Civic Intelligence

Rdc Commercial Center Inc.

990 • Fiscal year 2015 • EIN 11-2249649

Jul 01, 2014 to Jun 30, 2015 • Filed on Mar 18, 2016

Organization Profilewww.restorationplaza.org
1368 Fulton StreetBrooklyn, NY 11216

(718) 636-6938

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

96th percentile

1.24x

Higher debt load relative to assets than 96% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

95th percentile

6.66x

Higher debt load relative to revenue than 95% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Net Margin

6th percentile

-46%

Higher net margin than 6% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

75th percentile

$271,451

Higher top officer pay than 75% of similar nonprofits.

Top officer pay equals 8.4% of source-year revenue.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Asset Growth

18th percentile

-5.2%

Faster asset growth than 18% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

67th percentile

10%

Faster revenue growth than 67% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$17,233,363

Down $950,052 (-5.2%) from 2014

Net Assets

Down

-$4,206,724

Down $1,495,940 (-55%) from 2014

Liabilities

Up

$21,440,087

Up $545,888 (+2.6%) from 2014

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin6th percentile

Revenue

Up

$3,221,427

Up $295,821 (+10%) from 2014

Expenses

Up

$4,717,367

Up $428,664 (+10.0%) from 2014

Net Income

Down

-$1,495,940

Down $132,843 (-9.7%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth18th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$20M$0-$20MAssets 2010: $16,068,815Liabilities 2010: $18,314,375Net Assets 2010: -$2,245,5602010Assets 2011: $18,165,589Liabilities 2011: $19,182,799Net Assets 2011: -$1,017,2102011Assets 2012: $18,380,237Liabilities 2012: $19,044,157Net Assets 2012: -$663,9202012Assets 2013: $18,513,726Liabilities 2013: $19,861,413Net Assets 2013: -$1,347,6872013Assets 2014: $18,183,415Liabilities 2014: $20,894,199Net Assets 2014: -$2,710,7842014Assets 2015: $17,233,363Liabilities 2015: $21,440,087Net Assets 2015: -$4,206,7242015Assets 2016: $16,789,098Liabilities 2016: $22,467,463Net Assets 2016: -$5,678,3652016Assets 2017: $16,418,177Liabilities 2017: $23,469,825Net Assets 2017: -$7,051,6482017Assets 2018: $16,538,767Liabilities 2018: $24,936,547Net Assets 2018: -$8,397,7802018Assets 2019: $16,067,520Liabilities 2019: $25,523,327Net Assets 2019: -$9,455,8072019Assets 2020: $15,666,858Liabilities 2020: $25,448,329Net Assets 2020: -$9,781,4712020Assets 2021: $15,313,985Liabilities 2021: $26,237,924Net Assets 2021: -$10,923,9392021Assets 2022: $14,263,008Liabilities 2022: $26,654,046Net Assets 2022: -$12,391,0382022Assets 2023: $14,632,750Liabilities 2023: $28,106,812Net Assets 2023: -$13,474,0622023Assets 2024: $13,927,872Liabilities 2024: $28,688,374Net Assets 2024: -$14,760,5022024

Highlighted filing

2015

Assets$17,233,363
Liabilities$21,440,087
Net Assets-$4,206,724
Open 2015 Filing

Operations Trend

Revenue Growth67th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $3,677,3712010Expenses 2011: $3,509,6582011Expenses 2012: $3,369,9662012Revenue 2013: $3,069,972Expenses 2013: $3,753,739Net Income 2013: -$683,7672013Revenue 2014: $2,925,606Expenses 2014: $4,288,703Net Income 2014: -$1,363,0972014Revenue 2015: $3,221,427Expenses 2015: $4,717,367Net Income 2015: -$1,495,9402015Revenue 2016: $3,416,617Expenses 2016: $4,888,258Net Income 2016: -$1,471,6412016Revenue 2017: $3,516,963Expenses 2017: $4,890,246Net Income 2017: -$1,373,2832017Revenue 2018: $3,829,004Expenses 2018: $5,175,136Net Income 2018: -$1,346,1322018Revenue 2019: $3,826,177Expenses 2019: $4,884,204Net Income 2019: -$1,058,0272019Revenue 2020: $3,976,093Expenses 2020: $4,994,787Net Income 2020: -$1,018,6942020Revenue 2021: $4,091,889Expenses 2021: $5,174,895Net Income 2021: -$1,083,0062021Revenue 2022: $4,006,406Expenses 2022: $5,469,305Net Income 2022: -$1,462,8992022Revenue 2023: $4,484,188Expenses 2023: $5,571,396Net Income 2023: -$1,087,2082023Revenue 2024: $4,190,438Expenses 2024: $5,225,539Net Income 2024: -$1,035,1012024

Highlighted filing

2015

Revenue$3,221,427
Expenses$4,717,367
Net Income-$1,495,940
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Mar 18, 2016
Return Version
2014v6.0
Gross Receipts
$3,221,427
Mission and Program Overview

Mission

To develop and operate commercial/rental facilities in Bedford Stuyvesant to combat urban decay, create jobs and business opportunities, and stimulate commercial revitalization.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,170,112$12,789,042▼ $381,070
Prepaid Expenses and Deferred Charges$3,753,292$3,490,487▼ $262,805
Accounts Receivable$533,703$554,688▲ $20,985
Cash and Non-Interest-Bearing Accounts$371,981$160,526▼ $211,455
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$18,183,415$17,233,363▼ $950,052
Other Assets Total$354,327$238,620▼ $115,707
Liabilities
Mortgage Notes Payable Secured by Investment Property$18,728,533$17,938,942▼ $789,591
Other Liabilities$1,258,529$2,685,539▲ $1,427,010
Accounts Payable and Accrued Expenses$906,377$812,522▼ $93,855
Deferred Revenue$760$3,084▲ $2,324
Total Liabilities$20,894,199$21,440,087▲ $545,888
Net Assets / Fund Balance
Unrestricted Net Assets$-2,710,784$-4,206,724▼ $1,495,940
Total Net Assets Fund Balance$-2,710,784$-4,206,724▼ $1,495,940
Total Liabilities and Net Assets / Fund Balance$18,183,415$17,233,363▼ $950,052

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,370,244$14,437,773$24,808,017
Leasehold Improvements$1,372,671$562,644$1,935,315
Equipment$141,341$695,465$836,806
Land$628,118-$628,118
Other Land Buildings$276,668-$276,668
Compensation and Service Providers
Top Officer Pay75th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Colvin W GrannumPresident/Chair-$144,802$21,519$166,321
Clarence StewartVice PresidentFT$89,956$10,035$99,991
Chioma Ruth OnwumereTreasurer--$76,999$76,999
Wadiyah LatifSecretaryFT$65,000$9,536$74,536
Doris Rowley HoyteMember--$69,946$69,946

Board Members and Trustees

NameTitle
Dyrnest SincklerExec VP/V Chair
Timothy SimonsMember

Highest Paid Contractors

ContractorServicesLocationCompensation
Heightened SecuritySecurity72 Brooklyn Avenue, Brooklyn, NY 11216$270,106
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,778,051
Investment Income
$290
Other Revenue
$443,086
Change in Net Assets
$-1,495,940

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,221,427
Total Revenue per Audited Statements
$3,221,427
Total Revenue per Form 990
$3,221,427
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,608,765
Salaries, Compensation, and Employee Benefits$2,108,602
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$892,007$553,899-$1,445,906
Occupancy$663,040$75,071-$738,111
Depreciation Depletion$730,099--$730,099
Fees for Services Other$371,562--$371,562
Current Officers, Directors, Trustees, and Key Employees$275,697--$275,697
Other Employee Benefits$151,669$48,570-$200,239
Payroll Taxes$107,784$52,623-$160,407
Office Expenses$115,266--$115,266
Interest$99,655--$99,655
Insurance$75,741--$75,741
Fees for Services Accounting$39,000--$39,000
Pension Plan Contributions$26,353--$26,353
Fees for Services Legal$15,242--$15,242
Other Expenses$10,012--$10,012
Travel$2,678--$2,678
Advertising$2,039--$2,039
Total Functional Expenses$3,987,204$730,163$0$4,717,367

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,717,367
Total Expenses per Audited Statements$4,717,367
Total Expenses per Form 990$4,717,367
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
due to Parent and other affiliates$2,442,194
Tenant Security Deposit$100,507
Leaseback repurchase cost$92,500
Brokerage fee$50,338
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The completed Form 990 is presented to the governing body for review as well as to, the Executive Vice President/Chief Financial Officer of Bedford Stuyvesant Restoration Corporation to ensure accuracy, completeness and consistency of information reported on the Form 990 and the audited financial statements. It is then reviewed by the President before it is filed.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Conflict of interest policy is addressed at board meetings. Management ensures that the conflict of interest is addressed at the annual board meeting and conflict of interest statements are signed annually by each board member.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The compensation for officers of RDC Commercial Center, Inc (RDCCC) is negotiated by the board president after reviewing comparability data. The President and Executive Vice President of RDCCC are salaried officers of BSRC. The Vice President and Secretary are salaried employees of RDC Commercial Center, Inc. The RDCCC board does not set salaries.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The governing documents, conflict of interest policy, and financial statements are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
RDC Commercial Center Inc
EIN
11-2249649
Phone
7186366938
Address
1368 Fulton Street, Brooklyn, NY 11216

Signing Officer

Name
Colvin W Grannum
Title
President/Chair
Signed
2016-03-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Colvin W Grannum
Formed
1992
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
1
Employees
23
Volunteers
4

Preparer

Firm
Bca Watson Rice Llp
Address
5 PENN PLAZA 15TH FL, NEW YORK, NY 10001-1810
Preparer
Cazembe Bektemba CPA
Phone
2124477300
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Company has evaluated the recognition requirements for uncertain income tax positions as required by accounting principles generally accepted in the United States of America, with no cumulative effect adjustment required. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. Accordingly, the Company has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at June 30, 2015 and 2014.”

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IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/OperateBenefitNonSuprtOrgInd0false
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd0true
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Bedford Stuyvesant Restoration Corp
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Company has evaluated the recognition requirements for uncertain income tax positions as required by accounting principles generally accepted in the United States of America, with no cumulative effect adjustment required. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. Accordingly, the Company has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at June 30, 2015 and 2014.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Colvin W Grannum
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Dyrnest Sinckler
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$17,233,363
Liabilities
$21,440,087
Net assets
-$4,206,724
Revenue
$3,221,427
Expenses
$4,717,367
Net income
-$1,495,940
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$13.9$28.7$14.8$4.19$5.23$1.04
2023Detailed filing. Detailed filing data is available for this year.$14.6$28.1$13.5$4.48$5.57$1.09
2022Detailed filing. Detailed filing data is available for this year.$14.3$26.7$12.4$4.01$5.47$1.46
2021Detailed filing. Detailed filing data is available for this year.$15.3$26.2$10.9$4.09$5.17$1.08
2020Detailed filing. Detailed filing data is available for this year.$15.7$25.4$9.78$3.98$4.99$1.02
2019Detailed filing. Detailed filing data is available for this year.$16.1$25.5$9.46$3.83$4.88$1.06
2018Detailed filing. Detailed filing data is available for this year.$16.5$24.9$8.40$3.83$5.18$1.35
2017Detailed filing. Detailed filing data is available for this year.$16.4$23.5$7.05$3.52$4.89$1.37
2016Detailed filing. Detailed filing data is available for this year.$16.8$22.5$5.68$3.42$4.89$1.47
2015Detailed filing. Detailed filing data is available for this year.$17.2$21.4$4.21$3.22$4.72$1.50
2014Detailed filing. Detailed filing data is available for this year.$18.2$20.9$2.71$2.93$4.29$1.36
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.5$19.9$1.35$3.07$3.75$0.68
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.4$19.0$0.66$3.37
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.2$19.2$1.02$3.51
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$16.1$18.3$2.25$3.68