Civic Intelligence

Bronx Overall Economic Development Corporation

990 • Fiscal year 2014 • EIN 13-3079387

Jul 01, 2013 to Jun 30, 2014 • Filed on Dec 29, 2014

Organization Profilewww.BOEDC.com
851 Grand ConcourseSuite 123Bronx, NY 10451-2937

(718) 590-6201

Siviq Scores

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

Liabilities / Assets

17th percentile

0.03x

Higher debt load relative to assets than 17% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

58th percentile

0.44x

Higher debt load relative to revenue than 58% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Net Margin

55th percentile

4.9%

Higher net margin than 55% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

17th percentile

$130,467

Higher top officer pay than 17% of similar nonprofits.

Top officer pay equals 6.8% of source-year revenue.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Asset Growth

33rd percentile

0.6%

Faster asset growth than 33% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Revenue Growth

18th percentile

-8.0%

Faster revenue growth than 18% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets17th percentile

Assets

Up

$29,276,622

Up $187,777 (+0.6%) from 2013

Net Assets

Up

$28,433,435

Up $299,651 (+1.1%) from 2013

Liabilities

Down

$843,187

Down $111,874 (-12%) from 2013

Revenue And Expenses
Liabilities / Revenue58th percentileNet Margin55th percentile

Revenue

Down

$1,906,070

Down $164,992 (-8.0%) from 2013

Expenses

Down

$1,812,863

Down $838,949 (-32%) from 2013

Net Income

Up

$93,207

Up $673,957 (+116%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth33rd percentile

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

$40M$30M$20M$10M$0Assets 2011: $30,774,036Liabilities 2011: $902,200Net Assets 2011: $29,871,8362011Assets 2012: $29,597,398Liabilities 2012: $769,694Net Assets 2012: $28,827,7042012Assets 2013: $29,088,845Liabilities 2013: $955,061Net Assets 2013: $28,133,7842013Assets 2014: $29,276,622Liabilities 2014: $843,187Net Assets 2014: $28,433,4352014Assets 2015: $28,479,735Liabilities 2015: $1,232,915Net Assets 2015: $27,246,8202015Assets 2016: $28,069,354Liabilities 2016: $1,263,860Net Assets 2016: $26,805,4942016Assets 2017: $28,235,573Liabilities 2017: $1,586,033Net Assets 2017: $26,649,5402017Assets 2018: $28,381,951Liabilities 2018: $2,077,067Net Assets 2018: $26,304,8842018Assets 2019: $27,986,207Liabilities 2019: $1,536,721Net Assets 2019: $26,449,4862019Assets 2020: $28,320,847Liabilities 2020: $1,423,195Net Assets 2020: $26,897,6522020Assets 2021: $27,862,417Liabilities 2021: $893,924Net Assets 2021: $26,968,4932021Assets 2022: $26,821,106Liabilities 2022: $240,883Net Assets 2022: $26,580,2232022Assets 2023: $26,832,621Liabilities 2023: $340,633Net Assets 2023: $26,491,9882023Assets 2024: $26,267,663Liabilities 2024: $490,089Net Assets 2024: $25,777,5742024

Highlighted filing

2014

Assets$29,276,622
Liabilities$843,187
Net Assets$28,433,435
Open 2014 Filing

Operations Trend

Revenue Growth18th percentile

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

$4.0M$2.0M$0-$2.0MRevenue 2011: $3,441,298Expenses 2011: $2,881,587Net Income 2011: $559,7112011Revenue 2012: $2,222,754Expenses 2012: $3,523,817Net Income 2012: -$1,301,0632012Revenue 2013: $2,071,062Expenses 2013: $2,651,812Net Income 2013: -$580,7502013Revenue 2014: $1,906,070Expenses 2014: $1,812,863Net Income 2014: $93,2072014Revenue 2015: $1,805,560Expenses 2015: $2,037,757Net Income 2015: -$232,1972015Revenue 2016: $1,649,365Expenses 2016: $2,090,691Net Income 2016: -$441,3262016Revenue 2017: $1,241,392Expenses 2017: $1,980,222Net Income 2017: -$738,8302017Revenue 2018: $1,998,595Expenses 2018: $2,372,802Net Income 2018: -$374,2072018Revenue 2019: $1,890,018Expenses 2019: $1,940,317Net Income 2019: -$50,2992019Revenue 2020: $2,023,010Expenses 2020: $1,747,993Net Income 2020: $275,0172020Revenue 2021: $2,319,012Expenses 2021: $1,837,808Net Income 2021: $481,2042021Revenue 2022: $1,376,717Expenses 2022: $1,748,198Net Income 2022: -$371,4812022Revenue 2023: $1,719,593Expenses 2023: $2,193,454Net Income 2023: -$473,8612023Revenue 2024: $2,816,534Expenses 2024: $3,836,460Net Income 2024: -$1,019,9262024

Highlighted filing

2014

Revenue$1,906,070
Expenses$1,812,863
Net Income$93,207
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Dec 29, 2014
Return Version
2013v4.0
Gross Receipts
$2,098,270
Mission and Program Overview

Mission

Bronx overall economic development corporation (the "corporation") is a new york nonprofit organization, organized in 1981. The corporation was established to promote economic growth in the bronx, new york by providing loans and grants to businesses located in the bronx, consulting services to present and future companies, and on-the-job training. The corporation is funded primarily through governmental and foundation grants and contributions.

Assist bronx Businesses to expand and encourage startup in or relocate to Bronx County.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$10,634,014$11,067,244▲ $433,230
Savings and Temporary Cash Investments$8,461,510$9,499,781▲ $1,038,271
Other Notes and Loans Receivable, Net$9,114,293$7,627,919▼ $1,486,374
Pledges and Grants Receivable$306,020$581,279▲ $275,259
Cash and Non-Interest-Bearing Accounts$236,259$216,571▼ $19,688
Accounts Receivable$205,222$164,365▼ $40,857
Land, Buildings, and Equipment, Net$115,477$114,463▼ $1,014
Prepaid Expenses and Deferred Charges$10,058$5,000▼ $5,058
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$29,088,845$29,276,622▲ $187,777
Other Assets Total$5,992$0▼ $5,992
Liabilities
Deferred Revenue$421,386$395,685▼ $25,701
Accounts Payable and Accrued Expenses$389,838$208,353▼ $181,485
Other Liabilities$140,726$198,476▲ $57,750
Grants Payable$3,111$40,673▲ $37,562
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$955,061$843,187▼ $111,874
Net Assets / Fund Balance
Temporarily Rstr Net Assets$24,427,064$24,437,361▲ $10,297
Unrestricted Net Assets$3,706,720$3,996,074▲ $289,354
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$28,133,784$28,433,435▲ $299,651
Total Liabilities and Net Assets / Fund Balance$29,088,845$29,276,622▲ $187,777

Asset Categories

AssetBook ValueDepreciationBasis
Land$107,000-$107,000
Equipment$7,463$70,628$78,091
Compensation and Service Providers
Top Officer Pay17th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Marlene CintronPresidentFT$117,749$12,718$130,467
Catherine ShackfordExecutive Vice PresidentFT$66,163$5,203$71,366
Georgette BartonActing Chief Financial OfficerFT$39,295$19,484$58,779
Frank RandazzoDirector of EZ ProgramFT$25,038-$25,038
Iralma Pozo- Thru March 2013CFOFT$22,262-$22,262

Board Members and Trustees

NameTitle
Stephen B KaufmanChairman
Kathy ZamechanskyChairman - Marketing Committee
Jose PerezChairman - Small Business
Robert MedlockVice Chairman
Arthur P SchwartzmanBoard Member
Clarence Stanley jrBoard Member
Dr Dolores FernandezBoard Member
Dr Felix V Matos RodriquezBoard Member
Dr Frederick GreeneBoard Member
Maurice LaBonneBoard Member
Roberto S GarciaBoard Member
Stephanie BurnsBoard Member
Virginia F WrightBoard Member
Marysol RodriguezSecretary
David AvilesTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,269,592
Program Service Revenue
$326,715
Investment Income
$220,388
Other Revenue
$89,375
All Other Contributions
$489,563
Change in Net Assets
$93,207

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,906,070
Revenue Not Reported on Form 990
$449,612
Total Revenue per Audited Statements
$2,355,682
Total Revenue per Form 990
$1,906,070
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$926,050
Salaries, Compensation, and Employee Benefits$879,705
Total Fundraising Expense$89,322
Grants and Similar Amounts Paid$7,108
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$256,720$139,610$17,663$413,993
Current Officers, Directors, Trustees, and Key Employees$257,572$12,273$662$270,507
Other Employee Benefits$114,642$25,571$3,750$143,963
Office Expenses$95,090$10,725$10,165$115,980
Fees for Services Legal$108,414--$108,414
Payroll Taxes$40,805$9,102$1,335$51,242
Fees for Services Accounting$34,721$2,761$6,318$43,800
Occupancy$38,508$2,984-$41,492
Fees for Services Other$38,772--$38,772
Advertising$975$3,313$32,000$36,288
Other Expenses$32,612$2,730$9,297$32,612
Travel$25,035--$25,035
Insurance$19,600$374-$19,974
All Other Expenses$6,409$3,151$882$10,442
Conferences and Meetings$1,834$1,119$7,250$10,203
Grants to Domestic Orgs$7,108--$7,108
Depreciation Depletion$2,816--$2,816
Total Functional Expenses$1,509,828$213,713$89,322$1,812,863

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,056,031
Expenses per Audited Statements$1,812,863
Total Expenses per Form 990$1,812,863
Expenses Not Reported on Form 990$243,168
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
01-0684808-N/aFeasability Study - Freezer Storage$7,108
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$192,200
Fundraising Gross Income$192,200
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 1$242,760$192,200$7,375$184,825
Total Events$242,760$192,200$192,200-
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Funder$143,391
Due to Bic$55,085
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The Draft of the Form 990 will be provided to the executive committee for their review and approval. A final copy will be distributed to the full board prior to filing the form 990.”

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

“The policy is reviewed and signed by the board members at the annual board meeting. If a conflict were to arise, the member would have to recuse themselves from participating in any discussion or voting on the matter.”

Form 990, Part VI, Section C, Line 19

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

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

“A budget is prepared by the fiscal department, which includes the executive director's and officers' compensation, and is ultimately approved by the Board of Directors.”

Filing and Contact Details

Filer

EIN
13-3079387
In Care Of
% MARLENE CINTRON
Phone
7185906201

Signing Officer

Name
Marlene Cintron
Title
President
Phone
7185906201
Signed
2014-12-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Marlene Cintron
Formed
1981
Legal Domicile
Ny
Voting Board Members
15
Independent Board Members
15
Employees
21
Volunteers
15

Preparer

Preparer
Catherine Bendall
Phone
7185906201
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 5

“Other Changes in Net Assets includes a recoupement of a bad debt of $192,369 not reflected in either revenue or netted against expenses in Form 990.”

Financial Statement Notes

Form 990, Schedule D, Parts XII and XIII, LINE 2D

“Special Event Expenses: $(169) netted against income for the presentation in Form 990 in accordance with the IRS instructions.”

Form 990, Schedule D, Part X, Line 2

“The Corporation is a not-for-profit organization exempt from Federal income taxes pursuant to the provisions of Section 501(c)(3) of the Internal Revenue Code and from New York State income taxes under applicable state law. Accordingly, no provision for Federal or state income taxes has been recorded in the statements of activities. Management has determined that there are no uncertain tax positions at the Corporation as of June 30, 2014 and 2013. There are no open tax years prior to June 2011. In addition, the Corporation has no income tax related penalties or interest for the periods.”

Form 990, Schedule D, Parts XII, LINE 2D

“Special Event Expenses: $192,200 netted against income for the presentation in Form 990 in accordance with the IRS instructions. Additionally, bad debt recoupements of $(192,369) have been excluded from the statement of functional expenses for Form 990 and shown as an other change in net assets. Net adjustment in Schedule D is $(169).”

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IRS990/Form990PartVIISectionAGrp/PersonNm1Marysol Rodriguez
IRS990/Form990PartVIISectionAGrp/PersonNm2David Aviles
IRS990/Form990PartVIISectionAGrp/PersonNm3Kathy Zamechansky
IRS990/Form990PartVIISectionAGrp/PersonNm4Robert Medlock
IRS990/Form990PartVIISectionAGrp/PersonNm5Jose Perez
IRS990/Form990PartVIISectionAGrp/PersonNm6Dr Dolores Fernandez
IRS990/Form990PartVIISectionAGrp/PersonNm7Roberto S Garcia
IRS990/Form990PartVIISectionAGrp/PersonNm8Dr Frederick Greene
IRS990/Form990PartVIISectionAGrp/PersonNm9Maurice LaBonne
IRS990/Form990PartVIISectionAGrp/PersonNm10Arthur P Schwartzman
IRS990/Form990PartVIISectionAGrp/PersonNm11Virginia F Wright
IRS990/Form990PartVIISectionAGrp/PersonNm12STEPHANIE BURNS
IRS990/Form990PartVIISectionAGrp/PersonNm13Dr Felix V Matos Rodriquez
IRS990/Form990PartVIISectionAGrp/PersonNm14Clarence Stanley jr
IRS990/Form990PartVIISectionAGrp/PersonNm15Marlene Cintron
IRS990/Form990PartVIISectionAGrp/PersonNm16GEORGETTE BARTON
IRS990/Form990PartVIISectionAGrp/PersonNm17FRANK RANDAZZO
IRS990/Form990PartVIISectionAGrp/PersonNm18CATHERINE SHACKFORD
IRS990/Form990PartVIISectionAGrp/PersonNm19IRALMA POZO- THRU MARCH 2013
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt1Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Chairman - Marketing Committee
IRS990/Form990PartVIISectionAGrp/TitleTxt4Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt5Chairman - Small Business
IRS990/Form990PartVIISectionAGrp/TitleTxt6Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt7Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt8Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt9Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt10Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt11Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15President
IRS990/Form990PartVIISectionAGrp/TitleTxt16ACTING CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR OF EZ PROGRAM
IRS990/Form990PartVIISectionAGrp/TitleTxt18EXECUTIVE VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt19CFO
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IRS990/LandBldgEquipCostOrOtherBssAmt0185091
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IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0THE MISSION OF BOEDC IS TO ASSIST EXISTING BRONX BASED BUSINESSES TO EXPAND AND TO ENCOURAGE ADDITIONAL BUSINESSES TO START-UP IN OR RELOCATE TO BRONX COUNTY. IN FULFILLING THIS MISSION BOEDC SEEKS TO MAXIMIZE EMPLOYMENT OPPORTUNITIES FOR BRONX RESIDENTS. BOEDC PROVIDES A WIDE ARRAY OF PROGRAMS AND SERVICES TO ITS CLIENTS, INCLUDING SITE SELECTION; SPECIAL PROJECTS; PROCUREMENT ASSISTANCE; LIASON SERVICES WITH GOVERNMENT AGENCIES; INFORMATION DISSEMINATION; JOB DEVELOPMENT AND CAPACITY BUILDING.
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt09102
IRS990/PayrollTaxesGrp/ProgramServicesAmt040805
IRS990/PayrollTaxesGrp/TotalAmt051242

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$29,276,622
Liabilities
$843,187
Net assets
$28,433,435
Revenue
$1,906,070
Expenses
$1,812,863
Net income
$93,207
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$26.3$0.49$25.8$2.82$3.84$1.02
2023Detailed filing. Detailed filing data is available for this year.$26.8$0.34$26.5$1.72$2.19$0.47
2022Detailed filing. Detailed filing data is available for this year.$26.8$0.24$26.6$1.38$1.75$0.37
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.9$0.89$27.0$2.32$1.84$0.48
2020Detailed filing. Detailed filing data is available for this year.$28.3$1.42$26.9$2.02$1.75$0.28
2019Detailed filing. Detailed filing data is available for this year.$28.0$1.54$26.4$1.89$1.94$0.05
2018Detailed filing. Detailed filing data is available for this year.$28.4$2.08$26.3$2.00$2.37$0.37
2017Detailed filing. Detailed filing data is available for this year.$28.2$1.59$26.6$1.24$1.98$0.74
2016Detailed filing. Detailed filing data is available for this year.$28.1$1.26$26.8$1.65$2.09$0.44
2015Detailed filing. Detailed filing data is available for this year.$28.5$1.23$27.2$1.81$2.04$0.23
2014Detailed filing. Detailed filing data is available for this year.$29.3$0.84$28.4$1.91$1.81$0.09
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.1$0.96$28.1$2.07$2.65$0.58
2012Summary only. Only limited summary data is available for this year.$29.6$0.77$28.8$2.22$3.52$1.30
2011Summary only. Only limited summary data is available for this year.$30.8$0.90$29.9$3.44$2.88$0.56