Bronx Overall Economic Development Corporation

Analysis

Bronx Overall Economic Development Corporation is a registered charity in United States, based in Bronx, NY. It received its IRS tax-exemption ruling in September 1987, 39 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Bronx Overall Economic Development Corporation reported income of $1.7m and spending of $2.2m, spending 128% of what it took in. Across the 5 years on record, from June 2019 to June 2023, income fell from $1.9m to $1.7m (-9.0%), an average of -2.3% a year. The sharpest change came in the year to June 2022, when income dropped by 41%. Over the whole period it spent 102% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Bronx Overall Economic Development Corporation sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 85th percentile, and in the 81st percentile within NY. Charities of a similar size with the same main cause include Faatz-Crofut Home for the Elderly ($1.7m), Cathedral Square Housing Inc ($1.7m) and Acaciawood School ($1.7m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 84% and program service revenue 0.9% of the total. Compensation of current officers, directors and key employees was $318k (15% of expenses). Other salaries and wages came to $574k. At year end it held assets of $26.8m against liabilities of $341k, net assets of $26.5m. It reported 13 employees.