Sobro Development Corporation

Analysis

Sobro Development Corporation is a registered charity in United States, based in Bronx, NY. It received its IRS tax-exemption ruling in June 1983, 43 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending March 2023, Sobro Development Corporation reported income of $1.0m and spending of $1.5m, spending 144% of what it took in. Across the 5 years on record, from March 2019 to March 2023, income fell from $2.2m to $1.0m (-52%), an average of -17% a year. The sharpest change came in the year to March 2020, when income dropped by 58%. Over the whole period it spent 113% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Sobro Development Corporation sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 76th percentile within NY. Charities of a similar size with the same main cause include Diablo Valley Giving Partners ($1.0m), Alliance 2005 ($1.0m) and Kettle Falls Friends of the Pool & Parks ($1.0m).

On its Form 990 for the period ending March 2023, revenue came from program service revenue 98% of the total. At year end it held assets of $10.8m against liabilities of $14.5m, net assets of -$3.7m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.