Better Business Bureau Report for
ACCION Chicago

Better Business Bureau Report issued March 2015
Better Business Bureau Report expires March 2017


Does not meet one or more standards
This charity does not meet one or more of the 20 standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: ACCION Chicago
Address: 1436 W. Randolph St. Suite 300
  Chicago, IL 60607
Phone: 312-275-3000
Web Address: http://www.accionchicago.org
Also known as:ACCION
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Better Business Bureau Comments

Year, State Incorporated: 1994, Illinois
Affiliates: None
Stated Purpose: Accion is a nonprofit that helps communities grow by investing in people who build businesses and generate jobs in their neighborhoods. We provide customized capital solutions and one-on-one coaching to underserved entrepreneurs in Illinois and Northwest Indiana.

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Evaluation Conclusions

              

ACCION Chicago does not meet the following Standard for Charity Accountability.

Standard 18: Privacy for Written Appeals & Internet Privacy - Address privacy concerns of donors by (a) providing in written appeals, at least annually, a means (e.g., such as a check off box) for both new and continuing donors to inform the charity if they do not want their name and address shared outside the organization, (b) providing a clear, prominent and easily accessible privacy policy on any of its websites that tells visitors (i) what information, if any, is being collected about them by the charity and how this information will be used, (ii) how to contact the charity to review personal information collected and request corrections, (iii) how to inform the charity (e.g., a check off box) that the visitor does not wish his/her personal information to be shared outside the organization, and (iv) what security measures the charity has in place to protect personal information.

ACCION Chicago does not meet this Standard because the privacy policy on this website, http://www.accionchicago.org does not indicate:

  • What personal information is being collected and how it will be used.
  • How to contact the charity to review personal information that is collected and request corrections.
  • How to inform the charity that the visitor does not want his/her information shared with others.
ACCION is planning on adding the privacy statement, 990 Form and list of Board of Directors to their website.
ACCION Chicago meets the remaining 19 Standards for Charity Accountability.
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Programs

              

Accion Chicago is a nonprofit that helps communities grow by investing in people who build businesses and generate jobs in their neighborhoods. Accion provides customized business support and small business loans to entrepreneurs in Illinois and Northwest Indiana. At Accion, we believe that every person should have fair and equal access to the economic resources they need to achieve their full financial potential. That is why Accion is dedicated to providing financial tools, services, and support to entrepreneurs who lack access to affordable sources of credit. Our mission is to provide these entrepreneurs with the tools they need to achieve financial security, grow their businesses, create jobs, and stabilize their communities. For more than 20 years Accion has created economic opportunity for minority, women, and low-income entrepreneurs. Since 1994, Accion has made more than 4,000 small business loans totaling $31 million in Illinois and Northwest Indiana. In 2014, we provided business support to nearly 3,500 entrepreneurs and made 535 small business loans totaling $4.8 million that created or maintained 2,408 jobs, generating $41 million in local payroll. Services include: customized business support; credit repair counseling; industry specific coaching with local business executives, and, for those who qualify, small business loans ranging from $500 - $100,000.

For the fiscal year ended December 31, 2013, ACCION Chicago's program expenses were:

  
Salaries and wages 991,662
Provision for loan loss 205,500
Credit and collection 196,592
Payroll taxes and fringe benefits 169,432
Professional fees and consultants 131,320
Occupancy 82,172
Imputed interest through below market rate loans 80,516
Donated services 52,961
Interest 38,355
Marketing 26,518
Travel 20,307
Depreciation and amortization 20,269
Training 18,687
Information technology 12,455
Telephone 10,339
Equipment rental and maintenance 9,768
Supplies 8,534
Insurance 8,354
Dues and subscriptions 4,226
Miscellaneous 2,875
Postage and delivery 2,710
Total Program Expenses: $2,093,552
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Governance

              

Chief Executive : Jonathan Brereton, Chief Executive Officer
Compensation*: 

Chair of the Board: Peter Kip Read, Jr.
Chair's Profession / Business Affiliation: Senior Vice President, American Chartered Bank

Board Size: 16

Paid Staff Size: 32

*Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

              

Method(s) Used:

invitations to fund raising events, print advertisements, radio, grant proposals, internet, cause-related marketing
Fund raising costs were 15% of related contributions. (Related contributions, which totaled $2,467,780, are donations received as a result of fund raising activities.)
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Tax Status

              

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

              

The following information is based on ACCION Chicago's audited financial statements for the fiscal year ended December 31, 2013.

Source of Funds  
Contributions-corporations, foundations and individuals 938,881
Illinois Department of Commerce and Economic Opportunity 915,580
City of Chicago, Department of Business Affairs and Consumer Protection 327,167
Loan interest 312,089
Institute sponsorship 125,000
Administrative loan fees 108,625
Small Business Administration 69,287
Donated services 52,961
Special Events-Contributions 51,365
Imputed interest contribution 40,500
Participation income 21,123
Miscellaneous 15,538
Late payment charges 12,323
Special Events-Ticket sales 8,899
In-kind donations capitalized 5,000
Other 3,001
Investment income 814
Less direct benefit to donors -16,238
Total Income $2,991,915


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Uses of Funds as a % of Total Expenses

Programs: 72%  Fund Raising: 13%  Administrative: 15% 

Total income $2,991,915
Program expenses $2,093,552
Fund raising expenses 366,909
Administrative expenses 424,292
Total expenses $2,884,753
Income in Excess of Expenses 107,162
Beginning net assets 3,921,681
Ending net assets 4,028,843
Total liabilities 2,523,540
Total assets $6,552,383


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