Civic Intelligence

Sobro Local Development Corporation

990 • Fiscal year 2016 • EIN 13-2943228

Apr 01, 2015 to Mar 31, 2016 • Filed on Feb 14, 2017

Organization Profilewww.sobro.org
555 Bergen AvenueBronx, NY 10455

(718) 292-3113

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$1,901,752

Up $238,955 (+14%) from 2015

Net Assets

Up

$1,120,926

Up $116,525 (+12%) from 2015

Liabilities

Up

$780,826

Up $122,430 (+19%) from 2015

Revenue And Expenses

Revenue

Up

$429,239

Up $4,247 (+1.0%) from 2015

Expenses

Down

$312,714

Down $30,609 (-8.9%) from 2015

Net Income

Up

$116,525

Up $34,856 (+43%) from 2015

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0Assets 2011: $1,436,437Liabilities 2011: $582,486Net Assets 2011: $853,9512011Assets 2012: $1,451,580Liabilities 2012: $590,844Net Assets 2012: $860,7362012Assets 2013: $1,361,637Liabilities 2013: $553,861Net Assets 2013: $807,7762013Assets 2014: $1,510,052Liabilities 2014: $587,320Net Assets 2014: $922,7322014Assets 2015: $1,662,797Liabilities 2015: $658,396Net Assets 2015: $1,004,4012015Assets 2016: $1,901,752Liabilities 2016: $780,826Net Assets 2016: $1,120,9262016Assets 2017: $2,232,336Liabilities 2017: $1,097,140Net Assets 2017: $1,135,1962017Assets 2018: $1,575,912Liabilities 2018: $92,607Net Assets 2018: $1,483,3052018Assets 2019: $458,245Liabilities 2019: $172,290Net Assets 2019: $285,9552019Assets 2020: $528,883Liabilities 2020: $0Net Assets 2020: $528,8832020Assets 2021: $852,431Liabilities 2021: $358,933Net Assets 2021: $493,4982021Assets 2022: $713Liabilities 2022: $0Net Assets 2022: $7132022Assets 2023: $8Liabilities 2023: $0Net Assets 2023: $82023

Highlighted filing

2016

Assets$1,901,752
Liabilities$780,826
Net Assets$1,120,926
Open 2016 Filing

Operations Trend

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

$2.0M$1.0M$0-$1.0M-$2.0MExpenses 2011: $368,0762011Expenses 2012: $326,0992012Revenue 2013: $250,805Expenses 2013: $303,765Net Income 2013: -$52,9602013Revenue 2014: $405,332Expenses 2014: $290,376Net Income 2014: $114,9562014Revenue 2015: $424,992Expenses 2015: $343,323Net Income 2015: $81,6692015Revenue 2016: $429,239Expenses 2016: $312,714Net Income 2016: $116,5252016Revenue 2017: $400,153Expenses 2017: $385,883Net Income 2017: $14,2702017Revenue 2018: $443,908Expenses 2018: $426,522Net Income 2018: $17,3862018Revenue 2019: $383,603Expenses 2019: $1,580,953Net Income 2019: -$1,197,3502019Revenue 2020: $266,013Expenses 2020: $23,085Net Income 2020: $242,9282020Revenue 2021: $152,959Expenses 2021: $155,344Net Income 2021: -$2,3852021Revenue 2022: $47,050Expenses 2022: $539,835Net Income 2022: -$492,7852022Revenue 2023: $0Expenses 2023: $705Net Income 2023: -$7052023

Highlighted filing

2016

Revenue$429,239
Expenses$312,714
Net Income$116,525
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Apr 1, 2015 to Mar 31, 2016
Signed
Feb 14, 2017
Return Version
2015v3.0
Gross Receipts
$429,239
Mission and Program Overview

Mission

Sobro local development corporation encourages the development, retention and expansion of industry and commerce primarily in the south bronx community.

Sobro local development corporation encourages the development, retention and expansion of industry and commerce in the south bronx.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$863,982$1,060,012▲ $196,030
Accounts Receivable$25,521$50,098▲ $24,577
Cash and Non-Interest-Bearing Accounts$15,998$16,433▲ $435
Prepaid Expenses and Deferred Charges$0$2,450▲ $2,450
Total Assets$1,662,797$1,901,752▲ $238,955
Other Assets Total$757,296$772,759▲ $15,463
Liabilities
Other Liabilities$532,071$750,979▲ $218,908
Accounts Payable and Accrued Expenses$120,825$24,347▼ $96,478
Deferred Revenue$5,500$5,500→ $0
Total Liabilities$658,396$780,826▲ $122,430
Net Assets / Fund Balance
Unrestricted Net Assets$1,004,401$1,120,926▲ $116,525
Total Net Assets Fund Balance$1,004,401$1,120,926▲ $116,525
Total Liabilities and Net Assets / Fund Balance$1,662,797$1,901,752▲ $238,955

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$332,374$459,217$791,591
Other Land Buildings$726,877-$726,877
Equipment$761$1,141$1,902
Other Assets Org$19,693--
Compensation and Service Providers

Employees

NameTitleOtherTotal
Christie AlcidCFO$143,608$143,608

Board Members and Trustees

NameTitle
Steven Smithchairman
Phillip MorrowPresident
Anthony M Riccio Jrvice Chairman
Angelo AponteBoard Member
Arline ParksBoard Member
Awilda CorderoBoard Member
Demetric A DuckettBoard Member
Diana HernandezBoard Member
Edward OdomBoard Member
Hugh GrantBoard Member
Mark L CastleBoard Member
Robert AvaltroniBoard Member
Simon BergsonBoard Member
Takisia L WhitesBoard Member
Tracy WoodallBoard Member
mark willisboard Member
phillip banks jr iiiboard Member
Jean Smithsecretary
Karen McGuinnesstreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$429,239
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$116,525

Audited Revenue Reconciliation

Revenue per Audited Statements
$429,239
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$429,239
Total Revenue per Form 990
$429,239
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$312,714
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$81,766$133,923-$215,689
Occupancy$52,440--$52,440
Depreciation Depletion$22,787--$22,787
Fees for Services Accounting-$10,000-$10,000
Travel$8,586--$8,586
Office Expenses$1,559$1,304-$2,863
Conferences and Meetings$349--$349
Total Functional Expenses$167,487$145,227$0$312,714

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$312,714
Total Expenses per Audited Statements$312,714
Total Expenses per Form 990$312,714
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to US Tech Development Company$715,000
secuirty deposits held in trust$35,979
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 6

“SOUTH BRONX OVERALL ECONOMIC DEVELOPMENT CORPORATION IS THE SOLE MEMBER OF SOBRO local DEVELOPMENT CORPORATION.”

Form 990, Part VI, Section A, line 7A

“SOUTH BRONX OVERALL ECONOMIC DEVELOPMENT CORPORATION as THE SOLE MEMBER OF SOBRO Local DEVELOPMENT CORPORATION HAS THE POWER TO APPOINT THE GOVERNING BODY.”

Form 990, Part VI, Section A, line 8B

“The organization does not have any committees.”

Form 990, Part VI, Section B, line 11

“A draft form 990 is sent for review to the organization's governing board. The board reviews it and recommends any changes. The board then approves the final return before it is filed with the irs.”

Form 990, Part VI, Section C, line 19

“the documents are available upon request.”

FORM 990, PART VI, 12A, 12B, 12C, 13,14:

“The organization follows the policies of its' parent organization south bronx overall economic development corp, however, it has not formally adopted them as its' own policies.”

Filing and Contact Details

Filer

Filer Name
Sobro Local Development
EIN
13-2943228
Phone
7182923113
Address
555 BERGEN AVENUE, BRONX, NY 10455

Signing Officer

Name
Christie Alcid
Title
CFO
Phone
7182923113
Signed
2017-02-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Phillip Morrow
Formed
1973
Legal Domicile
Ny
Voting Board Members
19
Independent Board Members
18
Employees
0
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
1301 AVENUE OF THE AMERICAS, NEW YORK, NY 10019
Preparer
Thomas Lanning
Phone
2122970400
Supplemental Narrative

Additional Explanations

form 990, part XII, line 2C:

“The process has not changed from the prior year.”

Financial Statement Notes

Part X, Line 2:

“Currently, the Organization has no obligation for any unrelated business income tax. The Organization has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. Periods ending March 31, 2013 and later remain subject to examination by applicable taxing authorities.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt16chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt17Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt18Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt19cfo
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01973
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt019
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt0429239
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt018
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt0460358
IRS990/LandBldgEquipBasisNetGrp/BOYAmt0863982
IRS990/LandBldgEquipBasisNetGrp/EOYAmt01060012
IRS990/LandBldgEquipCostOrOtherBssAmt01520370
IRS990/LegalDomicileStateCd0NY
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd00
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0SOBRO LOCAL DEVELOPMENT CORPORATION ENCOURAGES THE DEVELOPMENT, RETENTION AND EXPANSION OF INDUSTRY AND COMMERCE PRIMARILY IN THE SOUTH BRONX COMMUNITY.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt01004401
IRS990/NetAssetsOrFundBalancesEOYAmt01120926
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt052440
IRS990/OccupancyGrp/TotalAmt052440
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt01304
IRS990/OfficeExpensesGrp/ProgramServicesAmt01559
IRS990/OfficeExpensesGrp/TotalAmt02863
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0757296
IRS990/OtherAssetsTotalGrp/EOYAmt0772759
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherLiabilitiesGrp/BOYAmt0532071
IRS990/OtherLiabilitiesGrp/EOYAmt0750979
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt02450
IRS990/PrincipalOfficerNm0PHILLIP MORROW
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/Desc0rental income
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0429239
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0429239
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0343323
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0424992
IRS990/PYRevenuesLessExpensesAmt081669
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0343323
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0424992
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0116525
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0429239
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0other income - 2011 Amount: $ 800.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Schedule A, Part III, Line 12, Explanation of Other Income:
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt0429239
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0424992
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0405332
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0250805
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0332084
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt01842452
IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt0800
IRS990ScheduleA/OtherIncome509Grp/TotalAmt0800
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.99960
IRS990ScheduleA/PublicSupportPY509Pct00.99540
IRS990ScheduleA/PublicSupportTotal509Amt01842452
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0429239
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0424992
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0405332
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0250805
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0332084
IRS990ScheduleA/Total509Grp/TotalAmt01842452
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0429239
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0424992
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0405332
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0250805
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0332884
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01843252
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0332374
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0459217
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0791591
IRS990ScheduleD/EquipmentGrp/BookValueAmt0761
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01141
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01902
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0312714
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0753066
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt119693
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0due from affiliate
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1deferred commercial rents receivable
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0726877
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0726877
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt035979
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1715000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0secuirty deposits held in trust
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Due to US Tech Development Company
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0429239
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Currently, the Organization has no obligation for any unrelated business income tax. The Organization has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. Periods ending March 31, 2013 and later remain subject to examination by applicable taxing authorities.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01060012
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0772759
IRS990ScheduleD/TotalExpensesPerForm990Amt0312714
IRS990ScheduleD/TotalLiabilityAmt0750979
IRS990ScheduleD/TotalRevenuePerForm990Amt0429239
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0429239
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0312714
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$1,901,752
Liabilities
$780,826
Net assets
$1,120,926
Revenue
$429,239
Expenses
$312,714
Net income
$116,525
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$0.00$0.00$0.05$0.54$0.49
2021Detailed filing. Detailed filing data is available for this year.$0.85$0.36$0.49$0.15$0.16$0.00
2020Detailed filing. Detailed filing data is available for this year.$0.53$0.00$0.53$0.27$0.02$0.24
2019Detailed filing. Detailed filing data is available for this year.$0.46$0.17$0.29$0.38$1.58$1.20
2018Detailed filing. Detailed filing data is available for this year.$1.58$0.09$1.48$0.44$0.43$0.02
2017Detailed filing. Detailed filing data is available for this year.$2.23$1.10$1.14$0.40$0.39$0.01
2016Detailed filing. Detailed filing data is available for this year.$1.90$0.78$1.12$0.43$0.31$0.12
2015Detailed filing. Detailed filing data is available for this year.$1.66$0.66$1.00$0.42$0.34$0.08
2014Detailed filing. Detailed filing data is available for this year.$1.51$0.59$0.92$0.41$0.29$0.11
2013Summary only. Only limited summary data is available for this year.$1.36$0.55$0.81$0.25$0.30$0.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.45$0.59$0.86$0.33
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.44$0.58$0.85$0.37