600 43978 12917 7705 57594 39209 11516 6869 0 0 0 0 0 0 0 2481 1106 1155 220 31898 8422 23476 0 0 130280 88691 26050 15539 35521 13345 19712 2464 0 0 5197 3157 2040 0 0 8292 8292 Bad Debt Expense 167814 167814 Professional Fees 137747 15213 113309 9225 Telephone & Internet 17899 2242 15657 Bank Charges and processing 16814 15800 1014 34391 21525 12840 26 1708788 1163747 407713 137328 971314 1521484 0 266988 303136 0 0 0 2152896 2065450 0 17293 4913 0 0 0 0 0 106930 190020 3515421 4085003 84941 138115 204250 1261526 1592883 198904 10167 1545371 1945415 X 1883863 1988905 86187 150683 1970050 2139588 3515421 4085003 169538 X false true X true true true X 989975 1764909 1744531 1542379 1663602 7705396 0 0 989975 1764909 1744531 1542379 1663602 7705396 286557 7418839 145852 111572 133705 168157 174253 733539 0 15731 259 14940 15551 691 47172 8486107 172193 0.87420 0.83700 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1878326 1878326 1878326 1708788 1708788 1708788 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, 2012 and later are subject to examination by applicable taxing authorities. true 0 0 Matching contributions for savings 93 199407 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. 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 19: Other Organization Documents Publicly Available Financial statements are available upon request.