Nonprofit Futuro Media Group Receives BII Loan

Futuro Media Group creates multimedia content for and about underrepresented narratives in an increasingly diverse world. Founder Maria Hinojosa is an award-winning news anchor and reporter who has covered America’s untold stories for over two decades.

In 2019, BII provided a bridge loan to cover costs until a MacAurthur Foundation grant was paid. In 2020, BII provided a term loan and a line of credit for growth and navigation of funding cycles. We are thrilled to be working with this innovative and diverse organization again!

BII Seeks Fund Accounting Associate

JOB DESCRIPTION

Fund Accounting Associate

Location: Boston, MA

Industry: Non-profit / Financial Services

Employment Type: Full-time

 

To Apply:  Please send a resume and cover letter to jobs@bostonimpact.com by March 15th. Please include FUND ACCOUNTING ASSOCIATE in the title of your email. 

 

Overview

The Boston Impact Initiative Fund (BII) has a unique role in the field of impact investing. Our fund is focused on economic justice, which means that we invest in opportunity for all people.

 

BII seeks to invest in organizations and initiatives —both for-profit and not-for-profit—that are committed to creating a better future for Massachusetts’ youth and families. 

 

BII pioneers an integrated capital approach for capital deployment. We believe that we can best support the creation of resilient local economies by using a range of integrated capital tools: loans, credit enhancements, equity investments, royalty finance, direct public offerings, crowdfunding, grants and more. 

 

Responsibilities

The Fund Accounting Associate plays a significant role in BII’s integrated capital strategy. The primary responsibilities include providing financial and administrative support for the BII Fund. Responsibilities also include:

 

  • Recording and reconciling all accounting data, such as:
    • Accounts Receivable – prepare and send all BII payment notices, on a monthly and ad hoc basis; reconcile accounts receivable monthly and follow-up on past due items with relationship managers
    • Accounts Payable – manage all aspects of A/P, including capturing all invoices to BII, implementing authorization protocols and issuing checks weekly and on an as-needed basis
    • Month-end close – assist in completing month-end close procedures including:
      • Recording all cash transactions and reconciling bank accounts
      • Prepare month-end reconciliation schedules for balance sheet accounts
      • Prepare standard journal entries
      • Assist in preparing month-end financial reports for the Investment Committee

 

  • Portfolio and investor relations responsibilities:
    • Tracking portfolio companies’ payments
    • Coordinate capital disbursement and closing document preparation
    • Handle investor relations with our current noteholders, including closing document preparation and payments.
    • Manage BII’s portfolio and investment database, payments and reporting requirements

 

  • Assist the Director of Finance and Administration with the:
    • Preparation of quarterly financial statements for the Fund of the BII Investment Committee
    • Preparation of annual pre-audit material information to support the external audit process
    • Support of field-building activities
    • Support of the administrative processes
    • Work on any other ad hoc projects and reports from management, the Board or external grantors.

 

Qualifications 

 

  • College degree or post-secondary certification in Accounting
  • At least 2-3 years of related accounting work experience. 
  • Nonprofit accounting and/or fund accounting experience (either via employment or via supporting nonprofit organizations while in a public accounting firm)
  • Strong understanding of US GAAP and internal controls
  • Experience with Quickbooks is a MUST.
  • Proficiency in Microsoft Word and Excel. 
  • Solid analytical and technical skills as well as oral and written communication skills.
  • Ability to work in an unstructured but very demanding environment and demonstrate a high and consistent level of performance and motivation.
  • Ability to work on deadlines, especially with the month end closing and to work independently with minimal supervision.
  • Ability to handle complex and confidential information with discretion. (MUST BE BONDABLE).

 

The Boston Impact Initiative Fund is an equal opportunity employer. Boston residents, women, people of color, immigrants, queer and gender nonconforming people strongly encouraged to apply.

 

Quality Interactions receives second BII Investment

Quality Interactions is an e-learning platform that provides cultural competency training for healthcare professionals. The platform helps healthcare providers reduce unconscious bias and as a result improve health outcomes for patients of all cultural backgrounds, including people of color, immigrant, bilingual and LGBTQ patients, and those who are uninsured. The company’s clients include Mass General Hospital, Aetna, and Dana Farber Cancer Institute. In 2019, Quality Interactions partnered with the Mayo Clinic on a large deal that has set the company up well for the next stage of growth.

In 2018, BII Fund made a convertible debt investment to support product development and growth. In 2020, BII Fund made a second loan to support company growth as they service larger contracts and expand content. We are happy to be supporting them through this stage of their business!

BII Co-Founder Pens Article on the Power of Philanthropy

Deboarh Frieze, BII Board President and Co-Founder, co-authored an article with Tyler Nickerson of Amalgamated Bank in The Chronicle of Philanthropy.

Financial Leaders at America’s Foundations Have the Power to Reshape Philanthropy

“[I]t’s imperative that foundations unite their assets to advance goals for social change. More and more, chief financial officers and investment officials are joining forces with those who make grants to advance the cause of economic justice. But we need far more action because the money that asset managers control — already tax-advantaged, uniquely flexible, and approaching 1 trillion dollars in value — can transform our society.” Read the full article. 

BII Seeks Marketing and Impact Investing Interns

Boston Impact Initiative is looking for two interns for 2020 Spring and Summer. These are unpaid internships, but we can provide support needed to get school credit. See the descriptions below and email jobs@bostonimpact.com with a resume and brief cover letter if you’re interested! Deadline for applications for Spring is Feb 21.

Marketing Internship

BII is seeking a resourceful marketing intern at our South End office for 10 to 15 hours per week to write content for our website and social media channels and help with occasional event planning.

About you: Must have a demonstrated interest in social entrepreneurship, social justice, and/or impact investing. Can be studying communications, marketing, entrepreneurship or a related field. Must be an excellent writer, self-directed, and a quick learner.

Finance Internship

BII is seeking a motivated finance intern at our South End office for 10 to 15 hours per week to conduct financial research and analysis on small businesses in a variety of sectors.

About you: Must have classroom, internship or work experience conducting financial research and analysis. Can be studying business, economics, or math. Must have an analytical mind and experience with small businesses or social enterprises is a plus.

BII Fund-Building Cohort Featured in Next City

The BII Fund-Building Cohort was featured in Next City:

Sharing a Legal Template for Investing in Racial Justice by Oscar Perry Abello

“When Deborah Frieze goes out in search of new investors for the Boston Impact Initiative Fund, her pitch starts out with some pretty lofty goals, but then it goes a few degrees beyond some of the loftiest-sounding investment funds out there.” Read the full article.

BII Launches National Fund-Building Cohort

Seven years ago, we started the Boston Impact Initiative with a hypothesis and a dream. The hypothesis was that it was possible to create an integrated capital fund deploying equity, debt and grants to close the racial wealth divide in our extremely unequal community of Greater Boston. The dream was that if we were to prove this model out, we’d be able to share it with communities around the country who could, together, building a thriving national network of place-based funds dedicated to racial and economic justice.

Since then, we’ve put more than $6M to work at over 50 enterprises in Eastern Massachusetts that are majority governed, run and staffed by people of color, pay the vast majority of their workers well above a living wage and are building wealth for communities of color through enterprise ownership.

And now, we are embarking on the adventure of building the dream. This spring, 27 cohort members representing 12 communities will be joining the “BII Fund-Building Cohort,” an 18-month program through which existing and prospective fund managers from 12 communities will develop the financial rigor and multi-stakeholder engagement processes to structure, raise and manage a blended capital fund. The purpose of these funds is to build sustainable, inclusive and equitable local economies that restore the productive capacity of communities of color.

While each fund will be legally independent, uniquely designed to best fit its region and governed by community leaders, the funds will share core values, learning and relationships. They will opt in to share such tools and services as due diligence, impact assessments, impact covenants, investment management and fund accounting. They will be run by fund managers of color and women. Through this network, investors and philanthropists will be able to move hundreds of millions of dollars toward economic justice.

To learn more about these 27 extraordinary pioneers, please visit the BII Fund-Building Cohort page on our web site. Want to support this effort? We’re looking for co-investors, funders and partners both locally and nationally. We’d love to have you join us in this work.

Nonprofit EVKids receives BII investment

EVKids is a Boston-based nonprofit that matches area college students with school children to provide them with academic tutoring and mentorship. The organization’s summer camp also provides an opportunity for inner-city children to experience the outdoors. The nonprofit has experienced great success, with 100% of its students in the tutoring program graduating from high school, compared with just 72% of Boston public school students. Historically, all EVKids graduates go on to college or other post-secondary program. In 2019 BII provided a line of credit that will help EVKids navigate funding cycles. We are excited to welcome EVKids to the BII portfolio!

BII Advances Leadership From Within

When Mark Watson joined BII in August 2016, he shared how deeply he yearned to put his decades of experience on Wall Street to work for folks of color. He also shared how committed he was to cultivating a pipeline of fund managers of color and how much trust he had in the decisions they would make about providing equitable access to capital.

In three very full years, he has accomplished both of these goals, helping to create breakthrough financial innovation that marries the rigor of finance with the impact of grassroots activism. Mark has been the magician who brought these two strategies together. He conceived of the BII Fund design in a way that compromised nothing in terms of social impact. Under his leadership, BII Fund has become a pioneer in the impact investing space, demonstrating that you can put racial justice at the center of an investment strategy.

And now he’s bringing his design skills to a new fund. On January 1st, 2020, Mark will join the Fair Food Fund as its Managing Director, continuing with BII Fund part-time as a Portfolio Strategist, supporting our current team as they step fully into their own leadership of BII Fund.

Together, Aliana Pineiro as Impact Director, Pablo Limon as Investment Director and Gregory Bloomfield as Director of Finance and Administration will deliver on BII Fund’s promise to provide integrated capital to entrepreneurs of color in Eastern Massachusetts and to pay back our many noteholders and supporters. 

TCP Receives BII Investment

Transformative Culture Project is a nonprofit organization that harnesses the economic power of creative arts for youth and community development. TCP embodies the values of authentic diversity – the art of catalyzing a real conversation about an array of concepts, connections, ideas, and relationships. They inspire this across cultural, physical, political, racial and religious planes to spawn inclusive collaborations that deliver positive impact. BII has provided bridge financing to TCP twice before and in 2019 provided the nonprofit organization with a line of credit so that it can more easily navigate the grant cycles of various funders.