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Boc Development Corporation FY2023 filing

Tax-deductible

Brooklyn, NY501(c)(3)Since 2005Community DevelopmentEIN 20-2660238

Through partnerships, boc development corporation helps preserve commercial space for small business uses in low-income areas and collaborates with the business outreach center network, INC. For services to small business and administrative support. Sources of revenues are program fees associated with commercial/industrial business development as well as user fees and grant support for the bronx business incubator.

501(c)(3) charity; gifts are tax-deductible.
90¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Is it a real charity?
501(c)(3)
not on the IRS revocation list
IRS BMF · Auto-Revocation List
Are gifts tax-deductible?
Yes
Donations are tax-deductible
IRS Pub. 78 · IRS BMF
Is it filing on time?
FY2024
latest Form 990
IRS e-file · Filing history
Is it financially stable?
3 of 5
years in the black
Pt I · Ln 19 · 5 filings
How much reaches the programs?
90%
of spending
Pt IX · Ln 25 · col B
Do they have reserves?
<1 mo
of spending, in cash
Pt X · Ln 1–2 · Pt I · Ln 18
Who is supporting them already?
2
named funders · $50K
Funders’ Sch. I, 990-PF
Do they carry debt?
$195K
liabilities
Pt X · Ln 26
Who oversees it?
5
independent of 7 voting board members
Pt VI · Ln 1a–1b
Revenue
$262K
-3% vs prior year
Spent
$311K
To programs
90%
Net assets
−$147K
By yearFY2020–FY2024
Revenue
$262K
FY2023▼ -3%
Revenue by fiscal year
FY2020$224K
FY2021$241K
FY2022$270K
FY2023$262K
FY2024$140K
FY2024$87K
Expenses
$311K
FY2023▲ +69%
Expenses by fiscal year
FY2020$294K
FY2021$232K
FY2022$184K
FY2023$311K
FY2024$108K
FY2024$73K
Net assets
−$147K
FY2023▼ -50%
Net assets by fiscal year
FY2020−$193K
FY2021−$185K
FY2022−$98K
FY2023−$147K
FY2024−$116K
FY2024−$102K

From the FY2023 Form 990 (year ending June 2023) · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Status and standing

Is it real, and can you give to it?

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Legal name (IRS)Hdr · item CBoc Development Corporation
EINHdr · item D20-2660238
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFFeb 2006
Year of formationHdr · item L2005
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CBrooklyn, NY
NTEE classificationIRS BMFCommunity Development (S31)
WebsiteHdr · item Jbxl.nyc

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.90 Management & general $0.10
Program services90%$279K
Management & general10%$32K
Total functional expensesLn 25$311K

Financial health

Is it on solid ground?

Program efficiency
90%
of spending reaches programs
Operating runway
0.9mo
months of highly liquid reserves at operating expense rate
Surplus margin
-19%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Total assets
$48K
FY2023▼ -59%
Total assets by fiscal year
FY2020$76K
FY2021$92K
FY2022$115K
FY2023$48K
FY2024$1.0M
FY2024$973K
Total liabilities
$195K
FY2023▼ -9%
Total liabilities by fiscal year
FY2020$269K
FY2021$277K
FY2022$214K
FY2023$195K
FY2024$1.1M
FY2024$1.1M
Revenue less expensesPt I · Ln 19−$49K
Total assetsPt X · Ln 16$48K
Program-expense ratioPt IX · col B90%
Voting members of governing bodyPt I · Ln 37
Independent voting membersPt I · Ln 45

Balance Sheet

Part X · end of year
CashLn 1$23K
Total assetsLn 16$48K
Total liabilitiesLn 26$195K
Total net assetsLn 32−$147K
Months of cash on handcomputed0.9

Statement of Revenue

Part VIII
Program service revenue$231K · 88%
Contributions & grants$30K · 11%
Program service revenue88%$231K
Contributions & grants11%$30K
Investment income$6
Other revenue$650
Total revenueLn 12$262K

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $23K · Operating expenses/yr $311K
0.9 months
Where the money goes
Program services
Program services $279K · Total expenses $311K
90%
Management & General
Management & general $32K · Total expenses $311K
10%
Fundraising
Fundraising $0 · Total expenses $311K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $39K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $30K · Total revenue $262K
11%
Government reliance
Government grants — · Total revenue $262K
—
Earned-income share
Program service revenue $231K · Total revenue $262K
88%
Investment reliance
Investment income $6 · Total revenue $262K
<0.01%
Program self-sufficiency
Program service revenue $231K · Total expenses $311K
74%
Growth & trend
Revenue growth (YoY)
This year $262K · Prior year $270K
-3%
Net-asset trend (YoY)
End of year −$147K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $262K · Expenses $311K
-19%
Liabilities-to-Assets
Total liabilities — · Total assets $48K
—
Net-asset ratio
Net assets −$147K · Total assets $48K
-309%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $0 · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $48K
0%
People & payroll
Highest Reported Total Compensation
Individual Nancy Carin · Reported title President · Highest reported compensation $0 · Total expenses $311K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $0 · Total expenses $311K
0%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 90%——
Overhead ratio 10%——
Fundraising cost ratio 0%——
Revenue growth -3%——
Investment management fee ratio 0%——
Legal fee ratio 0%——
Accounting fee ratio 2%——
Fundraising fee ratio 0%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Nancy Carin
President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Roberta Cohen
Secretary
$0Pt VII · Sec A
Leslie Winter
Aud Comm Chair
$0Pt VII · Sec A
David Acevedo
Aud Comm Member
$0Pt VII · Sec A
Gregory J Libertiny
Aud Comm Member
$0Pt VII · Sec A
Daniel Liu
Aud Comm Member
$0Pt VII · Sec A
See Boc Development Corporation executive salaries →

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Governance & Policies

Part VI
  • 7Voting board membersPt VI · Ln 1a
  • 5Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aYes
  • Whistleblower policyPt VI · Ln 13Yes
  • Document retention policyPt VI · Ln 14Yes
  • Top official’s pay independently reviewedPt VI · Ln 15aYes
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Promotes employment, business development, and economic opportunities for individuals.

Provided by the organization

This section is blank until Boc Development Corporation claims this page.

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Mission & Programs · Part III

Where the work happens

1 program service account for $279K of program spending, described in the organization's own filed words · FY2022.
01

Boc development corporation operates with BXL bronx business incubator in collaboration with business outreach center network, inc. BXL business incubator was launched may 1, 2014 in hunts point, bronx, with a lease for an 11,000 square foot small business incubator space at the bank note building.

$279Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2023
Boc Capital CorpFY2023$40K
Business Outreach Center Network INCFY2023$10K
Total grants receivedfrom 2 funders$50K

Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2024 $140K$108K-47% 990 PDF
FY2023 Viewing $262K$311K-3% 990 PDF
FY2022 $270K$184K+12% 990 PDF
FY2021 $241K$232K+7% 990 PDF
FY2020 $224K$294K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2023IRS
Classification, formation year, addressIRS Business Master File
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