Flatbush Development Corporation
- Assets
- $2.4m
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 108
- Location
- Brooklyn, NY
- Founding
- 05/1976
- Data as of
- 06/2021
- EIN
- 51-0188251
Organization Overview
Flatbush Development Corporation is located in Brooklyn, NY. The organization was established in 1976. 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 06/2021, Flatbush Development Corporation employed 108 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Flatbush 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 06/2021, Flatbush Development Corporation generated $4.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.6% each year . All expenses for the organization totaled $3.5m during the year ending 06/2021. While expenses have increased by 11.1% per year over the past 6 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
BUILDING PARTNERSHIPS, CREATING PROG. DEVELOPING CAMPAIGNS FOR ECON. DEVELOP., HOUSING, YOUTH, IMMIGRATION OTHER INITIATIVES THAT PROMOTE ENHANCED QUALITY OF LIFE, SAFETY, EQUITY PRESERVATION OF THEIR COMMUNITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
YOUTH DEVELOPMENT ACTIVITIES INCLUDE AFTER SCHOOL AND EVENING EDUCATIONAL AND RECREATIONAL PROGRAMS DESIGNED TO DEVELOP YOUTH INTO PRODUCTIVE MEMBERS OF SOCIETY.
HOUSING PRESERVATION ACTIVITIES INCLUDE PROVIDING ASSISTANCE TO INDIVIDUAL TENANTS, HOME OWNERS AND LANDLORDS ABOUT THEIR RIGHTS AND RESPONSIBILITIES, AND ABOUT HOW TO MAINTAIN AND PRESERVE THEIR HOMES.
ECONOMIC DEVELOPMENT ACTIVITIES INCLUDE ASSISTANCE TO SMALL BUSINESS, ATTRACTING NEW BUSINESSES TO THE LOCAL COMMERCIAL STRIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robin Redmond Executive Director | Officer | 40 | $97,515 |
Salvatore Lentini President | OfficerTrustee | 2 | $0 |
Tom Rousakis Vice President | OfficerTrustee | 1.5 | $0 |
Javier Saez Secretary | OfficerTrustee | 2 | $0 |
Eduardo Crosa Treasurer | OfficerTrustee | 2 | $0 |
Lois Jackson Board Member | Trustee | 1.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,219,566 |
| All other contributions, gifts, grants, and similar amounts not included above | $773,760 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,993,326 |
| 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 | $3,995,581 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $99,582 |
| Compensation of current officers, directors, key employees. | $11,950 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,780,334 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $216,259 |
| Payroll taxes | $174,978 |
| Fees for services: Management | $177,333 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,103 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $164,247 |
| Advertising and promotion | $888 |
| Office expenses | $480,427 |
| Information technology | $114,267 |
| Royalties | $0 |
| Occupancy | $64,673 |
| Travel | $1,338 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,209 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $47,740 |
| Insurance | $24,567 |
| All other expenses | $3,275 |
| Total functional expenses | $3,518,714 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $560,758 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $179,548 |
| Accounts receivable, net | $4,825 |
| 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 | $35,112 |
| Net Land, buildings, and equipment | $153,668 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,421,000 |
| Total assets | $2,354,911 |
| Accounts payable and accrued expenses | $349,086 |
| 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 | $365,291 |
| Other liabilities | $47,276 |
| Total liabilities | $761,653 |
| Net assets without donor restrictions | $1,102,477 |
| Net assets with donor restrictions | $490,781 |
| 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 | $2,354,911 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Flatbush Development Corporation has recieved totaling $440,596.
| Awarding Organization | Amount |
|---|---|
Enterprise Community Partners Inc Columbia, MD PURPOSE: CAPACITY BUILDING | $400,000 |
Network For Good Inc Washington, DC PURPOSE: UNRESTRICTED | $22,726 |
Mightycause Charitable Foundation Marianna, FL PURPOSE: UNRESTRICTED | $8,620 |
Mccance Foundation Tr North Scituate, MA PURPOSE: GENERAL SUPPORT | $5,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: GENERAL OPERATING SUPPORT | $2,700 |
The White Cedar Fund Brooklyn, NY PURPOSE: GENERAL SUPPORT | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Homestart Inc Boston, MA | $5,713,584 | $14,864,192 |
The Community Action Agency Of Western Connecticut Inc Danbury, CT | $3,614,776 | $12,103,732 |
Massachusetts Manufacturing Extension Partnership Inc Auburn, MA | $5,456,400 | $10,807,956 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
Dorchester Bay Economic Development Corporation Dorchester, MA | $50,118,730 | $16,286,134 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Newark Downtown District Management Corporation Newark, NJ | $7,203,712 | $5,205,083 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |
Pittsburgh Downtown Partnership Pittsburgh, PA | $5,197,454 | $6,457,703 |
Grow America Fund Inc Brooklyn, NY | $143,748,091 | $12,181,976 |