Bronx Overall Economic Development Corporation

Nonprofit profile at a glance

EIN
133079387
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Bronx, NY, USA
Phone
7185906201
Rating
81
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$3,495,333
Expenses
$3,653,773
Assets
$26,457,812
Liabilities
$866,891

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

Leadership & pay

18 people listed

Executive titles in this filing

  • Robert Walsh (President)

Highest reported compensation

  • Robert Walsh (President): $230,000 total reported compensation
  • Angely Orbe (Chief Financial Officer): $143,816 total reported compensation
  • Rafael Roger (Board Member): $20,000 total reported compensation

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

Overview

Mission

Bronx overall economic development corporation (the "corporation") is a New York nonprofit organization, organized in 1981. The corporation was established to promote economic growth in the bronx, New York by providing loans and grants to businesses located in the bronx, consulting services to present and future companies, and on-the-job training. The corporation is funded primarily through governmental and foundation grants and contributions.

What it reported doing in 2024

Economic Development - Under this program, the Corporation performs research and analysis regarding current economic developments, marketing, and promotion of the Bronx through various media channels, ensuring that local businesses, investors, and residents are informed about opportunities within the borough. As the administrator of the Bronx Empowerment Zone, the Corporation actively supports businesses by providing real estate assistance, helping Bronx-based companies expand their operations, and facilitating the relocation of businesses looking to establish a presence in the Bronx. This includes site selection, navigating zoning and land use policies, and liaising with city agencies to streamline the expansion process. Additionally, the Corporation offers financial services information and assistance, helping businesses secure capital through a variety of loan programs, including the SBA 7(a) loan program, Bronx Empowerment Zone loan funds, and other small business lending initiatives. By leveraging partnerships with financial institutions and economic development agencies, the Corporation ensures that Bronx businesses, particularly minority- and women-owned enterprises (MWBEs), gain access to critical funding for growth, job creation, and operational sustainability. Beyond financing, the Corporation provides technical commercial revitalization assistance, working closely with Business Improvement Districts (BIDs) and local merchant associations to strengthen commercial corridors and improve the business environment. This includes storefront improvement programs, public space enhancements, and placemaking initiatives to support thriving retail districts. The Corporation also plays a vital role in fostering entrepreneurship by offering entrepreneurial assessment services, business development workshops, and technical assistance to new and existing business owners, helping them refine their business models, access capital, and develop sustainable growth strategies. As part of its broader economic development mission, the Corporation administers key workforce development and job creation initiatives, collaborating with local institutions to connect Bronx residents with employment opportunities. Programs are designed to ensure that businesses benefiting from financial assistance are reinvesting in the local economy by hiring Bronx-based workers. The Corporation's efforts are supported through a combination of city, state, and federal funding, as well as private sector investments and nonprofit collaborations, ensuring ongoing economic growth, business expansion, and long-term sustainability for the Bronx.

Operating model

Revenue model
Grant-funded. 67% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 88% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 74
  • Accountability: 93
  • Sustainability: 48
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 76.8%; rating input score 77
  • Fundraising efficiency: $7.43 raised per $1 spent on fundraising; rating input score 28; 28th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 88.2%; rating input score 88; 2nd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 88.2%; rating input score 88; 19th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -4.5%; rating input score 21; 21st percentile among comparable filings
  • Total-asset coverage ratio: 7.24; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 75; 75th percentile among comparable filings
  • Officer compensation ratio: 10.8%; rating input score 28; 28th percentile among comparable filings

Growth

  • Program expense growth: 5% per year; rating input score 100; 40th percentile among comparable filings
  • Revenue growth: 2.8% per year; rating input score 100; 25th percentile among comparable filings
  • Asset growth: -0.8% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 76.8% of spending went to programs
  • Governance: 15 of 17 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $2.8M in reported program spending
  • Leadership: top reported pay $230K · 18 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 31 of 33 current checks pass · 2 findings to review
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 11 filed money-flow records
  • Related organizations: 7 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Financial Efficiency: Fundraising efficiency scored 28/100.
  • High — Sustainability: Operating margin scored 21/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 28/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.