2015-06-11T06:17:19-07:00 2014-09-30 SCHALL & ASHENFARB CPAS 307 5th Ave 15th Floor NEW YORK NY 100166517 990 2013-10-01 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 2015-06-11 true David C Ashenfarb P00535436 2122682800 2013 2016-02-25 16:41:14Z Harriet Joynes 120 Broadway Suite 230 New York NY 10271 1771244 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. 10 10 9 10 0 1744531 1542379 31031 45157 133705 168157 14940 15551 1924207 1771244 192748 243830 0 722222 807687 0 131514 476019 450565 1390989 1502082 533218 269162 2780408 3515421 1079520 1545371 1700888 1970050 X 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 600202 BCNAs microloan program awarded 298 small business loans with a value of $1,663,100 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 2014. Ninety percent of all loans went to minority entrepreneurs and 45% were granted to women. BCNA helped entrepreneurs start 28 new businesses, expand 22 existing businesses, and strengthen 459 businesses. As a result, 64 full-time and 23 part-time jobs were created and 548 jobs were retained, supporting the economic development of communities throughout the city. 307681 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 2014, a total of 87 refugees and asylees reached their savings goals, leveraging a total of $517,898 in savings, match grants, and microloans. 139166 BCNA provided small group training and individualized assistance to 610 clients in FY 2014. A total of 33 workshops were offered on small business management, financial literacy, social media marketing, and homeownership, with a total of 307 participants. BCNA staff provided one-on-one counseling to 303 clients, assisting them with business plan development, credit review and repair, cash flow analysis, and preparing business loan applications. 32926 1079975 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 42 0 true 9 true false false false false false false false false 0 false false false false false false false false false false X 10 10 false false false false false false false true true false false true true true true true true true true false 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 Tony Schweinzer Director 1.00 0.00 X 0 0 0 Sheel Tyle Director 1.00 0.00 X 0 0 0 Yanki Tshering Executive Dir. 35.00 0.00 X 110929 0 17980 110929 17980 1 false false false 0 1358153 184226 1542379 Program Fees 900099 45157 45157 45157 168157 168157 0 0 0 0 0 0 0 Other Income 900099 15551 15551 15551 1771244 15551 213314 0 243830 243830 0 0 114794 36732 44770 33292 0 522449 432693 43057 46699 59945 44158 8262 7525 62101 45747 8559 7795 48398 35653 6670 6075 0 0 0 0 0 0 0 3814 3512 302 15122 8930 6067 125 0 0 103410 76177 14252 12981 43210 25906 14183 3121 0 0 19081 11945 7136 0 0 5276 5276 Professional Fees 174773 55439 105463 13871 Bad Debt Expense 41620 41620 Telephone & Internet 15938 5190 10748 Equipment Rental 9652 6103 3549 18669 6340 12299 30 1502082 1079975 290593 131514 710355 971314 0 130841 266988 0 0 0 1859177 2152896 0 22387 17293 0 0 0 0 0 57648 106930 2780408 3515421 72052 84941 88208 718006 1261526 201254 198904 1079520 1545371 X 1645733 1883863 55155 86187 1700888 1970050 2780408 3515421 269162 X false true X true true true X 1288695 989975 1764909 1744531 1542379 7330489 0 0 1288695 989975 1764909 1744531 1542379 7330489 185557 7144932 79296 145852 111572 133705 168157 638582 0 520531 15731 259 14940 15551 567012 8536083 145976 X 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1771244 1771244 1771244 1502082 1502082 1502082 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, 2011 and later are subject to examination by applicable taxing authorities. true 0 0 Matching contributions for savings 87 243830 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 III, Line 4d: Other Program Services Description OTHER PROGRAM SERVICES 4: Business Center for New Americans provides: Micro-loans for small businesses that range from $500 to $50,000 Financial literacy and business management workshops Individualized coaching and technical assistance for micro-entrepreneurs Credit 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 2014, the Business Center for New Americans: Awarded 298 small business loans with a value of $1,663,100 to immigrant and refugee micro-entrepreneurs. Ninety percent of loans went to minority entrepreneurs, with 45% were granted to women. Helped entrepreneurs start 28 new businesses, expand 22 businesses, and strengthen 459 existing businesses, creating 64 full-time and 23 part-time jobs and retaining 548 jobs. A total of 610 unique clients were served through workshops and intensive one-on-one counseling. Provided 33 workshops on an assortment of small business related topics, as well as credit building and homeownership, with 307 participants in total. Assisted 87 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 $517,898.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 2014, BCNA was recognized by the Small Business Administration for making the most SBA microloans in New York City for the 8th year. 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.