Southwest Brooklyn Industrial Development Corporation
- Assets
- $536.4k
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 11
- Location
- Brooklyn, NY
- Founding
- 06/1980
- Data as of
- 06/2022
- EIN
- 11-2508370
Organization Overview
Southwest Brooklyn Industrial Development Corporation is located in Brooklyn, NY. The organization was established in 1980. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Southwest Brooklyn Industrial Development Corporation employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southwest Brooklyn Industrial Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Southwest Brooklyn Industrial Development Corporation generated $1.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 1.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SOUTHWEST BROOKLYN INDUSTRIAL DEVELOPMENT CORPORATION (SBIDC) PROVIDES ADVOCACY AND SERVICES TO HELP BUSINESSES IN THE SUNSET PARK, RED HOOK AND GOWANUS NEIGHBORHOODS GROW AND CREATE EMPLOYMENT OPPORTUNITIES FOR LOCAL RESIDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS WE HAVE SINCE 1978, SBIDC WORKED TIRELESSLY TO ENSURE THAT THE INDUSTRIAL CORE OF SOUTHWEST BROOKLYN REMAINS STRONG, AND THAT IT REMAINS AS A CENTER FOR OPPORTUNITY FOR WORKERS THROUGHOUT THE AREA. OUR UNIQUE COMBINATION OF DIRECT BUSINESS SERVICES, WORKFORCE DEVELOPMENT, ENTREPRENEURSHIP TRAINING, COMMUNITY PLANNING AND REVITALIZATION, AND ADVOCACY HELPED BUSINESSES THROUGHOUT SOUTHWEST BROOKLYN THRIVE IN A MARKET, AND A CITY, THAT CAN BE CHALLENGING FOR MANUFACTURERS AND OTHER INDUSTRIAL BUSINESSES. THE PAST NINE MONTHS HAVE ILLUSTRATED HOW CRITICAL OUR WORKING WATERFRONT IS TO THE RESILIENCY OF THE CITY, THE REGION AND BEYOND. YET THE PANDEMIC ALSO BROUGHT HEARTBREAKING AND UNPRECEDENTED CHALLENGES FOR SOUTHWEST BROOKLYNS SMALL BUSINESSES AND WORKERS. SINCE MID-MARCH, SBIDC PROVIDED SUPPORT TO OVER 600 INDUSTRIAL EMPLOYERS DESPERATELY SEEKING HELP WITH COMPLEX ASSISTANCE PROGRAMS, NEW BUSINESS OPPORTUNITIES, SAFETY REGULATIONS, AND LARGE-SCALE REZONING PROPOSALS IN SUNSET PARK AND GOWANUS. WORKING REMOTELY, OUR WORKFORCE 1 CENTER HELPED APPROXIMATELY 100 JOB-SEEKERS FIND EMPLOYMENT AND PROVIDED CAREER SERVICES TO OVER 1,000 NEW YORKERS.WE ALSO FELT COMPELLED TO ADVANCE PROGRAMS THAT RESPOND TO GROWING COMMUNITY NEEDS. OUR EQUITABLE INDUSTRIAL DEVELOPMENT PROGRAM HELPS OWNERS SELL THEIR BUSINESS TO EMPLOYEES, PRESERVING LEGACY ALONG WITH CRITICAL JOBS. IN RED HOOK, WE ARE HELPING TO CLEAN-UP PROPERTIES AND CREATE QUALITY WORK OPPORTUNITIES FOR UNEMPLOYED RESIDENTS. AND IN 2021, WE LOOK FORWARD TO LAUNCHING A TRAINING PROGRAM THAT PREPARES YOUNG ADULTS FOR CAREERS IN INDUSTRIES CRITICAL TO A SUSTAINABLE AND EQUITABLE RECOVERY.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jesse Solomon Executive Dir. | Officer | 40 | $100,371 |
David J Sweeny Chair | OfficerTrustee | 2 | $0 |
Howard Smith Jr Secretary | OfficerTrustee | 2 | $0 |
Susan Fermisco Treasurer | OfficerTrustee | 2 | $0 |
Mark Foggin Member | Trustee | 2 | $0 |
Irina Constantine Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $288,560 |
| Related organizations | $0 |
| Government grants | $695,286 |
| All other contributions, gifts, grants, and similar amounts not included above | $201,667 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,185,513 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,197,769 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $123,782 |
| Compensation of current officers, directors, key employees. | $1,238 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $419,601 |
| Pension plan accruals and contributions | $2,812 |
| Other employee benefits | $61,478 |
| Payroll taxes | $40,646 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $97,975 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $199,242 |
| Advertising and promotion | $0 |
| Office expenses | $15,388 |
| Information technology | $8,014 |
| Royalties | $0 |
| Occupancy | $16,800 |
| Travel | $1,114 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,603 |
| All other expenses | $20,056 |
| Total functional expenses | $1,056,970 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $175,876 |
| Savings and temporary cash investments | $69,379 |
| Pledges and grants receivable | $282,014 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,143 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $536,412 |
| Accounts payable and accrued expenses | $58,420 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $58,420 |
| Net assets without donor restrictions | $457,992 |
| Net assets with donor restrictions | $20,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $536,412 |