Civic Intelligence

Southwest Brooklyn Industrial Development Corporation

990 • Fiscal year 2014 • EIN 11-2508370

Jun 01, 2013 to May 31, 2014 • Filed on Feb 09, 2015

Organization Profilewww.sbidc.org

View Organization Page

241 41st StreetBrooklyn, NY 11232

(718) 965-3100

Siviq Scores

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

Liabilities / Assets

54th percentile

0.12x

Higher debt load relative to assets than 54% of similar nonprofits.

2014 filings • NTEE S • $500k-$1M nonprofits • Source year 2014

Liabilities / Revenue

43rd percentile

0.06x

Higher debt load relative to revenue than 43% of similar nonprofits.

2014 filings • NTEE S • $500k-$1M nonprofits • Source year 2014

Net Margin

24th percentile

-6.3%

Higher net margin than 24% of similar nonprofits.

2014 filings • NTEE S • $500k-$1M nonprofits • Source year 2014

Top Officer Pay

65th percentile

$76,715

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 10.5% of source-year revenue.

2014 filings • NTEE S • $500k-$1M nonprofits • Source year 2014

Asset Growth

14th percentile

-12%

Faster asset growth than 14% of similar nonprofits.

2014 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2013 to 2014

Revenue Growth

18th percentile

-11%

Faster revenue growth than 18% of similar nonprofits.

2014 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets54th percentile

Assets

Down

$334,566

Down $47,346 (-12%) from 2013

Net Assets

Down

$293,151

Down $46,424 (-14%) from 2013

Liabilities

Down

$41,415

Down $922 (-2.2%) from 2013

Revenue And Expenses
Liabilities / Revenue43rd percentileNet Margin24th percentile

Revenue

Down

$732,369

Down $94,507 (-11%) from 2013

Expenses

Up

$778,793

Up $3,668 (+0.5%) from 2013

Net Income

Down

-$46,424

Down $98,175 (-190%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth14th percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2011: $457,584Liabilities 2011: $49,957Net Assets 2011: $407,6272011Assets 2012: $330,752Liabilities 2012: $42,928Net Assets 2012: $287,8242012Assets 2013: $381,912Liabilities 2013: $42,337Net Assets 2013: $339,5752013Assets 2014: $334,566Liabilities 2014: $41,415Net Assets 2014: $293,1512014Assets 2015: $337,844Liabilities 2015: $70,117Net Assets 2015: $267,7272015Assets 2016: $371,922Liabilities 2016: $125,005Net Assets 2016: $246,9172016Assets 2017: $514,789Liabilities 2017: $254,130Net Assets 2017: $260,6592017Assets 2018: $407,579Liabilities 2018: $333,397Net Assets 2018: $74,1822018Assets 2019: $361,187Liabilities 2019: $152,544Net Assets 2019: $208,6432019Assets 2020: $575,497Liabilities 2020: $278,156Net Assets 2020: $297,3412020Assets 2021: $611,568Liabilities 2021: $274,375Net Assets 2021: $337,1932021Assets 2022: $536,412Liabilities 2022: $58,420Net Assets 2022: $477,9922022Assets 2023: $675,859Liabilities 2023: $125,310Net Assets 2023: $550,5492023Assets 2024: $1,600,101Liabilities 2024: $179,571Net Assets 2024: $1,420,5302024

Highlighted filing

2014

Assets$334,566
Liabilities$41,415
Net Assets$293,151
Open 2014 Filing

Operations Trend

Revenue Growth18th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $939,403Expenses 2011: $877,611Net Income 2011: $61,7922011Expenses 2012: $775,2822012Revenue 2013: $826,876Expenses 2013: $775,125Net Income 2013: $51,7512013Revenue 2014: $732,369Expenses 2014: $778,793Net Income 2014: -$46,4242014Revenue 2015: $696,387Expenses 2015: $721,811Net Income 2015: -$25,4242015Revenue 2016: $904,117Expenses 2016: $924,927Net Income 2016: -$20,8102016Revenue 2017: $1,447,525Expenses 2017: $1,433,783Net Income 2017: $13,7422017Revenue 2018: $1,298,027Expenses 2018: $1,484,504Net Income 2018: -$186,4772018Revenue 2019: $1,514,170Expenses 2019: $1,379,709Net Income 2019: $134,4612019Revenue 2020: $1,025,571Expenses 2020: $936,873Net Income 2020: $88,6982020Revenue 2021: $1,175,336Expenses 2021: $1,113,967Net Income 2021: $61,3692021Revenue 2022: $1,197,769Expenses 2022: $1,056,970Net Income 2022: $140,7992022Revenue 2023: $1,111,462Expenses 2023: $1,038,905Net Income 2023: $72,5572023Revenue 2024: $2,072,854Expenses 2024: $1,202,873Net Income 2024: $869,9812024

Highlighted filing

2014

Revenue$732,369
Expenses$778,793
Net Income-$46,424
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jun 1, 2013 to May 31, 2014
Signed
Feb 9, 2015
Return Version
2013v4.0
Gross Receipts
$781,219
Mission and Program Overview

Mission

Southwest brooklyn industrial development corporation provides advocacy and services to help businesses in the sunset park, red hook and gowanus neighborhoods grow and create employment opportunities for local residents.

Southwest Brooklyn Industrial Development Corporation (SBIDC) provides advocacy and services to help businesses in the Sunset Park, Red Hook and Gowanus neighborhoods grow and create employment opportunities for local residents.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$231,715$235,024▲ $3,309
Cash and Non-Interest-Bearing Accounts$66,439$43,748▼ $22,691
Savings and Temporary Cash Investments$70,358$37,601▼ $32,757
Land, Buildings, and Equipment, Net$10,071$14,664▲ $4,593
Prepaid Expenses and Deferred Charges$3,329$3,529▲ $200
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$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$381,912$334,566▼ $47,346
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$42,337$41,415▼ $922
Total Liabilities$42,337$41,415▼ $922
Net Assets / Fund Balance
Unrestricted Net Assets$251,629$285,254▲ $33,625
Temporarily Rstr Net Assets$87,946$7,897▼ $80,049
Total Net Assets Fund Balance$339,575$293,151▼ $46,424
Total Liabilities and Net Assets / Fund Balance$381,912$334,566▼ $47,346

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$4,442$91,992$96,434
Equipment$10,222$45,005$55,227
Other Land Buildings-$40,000$40,000
Compensation and Service Providers
Top Officer Pay65th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
David D MeadeExecutive DirectorFT$71,186$5,529$76,715
Richard KirschnerDirector of FinancePT$37,592-$37,592

Board Members and Trustees

NameTitle
Stewart MannChairman
Greg O'ConnellVice Chair
J David SweenyVice Chair
Andrew KimballMember
Anthony RondinelliMember
Christopher MurthaMember
Eileen ThorntonMember
Greg BraymanMember
Lorna MontalvoMember
Mark FogginMember
Michael SpinnerMember
Mike DiMarinoMember
Miki KamijyoMember
Paul GevertzmannMember
Randolph PeersMember
Roger RigolliMember
Stephen GiumentaMember
Stuart LefflerMember
Susan FermiscoMember
Irina ConstantineSecretary
Howard Smith JrTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$681,706
Program Service Revenue
$28,000
Investment Income
$75
Other Revenue
$22,588
All Other Contributions
$165,000
Change in Net Assets
$-46,424

Audited Revenue Reconciliation

Revenue per Audited Statements
$732,369
Total Revenue per Audited Statements
$732,369
Total Revenue per Form 990
$732,369
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$481,768
Other Expenses$285,141
Total Fundraising Expense$45,891
Grants and Similar Amounts Paid$11,884
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$281,237$2,301$10,164$293,702
Current Officers, Directors, Trustees, and Key Employees$70,034$37,992$7,189$115,215
Fees for Services Other$84,286$25,771-$110,057
Occupancy$37,192$18,299-$55,491
Payroll Taxes$34,616$3,971$1,710$40,297
Office Expenses$34,995--$34,995
Other Employee Benefits$25,452$2,919$1,258$29,629
Grants to Domestic Individuals$11,884--$11,884
All Other Expenses$945$7,963-$8,908
Insurance$3,101$5,119-$8,220
Other Expenses$1,743$2,285$25,446$4,028
Depreciation Depletion-$3,941-$3,941
Pension Plan Contributions$2,513$288$124$2,925
Travel-$2,819-$2,819
Total Functional Expenses$613,314$119,588$45,891$778,793

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$778,793
Total Expenses per Audited Statements$778,793
Total Expenses per Form 990$778,793
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$48,850
Fundraising Gross Income$48,850
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 1$155,741$48,850-$48,850
Total Events$155,741$48,850$48,850-
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-
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“Management reviewed a draft of the form 990 with the audit/finance committee and provided edits to the tax preparer. After this process was performed, the form 990 was sent to the full board of directors prior to being filed with the IRS.”

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

“The organization has a "board approved" conflicts of interest policy. Each board member must fill out an annual declaration stating they had no conflicts or identifying the nature of their interested party transactions.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Each year, the executive committee reviews comparable salaries based on a recognized study and reviews the performance of the executive director to determine if the existing salary falls within these ranges. After a deliberation of this matter, a new proposed salary and benefit package is voted on. The minutes of the board of directors reflect the nature of this process.”

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

“Each year, the executive committee reviews comparable salaries based on a recognized study and reviews the performance of the executive director to determine if the existing salary falls within these ranges. After a deliberation of this matter, a new proposed salary and benefit package is voted on. The minutes of the board of directors reflect the nature of this process.”

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

“Organizational documents are made available upon request.”

Filing and Contact Details

Filer

EIN
11-2508370
Phone
7189653100

Signing Officer

Name
Mike DiMarino
Title
Chairman
Signed
2015-02-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mike DiMarino
Formed
1978
Legal Domicile
Ny
Voting Board Members
21
Independent Board Members
21
Employees
12

Preparer

Preparer
David C Ashenfarb
Phone
2122682800
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“SBIDC does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending May 31, 2011 and later are subject to examination by applicable taxing authorities.”

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IRS990/Desc0In this second year after Hurricane Sandy, small businesses of all types continue to recover. SBIDC continues to support all businesses affected to access new recovery funds and tax credits available in order to reach full recovery and thrive. In the post Sandy landscape, with community planning efforts and new storm preparedness and flood protection policies being developed, SBIDC has been on the ground to inform and advocate on behalf of all businesses. Combined with the menu of services SBIDC delivered in 2014 to hundreds of businesses, SBIDC will continue to work together in 2015 with local partner organizations, local residents and our small businesses to attain a stronger and more resilient Southwest Brooklyn. Our workforce development program has also had a highly successful year, continuing to serve as a valuable resource for local businesses and residents seeking employment. We have seen major growth in both job placement and retention for local job seekers, developing strong relationships with new companies as well as community partners. In addition, we successfully launched two new workforce initiatives: the YouthMade internship program and the Stronger Together collaborative. YouthMade, a program developed in partnership with Juma Ventures, a youth development organization, offered paid internships at industrial companies to 40 first-generation college students, at no cost to employers. The program was a huge success, and we plan to expand it in 2015, offering 40 paid internships as well as 10 more intensive apprenticeships.Stronger Together is a collaborative project, administered in partnership with the Fifth Avenue Committee (FAC), Brooklyn Workforce Innovations (BWI), and the Red Hook Initiative (RHI), developed to provide overlapping and comprehensive services to public housing residents in Red Hook and Gowanus. Launched this fall, Stronger Together has already hosted outreach events, and we have begun placing applicants referred through the program. We are excited to build on this partnership in the coming year, serving more public housing residents and connecting them with good jobs and career paths in the industrial sector.
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IRS990/Form990PartVIISectionAGrp/PersonNm5Greg Brayman
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IRS990/Form990PartVIISectionAGrp/PersonNm7Andrew Kimball
IRS990/Form990PartVIISectionAGrp/PersonNm8Stuart Leffler
IRS990/Form990PartVIISectionAGrp/PersonNm9Christopher Murtha
IRS990/Form990PartVIISectionAGrp/PersonNm10Mark Foggin
IRS990/Form990PartVIISectionAGrp/PersonNm11Eileen Thornton
IRS990/Form990PartVIISectionAGrp/PersonNm12Roger Rigolli
IRS990/Form990PartVIISectionAGrp/PersonNm13Anthony Rondinelli
IRS990/Form990PartVIISectionAGrp/PersonNm14Stephen Giumenta
IRS990/Form990PartVIISectionAGrp/PersonNm15Howard Smith Jr
IRS990/Form990PartVIISectionAGrp/PersonNm16Susan Fermisco
IRS990/Form990PartVIISectionAGrp/PersonNm17Michael Spinner
IRS990/Form990PartVIISectionAGrp/PersonNm18Miki Kamijyo
IRS990/Form990PartVIISectionAGrp/PersonNm19Greg O'Connell
IRS990/Form990PartVIISectionAGrp/PersonNm20J David Sweeny
IRS990/Form990PartVIISectionAGrp/PersonNm21David D Meade
IRS990/Form990PartVIISectionAGrp/PersonNm22Richard Kirschner
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IRS990/Form990PartVIISectionAGrp/TitleTxt14Member
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IRS990/Form990PartVIISectionAGrp/TitleTxt17Member
IRS990/Form990PartVIISectionAGrp/TitleTxt18Member
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IRS990/Form990PartVIISectionAGrp/TitleTxt20Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt21Executive Dir.
IRS990/Form990PartVIISectionAGrp/TitleTxt22Dir. of Finance
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IRS990/InsuranceGrp/ProgramServicesAmt03101
IRS990/InsuranceGrp/TotalAmt08220
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt32285
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IRS990/OtherExpensesGrp/ProgramServicesAmt114809
IRS990/OtherExpensesGrp/ProgramServicesAmt210357
IRS990/OtherExpensesGrp/ProgramServicesAmt31743
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IRS990/OtherExpensesGrp/TotalAmt212596
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$334,566
Liabilities
$41,415
Net assets
$293,151
Revenue
$732,369
Expenses
$778,793
Net income
-$46,424
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.60$0.18$1.42$2.07$1.20$0.87
2023Detailed filing. Detailed filing data is available for this year.$0.68$0.13$0.55$1.11$1.04$0.07
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.54$0.06$0.48$1.20$1.06$0.14
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.61$0.27$0.34$1.18$1.11$0.06
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.58$0.28$0.30$1.03$0.94$0.09
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.36$0.15$0.21$1.51$1.38$0.13
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.41$0.33$0.07$1.30$1.48$0.19
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.51$0.25$0.26$1.45$1.43$0.01
2016Detailed filing. Detailed filing data is available for this year.$0.37$0.13$0.25$0.90$0.92$0.02
2015Detailed filing. Detailed filing data is available for this year.$0.34$0.07$0.27$0.70$0.72$0.03
2014Detailed filing. Detailed filing data is available for this year.$0.33$0.04$0.29$0.73$0.78$0.05
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.38$0.04$0.34$0.83$0.78$0.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.33$0.04$0.29$0.78
2011Summary only. Only limited summary data is available for this year.$0.46$0.05$0.41$0.94$0.88$0.06