Bronx Overall Economic Development Corporation
- Assets
- $26.8m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 13
- Location
- Bronx, NY
- Founding
- 09/1987
- Data as of
- 06/2023
- EIN
- 13-3079387
Organization Overview
Bronx Overall Economic Development Corporation, operating under the name Bxedc, is located in Bronx, NY. The organization was established in 1987. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Bxedc employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bxedc 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 06/2023, Bxedc generated $1.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $2.2m during the year ending 06/2023. While expenses have increased by 0.6% per year over the past 8 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.
Since 2015, Bxedc has awarded 14 individual grants totaling $438,868. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ASSIST BRONX BUSINESSS TO EXPAND AND ENCOURAGE START-UP IN OR RELOCATION TO BRONX COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BRONX TOURISM COUNCIL - BRONX TOURISM COUNCIL WAS FORMED IN 1992 TO WORK WITH GOVERNMENTAL AND NONGOVERNMENTAL GROUPS TO PROMOTE TOURISM IN THE BRONX AND CREATE AWARENESS OF RESIDENTS TO THE BOROUGH'S ATTRACTIONS. THE MAJOR EVENTS TO PROMOTE AWARENESS ARE BRONX WEEK; TOUR DE BRONX, THE TROLLEY AND VARIOUS ETHNIC EVENTS THROUGHOUT THE YEAR.
EMPOWERMENT ZONE - THE EMPOWERMENT ZONE PROGRAM INCLUDES THE OPERATION OF TWO LOAN PROGRAMS FOR QUALIFIED BRONX EMPOWERMENT ZONE COMPANIES. THE CORPORATION IS THE ADMINISTRATOR OF THE BRONX PORTION OF THE NEW YORK CITY EMPOWERMENT ZONE. THIS PROGRAM IS A PART OF THE PRESIDENT'S EMPOWERMENT ZONE AND ENTERPRISE COMMUNITY INITIATIVE. THE GOALS OF THE PROGRAM WITHIN THE BRONX ARE ECONOMIC DEVELOPMENT, SUSTAINABLE COMMUNITY DEVELOPMENT, THE DEVELOPMENT OF COMMUNITY-BASED PARTNERSHIPS AND THE DEVELOPMENT OF A STRATEGIC VISION OF CHANGE. THE EMPOWERMENT ZONE PROGRAMS OFFER LOANS AT LOW INTEREST RATES AND LONG REPAYMENT TERMS IN EXCHANGE FOR THE BORROWER'S COMMITMENT TO HIRE BRONX EMPOWERMENT ZONE RESIDENTS. THE PARTNERS IN THIS ENTERPRISE AND THE ENTITIES FUNDING THE PROGRAM ARE THE CITY OF NEW YORK, THE NEW YORK STATE URBAN DEVELOPMENT CORPORATION (DOING BUSINESS AS THE EMPIRE STATE DEVELOPMENT CORPORATION) ("ESDC") AND THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. FUNDAMENTAL TO ACHIEVING THE PROGRAM GOAL IS TO CREATE PERMANENT JOBS BY MEANS OF BUSINESS DEVELOPMENT WITHIN THE TARGET ZONES.
ECONOMIC DEVELOPMENT - UNDER THIS PROGRAM, THE CORPORATION PERFORMS RESEARCH AND ANALYSIS REGARDING CURRENT ECONOMIC DEVELOPMENTS, MARKETING AND PROMOTION OF THE BRONX THROUGH VARIOUS MEDIA, PROVIDES REAL ESTATE ASSISTANCE TO BRONX BUSINESSES THAT ARE EXPANDING AS WELL AS TO THOSE BUSINESSES THAT ARE INTERESTED IN MOVING INTO THE BRONX; OFFERS FINANCIAL SERVICES INFORMATION AND ASSISTANCE TO BRONX BUSINESSES, PROVIDES TECHNICAL COMMERCIAL REVITALIZATION ASSISTANCE TO BRONX BUSINESSES AS WELL AS ENTREPRENEURIAL ASSESSMENT AND TECHNICAL ASSISTANCE IN DEVELOPING A PROFITABLE BUSINESS. THE PROGRAM IS FUNDED PREDOMINANTLY BY THE CITY OF NEW YORK THROUGH THE OFFICE OF THE BOROUGH PRESIDENT OF THE BRONX AND FUNDING FROM THE NEW YORK STATE ASSEMBLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Duncan Still CFO | Officer | 40 | $131,093 |
Robert Walsh President | OfficerTrustee | 40 | $40,769 |
Rafael Roger Vice President | Officer | 40 | $20,000 |
Clarence Stanley Jr Interim Chair Of The Board | OfficerTrustee | 1 | $0 |
Kathy Zamechansky Vice Chair | OfficerTrustee | 1 | $0 |
Benjamin Arana Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $77,244 |
| Related organizations | $0 |
| Government grants | $1,006,162 |
| All other contributions, gifts, grants, and similar amounts not included above | $366,933 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,450,339 |
| Total Program Service Revenue | $15,846 |
| Investment income | $382 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $253,026 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,719,593 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $103,539 |
| 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. | $318,251 |
| Compensation of current officers, directors, key employees. | $35,457 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $573,535 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $49,043 |
| Payroll taxes | $69,187 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $306 |
| Fees for services: Accounting | $48,039 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $79,540 |
| Advertising and promotion | $59,536 |
| Office expenses | $200,185 |
| Information technology | $4,769 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,575 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,604 |
| Insurance | $40,463 |
| All other expenses | $0 |
| Total functional expenses | $2,193,454 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,361,313 |
| Savings and temporary cash investments | $2,489,824 |
| Pledges and grants receivable | $763,767 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,112,355 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $29,322 |
| Net Land, buildings, and equipment | $295,904 |
| Investments—publicly traded securities | $20,769,800 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,336 |
| Total assets | $26,832,621 |
| Accounts payable and accrued expenses | $224,822 |
| Grants payable | $0 |
| Deferred revenue | $115,000 |
| 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 | $811 |
| Total liabilities | $340,633 |
| Net assets without donor restrictions | $4,814,038 |
| Net assets with donor restrictions | $21,677,950 |
| 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 | $26,832,621 |
Grants Awarded
Over the last fiscal year, Bronx Overall Economic Development Corporation has awarded $103,439 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
KRVC DEVELOPMENT CORPORATION PURPOSE: Community Events To Increase Business and Promote Tourism | $63,439 |
FOUNDATION FOR A BETTER PUERTO RICO PURPOSE: Provision of Assistance to Victims of Hurricane Fiona | $25,000 |
CLAUDY'S KITCHEN PURPOSE: Working Capital Grant To Support Business Launched During Covid 19 Pandemic | $15,000 |