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South Bronx Overall Economic Development Corporation

Public charity
DBA: % KAREN MCGUINNESS
Community Development · BRONX, NY · EIN 13-2736022

About

Our mission is to enhance the quality of life in the south bronx by strengthening businesses and creating innovative economic, housing, educational, and career development programs for youth and adults. Sobro was founded in 1972 by a group of business executives and community leaders. Our task was urgent: reverse the flight of businesses and jobs from the south bronx. It was the first and most fundamental step toward rebuilding a community whose name evoked images of burned buildings, crime, poverty and drugs. But as sobro began to evolve, it became clearer that community revitalization required a multi-faceted effort. Today, we address ALL aspects of community development: assisting businesses to get started and grow, 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 community.

In care of Karen Mcguinness

Donations are tax-deductible
Category
Community Development
Employees
358
Volunteers
17

Financial Snapshot

FY ending 2023-03-31
Revenue
$8.9M
Expenses
$10.7M
Assets
$10.2M
Liabilities
$6.4M

Financial history

$14.0M$7.0M$0
1617181920212223
RevenueExpenses
Latest FY2023: $8.9M · Peak FY2022: $12.0M · Avg: $10.2M
SOUTH BRONX OVERALL ECONOMIC DEVELOPMENT CORPORATION
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Address

555 Bergen Avenue 3RD Floor
Bronx, NY, 10455-136

Governance

Voting board members15
Independent members15
Conflict-of-interest policyYes
Whistleblower policyYes
Doc-retention policyYes
Audit committeeYes
990 reviewed by boardYes

Compensation practices

Severance paymentsNo
Equity-based compNo
Supplemental retirement planNo
Board approved compYes
Initial contract exceptionNo
Public records
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