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Nonprofiteer
← BEDFORD STUYVESANT RESTORATION CORPORATION

Form 990 for tax year 2023

Filed by BEDFORD STUYVESANT RESTORATION CORPORATION.

Totals

Total revenue
$8,332,013
Total expenses
$11,722,028
Contributions and grants received
$7,217,576
Grants paid
$0
Program service revenue
$1,613,548
Investment income
$153,954
Other revenue
-$653,065
Total assets, end of year
$58,540,588
Total liabilities, end of year
$36,235,698
Net assets or fund balances, end of year
$22,304,890
Program services expenses (Part IX)
$8,459,149
Management and general expenses
$3,192,879
Fundraising expenses
$70,000
Program service expenses (Part III)
$8,459,149

Program services were 72.2% 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

    $125,850

  • 1e · Government grants (contributions)

    $3,801,913

  • 1f · All other contributions, gifts and grants

    $3,289,813

  • 2a · Program service revenue: Administrative Fees

    total $1,011,378 · related or exempt $1,011,378

  • 2b · Program service revenue: Developer Fees

    total $247,020 · related or exempt $247,020

  • 2c · Program service revenue: OTHER PROGRAM REVENUE

    total $155,150 · related or exempt $155,150

  • 2d · Program service revenue: Rental Income

    total $200,000 · related or exempt $200,000

  • 3 · Investment income

    total $153,954 · excluded $153,954

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

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $1,349,053

  • 6b · Less rental expenses

    real property $2,192,363

  • 6c · Rental income or loss

    real property -$843,310

  • 6d · Net rental income or loss

    total -$843,310 · related or exempt -$843,310

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $163,658

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

    $125,850

  • 8b · Fundraising events: direct expenses

    $166,022

  • 8c · Net income from fundraising events

    total -$2,364 · excluded -$2,364

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: OTHER

    total $192,609 · related or exempt $192,609

  • 11e · Other revenue, total

    $192,609

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 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 $1,452,938 · program services $705,170 · management and general $747,768

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $5,120,808 · program services $3,552,570 · management and general $1,568,238

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $771,543 · program services $522,340 · management and general $249,203

  • 10 · Payroll taxes

    total $391,741 · program services $271,771 · management and general $119,970

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $82,184 · management and general $82,184

  • 11c · Fees: accounting

    total $107,412 · program services $94,100 · management and general $13,312

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $70,000 · fundraising $70,000

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $509,099 · program services $303,039 · management and general $206,060

  • 12 · Advertising and promotion

    total $24,122 · program services $21,197 · management and general $2,925

  • 13 · Office expenses

    total $283,828 · program services $233,903 · management and general $49,925

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $539,674 · program services $510,989 · management and general $28,685

  • 17 · Travel

    total $22,073 · program services $20,423 · management and general $1,650

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $524,283 · program services $524,283

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $434,523 · program services $427,186 · management and general $7,337

  • 23 · Insurance

    total $284,226 · program services $233,248 · management and general $50,978

  • 24a · Other expenses: Other Expense

    total $590,556 · program services $590,556

  • 24b · Other expenses: Construction Cost

    total $297,332 · program services $297,332

  • 24c · Other expenses: Repairs and Maintenance

    total $159,850 · program services $101,684 · management and general $58,166

  • 24d · Other expenses: Meals

    total $27,210 · program services $24,718 · management and general $2,492

  • 24e · All other expenses

    total $28,626 · program services $24,640 · management and general $3,986

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $910,334 · end of year $1,213,981

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $3,183,348 · end of year $2,344,481

  • 4 · Accounts receivable

    beginning of year $536,853 · end of year $247,069

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $30,388,361 · end of year $29,544,622

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $42,905 · end of year $0

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

    $46,874,657

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

    $24,170,731

  • 10c · Land, buildings and equipment, net

    beginning of year $23,584,840 · end of year $22,703,926

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $4,306,340 · end of year $2,486,509

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,706,118 · end of year $5,962,307

  • 19 · Deferred revenue

    beginning of year $2,042,296 · end of year $2,214,260

  • 21 · Escrow or custodial account liability

    beginning of year $123,350 · end of year $95,521

  • 23 · Secured mortgages and notes payable

    beginning of year $27,440,933 · end of year $26,864,645

  • 25 · Other liabilities

    beginning of year $2,945,707 · end of year $1,098,965

  • 27 · Net assets without donor restrictions

    beginning of year $25,694,577 · end of year $22,304,890

Mission and programs · 2023

Mission

The nation's first community development organization, partners with community residents, leaders and businesses to improve the quality of life of Central Brooklyn by fostering economic self suffiency, enhancing family stability and growth, promoting arts and culture and transforming the community into a safe, vibrant place to live, work and visit.

Activities or mission (Part I)

See Organization's Mission on Schedule O.

  • Workforce and Economic Development - Through its workforce development initiative the organization is able to provide a continuum of job preparedness and placement services to assist Community residents to enter or re-enter the workplace. Additionally, the organization is partnering with community businesses and leaders in providing services that foster a clean, safe and vibrant business district in Bedford Stuyvesant and Central Brooklyn.

    Expenses $4,755,082

  • COMMERCIAL REVITALIZATION - The organization is engaged in facilitating the expansion and enhancement of business in underserved communities to combat urban decay and to create jobs and business opportunities.

    Expenses $2,044,753

  • Weatherization Assistance and Energy Conservation - Through this program the organization has been weatherizing resdential units of low income and elderly tenants to reduce fuel consumption and conserve energy for nearly thirty years. In addition to the reduction in energy consumption the program provides an economic benefit to community- based contractors and sellers of construction material.

    Expenses $1,205,878

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Blondel Pinnock

    President

    Total calculated
    $318,373
    From this org
    $289,360
    From related orgs
    $0
    Other
    $29,013
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $289,360
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $29,013
    Filer's total
    $318,373

  • Francila Carlson

    Exec. VP/CFAO

    Total calculated
    $302,452
    From this org
    $288,602
    From related orgs
    $0
    Other
    $13,850
    Hours/week
    35 + 1 related

    Schedule J breakdown matched by us

    Base
    $288,602
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $13,850
    Filer's total
    $302,452

  • Renee Jenkins

    Exec. VP

    Total calculated
    $192,569
    From this org
    $176,738
    From related orgs
    $0
    Other
    $15,831
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $176,738
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $15,831
    Filer's total
    $192,569

  • Tracey Capers

    Exec. VP

    Total calculated
    $155,919
    From this org
    $151,419
    From related orgs
    $0
    Other
    $4,500
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $151,419
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $4,500
    Filer's total
    $155,919

  • Takisia Whites

    Executive VP

    Total calculated
    $137,864
    From this org
    $105,034
    From related orgs
    $0
    Other
    $32,830
    Hours/week
    35

  • Kevin G Chavers

    Chairman

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Erika Irish Brown

    Vice Chair

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Timothy L Simmons

    Secretary

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Marisha L Clinton CPA

    Treasurer

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Lenue H Singletary III

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Binta Vann

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Cameron Arrington

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Eric Eve

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • David Ehrenberg

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Shawn Austin

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Lindsay Greene

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Depelsha Thomas McGruder

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Joseph Lynch Esq

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Dr Wayne Riley

    Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Peter M Williams

    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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

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.

  • RDC Commercial Center Inc

    501(c)(3) · Develop & operate commerical/retail facilities · NY · controlled entity

    Directly controlled by Bedford Stuyvesant Restoration Corp

  • Sheffield Rehabilitation Corporation

    501(c)(3) · Construction / Management · NY · controlled entity

    Directly controlled by Bedford Stuyvesant Restoration Corp

  • BSR Housing Development Fund Inc

    501(c)(3) · Creation & Maintenance of Affordable Housing · NY · controlled entity

    Directly controlled by Bedford Stuyvesant Restoration Corp

  • Restore Housing Development Fund Corp

    501(c)(3) · Creation/Maintenance of Affordable Housing · NY · controlled entity

    Directly controlled by Bedford Stuyvesant Restoration Corp

  • Greene Avenue Housing Development Fund C

    501(c)(3) · LOW INCOME HOUSING · NY · controlled entity

    Directly controlled by Bedford Stuyvesant Restoration Corp

  • 1921-25 Fulton Street Housing Developmen

    501(c)(3) · Creation & Maintenance of Affordable Housing · NY · controlled entity

    Directly controlled by Bedford Stuyvesant Restoration Corp

  • BSRC Neighborhood Home HDFC

    Applied fo · Development of Affordable Housing · NY · controlled entity

    Directly controlled by Bedford Stuyvesant Restoration Corp

  • Restoration Capital Fund Inc

    501(c)(3) · Promote economic development · NY · controlled entity

    Directly controlled by Bedford Stuyvesant Restoration Corp

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • BSRC Venture Properties LLC

    Rental Real Estate · NY · income $200,000 · assets $16,844,676

    Directly controlled by Bedford Stuyvesant Restoration Corp

Related corporations and trusts

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

  • RDC of Bedford Stuyvesant Inc

    C Corp · Developer · NY · 100% owned · controlled entity

    Directly controlled by Bedford Stuyvesant R

  • CDR Management Corporation

    C CORP. · Managing Agent · NY · 100% owned · controlled entity

    Directly controlled by Bedford Stuyvesant R

  • The Platinum Factory Inc

    C CORP · Recording Studio · NY · 100% owned · controlled entity

    Directly controlled by Bedford Stuyvesant R

  • Restoration Supermarket Corp

    C CORP. · Supermarket · NY · 100% owned · controlled entity

    Directly controlled by Bedford Stuyvesant R

  • 4R Brooklyn Inc

    C Corp · CONSTRUCTION · NY · 100% owned · controlled entity

    Directly controlled by Bedford Stuyvesant R

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202541359349313654

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