Boom Community Services Inc

Nonprofit profile at a glance

EIN
474742685
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Bronx, NY, USA
Phone
7184015700
Rating confidence
Limited
Sector
Human Service Organizations

Reported finances

Revenue
$-558,238
Expenses
$0
Assets
$11,320,862
Liabilities
$7,184,885

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • DR MIRIAM Y VEGA (PRESIDENT & CEO)
  • RICHARD WEISS (FORMER PRES/CEO-STRATEGIC)

Highest reported compensation

  • RICHARD WEISS (FORMER PRES/CEO-STRATEGIC): $444,551 total reported compensation
  • CYNTHIA DELAROSA (CHIEF PROGRAM OFFICER): $307,435 total reported compensation
  • DR MIRIAM Y VEGA (PRESIDENT & CEO): $270,762 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Boom community services, inc. Is a not-for-profit corporation incorporated in the state of Delaware in july 2015 to develop facilities for providing wellness and other supportive and community services to persons of low income and in underserved low income areas of bronx ny.

What it reported doing in 2024

The corporation incorporated in the state of Delaware in july 2015 to develop facilities for providing wellness and other supportive and community services to persons of low income and in underserved low income areas of bronx, New York. In june 2016, the organization exercised its option to purchase a leased property that it will use as a wellness center for a purchased price of $4,950,000. The acquisition and renovation costs is being financed through an allocation of new market tax credit that was awarded in 2016.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 60
  • Accountability: 91
  • Sustainability: 10
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -100%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: Limited
  • Liabilities to assets ratio: 0.63; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -21% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: -7.7% per year; rating input score 0; 36th percentile among comparable filings
  • Asset growth: -0.9% per year; rating input score 0; 36th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 9 of 9 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $445K · 15 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 9 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 11 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 20/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.