Bridge Street Development Corporation
- Assets
- $1.8m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 31
- Location
- Brooklyn, NY
- Founding
- 03/1996
- Data as of
- 12/2021
- EIN
- 11-3250772
Organization Overview
Bridge Street Development Corporation is located in Brooklyn, NY. The organization was established in 1996. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Bridge Street Development Corporation employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bridge Street 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 12/2021, Bridge Street Development Corporation generated $1.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $2.1m during the year ending 12/2021. While expenses have increased by 3.5% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
BRIDGE STREET DEVELOPMENT CORPORATION'S MISSION IS THREEFOLD: (1) DEVELOPING AND UPGRADING HOUSING IN LOW AND MODERATE INCOME FAMILIES IN THE BEDFORD-STUYVESANT AREA; (2) ENCOURAGING THE FORMATION OF BUSINESSES IN, AND RECRUITING PROSPECTIVE AND EXISTING BUSINESSES TO, BEDFOR-STUYVESANT; AND (3) DEVELOPING MANAGEMENT AND ADMINISTRATIVE CAPACITY THAT WILL ALLOW FOR THE CENTRALIZED PROVISION OF SUCH SERVICES TO THE SEVERAL CORPORATIONS AFFILIATED WITH BRIDGE STREET AFRICAN WESLEYAN METHODIST EPISCOPAL CHURCH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT PROGRAM HAS FOUR OBJECTIVES: A) TO PROVIDE TECHNICAL AND PLANNING ASSISTANCE TO SMALL BUSINESS START-UPS B) DEVELOP COMMERCIAL SPACE FOR BUSINESS C) IMPLEMENT NEIGHBORHOOD RETAIL INITIATIVES TO ATTRACT AND RETAIN BUSINESSES AND JOBS D) OFFER EMPOWERING FINANCIAL LITERACY PROGRAMS AND BUSINESS PLANNING COURSES, AS WELL AS FIRST-TIME HOMEBUYER WORKSHOPS.
SENIOR SERVICES PROVIDES QUALITY HOUSING AT BELOW MARKET RENT FOR SENIORS, AND VARIOUS SUPPORT SERVICES ON SITE, SUCH AS MEAL ON WHEELS, WORKSHOPS, HOME HEALTH AIDES, MEDICARE ASSISTANCE AND OTHER EXTRA-CURRICULAR ACTIVITIES.
HOMEOWNERSHIP, PRESERVATION AND HOUSING DEVELOPMENT - THE GOAL IS TO IMPROVE THE BEDFORD-STUYVESANT COMMUNITY BY REHABILITATING FORMER CITY- OWNED RESIDENTIAL PROPERTIES AND SELLING THEM AT PRICES BELOW MARKET VALUE. IT CREATES HOME OWNERSHIP OPPORTUNITIES FOR LOW TO MODERATE INCOME BUYERS, INCREASES THE ATTRACTIVENESS OF THE NEIGHBORHOOD, AND UPGRADES THE LIVING CONDITIONS OF EXISTING RESIDENTS.
COMMUNITY ACTIVITIES AND TECHNOLOGY CENTER
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward Odom Jr Chairman | OfficerTrustee | 1 | $0 |
Phyllis White-Thorne Vice Chair | OfficerTrustee | 1 | $0 |
Abitzel Robitson-Hobson Treasurer | OfficerTrustee | 1 | $0 |
Valerie Kenderick-Cousin Secretary | OfficerTrustee | 1 | $0 |
Gregory Anderson Pres. And Ce | Officer | 40 | $0 |
Drexel Harris Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,026,124 |
| All other contributions, gifts, grants, and similar amounts not included above | $770,752 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,796,876 |
| Total Program Service Revenue | $4,278 |
| Investment income | $619 |
| 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 | $1,804,289 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,063,615 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $93,587 |
| Payroll taxes | $99,652 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $139,574 |
| Advertising and promotion | $5,125 |
| Office expenses | $19,619 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $34,292 |
| Travel | $283 |
| 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 | $9,835 |
| Insurance | $11,501 |
| All other expenses | $48,777 |
| Total functional expenses | $2,078,619 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $175,014 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $385,685 |
| 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 | $0 |
| Net Land, buildings, and equipment | $6,897 |
| Investments—publicly traded securities | $31,012 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,196,859 |
| Total assets | $1,795,467 |
| Accounts payable and accrued expenses | $20,302 |
| Grants payable | $0 |
| Deferred revenue | $44,276 |
| 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 | $3,962 |
| Total liabilities | $68,540 |
| Net assets without donor restrictions | $1,660,677 |
| Net assets with donor restrictions | $66,250 |
| 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 | $1,795,467 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Bridge Street Development Corporation has recieved totaling $614,500.
| Awarding Organization | Amount |
|---|---|
Citi Foundation New York, NY PURPOSE: COMMUNITY PROGRESS MAKERS | $250,000 |
Citi Foundation New York, NY PURPOSE: COMMUNITY PROGRESS MAKERS | $250,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $84,500 |
The Center For New York City New York, NY PURPOSE: HOUSING & LEGAL COUNSELING | $20,000 |
Hyde And Watson Foundation Warren Township, NJ PURPOSE: HARD COSTS RELATED TO RENOVATIONS, AND PURCHASE OF OFFICE EQUIPMENT AND FURNISHINGS. | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Economic Opportunity Council Of Suffolk Inc Patchogue, NY | $6,210,341 | $18,971,000 |
Usw District 10 Local 286 Welfare Trust Fund Philadelphia, PA | $8,668,111 | $17,307,586 |
Integrated Community Alternatives Network Inc Utica, NY | $14,279,832 | $19,265,883 |
Northern Manhattan Improvement Corp New York, NY | $8,451,430 | $18,004,122 |
Veterans Inc Worcester, MA | $18,236,837 | $18,440,204 |
Pennreach Allentown, NJ | $5,187,786 | $15,924,501 |
Chautauqua Opportunities Inc Dunkirk, NY | $6,065,142 | $15,802,051 |
Commission On Economic Opportunity For The Rensselaer County Area Inc Troy, NY | $18,234,515 | $14,616,169 |
Phipps Neighborhoods Inc New York, NY | $46,342,034 | $30,198,997 |
Delaware Opportunities Inc Hamden, NY | $6,012,612 | $14,102,184 |
Liberty Lutheran Housing Development Corporation State College, PA | $52,974,358 | $15,701,429 |
Painters District Council No 4 S U B Fund Cheektowaga, NY | $33,742,384 | $15,066,465 |