Civic Intelligence

Bronx Overall Economic Development Corporation

990 • Fiscal year 2023 • EIN 13-3079387

Jul 01, 2022 to Jun 30, 2023 • Filed on Jan 16, 2024

Organization Profilewww.BXEDC.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

12th percentile

0.01x

Higher debt load relative to assets than 12% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

32nd percentile

0.20x

Higher debt load relative to revenue than 32% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

10th percentile

-28%

Higher net margin than 10% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

12th percentile

$143,535

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 8.3% of source-year revenue.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Asset Growth

25th percentile

0.0%

Faster asset growth than 25% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

81st percentile

25%

Faster revenue growth than 81% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets12th percentile

Assets

Up

$26,832,621

Up $11,515 (+0.0%) from 2022

Net Assets

Down

$26,491,988

Down $88,235 (-0.3%) from 2022

Liabilities

Up

$340,633

Up $99,750 (+41%) from 2022

Revenue And Expenses
Liabilities / Revenue32nd percentileNet Margin10th percentile

Revenue

Up

$1,719,593

Up $342,876 (+25%) from 2022

Expenses

Up

$2,193,454

Up $445,256 (+25%) from 2022

Net Income

Down

-$473,861

Down $102,380 (-28%) from 2022

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

2023

Assets$26,832,621
Liabilities$340,633
Net Assets$26,491,988
Open 2023 Filing

Operations Trend

Revenue Growth81st 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

2023

Revenue$1,719,593
Expenses$2,193,454
Net Income-$473,861
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Jan 16, 2024
Return Version
2022v5.0
Gross Receipts
$53,588,548
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$16,974,468$20,769,800▲ $3,795,332
Savings and Temporary Cash Investments$4,535,308$2,489,824▼ $2,045,484
Cash and Non-Interest-Bearing Accounts$3,149,401$1,361,313▼ $1,788,088
Other Notes and Loans Receivable, Net$1,486,531$1,112,355▼ $374,176
Pledges and Grants Receivable$476,287$763,767▲ $287,480
Land, Buildings, and Equipment, Net$123,806$295,904▲ $172,098
Prepaid Expenses and Deferred Charges$20,279$29,322▲ $9,043
Accounts Receivable$0$0→ $0
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$26,821,106$26,832,621▲ $11,515
Other Assets Total$55,026$10,336▼ $44,690
Liabilities
Accounts Payable and Accrued Expenses$156,079$224,822▲ $68,743
Deferred Revenue$83,993$115,000▲ $31,007
Other Liabilities$811$811→ $0
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$240,883$340,633▲ $99,750
Net Assets / Fund Balance
Net Assets With Donor Restrictions$21,643,710$21,677,950▲ $34,240
Net Assets Without Donor Restrictions$4,936,513$4,814,038▼ $122,475
Total Net Assets Fund Balance$26,580,223$26,491,988▼ $88,235
Total Liabilities and Net Assets / Fund Balance$26,821,106$26,832,621▲ $11,515

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$188,904$157,614$453,518
Land$107,000-$107,000
Compensation and Service Providers
Top Officer Pay12th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Duncan StillCFOFT$131,093$12,442$143,535
Robert WalshPresidentFT$40,769-$40,769
Rafael RogerVice PresidentFT$20,000-$20,000

Board Members and Trustees

NameTitle
Clarence Stanley JrInterim Chair of The Board
Kathy ZamechanskyVice Chair
Jose PerezBoard Member
Julio Reyes JrBoard Member
Lourdes ZapataBoard Member
Nallely De JessBoard Member
Phillip GrantBoard Member
Winston PetersBoard Member
Yesenia QuinonesBoard Member
Benjamin AranaSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$1,450,339
Program Service Revenue
$15,846
Investment Income
$253,408
Other Revenue
$0
All Other Contributions
$366,933
Change in Net Assets
$-473,861

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,719,593
Revenue Not Reported on Form 990
$569,666
Total Revenue per Audited Statements
$2,289,259
Total Revenue per Form 990
$1,719,593
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,079,899
Salaries, Compensation, and Employee Benefits$1,010,016
Total Fundraising Expense$131,605
Grants and Similar Amounts Paid$103,539
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$473,233$73,921$26,381$573,535
Current Officers, Directors, Trustees, and Key Employees$282,794$35,457$0$318,251
Office Expenses$184,488$8,173$7,524$200,185
Grants to Domestic Orgs$103,539--$103,539
Fees for Services Other$70,138$3,182$6,220$79,540
Payroll Taxes$58,809$8,302$2,076$69,187
Advertising$59,536--$59,536
Other Employee Benefits$43,677$3,521$1,845$49,043
Fees for Services Accounting$42,362$1,921$3,756$48,039
Insurance$38,844$1,619-$40,463
Other Expenses$402,259-$38,005$38,005
Conferences and Meetings$24,301-$9,274$33,575
Information Technology$4,769--$4,769
Depreciation Depletion$4,604--$4,604
Fees for Services Legal$270$12$24$306
Total Functional Expenses$1,925,741$136,108$131,605$2,193,454

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,377,494
Expenses per Audited Statements$2,193,454
Total Expenses per Form 990$2,193,454
Expenses Not Reported on Form 990$184,040
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
KRVC Development CorporationBronx, NY501(c)3Community Events To Increase Business and Promote Tourism$63,439
Foundation For A Better Puerto RicoCulebra, PR501(c)3Provision of Assistance to Victims of Hurricane Fiona$25,000
Claudy's KitchenBronx, NY-Working Capital Grant To Support Business Launched During Covid 19 Pandemic$15,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$189,981
Fundraising Gross Income$189,981
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Bronx Event$267,225$189,981$189,981$0
Total Events$267,225$189,981$189,981-
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
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
% ROBERT WALSH
Phone
7185906201
Address
851 GRAND CONCOURSE ROOM 123, BRONX, NY 10451-2937
Doing Business As
Bxedc

Signing Officer

Name
Robert Walsh
Title
President
Phone
7185906201
Signed
2024-01-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert Walsh
Formed
1981
Legal Domicile
Ny
Voting Board Members
11
Independent Board Members
10
Employees
13
Volunteers
50

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, 2023 and 2022. 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/PersonNm12Yesenia Quinones
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt1President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt3Interim Chair of The Board
IRS990/Form990PartVIISectionAGrp/TitleTxt4Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary
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
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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/OtherExpensesGrp/Desc1COMMUNITY EVENTS
IRS990/OtherExpensesGrp/Desc2INDIRECT SPECIAL EVENT EXPENSE
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt01112355
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IRS990/PrincipalOfficerNm0Robert Walsh
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IRS990/ProgramServiceRevenueGrp/BusinessCd1525990
IRS990/ProgramServiceRevenueGrp/Desc0INTEREST INCOME - LOANS
IRS990/ProgramServiceRevenueGrp/Desc1LOAN FEES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt128
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt015818
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt128
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/ExpenseAmt0647752
IRS990/ProgSrvcAccomActy2Grp/GrantAmt015000
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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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$26,832,621
Liabilities
$340,633
Net assets
$26,491,988
Revenue
$1,719,593
Expenses
$2,193,454
Net income
-$473,861
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