Overview
What is Sobro Local Development Corporation?
Sobro Local Development Corporation, based in the Bronx, New York, primarily focuses on fostering the growth, preservation, and expansion of businesses within the South Bronx community. This nonprofit organization actively encourages industry and commerce development within its local area, working tirelessly to retain existing establishments and facilitate their expansion.
Official website here: www.sobro.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 36%, Zero-Star out of Four Star rating.
Sobro Local Development Corporation has received a low rating due to significant shortcomings in its accountability and financial management. While the organization boasts a fully independent board and transparent board meeting minutes, critical policies such as conflict of interest, whistleblower policy, and document retention are notably absent. This lack of essential governance policies has heavily impacted its overall score.
Financially, the organization faces challenges, with a program expense ratio of only 19.5%, indicating that a minimal portion of its expenses goes toward its programs. Additionally, the liabilities to assets ratio is at 0.00%, which raises concerns about the organization's financial health and sustainability. The rating reflects these weaknesses, highlighting areas that require improvement for better performance and accountability.
Despite some strengths in governance, the absence of crucial policies and low program spending suggest that Sobro Local Development Corporation needs to enhance its operational practices to regain trust and improve its effectiveness in serving its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Sobro Local Development Corporation legitimate?
Sobro Local Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Sobro Local 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.sobro.org
What is the mission statement of Sobro Local Development Corporation?
The Sobro Local Development Corporation encourages the growth and expansion of industry and commerce primarily within its community. Its mission is centered around promoting the development, retention, and expansion of businesses, with a focus on the South Bronx area. This organization works towards fostering a thriving economic environment, contributing to the overall development and prosperity of the specified community.
Official website here: www.sobro.org
Who is the CEO of Sobro Local Development Corporation?
Lourdes Zapata is the Board Chair of Sobro Local Development Corporation. The CEO's salary of Sobro Local Development Corporation is $0 and their total compensation is $234,182.
Official website here: www.sobro.org
What is the revenue of Sobro Local Development Corporation?
Sobro Local Development Corporation's revenue in 2022 was $47,050.
Official website here: www.sobro.org
Who are the executives of Sobro Local Development Corporation and what are their salaries?
There 17 volunteers at Sobro Local Development Corporation.
Here are 20 key members and their salaries (Sobro Local Development Corporation's CEO's salary is $0 and their total compensation is $234,182):
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- Related: $225,219
- Other: $8,963
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- Related: $113,315
- Other: $8,381
- Compensation: $0
- Related: $124,269
- Other: $42
Official website here: www.sobro.org
Where can I find the form 990 for Sobro Local Development Corporation?
Sobro Local 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 Sobro Local Development Corporation
Sobro Local Development Corporation, a nonprofit organization, encourages the growth, preservation, and expansion of businesses primarily within the South Bronx community. Its mission is centered around fostering an environment that attracts and retains industries, thus stimulating commercial development in the area. The corporation seeks to contribute to the community's economic prosperity by promoting the expansion of existing businesses and inviting new ones to establish a presence. By doing so, Sobro Local Development Corporation aims to strengthen the local economy and improve the livelihoods of its residents.
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Impact
August, 2024
Sobro Local Development Corporation's impact can be seen in the significant progress it has made in encouraging the development, retention, and expansion of industry and commerce in the South Bronx community. By focusing on economic growth and job creation in this area, Sobro Local Development Corporation has played a crucial role in improving the local economy and fostering a sense of community improvement. Through its efforts, Sobro Local Development Corporation has helped to create opportunities for businesses to thrive, residents to find employment, and the overall quality of life in the South Bronx to be enhanced.
This information is meant to be a general summary of Sobro Local 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.
- Gross Receipts: $47,050
Assets and Liabilities:
- Total Assets: $713
- Total Liabilities: $0
- Net Assets: $713
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Organization Details
Founding Year
1973
Phone
(718) 292-3113Principal Officer
Lourdes Zapata
Main Address
555 BERGEN AVENUE 3RD FLOOR, BRONX, NY, 10455
Website
www.sobro.orgNTEE Category
Code: S31 - Community improvement
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