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Nonprofiteer
← SOBRO DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by SOBRO DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,036,433
Total expenses
$1,492,075
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,015,869
Investment income
$0
Other revenue
$20,564
Total assets, end of year
$10,778,145
Total liabilities, end of year
$14,484,535
Net assets or fund balances, end of year
-$3,706,390
Program services expenses (Part IX)
$931,797
Management and general expenses
$560,278
Fundraising expenses
$0
Program service expenses (Part III)
$931,797

Program services were 62.4% 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 $1,015,869 · related or exempt $1,015,869

  • 11a · Other revenue: MISC REVENUE

    total $20,564 · related or exempt $20,564

  • 11e · Other revenue, total

    $20,564

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $8,892 · program services $7,114 · management and general $1,778

  • 16 · Occupancy

    total $597,211 · program services $597,211

  • 20 · Interest

    total $382,053 · program services $7,403 · management and general $374,650

  • 22 · Depreciation, depletion and amortization

    total $104,626 · management and general $104,626

  • 23 · Insurance

    total $178,594 · program services $142,875 · management and general $35,719

  • 24a · Other expenses: REAL ESTATE TAXES

    total $132,444 · program services $105,955 · management and general $26,489

  • 24b · Other expenses: EQUIPMENT LEASE/RENTAL

    total $82,810 · program services $66,248 · management and general $16,562

  • 24c · Other expenses: REPAIRS AND MAINTENANCE

    total $39,649 · program services $39,649

  • 24d · Other expenses: UTILITIES

    total $37,311 · program services $37,311

  • 24e · All other expenses

    total -$71,515 · program services -$71,969 · management and general $454

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $59,364 · end of year $282,651

  • 4 · Accounts receivable

    beginning of year $1,983,383 · end of year $2,778,337

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

    $9,309,765

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

    $1,701,320

  • 10c · Land, buildings and equipment, net

    beginning of year $7,713,512 · end of year $7,608,445

  • 15 · Other assets

    beginning of year $108,712 · end of year $108,712

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,923,666 · end of year $6,071,690

  • 23 · Secured mortgages and notes payable

    beginning of year $680,869 · end of year $674,623

  • 24 · Unsecured notes and loans payable

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

  • 25 · Other liabilities

    beginning of year $1,325,201 · end of year $1,552,239

  • 27 · Net assets without donor restrictions

    beginning of year -$3,250,748 · end of year -$3,706,390

Mission and programs · 2022

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 $931,797 · Revenue $1,036,433

As filed on the 2022 return.

Listed in Part VII

  • MARK L CASTLE

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • ARLINE PARKS

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • KAREN MCGUINNESS

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • ANTHONY M RICCIO JR

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • MAYRA LINARES-GARCIA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • HUGH GRANT

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • MARK WILLIS

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • PLINIO AYALA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • TIFFANI HINDS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • WILLIAM BILL BOLLINGER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • LAUREN GEORGE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • CONOR MCCARTHY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • JENNIFER RIVERA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • PATRICIA NIA ROCK

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • PRISCA SALAZAR-RODRIGUEZ

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 2.3 related

  • LOURDES ZAPATA

    PRESIDENT & CEO

    Total calculated
    $283,801
    From this org
    $0
    From related orgs
    $245,053
    Other
    $38,748
    Hours/week
    32 + 3 related

    Schedule J breakdown matched by us

    Base
    $0 + $245,053 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $27,000 related
    Nontaxable benefits
    $0 + $11,748 related
    Filer's total
    $0 + $283,801 related

  • DELILAH TYSON

    CAO

    Total calculated
    $135,561
    From this org
    $0
    From related orgs
    $135,519
    Other
    $42
    Hours/week
    32 + 3 related

  • ROBIN FINNEY-GRANSTON

    CFO

    Total calculated
    $122,352
    From this org
    $0
    From related orgs
    $102,985
    Other
    $19,367
    Hours/week
    32 + 3 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. 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

None.

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.

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
2022
Filed
10 December 2024
IRS schema version
2022v5.0
Source object
202443459349300809

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