2017-02-14T13:26:29-06:00 2016-03-31 221478099 COHNREZNICK LLP 1301 AVENUE OF THE AMERICAS NEW YORK NY 10019 990 2015-04-01 132736022 SOUTH BRONX OVERALL ECONOMIC DEVELOPMENT CORPORATION SOUT 7182923113 555 bergen avenue bronx NY 10455 Christie Alcid CFo 7182923113 2017-02-14 1 THOMAS LANNING P00851654 2122970400 2015 2021-01-29 14:40:06Z Christie Alcid 555 bergen avenue bronx NY 10455 10281057 0 X WWW.SOBRO.ORG X 1972 NY SBOEDC'S MISSION IS TO ENHANCE THE QUALITY OF LIFE IN THE SOUTH BRONX BY STRENGTHENING BUSINESSES AND CREATING INNOVATIVE ECONOMIC, HOUSING, EDUCATIONAL, AND CAREER DEVELOPMENT PROGRAMS FOR YOUTH AND ADULTS. 19 18 395 5 0 0 5479248 7202738 3312990 2629600 564 325147 119224 -44094 8912026 10113391 0 0 0 0 6594679 7321187 0 0 0 3130871 3122560 9725550 10443747 -813524 -330356 10115889 9265691 6927145 6351422 3188744 2914269 X Our mission is to enhance the quality of life in the South Bronx by strengthening businesses and creating innovative economic, housing, educational, and career development programs for youth and adults.SoBRO was founded in 1972 by a group of business executives and community leaders. Our task was urgent: reverse the flight of businesses and jobs from the South Bronx. It was the first and most fundamental step toward rebuilding a community whose name evoked images of burned out buildings, crime, poverty and drugs. But as SoBRO began to evolve, it became clearer that community revitalization required a multi-faceted effort. Today, we address all aspects of community development: assisting businesses to get started and grow, training residents according to the needs of employers, offering opportunities for youth to learn and develop, and creating affordable housing and commercial space that reverses blight in the community. 0 0 3951885 The Youth Development and Education Department provided after-school, summer youth employment, and out-of-school youth services to 1,955 young people between the ages of 5 and 24. In-school and after-school programs assisted a total of 840 elementary, middle and high school students with homework and tutoring, college preparation, arts and cultural activities, and leadership development. Additionally, summer internships were provided to over 965 youth through our SYEP program and 150 for SYEP/WLG Program during the winter. Participants were provided academic support, career awareness training, work skills development, and leadership training. The SoBRO Transformation Academy, which is a combination of the YouthBuild Program and Young Adult Justice Scholars program, serves at-risk young adults to earn their High School Equivalency (HSE) diploma, learn construction and job-readiness skills, and resolve personal barriers to success with our Licensed Master Social Worker. This past fall, we also acquired a YouthBuild site in Harlem as well as a Starbucks Foundation and YouthBuild USA funded barista training program, which will provide additional vocational training opportunities for the out-of-school youth SoBRO served 83 participants last year. Young adults participating in the Transformation Academy continue to be offered entrepreneurial and vocational training opportunities, through our innovative social enterprises: SoBronx GRO Urban Farm where you learn about the basics of urban farming through the operation of a hydroponic rooftop farm and the SoBronx PrintShop, where youth learn screen printing and entrepreneurial concepts through the operation of a business located in the basement of Venture Center, SoBRO's small business incubator. 1545950 18075 The Procurement and Technical Assistance (PTAC) helped local businesses to secure lucrative government contracts. SoBRO's procurement and minority business programs maintains 271 active business clients, recruited 214 new clients, provided 42 workshops and special events, and helped clients secure $21,578,362.84 worth of contracts. In FY2016, the M/WBE Team (which includes MWBE Leadership Assistance and Technical Assistance) held 220 one-on-one sessions, 30 workshops, 29 standard M/WBE certification submissions, assisted with 10 recertification applications, and facilitated 33 referrals.The Minority Business Center Bronx provides core business services such as global business development, access to capital, access to contracts, access to markets, and strategic business consulting. Over the three-year period, the Center assisted clients in accessing: $348 million in financing transactions, $82 million in contracting and procurement opportunities, served over 348 customers, referred 157 clients to other services, impacted 532 new jobs, and retained 765 jobs as a result of it services, and facilitated over nine strategic business transactionsOur Industrial Business Zone programs helped five clients secure $210,000 in financing, we hosted events for 50 attendees, helped 11 clients access incentives, and we assisted 17 clients with the startup and launch of projects.SoBRO services three Brownfield Opportunity Area contracts (Port Morris Harlem River, Port Morris East River, and Eastchester) and the EPA Bronx River-Sheridan Expressway Corridor. The programs continue to survey thousands of residents, catalog and inventory properties (61), hold community visioning sessions (7), and interview hundreds of residents. Additionally, 43 small group meetings were held, 11 steering committee meetings, and engaged over 60,000 through digital communications. Other projects include a new OCS funding to leverage our partnerships with the South Bronx business community that help to increase access to healthier food options and create employment opportunities. The initiative consists of a collaboration between SoBRO, the South Bronx based United Business Cooperative (UBC), and BORN Corp., the first cold-pressed juice bar and health food eatery in the South Bronx. This initiative employs holistic approach that incorporates community engagement, technical assistance to partner businesses, and job creation. Additionally, SoBRO is still involved in the Protection Green Infrastructure Program, and the ongoing development of the Roberto Clemente Plaza. 1334825 The Community and Economic Development Department (CED) administers an array of programs that seek to make a lasting impact on the economic, physical, and social fabric of our community. CED provided property management services in the Bronx and Upper Manhattan, and business assistance services to hundreds of new and existing clients. SoBRO's Business Incubator, The Venture Center, has also provided an affordable working space for businesses to operate and grow and has an occupancy rate of 98%.The department also provides an extensive range of commercial and industrial business incentives through partnerships with government agencies to attract investment and ensure that existing businesses can thrive. The department continued to successfully operate many programs that have attracted thousands of jobs, hundreds of businesses, and hundreds of millions of dollars in investment to the South Bronx throughout SoBRO's history. To date, SoBRO's Entrepreneurial Assistance Program, through the NYS Empire State Development Corporation to date, has provided intensive services to 22 new clients and 12 existing clients for the 2016 contract year, resulting in 6 firms with increased aggregate sales, $347,208 in accessed financing, 14 new employees hired, 7 financial packages developed, and 9 completed business plans. Additionally, 10 student entrepreneurs graduated from the 20-session Business Training Class, which was offered annually at SoBRO. 772850 In FY2016 SoBRO has provided career development services to hundreds of individuals, placing them into employment, and delivering job-readiness training, which included a customer service training component and nationally-recognized certification in customer service. SoBRO's outcomes for adult education classes have consistently surpassed program evaluation targets. During this past contract period, SoBRO has achieved the following:- Held two ABE and one High School Equivalency classes, serving 61 students - Held two English as a second Language classes: serving 43 students - Tutored 22 students: - Held two Spanish classes, serving 37 students :- 280 participants received the services of our Workforce Development division - 177 successfully received credentials- 204 received job entries (Training & Direct) 71178 2954600 SoBRO has more than a decade of experience developing and managing commercial and residential properties, evidenced by our portfolio of over 700 units of affordable and market-rate housing and hundreds of thousands of square feet of commercial, industrial and office space in the Bronx and Upper Manhattan currently valued at a total of over $106 million. SoBRO's housing development efforts include rehabilitating existing buildings and creating new buildings in vacant space to transform blighting influences into beautiful and viable spaces for living and working. One of SoBRO's goals, and part of our comprehensive strategy for community development, is to increase the availability of owner-occupied and rental housing for low- and moderate-income families. To this end, we build new housing, rehabilitate vacant properties, prevent deteriorating housing stock from becoming abandoned, and generate home ownership opportunities. SoBRO currently has approximately 671 units in its pipeline, at various stages of development. SoBRO builds attractive, high-quality, affordable apartments that offer residents a pleasant living environment of which they can feel proud. Our high performance buildings are constructed to NYSERDA and Enterprise Green Communities specifications, making them affordable and environmentally sound. 833353 37499 SoBRO began working with a group of 40 immigrant-owned small restaurant owners in the spring of 2014 to establish the United Business Cooperative (UBC), with the initial objective to offset the disproportionately high operating costs small restaurants face in meeting the requirements of increasing regulations. Through the THRIVE Competition with NYC Economic Development Corporation, SoBRO has helped the UBC create a business plan for combining operations which will include collective purchasing, storage, and distribution. Additionally, a recently awarded grant from the U.S. Department of Agriculture through the Local Foods Promotion Program will allow the UBC to determine the economic feasibility of incorporating locally-grown produce into their menus. 1677381 2992099 8510041 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 35 0 1 395 1 0 0 0 0 0 1 1 0 0 0 0 X 19 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 NY X CHRISTIE ALCID 7187327510 555 BERGEN AVENUE BRONX NY 10455 ANGELO APONTE Board Member 1.00 1.00 X 0 0 0 Anthony M Riccio Jr vice Chairman 1.00 1.00 X X 0 0 0 Arline Parks Board Member 1.00 1.00 X 0 0 0 Awilda Cordero Board Member 1.00 1.00 X 0 0 0 Demetric A Duckett Board Member 1.00 1.00 X 0 0 0 Diana Hernandez Board Member 1.00 1.00 X 0 0 0 Edward Odom Board Member 1.00 1.00 X 0 0 0 Hugh Grant Board Member 1.00 1.00 X 0 0 0 Jean Smith secretary 1.00 1.00 X X 0 0 0 Karen McGuinness treasurer 1.00 1.00 X X 0 0 0 Mark L Castle Board Member 1.00 1.00 X 0 0 0 mark willis board Member 1.00 1.00 X 0 0 0 phillip banks jr iii board Member 1.00 1.00 X 0 0 0 PHILLIP MORROW President 39.00 2.30 X X 237074 0 30350 Robert Avaltroni Board Member 1.00 1.00 X 0 0 0 Simon Bergson Board Member 1.00 1.00 X 0 0 0 Steven Smith chairman 1.00 1.00 X X 0 0 0 Takisia L Whites Board Member 1.00 1.00 X 0 0 0 Tracy Woodall Board Member 1.00 1.00 X 0 0 0 Christie Alcid cfo 39.00 2.30 X 107064 0 36544 344138 0 66894 2 0 1 0 cohnreznick llp 1301 avenue of the americas new york NY 10019 accounting 164888 1 78671 337717 6141675 644675 7202738 Contracted services 531110 1499426 1499426 Rental income 531110 674623 674623 Management fees 531110 380551 380551 Developer fees 531110 75000 75000 2629600 147 147 325000 0 325000 325000 325000 67998 78671 167666 -99668 -99668 reimbursement 900099 27724 27724 mbda center 900099 18075 18075 other 900099 9775 9775 55574 10113391 3010174 0 -99521 413241 346181 67060 5742871 4827247 915624 71516 58437 13079 475185 388282 86903 618374 505284 113090 6405 6405 67037 67037 330850 330850 115370 110519 4851 440088 421584 18504 6456 6185 271 880593 558009 322584 87135 78794 8341 136127 123095 13032 179425 104688 74737 405738 233708 172030 58382 36995 21387 EQUIPMENT RENTAL AND MA 365731 336960 28771 food 41714 41714 administration fee 792 792 Other 717 717 10443747 8510041 1933706 0 15304 71146 1142538 1870413 1184492 448760 4346 16128 88166 79760 8154263 4897417 4374183 3256846 179431 169727 3127429 3352911 10115889 9265691 1076084 852043 4990 4539722 3941520 1306349 1557859 6927145 6351422 X 2993942 2719467 194802 194802 3188744 2914269 10115889 9265691 X -330356 55881 X 0 0 0 X 5506254 5736913 5027238 5479248 7202738 28952391 5506254 5736913 5027238 5479248 7202738 28952391 28952391 21015 18050 564 147 39776 164262 232980 286412 271684 123572 1078910 30071077 15451816 0.96280 0.95440 X Schedule A, Part II, Line 10, Explanation of Other Income: FUNDRAISING - 2011 Amount: $ 59,335. 2012 Amount: $ 125,477. 2013 Amount: $ 91,207. 2014 Amount: $ 95,040. 2015 Amount: $ 67,998. other revenue - 2011 Amount: $ 104,927. 2012 Amount: $ 107,503. 2013 Amount: $ 188,655. 2014 Amount: $ 157,564. 2015 Amount: $ 9,775. expo - 2013 Amount: $ 6,550. idajcp landfill development - 2014 Amount: $ 10,350. background checks - 2014 Amount: $ 8,730. Reimbursement - 2015 Amount: $ 27,724. MBDA Center - 2015 Amount: $ 18,075. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 133345 133345 7273729 4555074 2718655 23398 12537 10861 597346 329806 267540 126445 126445 3256846 security deposits 45143 restricted cash 75000 Developer Fees Receivable 1122124 Deferred Commercial Rents Receivable 57551 due from affiliates 2053093 3352911 due to affiliates 906515 advances from government agencies 417595 security deposits 70694 Other Program Liabilities 163055 1557859 X X X X X X 1 THE BROWN WYNN AGENCY 800 PALISADE AVENUE SUITE 409 FORT LEE NJ 07024 EVENT PLANNING 0 105650 25000 80650 105650 25000 80650 NY Gala 105650 58267 47383 114403 13105 25000 Golf 41019 20404 20615 15158 146669 78671 67998 129561 13105 25000 167666 -99668 X X 0 0 0 0 0 0 0 0 0 PHILLIP MORROW President 233944 0 0 0 3130 0 14440 0 15910 0 267424 0 0 0 Schedule J, Part II, Column B(III): THE AMOUNT REPORTED IN BOLUMN B(III) REPRESENTS AN AUTO ALLOWANCE FOR PHILLIP MORROW. THIS AMOUNT WAS REPORTED oN HIS 2015 W-2. Form 990, Part VI, Section B, line 11 A DRAFT COPY OF THE 990 IS PROVIDED TO THE ORGANIZATION'S GOVERNING BOARD. THE BOARD REVIEWS THE 990 AND MAKES RECOMMENDATIONS FOR CHANGES. THE BOARD THEN APPROVES THE FINAL RETURN BEFORE IT IS SUBMITTED TO THE IRS. Form 990, Part VI, Section B, line 12c ANNUALLY the president REVIEWS THE CONFLICT OF INTEREST POLICY AND QUESTIONAIRES WHICH ARE REQUIRED TO BE SIGNED BY ALL BOARD MEMBERS AND EMPLOYEES INCLUDING DIRECTORS, KEY EMPLOYEES AND OFFICERS. IF ANY CONFLICTS EXIST, THE PRESIDENT REPORTS ANY CONFLICTS TO THE BOARD CHAIRMAN. IF A CONFLICT EXISTS THE PARTY MUST RECUSE THEMSELVES FROM DELIBERATIONS. Form 990, Part VI, Section B, line 15a THROUGHOUT SOBRO, COMPENSATION IS MARKET-BASED AND SET AT LEVELS THAT ATTRACT QUALIFIED CANDIDATES FOR ANY GIVEN POSITION, AND ENCOURAGE TOP PERFORMERS TO STAY. ANNUALLY, THE CHAIRMAN OF THE BOARD AND THE OTHER MEMBERS OF THE BOARD'S EXECUTIVE COMMITTEE REGULARLY REVIEW THE CEO'S OVERALL EFFECTIVENESS AND PERFORMANCE AGAINST GOALS IN THE STRATEGIC PLAN. IF THE COMPENSATION IS TO BE RE-SET, A MEMO IS PREPARED IN ADDITION TO DOCUMENTING CEO'S PERFORMANCE. THE MEMO ASSURES THE BOARD THAT THE RE-SET COMPENSATION IS 1) IN LINE WITH THE SALARIES BEING PAID TO THE HEADS OF NEW YORK-AREA NOT-FOR-PROFITS WITH SIMILAR MISSION-RELATED COMPLEXITIES, BUDGETS AND NUMBERS OF EMPLOYEES, AND 2) WITHIN THE RANGES OF REFERENCE SOURCES SUCH AS THE MOST-RECENT GUIDESTAR NONPROFIT COMPENSATION REPORT. THE REPORT SUMMARIZES COMPENSATION DATA FROM OTHER ORGANIZATIONS IRS FORM 990 FILINGS BY CATEGORIES OF NOT-FOR-PROFIT OFFICERS. Form 990, Part VI, Section C, line 19 THE DOCUMENTS ARE AVAILABLE UPON REQUEST. Form 990, Part XI, line 9: net assets transfered from Subsidiary 55,881. form 990, part iv, line 12b: THIS RETURN HAS BEEN PREPARED BASED ON ALL AVAILABLE INFORMATION AT THE TIME OF FILING. IT IS ALSO BASED ON UNAUDITED FINANCIAL STATEMENTS. IF ANY SIGNIFICANT DIFFERENCES ARISE AFTER THIS FILING, THIS RETURN WILL BE AMENDED TO PROPERLY REFLECT THE ADDITIONAL INFORMATION. Form 990, part V, line 2a: EMPLOYEES ARE PAID THROUGH A THIRD PARTY common employer, Alpha Staff Group, inc (EIN: 65-0314170), AND DID NOT RECEIVE A W-2 FROM South Bronx OVerall Economic Development Corporation. CREDIT INC 555 BERGEN AVENUE bronx NY 10455 133790222 FINANCIAL SERVICES NY 501(c)(3) Line 7 SOUTH BRONX OVERALL ECONOMIC DEVELOPMENT CORPoration 1 SOBRO DEVELOPMENT CORPORATION 555 BERGEN AVENUE BRONX NY 10455 133157572 DEVELOPMENT NY 501(c)(3) Line 9 SOUTH BRONX OVERALL ECONOMIC DEVELOPMENT CORPoration 1 SOBRO LOCAL DEVELOPMENT CORPORATION 555 BERGEN AVENUE bronx NY 10455 132943228 DEVELOPMENT NY 501(c)(3) Line 9 SOUTH BRONX OVERALL ECONOMIC DEVELOPMENT CORPoration 1 Bronx NY East 188th Street Apartments LP 555 BERGEN AVENUE bRONX NY 10455 453636766 dEVELOPMENT NY N/A Bronx East 188th street apartments llc 555 BERGEN AVENUE BRONX NY 10455 453636705 DEVELOPMENT NY N/A BUFNY II Associates LP 555 BERGEN AVENUE BRONX NY 10455 134026540 DEVELOPMENT NY N/A Jasmine Court Associates LLC 555 BERGEN AVENUE bRONX NY 10455 043728664 dEVELOPMENT NY N/A Longwood Apartments LP 555 BERGEN AVENUE bRONX NY 10455 113666386 dEVELOPMENT NY N/A WOODYCREST LP 555 BERGEN AVENUE BRONX NY 10455 030436382 DEVELOPMENT NY N/A East 188th Street Apt HDFC 555 BERGEN AVENUE BRONX NY 10455 452942756 DEVELOPMENT NY N/A C 0 East 188th Street Apt Inc 555 BERGEN AVENUE BRONX NY 10455 453621216 DEVELOPMENT NY N/A C 0 JASMINE COURT HOUSING DEVELOPMENT FUND CORPORATION 555 BERGEN AVENUE BRONX NY 10455 043728665 DEVELOPMENT NY SOUTH BRONX OVERALL ECONOMIC DEVELOPMENT CORPoration C 1.00000 1 LONGWOOD APARTMENTS HOUSING DEVELOPMENT FUND CORPORATION 555 BERGEN AVENUE BRONX NY 10455 DEVELOPMENT NY SOUTH BRONX OVERALL ECONOMIC Development Corporation C 1.00000 1 SoBRO Gateway HDFC 555 BERGEN AVENUE BRONX NY 10455 DEVELOPMENT NY SOUTH BRONX OVERALL ECONOMIC Development Corporation C 292460 5207167 1.00000 1 SOBRO Lenox Corp 555 BERGEN AVENUE BRONX NY 10455 432072406 DEVELOPMENT NY SOUTH BRONX OVERALL ECONOMIC Development Corporation C 1.00000 1 SOBRO MONROE COURT HOUSING DEVELOPMENT FUND CORP 555 BERGEN AVENUE BRONX NY 10455 DEVELOPMENT NY N/A C 0 WOODYCREST HOUSING DEVELOPMENT FUND CORP 555 BERGEN AVENUE BRONX NY 10455 562364943 DEVELOPMENT NY SOUTH BRONX OVERALL ECONOMIC Development Corporation C 1.00000 1 0 0 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0