Civic Intelligence

South Bronx Overall Economic Development Corporation

990 • Fiscal year 2015 • EIN 13-2736022

Apr 01, 2014 to Mar 31, 2015 • Filed on Feb 15, 2016

Organization ProfileWWW.SOBRO.ORG

View Organization Page

555 Bergen AvenueBronx, NY 10455

(718) 292-3113

Siviq Scores

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

Liabilities / Assets

81st percentile

0.68x

Higher debt load relative to assets than 81% of similar nonprofits.

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

Liabilities / Revenue

75th percentile

0.78x

Higher debt load relative to revenue than 75% of similar nonprofits.

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

Net Margin

15th percentile

-9.1%

Higher net margin than 15% of similar nonprofits.

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

Top Officer Pay

76th percentile

$277,778

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 3.1% of source-year revenue.

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

Asset Growth

57th percentile

2.8%

Faster asset growth than 57% of similar nonprofits.

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

Revenue Growth

60th percentile

6.8%

Faster revenue growth than 60% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets81st percentile

Assets

Up

$10,115,889

Up $276,223 (+2.8%) from 2014

Net Assets

Down

$3,188,744

Down $813,524 (-20%) from 2014

Liabilities

Up

$6,927,145

Up $1,089,747 (+19%) from 2014

Revenue And Expenses
Liabilities / Revenue75th percentileNet Margin15th percentile

Revenue

Up

$8,912,026

Up $570,064 (+6.8%) from 2014

Expenses

Up

$9,725,550

Up $487,163 (+5.3%) from 2014

Net Income

Up

-$813,524

Up $82,901 (+9.2%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth57th percentile

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

$15M$10M$5.0M$0Assets 2010: $10,443,170Liabilities 2010: $9,383,756Net Assets 2010: $1,059,4142010Assets 2011: $9,678,589Liabilities 2011: $8,922,124Net Assets 2011: $756,4652011Assets 2012: $9,014,189Liabilities 2012: $8,731,755Net Assets 2012: $282,4342012Assets 2013: $11,554,466Liabilities 2013: $6,655,773Net Assets 2013: $4,898,6932013Assets 2014: $9,839,666Liabilities 2014: $5,837,398Net Assets 2014: $4,002,2682014Assets 2015: $10,115,889Liabilities 2015: $6,927,145Net Assets 2015: $3,188,7442015Assets 2016: $9,265,691Liabilities 2016: $6,351,422Net Assets 2016: $2,914,2692016Assets 2017: $8,808,352Liabilities 2017: $6,690,951Net Assets 2017: $2,117,4012017Assets 2018: $11,675,328Liabilities 2018: $7,846,637Net Assets 2018: $3,828,6912018Assets 2019: $5,681,704Liabilities 2019: $4,482,631Net Assets 2019: $1,199,0732019Assets 2020: $7,389,551Liabilities 2020: $2,312,871Net Assets 2020: $5,076,6802020Assets 2021: $11,273,834Liabilities 2021: $4,879,927Net Assets 2021: $6,393,9072021Assets 2022: $9,441,146Liabilities 2022: $4,750,373Net Assets 2022: $4,690,7732022Assets 2023: $10,232,191Liabilities 2023: $6,420,456Net Assets 2023: $3,811,7352023

Highlighted filing

2015

Assets$10,115,889
Liabilities$6,927,145
Net Assets$3,188,744
Open 2015 Filing

Operations Trend

Revenue Growth60th percentile

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

$20M$15M$10M$5.0M$0-$5.0MExpenses 2010: $10,650,2032010Expenses 2011: $11,797,6542011Revenue 2012: $8,947,514Expenses 2012: $9,421,545Net Income 2012: -$474,0312012Revenue 2013: $13,882,940Expenses 2013: $9,462,423Net Income 2013: $4,420,5172013Revenue 2014: $8,341,962Expenses 2014: $9,238,387Net Income 2014: -$896,4252014Revenue 2015: $8,912,026Expenses 2015: $9,725,550Net Income 2015: -$813,5242015Revenue 2016: $10,113,391Expenses 2016: $10,443,747Net Income 2016: -$330,3562016Revenue 2017: $10,363,933Expenses 2017: $11,160,801Net Income 2017: -$796,8682017Revenue 2018: $10,866,144Expenses 2018: $11,657,311Net Income 2018: -$791,1672018Revenue 2019: $14,505,335Expenses 2019: $12,729,940Net Income 2019: $1,775,3952019Revenue 2020: $15,134,013Expenses 2020: $11,266,838Net Income 2020: $3,867,1752020Revenue 2021: $9,485,057Expenses 2021: $8,348,588Net Income 2021: $1,136,4692021Revenue 2022: $12,019,062Expenses 2022: $12,192,704Net Income 2022: -$173,6422022Revenue 2023: $8,860,427Expenses 2023: $10,667,730Net Income 2023: -$1,807,3032023

Highlighted filing

2015

Revenue$8,912,026
Expenses$9,725,550
Net Income-$813,524
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Apr 1, 2014 to Mar 31, 2015
Signed
Feb 15, 2016
Return Version
2014v6.0
Gross Receipts
$9,064,486
Mission and Program Overview

Mission

Our mission is to enhance the quality of life in the south bronx by strengthening businesses and creating innovative economic, housing, educational, and career development programs for youth and adults. Sobbo was founded in 1972 by a group of business executives and community leaders. Our task was urgent: reverse the flight of businesses and jobs from the south bronx. It was the first and most fundamental step toward rebuilding a community whose name evoked images of burned buildings, crime, poverty and drugs. But as sobro began to evolve, it became clearer that community revitalization required a multi-faceted effort. Today, we address all aspects of community development: assisting businesses to get started and grow, training residents according to the needs of employers, offering opportunities for youth to learn and develop, and creating affordable housing and commercial spaces that reverse blight in the community.

Sboedc's mission is to enhance the quality of life in the south bronx by strengthening businesses and creating innovative economic, housing, educational, and career development programs for youth and adults.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,532,353$4,374,183▼ $158,170
Accounts Receivable$2,305,456$1,184,492▼ $1,120,964
Pledges and Grants Receivable$1,376,624$1,142,538▼ $234,086
Intangible Assets$184,385$179,431▼ $4,954
Prepaid Expenses and Deferred Charges$89,393$88,166▼ $1,227
Cash and Non-Interest-Bearing Accounts$22,492$15,304▼ $7,188
Other Notes and Loans Receivable, Net-$4,346-
Total Assets$9,839,666$10,115,889▲ $276,223
Other Assets Total$1,328,963$3,127,429▲ $1,798,466
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,974,175$4,539,722▲ $565,547
Other Liabilities$928,963$1,306,349▲ $377,386
Accounts Payable and Accrued Expenses$929,224$1,076,084▲ $146,860
Deferred Revenue$5,036$4,990▼ $46
Total Liabilities$5,837,398$6,927,145▲ $1,089,747
Net Assets / Fund Balance
Unrestricted Net Assets$3,761,188$2,993,942▼ $767,246
Temporarily Rstr Net Assets$241,080$194,802▼ $46,278
Total Net Assets Fund Balance$4,002,268$3,188,744▼ $813,524
Total Liabilities and Net Assets / Fund Balance$9,839,666$10,115,889▲ $276,223

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,737,379$4,830,884$8,568,263
Equipment$365,659$230,044$595,703
Land$133,345-$133,345
Other Land Buildings$126,445-$126,445
Leasehold Improvements$11,355$12,043$23,398
Other Assets Org$1,857,437--
Compensation and Service Providers
Top Officer Pay76th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Phillip MorrowPresidentFT$233,242$44,536$277,778
Christie AlcidCFOFT$104,939$32,676$137,615

Board Members and Trustees

NameTitle
Anthony M Riccio JrChairman
Dennis DerryckVice Chairman
Angelo AponteBoard Member
Arline ParksBoard Member
Awilda CorderoBoard Member
Demetric a DuckettBoard Member
Diana HernandezBoard Member
Edward OdomBoard Member
Hugh GrantBoard Member
Karen McguinnessBoard Member
Mark L CastleBoard Member
Robert AvaltroniBoard Member
Simon BergsonBoard Member
Steven SmithBoard Member
Takisia L WhitesBoard Member
Tracy WoodallBoard Member
James ShippSecretary
Jean SmithTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,479,248
Program Service Revenue
$3,312,990
Investment Income
$564
Other Revenue
$119,224
All Other Contributions
$261,299
Change in Net Assets
$-813,524
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,594,679
Other Expenses$3,130,871
Total Fundraising Expense$38,884
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,788,297$2,333,661-$5,121,958
Occupancy$80,616$789,405-$870,021
Payroll Taxes$262,081$277,290-$539,371
Office Expenses$352,078$61,593$38,884$452,555
Depreciation Depletion$905$443,470-$444,375
Other Employee Benefits$206,936$218,945-$425,881
Current Officers, Directors, Trustees, and Key Employees$221,741$191,506-$413,247
Fees for Services Other$213,958$90,423-$304,381
Interest-$202,696-$202,696
Fees for Services Accounting-$176,084-$176,084
Travel$78,790$34,851-$113,641
Conferences and Meetings$78,716$33,877-$112,593
Pension Plan Contributions$45,783$48,439-$94,222
Other Expenses$107,846$91,806-$91,806
Insurance$3,876$36,743-$40,619
Advertising$7,748$7,508-$15,256
Fees for Services Legal-$7,365-$7,365
Total Functional Expenses$4,449,371$5,237,295$38,884$9,725,550
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$152,460
Fundraising Gross Income$95,040
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$155,591$72,900$17,500$55,400
Golf$50,702$22,140-$22,140
Total Events$206,293$95,040$152,460$-57,420
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Affiliates$861,091
Advances From Government Agencies$306,990
Security Deposits$86,385
Other Program Liabilities$51,883
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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, Section B, Line 11

“A draft copy of the 990 is provided to the organization's governing board. The board reviews the 990 and makes recommendations for changes. The board then approves the final return before it is submitted to the irs.”

Form 990, Part VI, Section B, Line 12C

“Annually a consultant reviews the conflict of interest policy and questionaires which are required to be signed by all board members and employees including directors, key employees and officers. If any conflicts exist, they are reported to the president. The president reports any conflicts to the board chairman. If a conflict exists the party must recuse themselves from deliberations.”

Form 990, Part VI, Section B, Line 15A

“Throughout sobro, compensation is market-based and set at levels that attract qualified candidates for any given position, and encourage top performers to stay. Annually, the chairman of the board and the other members of the board's executive committee regularly review the ceo's overall effectiveness and performance against goals in the strategic plan. If the compensation is to be re-set, a memo is prepared in addition to documenting ceo's performance. The memo assures the board that the re-set compensation is 1) in line with the salaries being paid to the heads of new york-area not-for-profits with similar mission-related complexities, budgets and numbers of employees, and 2) within the ranges of reference sources such as the most-recent guidestar nonprofit compensation report. The report summarizes compensation data from other organizations irs form 990 filings by categories of not-for-profit officers.”

Form 990, Part VI, Section C, Line 19

“The documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
South Bronx Overall Economic
EIN
13-2736022
Phone
7182923113
Address
555 BERGEN AVENUE, BRONX, NY 10455

Signing Officer

Name
Phillip Morrow
Title
President
Phone
7182923113
Signed
2016-02-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Phillip Morrow
Formed
1972
Legal Domicile
Ny
Voting Board Members
19
Independent Board Members
18
Employees
346
Volunteers
18

Preparer

Firm
Cohnreznick Llp
Address
1212 AVENUE OF THE AMERICAS, NEW YORK, NY 10036
Preparer
Thomas Lanning
Phone
2122970400
Supplemental Narrative

Additional Explanations

FORM 990, PART V, LINE 2A:

“Employees are paid through a third party common employer, alpha staff group, inc (ein: 65-0314170), and did not receive a w-2 from south bronx overall economic development corporation.”

FORM 990, PART IV, LINE 12B:

“This return has been prepared based on all available information at the time of filing. It is also based on unaudited financial statements. If any significant differences arise after this filing, this return will be amended to properly reflect the additional information.”

Raw XML AppendixShowing 400 of 841 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0SBOEDC'S MISSION IS TO ENHANCE THE QUALITY OF LIFE IN THE SOUTH BRONX BY STRENGTHENING BUSINESSES AND CREATING INNOVATIVE ECONOMIC, HOUSING, EDUCATIONAL, AND CAREER DEVELOPMENT PROGRAMS FOR YOUTH AND ADULTS.
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IRS990/Desc0THE YOUTH DEVELOPMENT AND EDUCATION DEPARTMENT PROVIDED AFTER-SCHOOL, SUMMER YOUTH EMPLOYMENT, AND OUT-OF-SCHOOL YOUTH SERVICES TO 1,730 YOUNG PEOPLE BETWEEN THE AGES OF 5 AND 25. IN-SCHOOL AND AFTER-SCHOOL PROGRAMS ASSISTED ELEMENTARY, MIDDLE AND HIGH SCHOOL STUDENTS WITH HOMEWORK AND TUTORING, COLLEGE PREPARATION, ARTS AND CULTURAL ACTIVITIES, AND LEADERSHIP DEVELOPMENT. ADDITIONALLY, SUMMER INTERNSHIPS WERE PROVIDED TO 811 YOUTH, WHICH WERE SUPPLEMENTED BY ACADEMIC SUPPORT, CAREER AWARENESS TRAINING, WORK SKILLS DEVELOPMENT, AND LEADERSHIP TRAINING. SOBRO ALSO COMBINED TWO PREVIOUS PROGRAMS, THE YOUTH BUILD PROGRAM AND YOUNG ADULT JUSTICE SCHOLARS, INTO THE SOBRO TRANSFORMATION ACADEMY, WHICH SERVES AT-RISK YOUNG ADULTS TO EARN THEIR HIGH SCHOOL EQUIVALENCY (HSE) DIPLOMA, LEARN CONSTRUCTION AND JOB-READINESS SKILLS, AND RESOLVE PERSONAL BARRIERS TO SUCCESS WITH OUR LICENSED MASTER SOCIAL WORKER. THESE YOUNG ADULTS WERE OFFERED TWO NEW TRAINING OPPORTUNITIES THIS YEAR: THE FIRST IS TO LEARN ABOUT HYDROPONIC FARMING AND TO MAINTAIN A HYDROPONIC ROOFTOP GARDEN AT SOBROS AFFORDABLE HOUSING DEVELOPMENT, THE GATEWAY BUILDING, THROUGH FUNDING FROM NEWS CORP.; AND THE SECOND OPPORTUNITY THROUGH A STARBUCKS GRANT TO LEARN ABOUT SOCIAL ENTREPRENEURSHIP AND EXPERIMENT WITH THEIR OWN BUSINESS CONCEPTS.
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IRS990/MissionDesc0OUR MISSION IS TO ENHANCE THE QUALITY OF LIFE IN THE SOUTH BRONX BY STRENGTHENING BUSINESSES AND CREATING INNOVATIVE ECONOMIC, HOUSING, EDUCATIONAL, AND CAREER DEVELOPMENT PROGRAMS FOR YOUTH AND ADULTS.SOBRO WAS FOUNDED IN 1972 BY A GROUP OF BUSINESS EXECUTIVES AND COMMUNITY LEADERS. OUR TASK WAS URGENT: REVERSE THE FLIGHT OF BUSINESSES AND JOBS FROM THE SOUTH BRONX. IT WAS THE FIRST AND MOST FUNDAMENTAL STEP TOWARD REBUILDING A COMMUNITY WHOSE NAME EVOKED IMAGES OF BURNED OUT BUILDINGS, CRIME, POVERTY AND DRUGS. BUT AS SOBRO BEGAN TO EVOLVE, IT BECAME CLEARER THAT COMMUNITY REVITALIZATION REQUIRED A MULTI-FACETED EFFORT. TODAY, WE ADDRESS ALL ASPECTS OF COMMUNITY DEVELOPMENT: ASSISTING BUSINESSES TO GET STARTED AND GROW, TRAINING RESIDENTS ACCORDING TO THE NEEDS OF EMPLOYERS, OFFERING OPPORTUNITIES FOR YOUTH TO LEARN AND DEVELOP, AND CREATING AFFORDABLE HOUSING AND COMMERCIAL SPACE THAT REVERSES BLIGHT IN THE COMMUNITY.
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IRS990/ProgSrvcAccomActy2Grp/Desc0SOBRO CONTINUED TO OFFER EDUCATIONAL AND CAREER ADVANCEMENT OPPORTUNITIES TO ADULTS. SINCE JANUARY, SOBRO HAS PROVIDED CAREER DEVELOPMENT SERVICES TO 663 INDIVIDUALS, PLACING OVER 214 INTO EMPLOYMENT, AND DELIVERED JOB-READINESS TRAINING TO 302 INDIVIDUALS, WHICH INCLUDED A CUSTOMER SERVICE TRAINING COMPONENT AND NATIONALLY-RECOGNIZED CERTIFICATION IN CUSTOMER SERVICE. SOBRO'S OUTCOMES FOR ADULT EDUCATION CLASSES HAVE CONSISTENTLY SURPASSED PROGRAM EVALUATION TARGETS. IN THE LAST CONTRACT PERIOD, SOBRO ASSESSED AND REGISTERED APPROXIMATELY 1,000 INDIVIDUALS. OF THESE, 247 COMPLETED COURSES IN ADULT BASIC EDUCATION, 314 COMPLETED THE ENGLISH FOR SPEAKERS OF OTHER LANGUAGES COURSE, AND 55 COMPLETED A PREPARATION CLASS FOR THE HIGH SCHOOL EQUIVALENCY (HSE) DIPLOMA - FORMERLY KNOWN AS THE GED.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt01726125
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0596917
IRS990/ProgSrvcAccomActy3Grp/Desc0THE COMMUNITY AND ECONOMIC DEVELOPMENT DEPARTMENT (CED) ADMINISTERS AN ARRAY OF PROGRAMS THAT SEEK TO MAKE A LASTING IMPACT ON THE ECONOMIC, PHYSICAL, AND SOCIAL FABRIC OF OUR COMMUNITY. CED PROVIDED PROPERTY MANAGEMENT SERVICES IN THE BRONX AND UPPER MANHATTAN, AND BUSINESS ASSISTANCE SERVICES TO HUNDREDS OF NEW AND EXISTING CLIENTS. SOBRO'S BUSINESS INCUBATOR, THE VENTURE CENTER, HAS ALSO PROVIDED AN AFFORDABLE WORKING SPACE FOR BUSINESSES TO OPERATE AND GROW.ENTREPRENEURIAL ASSISTANCE PROGRAM, THROUGH THE NYS EMPIRE STATE DEVELOPMENT CORPORATION, PROVIDED INTENSIVE SERVICES TO 56 NEW AND EXISTING BUSINESS CLIENTS IN 2014, RESULTING IN $229,656 IN INCREASED SALES OF ESTABLISHED BUSINESS CLIENTS, $71,735 IN INCREASED THE SALES OF START-UPS, AND $366,500 IN ACCESS FINANCING. ADDITIONALLY, 31 STUDENT ENTREPRENEURS GRADUATED FROM THE 10-SESSION BUSINESS TRAINING CLASS, WHICH WAS OFFERED BIANNUALLY AT SOBRO. IN ORDER TO SUPPORT BUSINESS CLIENTS IN THE CONSTRUCTION INDUSTRY BY IMPROVING THEIR WORKFORCE, SOBRO'S ENTREPRENEURIAL SERVICES STAFF ALSO EXPANDED ITS BILINGUAL OSHA TRAININGS, RESULTING IN OVER 60 OSHA CERTIFICATIONS FOR WORKERS. THE DEPARTMENT ALSO PROVIDES AN EXTENSIVE RANGE OF COMMERCIAL AND INDUSTRIAL BUSINESS INCENTIVES THROUGH PARTNERSHIPS WITH GOVERNMENT AGENCIES TO ATTRACT INVESTMENT AND ENSURE THAT EXISTING BUSINESSES CAN THRIVE. THE DEPARTMENT CONTINUED TO SUCCESSFULLY OPERATE MANY PROGRAMS THAT HAVE ATTRACTED THOUSANDS OF JOBS, HUNDREDS OF BUSINESSES, AND HUNDREDS OF MILLIONS OF DOLLARS IN INVESTMENT TO THE SOUTH BRONX THROUGHOUT SOBRO'S HISTORY. THE PROCUREMENT AND TECHNICAL ASSISTANCE (PTAC) AND MINORITY- AND WOMEN-OWNED BUSINESS ENTERPRISE (M/WBE) PROGRAMS HELPED LOCAL BUSINESSES TO SECURE LUCRATIVE GOVERNMENT CONTRACTS. SOBRO'S PROCUREMENT AND MINORITY BUSINESS PROGRAMS MAINTAIN 425 ACTIVE BUSINESS CLIENTS, PROVIDING SERVICES THAT INCLUDE BUT ARE NOT LIMITED TO WORKSHOPS, SPECIAL EVENTS, AND ONE-ON-ONE SESSIONS, AS WELL AS CERTIFICATION APPLICATIONS SUBMISSIONS AND INSTANCES OF PROMOTION. SOBRO PTAC COMPLETED COUNSELLING SESSIONS WITH 257 SMALL BUSINESS CONCERNS OF WHICH 220 WERE IN DISTRESSED AREAS. IN FY2014, THE M/WBE TEAM HELD 202 ONE-ON-ONE SESSIONS, 32 WORKSHOPS, 28 STANDARD M/WBE CERTIFICATION SUBMISSIONS, SEVEN (7) RECERTIFICATION APPLICATION SUBMISSIONS, AND 37 REFERRALS. ADDITIONALLY, THE MINORITY BUSINESS CENTER BRONX OPERATED FOR ITS FIRST YEAR TO PROVIDE CORE BUSINESS SERVICES SUCH AS GLOBAL BUSINESS DEVELOPMENT, ACCESS TO CAPITAL, ACCESS TO CONTRACTS, ACCESS TO MARKETS, AND STRATEGIC BUSINESS CONSULTING. IN THE LAST YEAR, THE MBC TEAM OBTAINED OVER $204 MILLION IN CONTRACTING AND FINANCING OPPORTUNITIES FOR THE CENTER CLIENTS AND ASSISTED WITH CREATING OVER 200 JOBS AND RETAINING OVER 500 JOBS THROUGH ITS EFFORTS WITH CENTER CLIENTS. BROWNFIELD PLANNING ACTIVITIES CONTINUED THIS YEAR IN THE EASTCHESTER AND PORT MORRIS BROWNFIELD OPPORTUNITY AREAS (BOAS), THROUGH THE NYS DEPARTMENT OF ENVIRONMENTAL CONSERVATION. IN THE FALL, SOBRO RELEASED A WATERFRONT REDEVELOPMENT PLAN WITH ITS PARTNERS, WHICH RECEIVED CRUCIAL RECOGNITION FROM THE MEDIA AND LOCAL ELECTED OFFICIALS. REAL ESTATE DEVELOPMENT & PROPERTY MANAGEMENTSOBRO HAS MORE THAN A DECADE OF EXPERIENCE DEVELOPING AND MANAGING COMMERCIAL AND RESIDENTIAL PROPERTIES, EVIDENCED BY OUR PORTFOLIO OF OVER 750 UNITS OF AFFORDABLE AND MARKET-RATE HOUSING AND HUNDREDS OF THOUSANDS OF SQUARE FEET OF COMMERCIAL, INDUSTRIAL AND OFFICE SPACE IN THE BRONX AND UPPER MANHATTAN CURRENTLY VALUED AT A TOTAL OF OVER $106 MILLION. SOBRO'S HOUSING DEVELOPMENT EFFORTS INCLUDE REHABILITATING EXISTING BUILDINGS AND CREATING NEW BUILDINGS IN VACANT SPACE TO TRANSFORM BLIGHTING INFLUENCES INTO BEAUTIFUL AND VIABLE SPACES FOR LIVING AND WORKING. ONE OF SOBRO'S GOALS, AND PART OF OUR COMPREHENSIVE STRATEGY FOR COMMUNITY DEVELOPMENT, IS TO INCREASE THE AVAILABILITY OF OWNER-OCCUPIED AND RENTAL HOUSING FOR LOW- AND MODERATE-INCOME FAMILIES. TO THIS END, WE BUILD NEW HOUSING,
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0SOBRO BEGAN WORKING WITH A GROUP OF 40 IMMIGRANT-OWNED SMALL RESTAURANT OWNERS IN THE SPRING OF 2014 TO ESTABLISH THE UNITED BUSINESS COOPERATIVE (UBC), WITH THE INITIAL OBJECTIVE TO OFFSET THE DISPROPORTIONATELY HIGH OPERATING COSTS SMALL RESTAURANTS FACE IN MEETING THE REQUIREMENTS OF INCREASING REGULATIONS. THROUGH THE THRIVE COMPETITION WITH NYC ECONOMIC DEVELOPMENT CORPORATION, SOBRO HAS HELPED THE UBC CREATE A BUSINESS PLAN FOR COMBINING OPERATIONS WHICH WILL INCLUDE COLLECTIVE PURCHASING, STORAGE, AND DISTRIBUTION. ADDITIONALLY, A RECENTLY AWARDED GRANT FROM THE U.S. DEPARTMENT OF AGRICULTURE THROUGH THE LOCAL FOODS PROMOTION PROGRAM WILL ALLOW THE UBC TO DETERMINE THE ECONOMIC FEASIBILITY OF INCORPORATING LOCALLY-GROWN PRODUCE INTO THEIR MENUS.ADDITIONALLY, SOBRO ESTABLISHED A PARTNERSHIP WITH THE NEW YORK BUSINESS DEVELOPMENT CORPORATION (NYBDC) AND WAS DESIGNATED AS THE SOLE REFERRAL SOURCE FOR A NEW, $10 MILLION LOAN FUND DIRECTED AT BRONX BUSINESSES, CALLED THE BRONX OPPORTUNITY FUND. SOBRO ASSISTED CLIENTS IN PACKAGING SIX LOANS, OF WHICH THREE WERE APPROVED.
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$10,115,889
Liabilities
$6,927,145
Net assets
$3,188,744
Revenue
$8,912,026
Expenses
$9,725,550
Net income
-$813,524
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$10.2$6.42$3.81$8.86$10.7$1.81
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.44$4.75$4.69$12.0$12.2$0.17
2021Detailed filing. Detailed filing data is available for this year.$11.3$4.88$6.39$9.49$8.35$1.14
2020Detailed filing. Detailed filing data is available for this year.$7.39$2.31$5.08$15.1$11.3$3.87
2019Detailed filing. Detailed filing data is available for this year.$5.68$4.48$1.20$14.5$12.7$1.78
2018Detailed filing. Detailed filing data is available for this year.$11.7$7.85$3.83$10.9$11.7$0.79
2017Detailed filing. Detailed filing data is available for this year.$8.81$6.69$2.12$10.4$11.2$0.80
2016Detailed filing. Detailed filing data is available for this year.$9.27$6.35$2.91$10.1$10.4$0.33
2015Detailed filing. Detailed filing data is available for this year.$10.1$6.93$3.19$8.91$9.73$0.81
2014Detailed filing. Detailed filing data is available for this year.$9.84$5.84$4.00$8.34$9.24$0.90
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$11.6$6.66$4.90$13.9$9.46$4.42
2012Summary only. Only limited summary data is available for this year.$9.01$8.73$0.28$8.95$9.42$0.47
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.68$8.92$0.76$11.8
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.4$9.38$1.06$10.7
Peer Organizations

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