Civic Intelligence

Bronx Overall Economic Development Corporation

990 • Fiscal year 2022 • EIN 13-3079387

Jul 01, 2021 to Jun 30, 2022 • Filed on Feb 27, 2023

Organization Profilewww.BOEDC.org
851 Grand Concourse Room 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

11th percentile

0.01x

Higher debt load relative to assets than 11% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

38th percentile

0.17x

Higher debt load relative to revenue than 38% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

9th percentile

-27%

Higher net margin than 9% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

64th percentile

$317,352

Higher top officer pay than 64% of similar nonprofits.

Top officer pay equals 23.1% of source-year revenue.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Asset Growth

36th percentile

-3.7%

Faster asset growth than 36% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

9th percentile

-41%

Faster revenue growth than 9% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets11th percentile

Assets

Down

$26,821,106

Down $1,041,311 (-3.7%) from 2021

Net Assets

Down

$26,580,223

Down $388,270 (-1.4%) from 2021

Liabilities

Down

$240,883

Down $653,041 (-73%) from 2021

Revenue And Expenses
Liabilities / Revenue38th percentileNet Margin9th percentile

Revenue

Down

$1,376,717

Down $942,295 (-41%) from 2021

Expenses

Down

$1,748,198

Down $89,610 (-4.9%) from 2021

Net Income

Down

-$371,481

Down $852,685 (-177%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth36th 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

2022

Assets$26,821,106
Liabilities$240,883
Net Assets$26,580,223
Open 2022 Filing

Operations Trend

Revenue Growth9th 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

2022

Revenue$1,376,717
Expenses$1,748,198
Net Income-$371,481
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Feb 27, 2023
Return Version
2021v4.2
Gross Receipts
$24,927,942
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$8,052,743$16,974,468▲ $8,921,725
Savings and Temporary Cash Investments$13,200,707$4,535,308▼ $8,665,399
Cash and Non-Interest-Bearing Accounts$1,844,963$3,149,401▲ $1,304,438
Other Notes and Loans Receivable, Net$3,809,707$1,486,531▼ $2,323,176
Pledges and Grants Receivable$801,084$476,287▼ $324,797
Land, Buildings, and Equipment, Net$113,212$123,806▲ $10,594
Prepaid Expenses and Deferred Charges$20,833$20,279▼ $554
Accounts Receivable$18,668$0▼ $18,668
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$27,862,417$26,821,106▼ $1,041,311
Other Assets Total$500$55,026▲ $54,526
Liabilities
Accounts Payable and Accrued Expenses$367,449$156,079▼ $211,370
Deferred Revenue$253,071$83,993▼ $169,078
Other Liabilities$273,404$811▼ $272,593
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$893,924$240,883▼ $653,041
Net Assets / Fund Balance
Net Assets With Donor Restrictions$21,912,214$21,643,710▼ $268,504
Net Assets Without Donor Restrictions$5,056,279$4,936,513▼ $119,766
Total Net Assets Fund Balance$26,968,493$26,580,223▼ $388,270
Total Liabilities and Net Assets / Fund Balance$27,862,417$26,821,106▼ $1,041,311

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$16,806$217,030$233,836
Land$107,000-$107,000
Compensation and Service Providers
Top Officer Pay64th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Marlene CintronPresident - thru 11/21FT$317,352$317,352
Duncan StillCFOFT$127,574$127,574
Rafael RogerInterim President - eff 11/21FT$2,307$2,307

Board Members and Trustees

NameTitle
Stephen B KaufmanChairman
Kathy ZamechanskyVice Chair
Jose PerezBoard member
Robert MedlockBoard Member
Benjamin AranaSecretary
Clarence Stanley jrTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,311,343
Program Service Revenue
$25,476
Investment Income
$39,898
Other Revenue
$0
All Other Contributions
$309,885
Change in Net Assets
$-371,481

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,376,717
Revenue Not Reported on Form 990
$166,327
Total Revenue per Audited Statements
$1,543,044
Total Revenue per Form 990
$1,376,717
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$966,721
Other Expenses$726,916
Total Fundraising Expense$121,738
Grants and Similar Amounts Paid$54,561
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$444,641$123,936$1,108$569,685
Current Officers, Directors, Trustees, and Key Employees$181,828$75,988$13,569$271,385
Other Expenses$260,423-$3,200$260,423
Office Expenses$110,211$5,590$80,124$195,925
Payroll Taxes$47,482$15,153$1,112$63,747
Advertising$48,392-$15,087$63,479
Other Employee Benefits$46,109$14,715$1,080$61,904
Grants to Domestic Orgs$54,561--$54,561
Travel$41,085-$5,353$46,438
Fees for Services Accounting$43,421$1,809-$45,230
Insurance$30,520$1,318$1,105$32,943
Fees for Services Other$16,180$674-$16,854
Information Technology$10,957--$10,957
Fees for Services Legal$9,982$416-$10,398
Depreciation Depletion$5,873--$5,873
Total Functional Expenses$1,386,861$239,599$121,738$1,748,198

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,931,314
Expenses per Audited Statements$1,748,198
Total Expenses per Form 990$1,748,198
Expenses Not Reported on Form 990$183,116
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$114,069
Fundraising Gross Income$114,069
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Bronx Event$272,276$114,069$114,069$0
Total Events$272,276$114,069$114,069-
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$811
Due to Bic$0
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.”

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
7185906201
Address
851 GRAND CONCOURSE ROOM 123, BRONX, NY 10451-2937

Signing Officer

Name
Rafael Roger
Title
Interim PRESIDENT
Phone
7185906201
Signed
2023-02-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rafael Roger
Formed
1981
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
6
Employees
12
Volunteers
6

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, 2022 and 2021. 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/Form990PartVIISectionAGrp/TitleTxt1CFO
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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/PrincipalOfficerNm0Rafael Roger
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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.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0418565
IRS990/ProgSrvcAccomActy2Grp/GrantAmt024561
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 and funding from the New York State Assembly.
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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$26,821,106
Liabilities
$240,883
Net assets
$26,580,223
Revenue
$1,376,717
Expenses
$1,748,198
Net income
-$371,481
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