Grow Brooklyn Inc
- Assets
- $2.2m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 72
- Location
- Brooklyn, NY
- Founding
- 08/2010
- Data as of
- 09/2023
- EIN
- 26-1410513
Organization Overview
Grow Brooklyn Inc is located in Brooklyn, NY. The organization was established in 2010. According to its NTEE Classification (P51) the organization is classified as: Financial Counseling, under the broad grouping of Human Services and related organizations. As of 09/2023, Grow Brooklyn Inc employed 72 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grow Brooklyn Inc 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 09/2023, Grow Brooklyn Inc generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 21.9% each year . All expenses for the organization totaled $1.3m during the year ending 09/2023. While expenses have increased by 12.7% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
GROW BROOKLYN IS A BROOKLYN BASED NON-PROFIT ORGANIZATION WHOSE MISSION IS TO ENABLE MEMBERS OF ITS COMMUNITY TO PRESERVE AND GROW THEIR ASSETS, THEREBY SECURING THEIR ECONOMIC FUTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GROW BROOKLYN HAS PARTNERED WITH THE IRS FOR THE PAST 12 YEARS TO PROVIDE HIGH-QUALITY, FREE TAX PREPARATION SERVICES TO LOW-INCOME INDIVIDUALS. AS ONE OF THE TOP 50 VOLUNTEER INCOME TAX ASSISTANCE (VITA) PROVIDERS IN THE COUNTRY, GROW BROOKLYN IS THE LARGEST NON- COMMERCIAL TAX PREPARER IN BROOKLYN. EACH YEAR, WE PREPARE OVER 8,000 TAX RETURNS, WITH APPROXIMATELY ONE-THIRD OF THESE RETURNS CLAIMING THE EARNED INCOME CREDIT (EIC), DIRECTLY BENEFITING FAMILIES IN NEED. ADDITIONALLY, ONE-QUARTER OF OUR TAX CLIENTS ARE ELIGIBLE FOR AND RECEIVE THE CHILD TAX CREDIT (CTC), PROVIDING CRUCIAL SUPPORT TO WORKING FAMILIES. WE ARE ALSO DEEPLY COMMITTED TO SERVING SELF-EMPLOYED INDIVIDUALS, THROUGH THE IRS SE PILOT AND THE NYS DEPARTMENT OF CONSUMER & WORKER PROTECTIONS SELF EMPLOYMENT TAX PREP SERVICES, WHICH SERVES APPROXIMATELY 500 CLIENTS ANNUALLY, MANY OF WHOM ARE ITIN HOLDERS. OUR COMMITMENT TO FINANCIAL EMPOWERMENT EXTENDS BEYOND TAX SEASON, AS WE OFFER YEAR-ROUND SUPPORT AND RESOURCES TO HELP INDIVIDUALS MAXIMIZE THEIR REFUNDS, IMPROVE FINANCIAL LITERACY, AND ACCESS ADDITIONAL PUBLIC BENEFITS. THROUGH THESE EFFORTS, GROW BROOKLYN PLAYS A VITAL ROLE IN HELPING TO LIFT THOUSANDS OF NEW YORKERS OUT OF POVERTY AND INTO FINANCIAL STABILITY.
GROW BROOKLYN HAS PARTNERED WITH THE IRS FOR THE PAST 12 YEARS TO PROVIDE HIGH-QUALITY, FREE TAX PREPARATION SERVICES TO LOW-INCOME INDIVIDUALS. AS ONE OF THE TOP 50 VOLUNTEER INCOME TAX ASSISTANCE (VITA) PROVIDERS IN THE COUNTRY, GROW BROOKLYN IS THE LARGEST NON- COMMERCIAL TAX PREPARER IN BROOKLYN. EACH YEAR, WE PREPARE OVER 8,000 TAX RETURNS, WITH APPROXIMATELY ONE-THIRD OF THESE RETURNS CLAIMING THE EARNED INCOME CREDIT (EIC), DIRECTLY BENEFITING FAMILIES IN NEED. ADDITIONALLY, ONE-QUARTER OF OUR TAX CLIENTS ARE ELIGIBLE FOR AND RECEIVE THE CHILD TAX CREDIT (CTC), PROVIDING CRUCIAL SUPPORT TO WORKING FAMILIES. WE ARE ALSO DEEPLY COMMITTED TO SERVING SELF-EMPLOYED INDIVIDUALS, THROUGH THE IRS SE PILOT AND THE NYS DEPARTMENT OF CONSUMER & WORKER PROTECTIONS SELF EMPLOYMENT TAX PREP SERVICES, WHICH SERVES APPROXIMATELY 500 CLIENTS ANNUALLY, MANY OF WHOM ARE ITIN HOLDERS. OUR COMMITMENT TO FINANCIAL EMPOWERMENT EXTENDS BEYOND TAX SEASON, AS WE OFFER YEAR-ROUND SUPPORT AND RESOURCES TO HELP INDIVIDUALS MAXIMIZE THEIR REFUNDS, IMPROVE FINANCIAL LITERACY, AND ACCESS ADDITIONAL PUBLIC BENEFITS. THROUGH THESE EFFORTS, GROW BROOKLYN PLAYS A VITAL ROLE IN HELPING TO LIFT THOUSANDS OF NEW YORKERS OUT OF POVERTY AND INTO FINANCIAL STABILITY.
GROW BROOKLYN PROVIDES FREE LEGAL SERVICES TO SUPPORT HOUSING STABILITY IN NEW YORK CITY'S MOST IMPACTED NEIGHBORHOODS. OUR COMPREHENSIVE FORECLOSURE PREVENTION COUNSELING AND ESTATE PLANNING SERVICES ARE DESIGNED TO ADDRESS THE UNIQUE CHALLENGES FACED BY THESE COMMUNITIES. EACH YEAR, OUR FORECLOSURE PREVENTION PROGRAM ASSISTS APPROXIMATELY 300 HOMEOWNERS, HELPING MANY TO SUCCESSFULLY MODIFY THEIR MORTGAGES AND REMAIN IN THEIR HOMES. RECOGNIZING THAT 10-15% OF OUR CLIENTS FACING FORECLOSURE ALSO CONTEND WITH ESTATE ISSUES, GROW BROOKLYN OFFERS A TARGETED ESTATE PLANNING PROGRAM CALLED 'PROTECT YOUR TREASURE.' THIS INITIATIVE EMPOWERS INDIVIDUALS AND FAMILIES IN LOW-INCOME COMMUNITIES TO PRESERVE THEIR FINANCIAL ASSETS, INCLUDING THEIR HOMES, BY PROVIDING ESTATE PLANNING, ESTATE ADMINISTRATION ADVICE, AND LIMITED LEGAL SERVICES IN CONJUNCTION WITH OUR FORECLOSURE PREVENTION EFFORTS.
GROW BROOKLYN PROVIDES FREE LEGAL SERVICES TO SUPPORT HOUSING STABILITY IN NEW YORK CITY'S MOST IMPACTED NEIGHBORHOODS. OUR COMPREHENSIVE FORECLOSURE PREVENTION COUNSELING AND ESTATE PLANNING SERVICES ARE DESIGNED TO ADDRESS THE UNIQUE CHALLENGES FACED BY THESE COMMUNITIES. EACH YEAR, OUR FORECLOSURE PREVENTION PROGRAM ASSISTS APPROXIMATELY 300 HOMEOWNERS, HELPING MANY TO SUCCESSFULLY MODIFY THEIR MORTGAGES AND REMAIN IN THEIR HOMES. RECOGNIZING THAT 10-15% OF OUR CLIENTS FACING FORECLOSURE ALSO CONTEND WITH ESTATE ISSUES, GROW BROOKLYN OFFERS A TARGETED ESTATE PLANNING PROGRAM CALLED 'PROTECT YOUR TREASURE.' THIS INITIATIVE EMPOWERS INDIVIDUALS AND FAMILIES IN LOW-INCOME COMMUNITIES TO PRESERVE THEIR FINANCIAL ASSETS, INCLUDING THEIR HOMES, BY PROVIDING ESTATE PLANNING, ESTATE ADMINISTRATION ADVICE, AND LIMITED LEGAL SERVICES IN CONJUNCTION WITH OUR FORECLOSURE PREVENTION EFFORTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nnenne Okorafor Secretary | Trustee | 1 | $0 |
Darren Liddell Treasurer | Trustee | 1 | $0 |
Aissatou Barry Chair | OfficerTrustee | 1 | $0 |
Samira Rajan Bcoop Liaison | Trustee | 1 | $0 |
Seth Narine Member | Trustee | 1 | $0 |
Makeela Brathwaite Executive Director | Officer | 40 | $85,172 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,314,294 |
| All other contributions, gifts, grants, and similar amounts not included above | $196,020 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,510,314 |
| Total Program Service Revenue | $5,600 |
| 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 | $1,516,335 |
| 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. | $82,246 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $914,490 |
| Pension plan accruals and contributions | $9,160 |
| Other employee benefits | $14,882 |
| Payroll taxes | $84,616 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,125 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,058 |
| Office expenses | $6,659 |
| Information technology | $26,621 |
| Royalties | $0 |
| Occupancy | $66,034 |
| Travel | $6,549 |
| 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 | $3,060 |
| Insurance | $12,641 |
| All other expenses | $0 |
| Total functional expenses | $1,342,143 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $302,012 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,911,673 |
| 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 | $3,060 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,216,745 |
| Accounts payable and accrued expenses | $12,072 |
| Grants payable | $1,419,416 |
| 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 | $80,000 |
| Total liabilities | $1,511,488 |
| Net assets without donor restrictions | $705,257 |
| 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 | $2,216,745 |