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Nonprofiteer
← BRONX OVERALL ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by BRONX OVERALL ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,719,593
Total expenses
$2,193,454
Contributions and grants received
$1,450,339
Grants paid
$103,539
Program service revenue
$15,846
Investment income
$253,408
Other revenue
$0
Total assets, end of year
$26,832,621
Total liabilities, end of year
$340,633
Net assets or fund balances, end of year
$26,491,988
Program services expenses (Part IX)
$1,925,741
Management and general expenses
$136,108
Fundraising expenses
$131,605
Program service expenses (Part III)
$1,925,741

Program services were 87.8% 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.

  • 1c · Fundraising events

    $77,244

  • 1e · Government grants (contributions)

    $1,006,162

  • 1f · All other contributions, gifts and grants

    $366,933

  • 2a · Program service revenue: INTEREST INCOME - LOANS

    total $15,818 · related or exempt $15,818

  • 2b · Program service revenue: LOAN FEES

    total $28 · related or exempt $28

  • 3 · Investment income

    total $382 · excluded $382

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $51,932,000

  • 7b · Less cost or other basis and sales expenses

    securities $51,678,974

  • 7c · Gain or loss

    securities $253,026

  • 7d · Net gain or loss

    total $253,026 · excluded $253,026

  • 8a · Fundraising events: gross income

    $189,981

  • 8a · Fundraising events: contributions included on line 1c

    $77,244

  • 8b · Fundraising events: direct expenses

    $189,981

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $103,539 · program services $103,539

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $318,251 · program services $282,794 · management and general $35,457 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $573,535 · program services $473,233 · management and general $73,921 · fundraising $26,381

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $49,043 · program services $43,677 · management and general $3,521 · fundraising $1,845

  • 10 · Payroll taxes

    total $69,187 · program services $58,809 · management and general $8,302 · fundraising $2,076

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $306 · program services $270 · management and general $12 · fundraising $24

  • 11c · Fees: accounting

    total $48,039 · program services $42,362 · management and general $1,921 · fundraising $3,756

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $79,540 · program services $70,138 · management and general $3,182 · fundraising $6,220

  • 12 · Advertising and promotion

    total $59,536 · program services $59,536

  • 13 · Office expenses

    total $200,185 · program services $184,488 · management and general $8,173 · fundraising $7,524

  • 14 · Information technology

    total $4,769 · program services $4,769

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $33,575 · program services $24,301 · fundraising $9,274

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $4,604 · program services $4,604

  • 23 · Insurance

    total $40,463 · program services $38,844 · management and general $1,619

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $168,618 · program services $132,118 · fundraising $36,500

  • 24b · Other expenses: COMMUNITY EVENTS

    total $402,259 · program services $402,259

  • 24c · Other expenses: INDIRECT SPECIAL EVENT EXPENSE

    total $38,005 · fundraising $38,005

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,149,401 · end of year $1,361,313

  • 2 · Savings and temporary cash investments

    beginning of year $4,535,308 · end of year $2,489,824

  • 3 · Pledges and grants receivable

    beginning of year $476,287 · end of year $763,767

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,486,531 · end of year $1,112,355

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $20,279 · end of year $29,322

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

    $453,518

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

    $157,614

  • 10c · Land, buildings and equipment, net

    beginning of year $123,806 · end of year $295,904

  • 11 · Investments: publicly traded securities

    beginning of year $16,974,468 · end of year $20,769,800

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $55,026 · end of year $10,336

  • 17 · Accounts payable and accrued expenses

    beginning of year $156,079 · end of year $224,822

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $83,993 · end of year $115,000

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $811 · end of year $811

  • 27 · Net assets without donor restrictions

    beginning of year $4,936,513 · end of year $4,814,038

  • 28 · Net assets with donor restrictions

    beginning of year $21,643,710 · end of year $21,677,950

Mission and programs · 2022

Mission

THE 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.

Activities or mission (Part I)

Assist bronx Businesss to expand and encourage start-up in or relocation to Bronx County.

  • Bronx Tourism Council - Bronx Tourism Council was formed in 1992 to work with governmental and nongovernmental groups to promote tourism in the Bronx and create awareness of residents to the borough's attractions. The major events to promote awareness are Bronx Week; Tour de Bronx, the Trolley and various ethnic events throughout the year.

    Expenses $794,864 · Grants $88,439

  • Empowerment 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.

    Expenses $647,752 · Grants $15,000

  • Economic 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.

    Expenses $483,125 · Grants $100 · Revenue $15,846

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Duncan Still

    CFO

    Total calculated
    $143,535
    From this org
    $131,093
    From related orgs
    $0
    Other
    $12,442
    Hours/week
    40

  • Robert Walsh

    President

    Total calculated
    $40,769
    From this org
    $40,769
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Rafael Roger

    Vice President

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Clarence Stanley Jr

    Interim Chair of The Board

    Total calculated
    $0
    Hours/week
    1

  • Kathy Zamechansky

    Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Benjamin Arana

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Julio Reyes Jr

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Jose Perez

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Winston Peters

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Phillip Grant

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Nallely De Jess

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Lourdes Zapata

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Yesenia Quinones

    Board Member

    Total calculated
    $0
    Hours/week
    1

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

Provenance

Return type
form_990
Tax year
2022
Filed
16 January 2024
IRS schema version
2022v5.0
Source object
202440369349300514

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