Civic Intelligence

Bronx Overall Economic Development Corporation

990 • Fiscal year 2021 • EIN 13-3079387

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 02, 2021

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

22nd percentile

0.03x

Higher debt load relative to assets than 22% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

59th percentile

0.39x

Higher debt load relative to revenue than 59% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Net Margin

66th percentile

21%

Higher net margin than 66% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

62nd percentile

$296,610

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 12.8% of source-year revenue.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Asset Growth

16th percentile

-1.6%

Faster asset growth than 16% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

53rd percentile

15%

Faster revenue growth than 53% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets22nd percentile

Assets

Down

$27,862,417

Down $458,430 (-1.6%) from 2020

Net Assets

Up

$26,968,493

Up $70,841 (+0.3%) from 2020

Liabilities

Down

$893,924

Down $529,271 (-37%) from 2020

Revenue And Expenses
Liabilities / Revenue59th percentileNet Margin66th percentile

Revenue

Up

$2,319,012

Up $296,002 (+15%) from 2020

Expenses

Up

$1,837,808

Up $89,815 (+5.1%) from 2020

Net Income

Up

$481,204

Up $206,187 (+75%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth16th 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

2021

Assets$27,862,417
Liabilities$893,924
Net Assets$26,968,493
Open 2021 Filing

Operations Trend

Revenue Growth53rd 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

2021

Revenue$2,319,012
Expenses$1,837,808
Net Income$481,204
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 2, 2021
Return Version
2020v4.1
Gross Receipts
$14,483,007
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
Savings and Temporary Cash Investments$6,709,966$13,200,707▲ $6,490,741
Investments in Publicly Traded Securities$15,558,117$8,052,743▼ $7,505,374
Other Notes and Loans Receivable, Net$3,363,199$3,809,707▲ $446,508
Cash and Non-Interest-Bearing Accounts$729,826$1,844,963▲ $1,115,137
Pledges and Grants Receivable$1,731,807$801,084▼ $930,723
Land, Buildings, and Equipment, Net$111,543$113,212▲ $1,669
Prepaid Expenses and Deferred Charges$23,473$20,833▼ $2,640
Accounts Receivable$92,916$18,668▼ $74,248
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$28,320,847$27,862,417▼ $458,430
Other Assets Total$0$500▲ $500
Liabilities
Accounts Payable and Accrued Expenses$519,609$367,449▼ $152,160
Other Liabilities$636,317$273,404▼ $362,913
Deferred Revenue$267,269$253,071▼ $14,198
Grants Payable$0$0→ $0
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$1,423,195$893,924▼ $529,271
Net Assets / Fund Balance
Net Assets With Donor Restrictions$22,171,068$21,912,214▼ $258,854
Net Assets Without Donor Restrictions$4,726,584$5,056,279▲ $329,695
Total Net Assets Fund Balance$26,897,652$26,968,493▲ $70,841
Total Liabilities and Net Assets / Fund Balance$28,320,847$27,862,417▼ $458,430

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$6,212$211,157$217,369
Land$107,000-$107,000
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Marlene CintronPresidentFT$288,848$7,762$296,610
Duncan StillCFOFT$121,150$10,848$131,998

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
$1,848,260
Program Service Revenue
$55,612
Investment Income
$405,047
Other Revenue
$10,093
All Other Contributions
$872,722
Change in Net Assets
$481,204

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,319,012
Revenue Not Reported on Form 990
$-132,299
Total Revenue per Audited Statements
$2,186,713
Total Revenue per Form 990
$2,319,012
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,076,018
Grants and Similar Amounts Paid$464,514
Other Expenses$297,276
Total Fundraising Expense$76,971
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$375,660$198,320$5,881$579,861
Current Officers, Directors, Trustees, and Key Employees$250,368$92,729$27,818$370,915
Grants to Domestic Orgs$265,314--$265,314
Grants to Domestic Individuals$199,200--$199,200
Office Expenses$83,984$2,869$30,876$117,729
Payroll Taxes$45,856$21,408$2,415$69,679
Other Employee Benefits$36,252$18,136$1,175$55,563
Fees for Services Accounting$39,212$1,788-$41,000
Advertising$37,933-$750$38,683
Other Expenses$35,586-$3,000$38,586
Insurance$20,945$1,803$172$22,920
Fees for Services Other$11,255$513-$11,768
Travel$7,374-$2,842$10,216
Fees for Services Legal$9,714$443-$10,157
Conferences and Meetings$185-$2,042$2,227
Depreciation Depletion$2,176--$2,176
Information Technology$1,814--$1,814
Total Functional Expenses$1,422,828$338,009$76,971$1,837,808

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,115,872
Expenses per Audited Statements$1,837,808
Total Expenses per Form 990$1,837,808
Expenses Not Reported on Form 990$278,064
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
BronxWorks IncBronx, NY501(c)3Census Outreach 2020 Project$66,955
North Bronx Youth Sports Association IncBronx, NY501(c)3Census Outreach 2020 Project$24,490
Dominicanos USA IncBronx, NY501(c)3Census Outreach 2020 Project$23,413
Children's Aid SocietyNew York, NY501(c)3Census Outreach 2020 project$22,000
The Black InstituteBrooklyn, NY501(c)3Census Outreach 2020 Project$12,572
Yankasa Association Of USABronx, NY501(c)3Census Outreach 2020 Project$11,695
Kingsbridge Heights Community CenterBronx, NY501(c)3Census Outreach 2020 Project$9,573
Claremont Neighborhood Centers INCBronx, NY501(c)3Census Outreach 2020 Project$8,000
New York Urban League IncBronx, NY501(c)3Census Outreach 2020 Project$7,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$47,553
Fundraising Gross Income$47,553
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Bronx event$47,553$6$47,553$-47,547
Total Events$47,553$6$47,553$-47,547
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$206,998
Due to Funder$66,406
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 35% controlled entity
No
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 organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. approved by the Board of Directors. matter.”

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.”

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.”

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
2021-11-02
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
14
Volunteers
7

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 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, 2021 and 2020. In addition, the Corporation has no income tax related penalties or interest for the periods reported in these financial statements.”

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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/OthNotesLoansReceivableNetGrp/EOYAmt03809707
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IRS990/PensionPlanContributionsGrp/TotalAmt00
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IRS990/ProgramServiceRevenueGrp/BusinessCd1525990
IRS990/ProgramServiceRevenueGrp/Desc0INTEREST INCOME - LOANS
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt16150
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt16150
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.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0545473
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt017406
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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Filings

Displayed year

2021 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$27,862,417
Liabilities
$893,924
Net assets
$26,968,493
Revenue
$2,319,012
Expenses
$1,837,808
Net income
$481,204
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