Overview
What is South Bronx Overall Economic Development Corporation?
The South Bronx Overall Economic Development Corporation is a nonprofit organization located in the Bronx, New York, with a workforce of 366 employees. Established in 1972 by business executives and community leaders, their mission is to enrich the quality of life in the South Bronx by fostering business growth and creating innovative economic, housing, educational, and career development programs for both youth and adults. They have a robust youth development and education department, offering after-school, summer, and in-school services to over 2,100 young people aged 5 to 24. These programs consist of homework assistance, college preparation, arts and cultural activities, leadership development, academic support, and career awareness training. Additionally, they provide summer internships through various programs, including SYEP and SYEP/WLH, offering work skills development and leadership training. The organization's comprehensive approach to community revitalization addresses all aspects, from business assistance to creating affordable housing and commercial spaces.
Official website here: www.sobro.org
What are the reviews and ratings of this charity?
93% - This charity's score is 93%, earning it a Four-Star out of Four Star rating.
The South Bronx Overall Economic Development Corporation (SoBRO) has demonstrated strong accountability and financial management, achieving a high score primarily due to its 100% independent board and effective oversight mechanisms. Their commitment to transparency is further reflected in their comprehensive policies and practices, which include conflict of interest and whistleblower policies, as well as a robust audit and financial review system.
However, user reviews present a mixed perspective on the organization. While some individuals highlight SoBRO's positive impact on the community and commend its dedication to improving lives through various programs, others express significant dissatisfaction. Criticism points to a perceived disconnect between the organization's stated mission and its actions, particularly regarding property management and community treatment. This divergence suggests a need for SoBRO to address internal concerns and enhance its engagement with the community it serves.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
Is South Bronx Overall Economic Development Corporation legitimate?
South Bronx Overall Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. South Bronx Overall Economic Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $412,921
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,629,694
For more financial information, click here
Official website here: www.sobro.org
What is the mission statement of South Bronx Overall Economic Development Corporation?
The South Bronx Overall Economic Development Corporation strives to enhance the quality of life in communities by strengthening businesses and creating innovative programs in the areas of economics, housing, education, and career development for both youth and adults. Founded in 1972 by a group of business executives and community leaders, the organization's initial goal was to reverse the trend of businesses and jobs leaving the area. However, as the organization grew, it became clear that community revitalization required a multifaceted approach. Today, South Bronx Overall Economic Development Corporation addresses various aspects of community development, including assisting businesses to start and thrive, training residents according to employer needs, offering opportunities for youth to learn and grow, and creating affordable housing and commercial spaces to reverse blight in the community.
Official website here: www.sobro.org
Who is the CEO of South Bronx Overall Economic Development Corporation?
Lourdes Zapata is the Board Chair of South Bronx Overall Economic Development Corporation. The CEO's salary of South Bronx Overall Economic Development Corporation is $225,219 and their total compensation is $234,182.
Official website here: www.sobro.org
What is the revenue of South Bronx Overall Economic Development Corporation?
South Bronx Overall Economic Development Corporation's revenue in 2022 was $12,019,062.
Official website here: www.sobro.org
Who are the executives of South Bronx Overall Economic Development Corporation and what are their salaries?
The average compensation at South Bronx Overall Economic Development Corporation during 2022 was $13,778. There are 366 employees and 17 volunteers at South Bronx Overall Economic Development Corporation.
Here are 20 key members and their salaries (South Bronx Overall Economic Development Corporation's CEO's salary is $225,219 and their total compensation is $234,182):
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- Compensation: $225,219
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- Compensation: $124,269
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- Other: $42
Official website here: www.sobro.org
Where can I find the form 990 for South Bronx Overall Economic Development Corporation?
South Bronx Overall Economic Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.sobro.org
Learn more at the official website: www.sobro.org
Mission Statement of South Bronx Overall Economic Development Corporation
The South Bronx Overall Economic Development Corporation, or SOBRO, is a mission-driven organization established in 1972 by business executives and community leaders with a determination to enhance the quality of life in the South Bronx. Recognizing the urgent need to reverse the exodus of businesses and jobs from the community, SOBRO's initial focus was on economic development. Over time, the organization expanded its scope to encompass innovative housing, educational, and career development programs for both youth and adults.
In its beginnings, SOBRO set out to strengthen businesses in the South Bronx and create new economic opportunities. As the organization grew, it became apparent that community revitalization required a multi-faceted approach. Today, SOBRO addresses all aspects of community development, from assisting businesses to get started and grow, to training residents according to the needs of employers, offering opportunities for youth to learn and develop, and creating affordable housing and commercial spaces that reverse blight in the area.
In the early days, the name "South Bronx" evoked images of burned buildings, crime, poverty, and drugs. SOBRO recognized that community revitalization required more than just economic development. By strengthening businesses and creating economic opportunities, providing essential services and resources, and fostering a sense of community pride, SOBRO has played a crucial role in transforming the South Bronx into a thriving and vibrant neighborhood.
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Impact
October, 2024
The South Bronx Overall Economic Development Corporation (SoBrook) significantly enhances the quality of life in the South Bronx by focusing on business growth and the creation of innovative economic, housing, educational, and career development programs. Its multifaceted approach addresses various community needs, from supporting local businesses to providing essential services for youth and adults.
In the area of youth development and education, SoBrook has impacted over 2,100 young people aged 5 to 24 through various programs. These initiatives include after-school tutoring, college preparation, arts, cultural activities, and leadership development, assisting more than 1,040 students across different educational levels. The organization also offers summer employment opportunities, providing internships for over 700 youth, which equip them with academic support, work skills, and career awareness training.
Furthermore, SoBrook operates the Transformation Academy, combining the YouthBuild Program and the Young Adult Justice Scholars Program, specifically designed for at-risk young adults. This program helps participants earn their high school equivalency diploma and pursue post-secondary education or job placement, thereby enabling them to take significant steps toward self-sufficiency and personal improvement.
Since its inception in 1972, SoBrook has been committed to reversing the decline of businesses and jobs in the South Bronx. By creating a supportive infrastructure for both entrepreneurs and job seekers, the organization fosters a revitalized community that combats issues like poverty and unemployment while improving overall living conditions through affordable housing and commercial space development. The impact of SoBrook is clear: it not only addresses immediate community challenges but also lays the groundwork for sustained economic growth and social well-being in the South Bronx.
This information is meant to be a general summary of South Bronx Overall Economic Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $119
- Program Service Revenue: $1,049,502
- Gross Receipts: $12,019,062
Assets and Liabilities:
- Total Assets: $9,441,146
- Total Liabilities: $4,750,373
- Net Assets: $4,690,773
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL REVENUE
Revenue
$785,475
MANAGEMENT FEES
Revenue
$264,027
Organization Details
Founding Year
1972
Phone
(718) 292-3113Principal Officer
Lourdes Zapata
Main Address
555 BERGEN AVENUE 3RD FLOOR, BRONX, NY, 10455
Website
www.sobro.orgNTEE Category
Code: S31Z - Community improvement
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