Boston Impact Initiative Fund

“Bii has a standing investment committee that reviews and recommends potential investment opportunities to the bii board. Their recommendations are approved by the board. There are no material differences between the governing body's voting rights.”

“The form 990 is prepared by the fund's external accounting firm and then distributed to the board for review and approval.”

“All bii board members are required to sign an annual conflict of interest form. If bii is deliberating on a particular programmatic investment, and if there are any conflicts of interest, the board member(s), the investment committee member(s) or staff member(s) are expected to disclose the conflict and recuse themselves from the deliberation process.”

“Line 15a a recommendation is made to the full board for the compensation of the ceo and top management based upon a review of comparable data. Line 15b compensation for other officers and key employees are discussed and voted on at board meetings.”

“Governing documents, policies and financial statements are available upon request. No requests of these documents were made during the year.”

“Bii is a nonprofit impact investment fund and certified cdfi. Bii provides small businesses, cooperatives, community-controlled real estate projects with fair and flexible capital, expert advising, and trusted networks to build community ownership, shared wealth, and economic power, particularly in communities of color in massachusetts and new england. We do this by investing integrated capital a blend of loans, equity, grants plus technical assistance, and business resources to meet entrepreneurs where they are and grow their impact. Bii also provides education and training to fellow investors, impact fund managers and philanthropists nationwide to build the field of impact investing with an economic justice lens.”

“Bii fund i bii's inaugural fund ("bii fund i") was launched in 2017 to invest integrated capital - a blend of loans, equity, grants, technical assistance, and networks - in regenerative local enterprises in eastern massachusetts owned by local entrepreneurs of color or that serve local communities, particularly communities of color. By using this "whole portfolio" approach, bii selects the best capital instrument for the age and stage of each organization in which it invests. In addition to making investments in these enterprises, bii provides technical assistance, business coaching, connections, and educational programming to support its portfolio investments, strengthen the impact of these enterprises in their communities, and improve the effectiveness of entrepreneurial services. Bii fund i has made cumulative integrated capital investments of approximately $6.9 million of debt and equity investments across 50 enterprises and $1.2 million awarded in cumulative grants to over 60 nonprofit organizations from a separate grant pool as of december 31, 2024. Bii fund ii in may 2022, bii established boston impact initiative fund ii llc ("bii fund ii") a wholly-owned subsidiary of bii for the purpose of launching bii's second integrated capital fund. Bii fund ii is a $20 million debt fund that will invest integrated capital into early-stage social enterprises owned by entrepreneurs of color and community-controlled real estate in massachusetts and the northeast. Bii fund ii prioritizes investments in enterprises that address an unmet need or issue affecting communities of color, build climate resilience and expand clean energy solutions, and grow worker or community power and voice, including co-ops, and worker-owned and unionized businesses. Bii fund ii also invests in commercial and residential real estate projects that support community ownership and control of land to prevent displacement. Bii fund ii invested a total of $6.1 million in 18 enterprises and real estate projects as of december 31, 2024.”

“Bii engages in field-building, education and advocacy initiatives that challenge conventional beliefs about ownership, competition, profit-making and control of capital. Through practice and policy, bii is advancing fresh perspectives on trust-based investing, integrated risk and return, and democratizing ownership and decision-making to advance economic justice. Bii's field-building programs include: 1. Emerging impact fund manager education program. The emerging impact fund manager education program equips fund managers with the skills and knowledge they need to structure, raise and manage a blended capital fund. The purpose of these funds is to build sustainable, inclusive and equitable local economies that build wealth and power, particularly in underserved communities. 2. Impact capital lab (advisory services). Bii delivers customized advisory services and educational training through its impact capital lab program to support and amplify the success of individual and institutional investors and philanthropists focused on community-based impact investing. 3. Integrated capital cards and program. The integrated capital cards and program is designed to help fund managers, funders, entrepreneurs, and impact and community investors learn how to use creative financial tools for solving wealth inequality.”

“Consulting: program service expenses 110,355. Management and general expenses 146,924. Fundraising expenses 21,291. Total expenses 278,570. Admin support: program service expenses 582. Management and general expenses 10,706. Fundraising expenses 0. Total expenses 11,288. Other fees: program service expenses 34,279. Management and general expenses 83,266. Fundraising expenses 0. Total expenses 117,545.”

“Investment impairment losses -436,679.”