South Bronx Overall Economic Development Corporation
- Assets
- $9.4m
- Revenue
- $12.0m
- Investments
- $0.0
- Employees
- 366
- Location
- Bronx, NY
- Founding
- 08/1973
- Data as of
- 03/2022
- EIN
- 13-2736022
Organization Overview
South Bronx Overall Economic Development Corporation is located in Bronx, NY. The organization was established in 1973. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 03/2022, South Bronx Overall Economic Development Corporation employed 366 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. South Bronx Overall Economic 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 03/2022, South Bronx Overall Economic Development Corporation generated $12.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $12.2m during the year ending 03/2022. While expenses have increased by 2.2% 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
TO ENHANCE THE QUALITY OF LIFE IN THE SOUTH BRONX BY STRENGTHENING BUSINESSES AND CREATING INNOVATIVE ECONOMIC, HOUSING, EDUCATIONAL AND CAREER DEVELOPMENT PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE YOUTH DEVELOPMENT AND EDUCATION DEPARTMENT PROVIDED AFTER-SCHOOL SUMMER YOUTH EMPLOYMENT, AND OUT-OF-SCHOOL YOUTH SERVICES TO 2,100 YOUNG PEOPLE BETWEEN THE AGES OF 5 AND 24. IN-SCHOOL AND AFTER-SCHOOL PROGRAMS ASSISTED A TOTAL OF 1,040 ELEMENTARY, MIDDLE AND HIGH SCHOOL STUDENTS WITH HOMEWORK AND TUTORING, COLLEGE PREPARATION, ARTS AND CULTURAL ACTIVITIES, AND LEADERSHIP DEVELOPMENT. ADDITIONALLY, SUMMER INTERNSHIPS WERE PROVIDED TO OVER 700 YOUTH THROUGH OUR SYEP PROGRAM AND 179 FOR SYEP/WLH PROGRAM DURING THE WINTER. PARTICIPANTS WERE PROVIDED ACADEMIC SUPPORT, CAREER AWARENESS TRAINING, WORK SKILLS DEVELOPMENT, AND LEADERSHIP TRAINING. THE SOBRO TRANSFORMATION ACADEMY, WHICH IS A COMBINATION OF THE YOUTHBUILD PROGRAM AND YOUNG ADULT JUSTICE SCHOLARS PROGRAM, SERVES AT-RISK YOUNG ADULTS TO EARN THEIR HSE AND OBTAIN POST-SECONDARY EDUCATION/JOB PLACEMENT.
INDUSTRIAL DEVELOPMENT AND JOB CREATION COMMUNITY AND TECHNICAL ASSISTANCE
SOBRO HAS MORE THAN TWO DECADES OF EXPERIENCE DEVELOPING AND MANAGING COMMERCIAL AND RESIDENTIAL PROPERTIES, EVIDENCED BY OUR PORTFOLIO OF OVER 450 UNITS OF AFFORDABLE AND MARKET RATE HOUSING AND OVER 120,000 SQUARE FEET OF COMMERCIAL, INDUSTRIAL, AND OFFICE SPACE IN THE BRONX AND UPPER MANHATTAN. SOBRO'S HOUSING DEVELOPMENT EFFORTS INCLUDE REHABILITATING EXISTING BUILDINGS AND CREATING NEW BUILDINGS IN VACANT SPACE TO TRANSFORM BLIGHTING INFLUENCES INTO BEAUTIFUL AND VIABLE SPACES FOR LIVING AND WORKING. ONE OF SOBRO'S GOALS AND PART OF OUR COMPREHENSIVE STRATEGY FOR COMMUNITY DEVELOMENT IS TO INCREASE THE AVAILABILITY OF RENTAL HOUSING FOR LOW AND MODERATE-INCOME FAMILIES. TO THIS END, WE BUILD NEW HOUSING, REHABILITATE VACANT PROPERTIES, AND PREVENT DETERIORATING HOUSING STOCK FROM BECOMING ABANDONED.
IN FY2021, SOBRO PROVIDED CAREER DEVELOPMENT SERVICES TO HUNDRED OF INDIVIDUALS, PLACING THEM INTO EMPLOYMENT AND DELIVERING JOB-READINESS TRAINING, WHICH INCLUDED A CUSTOMER SERVICE TRAINING COMPONENT AND NATIONALLY RECOGNIZED CERTIFICATION IN CUSTOMER SERVICE. SOBRO'S OUTCOMES FOR ADULT EDUCATION CLASSES HAVE CONSISTENTLY SURPASSED PROGRAM EVALUATION TARGETS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark L Castle Board Chair | OfficerTrustee | 1 | $0 |
Jean Smith Vice Chair | OfficerTrustee | 1 | $0 |
Arline Parks Vice Chair | OfficerTrustee | 1 | $0 |
Karen Mcguinness Treasurer | OfficerTrustee | 1 | $0 |
Anthony M Riccio Jr Secretary | OfficerTrustee | 1 | $0 |
Simon Bergson Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ds410 Llc It Services | 3/30/22 | $489,660 |
True Development New York Llc Consulting | 3/30/22 | $156,817 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $9,350,379 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,257,676 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,608,055 |
| Total Program Service Revenue | $1,049,502 |
| Investment income | $119 |
| 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 | $12,019,062 |
| 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. | $412,921 |
| Compensation of current officers, directors, key employees. | $287,721 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,629,694 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $712,085 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $387,396 |
| Fees for services: Accounting | $308,313 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,237,789 |
| Advertising and promotion | $116,812 |
| Office expenses | $0 |
| Information technology | $272,512 |
| Royalties | $0 |
| Occupancy | $1,513,113 |
| Travel | $73,164 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $24,731 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $295,762 |
| Insurance | $535,183 |
| All other expenses | $201,940 |
| Total functional expenses | $12,192,704 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $329,606 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,026,084 |
| 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 | $6,869 |
| Net Land, buildings, and equipment | $1,681,728 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,396,859 |
| Total assets | $9,441,146 |
| Accounts payable and accrued expenses | $2,831,153 |
| Grants payable | $0 |
| Deferred revenue | $1,143,627 |
| 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 | $655,396 |
| Unsecured mortgages and notes payable | $63 |
| Other liabilities | $120,134 |
| Total liabilities | $4,750,373 |
| Net assets without donor restrictions | $4,690,773 |
| Net assets with donor restrictions | $0 |
| 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 | $9,441,146 |