Overview
What is Sobro Development Corporation?
Sobro Development Corporation is a nonprofit organization situated in the South Bronx, New York, specifically at 555 Bergen Avenue 3rd Floor, 10455. Its primary mission is to foster the growth and longevity of local businesses in the South Bronx area. The organization achieves this by owning and leasing properties within the district, which are then rented out to local entrepreneurs. Sobro Development Corporation actively works towards encouraging the development, retention, and expansion of industries and commerce within the South Bronx, thereby contributing to the area's economic development and overall progress.
Official website here: www.sobro.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Sobro Development Corporation has received a two-star rating from Charity Navigator, indicating significant areas for improvement, particularly in financial accountability and transparency. While the organization boasts a fully independent board and strong financial oversight, it lacks essential policies, including conflict of interest and whistleblower protections, which are critical for maintaining trust and integrity.
The nonprofit demonstrates a commendable program expense ratio of 69.11%, reflecting a strong commitment to its mission. However, the substantial liabilities to assets ratio of 132.94% raises concerns about financial stability and sustainability. Furthermore, the absence of certain key documents, such as the tax form on its website and governance policies, highlights gaps in transparency and accountability.
Overall, while Sobro Development Corporation has notable strengths in governance structure, it faces challenges in financial health and organizational policies. Addressing these limitations could enhance its effectiveness and reliability as a nonprofit in the community.
This AI summary has been generated from information found on Charity Navigator.
Is Sobro Development Corporation legitimate?
Sobro Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Sobro 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 Development Corporation?
Sobro Development Corporation is an organization committed to fostering the growth, retention, and expansion of industries and commerce within its community. The corporation's primary role is to address the need for local business development in the area. To achieve this, Sobro Development Corporation owns and leases properties to local businesses, thereby contributing to the economic growth and vitality of the community.
Official website here: www.sobro.org
Who is the CEO of Sobro Development Corporation?
Lourdes Zapata is the Board Chair of Sobro Development Corporation. The CEO's salary of Sobro Development Corporation is $0 and their total compensation is $234,182.
Official website here: www.sobro.org
What is the revenue of Sobro Development Corporation?
Sobro Development Corporation's revenue in 2022 was $965,131.
Official website here: www.sobro.org
Who are the executives of Sobro Development Corporation and what are their salaries?
There 17 volunteers at Sobro Development Corporation.
Here are 20 key members and their salaries (Sobro 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 Development Corporation?
Sobro 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 Development Corporation
Sobro Development Corporation, a prominent organization, is dedicated to promoting the growth, retention, and expansion of industries and commerce in the South Bronx. Its primary mission is to address the region's need for local business development. To achieve this, Sobro owns and leases properties in the South Bronx, which are then rented out to local businesses. This strategic approach not only supports the growth of existing businesses but also encourages new ventures to establish in the area, thereby contributing to the economic vitality of the South Bronx.
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Impact
August, 2024
Sobro Development Corporation's impact can be seen in the significant strides it has made in encouraging the development, retention, and expansion of industry and commerce in the South Bronx. By addressing the needs of the local businesses in the area, the organization plays a crucial role in fostering economic growth and sustainability. Through the ownership and leasing of properties to local businesses, Sobro Development Corporation creates opportunities for entrepreneurs and contributes to the overall improvement of the community. Its focus on community improvement is evident in its active role in supporting and nurturing local businesses, thereby leading to a positive impact on the South Bronx's economic landscape.
This information is meant to be a general summary of Sobro 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.
- Program Service Revenue: $965,131
- Gross Receipts: $965,131
Assets and Liabilities:
- Total Assets: $9,864,971
- Total Liabilities: $13,115,719
- Net Assets: -$3,250,748
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$965,131
Organization Details
Founding Year
1981
Phone
(718) 292-3113Principal Officer
Lourdes Zapata
Main Address
555 BERGEN AVENUE 3RD FLOOR, BRONX, NY, 10455
Website
www.sobro.orgNTEE Category
Code: S310 - Community improvement
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