Civic Intelligence

Rdc Commercial Center Inc.

990 • Fiscal year 2016 • EIN 11-2249649

Jul 01, 2015 to Jun 30, 2016 • Filed on May 12, 2017

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

97th percentile

1.34x

Higher debt load relative to assets than 97% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

95th percentile

6.58x

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

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Net Margin

7th percentile

-43%

Higher net margin than 7% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

80th percentile

$307,190

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 9.0% of source-year revenue.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Asset Growth

27th percentile

-2.6%

Faster asset growth than 27% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

59th percentile

6.1%

Faster revenue growth than 59% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets97th percentile

Assets

Down

$16,789,098

Down $444,265 (-2.6%) from 2015

Net Assets

Down

-$5,678,365

Down $1,471,641 (-35%) from 2015

Liabilities

Up

$22,467,463

Up $1,027,376 (+4.8%) from 2015

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin7th percentile

Revenue

Up

$3,416,617

Up $195,190 (+6.1%) from 2015

Expenses

Up

$4,888,258

Up $170,891 (+3.6%) from 2015

Net Income

Up

-$1,471,641

Up $24,299 (+1.6%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth27th 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

2016

Assets$16,789,098
Liabilities$22,467,463
Net Assets-$5,678,365
Open 2016 Filing

Operations Trend

Revenue Growth59th 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

2016

Revenue$3,416,617
Expenses$4,888,258
Net Income-$1,471,641
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 12, 2017
Return Version
2015v3.0
Gross Receipts
$3,416,617
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$12,789,042$12,406,333▼ $382,709
Prepaid Expenses and Deferred Charges$3,490,487$3,581,683▲ $91,196
Accounts Receivable$554,688$283,442▼ $271,246
Cash and Non-Interest-Bearing Accounts$160,526$179,173▲ $18,647
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$17,233,363$16,789,098▼ $444,265
Other Assets Total$238,620$338,467▲ $99,847
Liabilities
Mortgage Notes Payable Secured by Investment Property$17,938,942$18,936,554▲ $997,612
Other Liabilities$2,685,539$2,921,462▲ $235,923
Accounts Payable and Accrued Expenses$812,522$606,532▼ $205,990
Deferred Revenue$3,084$2,915▼ $169
Total Liabilities$21,440,087$22,467,463▲ $1,027,376
Net Assets / Fund Balance
Unrestricted Net Assets$-4,206,724$-5,678,365▼ $1,471,641
Total Net Assets Fund Balance$-4,206,724$-5,678,365▼ $1,471,641
Total Liabilities and Net Assets / Fund Balance$17,233,363$16,789,098▼ $444,265

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,723,243$14,477,137$25,200,380
Leasehold Improvements$856,891$1,090,924$1,947,815
Equipment$98,748$740,683$839,431
Land$628,118-$628,118
Other Land Buildings$99,333-$99,333
Compensation and Service Providers
Top Officer Pay80th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Colvin W GrannumPresident/Chair-$142,124$14,041$156,165
Clarence StewartVice PresidentFT$78,226$7,083$85,309
Chioma Ruth OnwumereTreasurer--$77,223$77,223
Doris Rowley HoyteMember--$66,501$66,501
Wadiyah LatifSecretaryFT$51,374$7,800$59,174

Board Members and Trustees

NameTitle
Dyrnest SincklerExec VP/V Chair
Timothy SimonsMember

Highest Paid Contractors

ContractorServicesLocationCompensation
Heightened SecuritySecurity72 Brooklyn Avenue, Brooklyn, NY 11216$252,099
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,863,161
Investment Income
$239
Other Revenue
$553,217
Change in Net Assets
$-1,471,641

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,416,617
Total Revenue per Audited Statements
$3,416,617
Total Revenue per Form 990
$3,416,617
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,859,893
Salaries, Compensation, and Employee Benefits$2,028,365
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$784,639$577,883-$1,362,522
Depreciation Depletion$739,034--$739,034
Occupancy$604,189$68,412-$672,601
Fees for Services Other$421,321--$421,321
Current Officers, Directors, Trustees, and Key Employees$306,295--$306,295
Other Employee Benefits$155,294$53,072-$208,366
Interest$156,099--$156,099
Payroll Taxes$88,999$45,535-$134,534
Office Expenses$114,576--$114,576
Insurance$84,324--$84,324
Fees for Services Accounting$40,100--$40,100
Other Expenses$38,976--$38,976
Pension Plan Contributions$16,648--$16,648
Fees for Services Legal$12,831--$12,831
Advertising$3,156--$3,156
Travel$1,081--$1,081
Total Functional Expenses$4,143,356$744,902$0$4,888,258

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,888,258
Total Expenses per Audited Statements$4,888,258
Total Expenses per Form 990$4,888,258
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$2,663,724
Tenant Security Deposit$149,912
Leaseback repurchase cost$95,000
Brokerage fee$12,826
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
2017-05-12
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
25
Volunteers
2

Preparer

Firm
Bca Watson Rice Llp
Address
5 PENN PLAZA 15TH FL, NEW YORK, NY 10001-1810
Preparer
Baruti Bediako 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, 2016 and 2015.”

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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990ScheduleA/Form990SchASupportingOrgGrp/SuprtOrgNoIRSDeterminationInd0false
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/OperateBenefitNonSuprtOrgInd0false
IRS990ScheduleA/Form990SchAType1SuprtOrgGrp/PowerAppointMajorityDirTrstInd0true
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Bedford Stuyvesant Restoration Corp
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Tenant Security Deposit
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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, 2016 and 2015.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Colvin W Grannum
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Dyrnest Sinckler
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President/Chair
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$16,789,098
Liabilities
$22,467,463
Net assets
-$5,678,365
Revenue
$3,416,617
Expenses
$4,888,258
Net income
-$1,471,641
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