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← SOBRO DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by SOBRO DEVELOPMENT CORPORATION.

Totals

Total revenue
$59,916
Total expenses
$338,031
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$59,916
Investment income
$0
Other revenue
$0
Total assets, end of year
$10,329,312
Total liabilities, end of year
$15,084,072
Net assets or fund balances, end of year
-$4,754,760
Program services expenses (Part IX)
$288,336
Management and general expenses
$49,695
Fundraising expenses
$0
Program service expenses (Part III)
$288,336

Program services were 85.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: RENTAL INCOME

    total $59,916 · related or exempt $59,916

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $33 · program services $26 · management and general $7

  • 24a · Other expenses: REAL ESTATE TAXES

    total $233,893 · program services $187,114 · management and general $46,779

  • 24b · Other expenses: UTILITIES

    total $71,388 · program services $71,388

  • 24c · Other expenses: FEES

    total $18,099 · program services $18,099

  • 24d · Other expenses: EQUIPMENT LEASE/RENTAL

    total $12,960 · program services $10,368 · management and general $2,592

  • 24e · All other expenses

    total $1,658 · program services $1,341 · management and general $317

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,051 · end of year $748

  • 4 · Accounts receivable

    beginning of year $2,588,734 · end of year $2,588,734

  • 10a · Land, buildings and equipment: cost or other basis

    $9,379,821

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,883,196

  • 10c · Land, buildings and equipment, net

    beginning of year $7,496,625 · end of year $7,496,625

  • 15 · Other assets

    beginning of year $243,205 · end of year $243,205

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,499,701 · end of year $6,782,800

  • 23 · Secured mortgages and notes payable

    beginning of year $477,960 · end of year $342,150

  • 24 · Unsecured notes and loans payable

    beginning of year $6,185,982 · end of year $6,185,983

  • 25 · Other liabilities

    beginning of year $1,649,616 · end of year $1,773,139

  • 27 · Net assets without donor restrictions

    beginning of year -$4,476,644 · end of year -$4,754,760

Mission and programs · 2024

Mission

THE ORGANIZATION'S PRIMARY FUNCTION IS TO ADDRESS SOUTH BRONX'S NEED FOR DEVELOPMENT OF LOCAL BUSINESSES. THE ORGANIZATION OWNS AND LEASES PROPERTIES IN THE SOUTH BRONX THAT ARE RENTED TO LOCAL BUSINESSES.

Activities or mission (Part I)

SOBRO DEVELOPMENT CORPORATION ENCOURAGES THE DEVELOPMENT, RETENTION AND EXPANSION OF INDUSTRY AND COMMERCE IN THE SOUTH BRONX.

  • THE ORGANIZATION'S PRIMARY FUNCTION IS TO ADDRESS SOUTH BRONX'S NEEDS FOR DEVELOPMENT OF LOCAL BUSINESSES. THE ORGANIZATION OWNS AND LEASES PROPERTIES IN THE SOUTH BRONX THAT ARE RENTED TO LOCAL BUSINESSES.

    Expenses $288,336 · Revenue $59,915

As filed on the 2024 return.

Listed in Part VII

  • ANTHONY M RICCIO JR

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • MARK WILLIS

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • WILLIAM BILL BOLLINGER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • JENNIFER RIVERA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • AUBREY HURSE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • JASON GARCIA

    EXECUTIVE DIRECTOR

    Total calculated
    $127,037
    From this org
    $0
    From related orgs
    $47,037
    Other
    $80,000
    Hours/week
    3 + 32 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • BRONX NY EAST 188TH STREET APARTM

    N/A · DEVELOPMENT · NY

  • BRONX NY EAST 188TH STREET LLC

    N/A · DEVELOPMENT · NY

  • BUFNY II ASSOCIATES LP

    N/A · DEVELOPMENT · NY

  • JASMINE COURTS ASSOCIATES LLP

    N/A · DEVELOPMENT · NY

  • LONGWOOD APARTMENTS LP

    N/A · DEVELOPMENT · NY

  • WOODYCREST LP

    N/A · DEVELOPMENT · NY

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2024
Filed
19 June 2026
IRS schema version
2024v5.5
Source object
202611709349300901

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