CHICAGO NEW BUSINESS NFP

EIN: 821466120 501(c)(3) Community Improvement

Chicago, IL

Total Revenue
$224,075
Total Expenses
$255,938
Total Assets
$2,306
Net Assets
$2,306
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
2017
Legal Domicile
IL
Principal Officer
Andrew Forgaty
Phone
3129336556
Tax Period
2024-01-01 to 2024-12-31

CHICAGO NEW BUSINESS NFP, founded in 2017, is a small nonprofit in the Community Improvement sector that reported $224K in total revenue in fiscal year 2024. Expenses of $256K exceeded revenue, resulting in a 14% operating deficit.

Mission

The 36Squared Business Incubator is a small business development organization that is unique in actively seeking to work with the disabled and disadvantaged entrepreneur community in the city of Chicago. In 2023 the 36squared business incubator assisted more than 97 clients with starting or growing their own businesss. The 90% of these clients were women and/or minorities and came from disadvantaged areas on Chicago's South and Southwest side. We held more than 11 training events focused on the basics of starting a small business in Illinois, finding funding, and access to available grants and incentives. We also hosted more than 50 women entrepreneurs at a free "Women in Business" luncheon where the attendees were able to network, build relationships, find clients and hear the success stories of other more established businesses. Also, in 2024 we hosted our annual "Boost Awards for Disabled Entrepreneurship". This is a breakfast event where our clients with disabilities .

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $86,002
Program Service Revenue $138,073
Investment Income $0
Other Revenue $0
TOTAL REVENUE $224,075

Expense Breakdown

Grants Paid $0
Salaries & Benefits $223,812
Fundraising Expenses $0
Program Expenses $138,073
Other Expenses $32,126
TOTAL EXPENSES $255,938

Year-over-Year Comparison

2024 2023 Change
Revenue $224,075 $224,075 N/A
Expenses $255,938 $255,938 N/A
Net Income $-31,863 $-31,863 N/A
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
4
Independent Members
N/A
Employees
N/A
Volunteers
N/A

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
1
$228,980
Total Directors
2
$164,640
Key Employees
0
$0
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Andrew Fotrgaty Executive Director 40.00
Officer Highest
$114,490 $0 $228,980
Erika G Gonzalez Director of Program MAnagement 40.00
Director
$69,320 $0 $138,640
Laura Martinez Advisor 20.00
Director
$13,000 $0 $26,000
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $224,075 $255,938 $2,306 $-31,863
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