Women's Business Development Center
Meets Standards
Standards For Charity Accountability
Governance
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Board Oversight
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Board Size
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Board Meetings
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Board Compensation
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Conflict of Interest
Measuring Effectiveness
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Effectiveness Policy
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Effectiveness Report
Finances
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Program Expenses
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Fundraising Expenses
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Accumulating Funds
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Audit Report
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Detailed Expense Breakdown
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Accurate Expense Reporting
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Budget Plan
Fundraising & Info
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Truthful Materials
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Annual Report
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Website Disclosures
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Donor Privacy
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Cause Marketing Disclosures
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Complaints
Women's Business Development Center meets the 20 Standards for Charity Accountability.
Stated Purpose:
The WBDC’s mission is to support and accelerate business development and growth, targeting women and serving all diverse business owners, in order to strengthen their participation in, and impact on, the economy.
Year, State Incorporated:
1986, IL
Critical WBDC programs and services are divided into technical assistance, access to capital, and national business certification. While our overall goal is always to support and empower entrepreneurs, each of the offerings below offer unique solutions for small business owners.
Technical Assistance
At the WBDC, we think of technical assistance as knowledge transfer. Our team works to inform, educate, and enlighten small business owners through various programs and services, including one-on-one advising, thirteen cohorts, and industry-specific programming. One-on-one advising is free to all prospective and current business owners. Clients can search our website and connect with specific advisors based on their business sector or stage. In addition, the WBDC currently offers 13 cohort-based, staff-curated business curricula. These are delivered in partnership with other Business Service Organizations and rely on corporate and government subject matter experts. Finally, the WBDC offers a variety of in-person, virtual, and on-demand learning opportunities. These include everything from targeted webinars covering topical issues to our annual conference uniting small and large businesses.
Access to Capital
Our Access to Capital Program offers clients direct lending, financial education, debt and equity placement, and one-on-one counseling. For business owners poised for growth and ready to borrow, the WBDC assists in structuring loan packages, seeking venture capital, or pursuing equity financing. In addition, the WBDC leverages various partnerships, including our lending fund, for clients to pursue microloans, SBA loans, conventional loans, crowdfunding programs, and grants and will continue to sustain and grow these
alliances. The WBDC provides individual counseling and technical assistance on personal and business financial-related issues for those not ready to borrow. We also offer financial analysis workshops covering business finance, such as managing financial operations, preparing financial statements, and complying with accounting principles.
Business Certification
A Women Business Enterprise (WBE) is an independent business owned, managed, and controlled, at least 51%, by a woman or group of women. The WBDC is the largest Regional Partner Organization certifying WBEs for the Women's Business Enterprise National Council. Our footprint includes nine Midwest states. WBE certification is accepted by thousands of corporations and public sector entities and is an essential marketing tool for expanding visibility among decision-makers in supply chain diversity and procurement. Each month, our certification team hosts a two-hour workshop for women interested in learning more about certification. Once certified, clients can join one of our 30-minute workshops highlighting ways for certified business owners to leverage their status with corporate and public sector supplier diversity representatives. The WBDC also delivers programming in collaboration with five other Chicago business service organizations to ensure diverse businesses are aware of this business pathway.
For the year ended June 30, 2022, Women's Business Development Center's program expenses were:
| Access to Capital | $3,556,653 |
| Established Business | $2,747,009 |
| Emerging Business | $775,803 |
| Certification | $640,797 |
| Child Care | $268,363 |
| Conferences | $200,122 |
| Veterans Program | $35,594 |
| Total Program Expenses | $8,224,341 |
Chief Executive
Emilia DiMenco, President/CEO
Compensation*
$236,634
Chair of the Board
Ms. Sandra Rand, Board Chairperson
Chair's Profession / Business Affiliation
Retired
Board Size
21
Paid Staff Size
42
* Compensation includes annual salary and, if applicable, benefit plans, expense accounts and other allowances.
Method(s) Used:
Invitations to fund raising events, Grant proposals, Internet, Appeals via Social Media (Facebook, etc.)
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.
The following information is based on Women's Business Development Center's audited financial statements for the year ended June 30, 2022.
Source of Funds
| Grants - governmental agencies | $6,241,025 |
| Contributions of case and other financial assets | $2,223,571 |
| Fee from Women's Business Owners | $1,314,570 |
| Grants - governmental PPP loan forgiveness | $571,362 |
| Fee income from National Certification Organization | $163,855 |
| Contributions of non-financial assets | $49,123 |
| Seminars | $17,762 |
| Program interest | $16,309 |
| Interest and dividend income | $2,410 |
| Loan fees | $1,556 |
| Total Income | $10,601,543 |
Programs: 89% Fundraising: 3% Administrative: 8%
| Total Income | $10,601,543 |
| Total expenses: | $9,230,411 |
| Program expenses | $8,224,341 |
| Fundraising expenses | $306,382 |
| Administrative expenses | $699,688 |
| Other expenses | $0 |
| Income in Excess of Expenses | $1,371,132 |
| Beginning Net Assets | $4,853,409 |
| Other Changes In Net Assets | $0 |
| Ending Net Assets | $6,224,541 |
| Total Liabilities | $824,156 |
| Total Assets | $7,048,697 |
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 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 International Association of Better Business Bureaus.
This report is not to be used for fundraising or promotional purposes.
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Meets Standards
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Standards Not Met
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Did Not Disclose
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Review in Progress
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Unable to Verify
Report completed by:
BBB of Chicago & Northern Illinois