Better Business Bureau Report for
ACCION Chicago

Better Business Bureau Report issued January 2017
Better Business Bureau Report expires January 2019


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 Chicago helps communities grow by investing in entrepreneurs who build businesses and generate jobs in their neighborhoods. We provide the tools necessary for individuals to create and expand small business regardless of their backgrounds and other barriers of obtaining credit. Accion provides customized capital solutions and one-on-one coaching to aspiring entrepreneurs in Illinois and Northwest Indiana.

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Evaluation Conclusions

              

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

Standard 14: Budget - Have a board-approved annual budget for its current fiscal year, outlining projected expenses for major program activities, fund raising, and administration.

ACCION Chicago does not meet this Standard because, when the organization provided budget information, it indicated that the budget:

  • Did not identify total projected fund raising expenses.
In addition, the BBB of Chicago & Northern Illinois requested but did not receive complete information on the organization’s donor privacy and is unable to verify the organization's compliance with the following Standard for Charity Accountability: 18.
ACCION Chicago meets the remaining 18 Standards for Charity Accountability.
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Programs

              

Accion creates economic development at a level that other financial institutions cannot. By providing loans up to $100,000 to qualified borrowers, we fill a gap in the credit market that large financial institutions don’t serve. Without Accion, many of the region’s budding entrepreneurs and promising start-ups would be stranded without access to credit, and the communities around them would not reap the benefit of jobs and capital they produce.

For the fiscal year ended December 31, 2015, ACCION Chicago's program expenses were:

  
Salaries and Wages 1,496,319
Payroll Taxes and Fringe Benefits 279,262
Provision for loan losses 242,253
Credit and Collection 241,453
Amortization of imputed interest 109,849
Occupancy 102,529
Professional Fees and Consultants 62,690
Depreciation and Amortization 40,157
Professional Fees and Consultants - Hatchery 39,611
Interest 33,006
Travel 25,851
Information Technology 25,352
Training 22,016
Supplies 17,820
Telephone 16,725
Marketing 12,904
Equipment Rental and Maintenance 12,158
Dues and Subscription 7,548
Other 4,796
Insurance 3,078
Event Expense 20
Total Program Expenses: $2,795,397
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Governance

              

Chief Executive : Jonathan Brereton, CEO
Compensation*: 
$168,097

Chair of the Board: Kip Read
Chair's Profession / Business Affiliation: SVP, MB Financial Bank

Board Size: 18

Paid Staff Size: 40

*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, grant proposals, internet
Fund raising costs were 19% of related contributions. (Related contributions, which totaled $2,549,680, 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, 2015.

Source of Funds  
Contributions 1,549,680
U.S. Department of the Treasury 1,000,000
Participation Income 476,998
Loan Interest 423,045
Administrative Loan Fees 202,035
Imputed Interest Contributions 162,758
Institute Sponsorship 145,200
Contributions and Ticket Sales 131,920
Small Business Administration 34,902
Protection 20,198
Investment Income 3,508
Other 1,000
Direct Benefit to Donors -9,840
Total Income $4,141,404


chart



Uses of Funds as a % of Total Expenses

Programs: 70%  Fund Raising: 12%  Administrative: 18% 

Total income $4,141,404
Program expenses $2,795,397
Fund raising expenses 486,395
Administrative expenses 744,720
Total expenses $4,026,512
Income in Excess of Expenses 114,892
Beginning net assets 3,829,027
Other Changes in Net Assets 114,892
Ending net assets 3,943,919
Total liabilities 4,012,933
Total assets $7,956,852


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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

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