Civic Intelligence

Bronx Overall Economic Development Corporation

990 • Fiscal year 2019 • EIN 13-3079387

Jul 01, 2018 to Jun 30, 2019 • Filed on Jan 29, 2020

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

(719) 590-6201

Siviq Scores

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

Liabilities / Assets

26th percentile

0.05x

Higher debt load relative to assets than 26% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Liabilities / Revenue

74th percentile

0.81x

Higher debt load relative to revenue than 74% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Net Margin

26th percentile

-2.7%

Higher net margin than 26% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Top Officer Pay

30th percentile

$177,505

Higher top officer pay than 30% of similar nonprofits.

Top officer pay equals 9.4% of source-year revenue.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Asset Growth

25th percentile

-1.4%

Faster asset growth than 25% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Revenue Growth

25th percentile

-5.4%

Faster revenue growth than 25% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets26th percentile

Assets

Down

$27,986,207

Down $395,744 (-1.4%) from 2018

Net Assets

Up

$26,449,486

Up $144,602 (+0.5%) from 2018

Liabilities

Down

$1,536,721

Down $540,346 (-26%) from 2018

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin26th percentile

Revenue

Down

$1,890,018

Down $108,577 (-5.4%) from 2018

Expenses

Down

$1,940,317

Down $432,485 (-18%) from 2018

Net Income

Up

-$50,299

Up $323,908 (+87%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth25th 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

2019

Assets$27,986,207
Liabilities$1,536,721
Net Assets$26,449,486
Open 2019 Filing

Operations Trend

Revenue Growth25th 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

2019

Revenue$1,890,018
Expenses$1,940,317
Net Income-$50,299
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jan 29, 2020
Return Version
2018v3.1
Gross Receipts
$7,581,251
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 Businesss to expand and encourage start-up in or relocation to Bronx County.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$11,343,843$16,816,442▲ $5,472,599
Savings and Temporary Cash Investments$11,793,603$5,613,491▼ $6,180,112
Other Notes and Loans Receivable, Net$2,735,357$2,934,128▲ $198,771
Cash and Non-Interest-Bearing Accounts$606,425$1,341,239▲ $734,814
Pledges and Grants Receivable$1,644,100$859,775▼ $784,325
Accounts Receivable$101,785$279,519▲ $177,734
Land, Buildings, and Equipment, Net$142,860$124,804▼ $18,056
Prepaid Expenses and Deferred Charges$12,978$16,309▲ $3,331
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$28,381,951$27,986,207▼ $395,744
Other Assets Total$1,000$500▼ $500
Liabilities
Other Liabilities$680,422$657,798▼ $22,624
Accounts Payable and Accrued Expenses$814,759$635,251▼ $179,508
Deferred Revenue$378,530$243,672▼ $134,858
Mortgage Notes Payable Secured by Investment Property$203,356$0▼ $203,356
Grants Payable$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$2,077,067$1,536,721▼ $540,346
Net Assets / Fund Balance
Temporarily Rstr Net Assets$22,384,179$22,335,794▼ $48,385
Unrestricted Net Assets$3,920,705$4,113,692▲ $192,987
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$26,304,884$26,449,486▲ $144,602
Total Liabilities and Net Assets / Fund Balance$28,381,951$27,986,207▼ $395,744

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$17,804$193,057$210,861
Land$107,000-$107,000
Compensation and Service Providers
Top Officer Pay30th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Marlene CintronPresidentFT$168,133$9,372$177,505
Duncan StillCFOFT$106,500$4,686$111,186

Board Members and Trustees

NameTitle
Stephen B KaufmanChairman
Kathy ZamechanskyVice Chair
Jose PerezBoard member
Michael L SchwartzBoard Member
Sabah RajputBoard Member
Benjamin AranaSecretary
Clarence Stanley jrTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,447,108
Program Service Revenue
$152,442
Investment Income
$287,118
Other Revenue
$3,350
All Other Contributions
$281,393
Change in Net Assets
$-50,299

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,890,018
Revenue Not Reported on Form 990
$630,085
Total Revenue per Audited Statements
$2,520,103
Total Revenue per Form 990
$1,890,018
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$988,171
Other Expenses$951,896
Total Fundraising Expense$261,420
Grants and Similar Amounts Paid$250
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$440,099$58,241$5,326$503,666
Conferences and Meetings$337,108-$122,676$459,784
Current Officers, Directors, Trustees, and Key Employees$234,284$112,160$14,472$360,916
Office Expenses$197,491$2,870$96,466$296,827
Payroll Taxes$52,194$13,027$1,509$66,730
Other Employee Benefits$46,339$9,479$1,041$56,859
Advertising$38,188-$12,443$50,631
Fees for Services Accounting$39,384$2,743-$42,127
Insurance$32,286$1,804$1,883$35,973
Fees for Services Other$28,916--$28,916
Depreciation Depletion$16,250$1,806-$18,056
Travel$9,714-$5,604$15,318
Fees for Services Legal$3,158--$3,158
Information Technology$1,106--$1,106
Grants to Domestic Orgs$250--$250
Total Functional Expenses$1,476,767$202,130$261,420$1,940,317

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,375,501
Expenses per Audited Statements$1,940,317
Total Expenses per Form 990$1,940,317
Expenses Not Reported on Form 990$435,184
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$157,120
Fundraising Gross Income$157,120
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Bronx Ball$373,375$157,120$86,205$70,915
Total Events$373,375$157,120$157,120-
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 Bic$342,203
Due to Funder$315,595
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 15

“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

Filer Name
Bronx Overall Economic Development
EIN
13-3079387
In Care Of
% MARLENE CINTRON
Phone
7195906201
Address
851 GRAND CONCOURSE ROOM 123, BRONX, NY 10451-2937

Signing Officer

Name
Marlene Cintron
Title
President
Phone
7185906201
Signed
2020-01-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Marlene Cintron
Formed
1981
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
7
Employees
12
Volunteers
9

Preparer

Firm
WithumSmithBrown PC
Address
ONE TOWER CENTER BLVD 14TH FL, EAST BRUNSWICK, NJ 08816
Preparer
Catherine Bendall
Phone
7328281614
Supplemental Narrative

Financial Statement Notes

Form 990, Schedule D, Part XI, Line 2D

“Special Event Expenses: $157,120 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 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, 2019 and 2018. In addition, the Corporation has no income tax related penalties or interest for the periods reported in these financial statements.”

Form 990, Schedule D, Part XII, Line 2D

“Special Event Expenses: $157,120 has been netted against income for the presentation in Form 990 in accordance with the IRS instructions.”

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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/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/ProgSrvcAccomActy2Grp/Desc0Empowerment zone - The empowerment zone program includes the operation of two loan programs for qualified Bronx Empowerment Zone companies. The Corporation is the administrator of the Bronx portion of the New York City Empowerment Zone. This program is a part of the President's Empowerment Zone and Enterprise Community Initiative. The goals of the program within the Bronx are economic development, sustainable community development, the development of community-based partnerships and the development of a strategic vision of change. The Empowerment Zone programs offer loans at low interest rates and long repayment terms in exchange for the borrower's commitment to hire Bronx Empowerment Zone residents. The partners in this enterprise and the entities funding the program are the City of New York, the New York State Urban Development Corporation (doing business as the Empire State Development Corporation) ("ESDC") and the United States Department of Housing and Urban Development. Fundamental to achieving the program goal is to create permanent jobs by means of business development within the target zones.
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt0250
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt0151296
IRS990/ProgSrvcAccomActy3Grp/Desc0Economic Development - Under this program, the Corporation performs research and analysis regarding current economic developments, marketing and promotion of the Bronx through various media, provides real estate assistance to Bronx businesses that are expanding as well as to those businesses that are interested in moving into the Bronx; offers financial services information and assistance to Bronx businesses, provides technical commercial revitalization assistance to Bronx businesses as well as entrepreneurial assessment and technical assistance in developing a profitable business. The program is funded predominantly by the City of New York through the Office of the Borough President of the Bronx.
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IRS990/ProgSrvcAccomActy3Grp/RevenueAmt01146
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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$27,986,207
Liabilities
$1,536,721
Net assets
$26,449,486
Revenue
$1,890,018
Expenses
$1,940,317
Net income
-$50,299
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