Nonprofit · EIN 13-4088607
BUSINESS INITIATIVE CORPORATION OF NEW YORK
Tax-exempt · BRONX, NY 10451
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| September 30, 2025 | 990 | $597,292 | $632,351 | -$35,059 | $1,440,794 | $1,233,739 | $207,055 |
| September 30, 2024 | 990 | $591,726 | $770,217 | -$178,491 | $788,126 | $546,012 | $242,114 |
| September 30, 2023 | 990 | $523,084 | $686,851 | -$163,767 | $545,866 | $125,261 | $420,605 |
Financial details: 990 for the year ended September 30, 2025
Revenue
- Contributions, gifts and grants
- $39,068
- Program service revenue
- $490,908
- Investment income
- $67,278
- Other revenue
- $38
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $137,235
- Other salaries and wages
- $112,523
- Salaries, compensation and benefits (total)
- $296,160
- Professional fundraising fees
- $0
- Legal fees
- $2,395
- Accounting fees
- $20,156
- Depreciation
- $557
- Program services (functional)
- $466,656
- Management and general (functional)
- $148,711
- Fundraising (functional)
- $16,984
Balance sheet and other
- Total assets, start of year
- $788,126
- Total assets, end of year
- $1,440,794
- Total liabilities, end of year
- $1,233,739
- Net assets, end of year
- $207,055
- Land, buildings and equipment
- $472
- Net assets without donor restrictions
- $195,055
- Net assets with donor restrictions
- $12,000
- Gross receipts
- $624,443
- Employees
- 3
- Volunteers
- 17
- Year formed
- 1994
- State of legal domicile
- NY
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended September 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Rafael A Roger | President Officer | 40 | $132,152 |
| Syed Ahsan | DIRECTOR Trustee or director | 1 | $0 |
| Dolores Batista | DIRECTOR Trustee or director | 1 | $0 |
| Gustavo Buitrago | DIRECTOR Trustee or director | 1 | $0 |
| Hugh Campbell | DIRECTOR Trustee or director | 1 | $0 |
| Joseph Coleman | Treasurer/Director Trustee or director, Officer | 1 | $0 |
| Sandra Erickson | Vice Chair/DIRECTOR Trustee or director, Officer | 1 | $0 |
| Jessica Johnson | Secretary/DIRECTOR Trustee or director, Officer | 1 | $0 |
| James Lanfranchi | Board Chairman/DIRECTOR Trustee or director, Officer | 1 | $0 |
| Ralph Bumbaca | DIRECTOR Trustee or director | 1 | $0 |
| Mark Simshauer | Director Trustee or director | 1 | $0 |
| Deodat Singh | Director Trustee or director | 1 | $0 |
| Lola Gazivoda | DIRECTOR Trustee or director | 1 | $0 |
| Anthony Mormile | DIRECTOR Trustee or director | 1 | $0 |
| Robert Walsh | Director Trustee or director | 1 | $0 |
3 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Rosa Diaz | Director Trustee or director | 1 | $0 |
| Carlos M Santana | Director Trustee or director | 1 | $0 |
| Byron Logan | Director Trustee or director | 1 | $0 |
990 for the year ended September 30, 2024: 18 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Rafael Roger | President Officer | 40 | $156,838 |
| Syed Ahsan | DIRECTOR Trustee or director | 1 | $0 |
| Dolores Batista | DIRECTOR Trustee or director | 1 | $0 |
| Gustavo Buitrago | DIRECTOR Trustee or director | 1 | $0 |
| Hugh Campbell | DIRECTOR Trustee or director | 1 | $0 |
| Joseph Coleman | Treasurer/Director Trustee or director, Officer | 1 | $0 |
| Sandra Erickson | Vice Chair/DIRECTOR Trustee or director, Officer | 1 | $0 |
| Jessica Johnson | Secretary/DIRECTOR Trustee or director, Officer | 1 | $0 |
| James Lanfranchi | Board Chairman/DIRECTOR Trustee or director, Officer | 1 | $0 |
| Ralph Bumbaca | DIRECTOR Trustee or director | 1 | $0 |
| Mark Simshauer | Director Trustee or director | 1 | $0 |
| Deodat Singh | Director Trustee or director | 1 | $0 |
| Lola Gazivoda | DIRECTOR Trustee or director | 1 | $0 |
| Anthony Mormile | DIRECTOR Trustee or director | 1 | $0 |
| Robert Walsh | Director Trustee or director | 1 | $0 |
| Rosa Diaz | Director Trustee or director | 1 | $0 |
| Carlos M Santana | Director Trustee or director | 1 | $0 |
| Byron Logan | Director Trustee or director | 1 | $0 |
990 for the year ended September 30, 2023: 17 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Rafael Roger | Executive Director Officer | 40 | $110,000 |
| Jim Lanfranchi | Board Chairman Trustee or director, Officer | 1 | $0 |
| Sandra Erickson | Board Vice-Chair Trustee or director, Officer | 1 | $0 |
| Jessica Johnson | Board Secretary Trustee or director, Officer | 1 | $0 |
| Joseph Coleman | Board Treasurer Trustee or director, Officer | 1 | $0 |
| Syed Ahsan | Director Trustee or director | 1 | $0 |
| Dolores Batista | DIRECTOR Trustee or director | 1 | $0 |
| Gustavo Buitrago | Director Trustee or director | 1 | $0 |
| Ralph Bumbaca | Director Trustee or director | 1 | $0 |
| Hugh Campbell | DIRECTOR Trustee or director | 1 | $0 |
| Rosa diaz | DIRECTOR Trustee or director | 1 | $0 |
| Raul Hiraldo | Director Trustee or director | 1 | $0 |
| Lola Gazivoda | Director Trustee or director | 1 | $0 |
| Vanessa Gibson | DIRECTOR Trustee or director | 1 | $0 |
| Anthony Mormile | DIRECTOR Trustee or director | 1 | $0 |
| Deodat Singh | DIRECTOR Trustee or director | 1 | $0 |
| Robert Walsh | Director Trustee or director | 1 | $0 |
Address and contacts
- Address (IRS master file)
- 851 GRAND CONCOURSE RM 123, BRONX, NY 10451-2937
- In care of
- % RAFAEL ROGER
- Principal officer (990 for 2024)
- RAFAEL ROGER, 851 Grand Concourse123, Bronx, NY 104512937
- Signed the 990
- RAFAEL ROGER, President
- Phone
- (718) 590-3980
- Website
- www.bicofny.org
- Return prepared by
- WithumSmithBrown PC
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
Program accomplishments
- 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.Expenses $466,656 · revenue $490,946
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in September, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | September 30, 2026 | February 16, 2027 | Not due yet |
| 2024 | September 30, 2025 | February 17, 2026 | 990 on file |
| 2023 | September 30, 2024 | February 18, 2025 | 990 on file |
IRS record
- EIN
- 13-4088607
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (509(a)(2))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2001
- Accounting year ends
- September
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S40)
- Assets (IRS master file)
- $1,440,794
- Income (IRS master file)
- $624,443
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | September 2025 | $597,292 | $632,351 | $1,440,794 | XML |
| 990 | September 2024 | $591,726 | $770,217 | $788,126 | XML |
| 990 | September 2023 | $523,084 | $686,851 | $545,866 | XML |
| 990 | September 2022 | $593,520 | $560,772 | $920,295 | IRS |
| 990 | September 2021 | – | – | – | IRS |
| 990 | September 2020 | – | – | – | IRS |
| 990 | September 2019 | – | – | – | IRS |
| 990 | September 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 13-4088607).
Questions about BUSINESS INITIATIVE CORPORATION OF NEW YORK
- What is the EIN of BUSINESS INITIATIVE CORPORATION OF NEW YORK?
- The employer identification number (EIN) of BUSINESS INITIATIVE CORPORATION OF NEW YORK is 13-4088607.
- Is BUSINESS INITIATIVE CORPORATION OF NEW YORK tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2001.
- Are donations to BUSINESS INITIATIVE CORPORATION OF NEW YORK tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does BUSINESS INITIATIVE CORPORATION OF NEW YORK file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of BUSINESS INITIATIVE CORPORATION OF NEW YORK due?
- The return for tax year 2025 (the year ending September 30, 2026) is due February 16, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did BUSINESS INITIATIVE CORPORATION OF NEW YORK last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended September 2025.
- Who is the principal officer of BUSINESS INITIATIVE CORPORATION OF NEW YORK?
- The 990 for the year ended September 30, 2025 names RAFAEL ROGER.
- Who are the officers and directors of BUSINESS INITIATIVE CORPORATION OF NEW YORK?
- The 990 for the year ended September 30, 2025 lists 18 people; 1 received compensation from the organization, the highest $132,152 (Rafael A Roger, President).
- How much revenue does BUSINESS INITIATIVE CORPORATION OF NEW YORK have?
- On its 990 for the year ended September 30, 2025 it reported revenue of $597,292, expenses of $632,351 and total assets of $1,440,794 at year end.
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