Bronx Overall Economic Development Corporation
Public records show a registered, tax-exempt organization in good standing.
Points to look into
- It reported loans to or from officers, directors or other insiders.
These come from the organization's own tax return. There may be a good explanation; ask the charity.
What it says it does
BRONX OVERALL ECONOMIC DEVELOPMENT CORPORATION (THE "CORPORATION") IS A NEW YORK NONPROFIT ORGANIZATION, ORGANIZED IN 1981. THE CORPORATION WAS ESTABLISHED TO PROMOTE ECONOMIC GROWTH IN THE BRONX, NEW YORK BY PROVIDING LOANS AND GRANTS TO BUSINESSES LOCATED IN THE BRONX, CONSULTING SERVICES TO PRESENT AND FUTURE COMPANIES, AND ON-THE-JOB TRAINING. THE CORPORATION IS FUNDED PRIMARILY THROUGH GOVERNMENTAL AND FOUNDATION GRANTS AND CONTRIBUTIONS.
- Income
- $3.5 million
- Spending
- $3.7 million
- Spent on programs
- 77%
- Reserves
- 11 months of spending
- Largest source of income
- government grants, 51%
- Employees
- 25
- Volunteers
- 150
- Highest pay
- $230,000, president
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Good: 86 out of 100.
Reserves
28 of 35Spendable reserves would cover 11.0 months of spending.
Debt
20 of 20It owes 3% of what it owns.
Living within its means
8 of 15Spending exceeded income by 5% of income.
Income trend
15 of 15Income rose 24% on the year before.
Spending floor
15 of 1577% of spending went to programs and raising each dollar of donations cost 13 cents.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 90 out of 100.
Independent board
25 of 2515 of 17 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
0 of 10Reports at least one of: diversion of assets, excess benefits, loans to insiders.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (3)
- $1.1 million spent. Economic Development - Under this program, the Corporation performs research and analysis regarding current economic developments, marketing, and promotion of the Bronx through various media channels, ensuring that local businesses, investors, and residents are informed about opportunities within the borough. As the administrator of the Bronx Empowerment Zone, the Corporation actively supports businesses by providing real estate assistance, helping Bronx-based companies expand their operations, and facilitating the relocation of businesses looking to establish a presence in the Bronx. This includes site selection, navigating zoning and land use policies, and liaising with city agencies to streamline the expansion process. Additionally, the Corporation offers financial services information and assistance, helping businesses secure capital through a variety of loan programs, including the SBA 7(a) loan program, Bronx Empowerment Zone loan funds, and other small business lending initiatives. By leveraging partnerships with financial institutions and economic development agencies, the Corporation ensures that Bronx businesses, particularly minority- and women-owned enterprises (MWBEs), gain access to critical funding for growth, job creation, and operational sustainability. Beyond financing, the Corporation provides technical commercial revitalization assistance, working closely with Business Improvement Districts (BIDs) and local merchant associations to strengthen commercial corridors and improve the business environment. This includes storefront improvement programs, public space enhancements, and placemaking initiatives to support thriving retail districts. The Corporation also plays a vital role in fostering entrepreneurship by offering entrepreneurial assessment services, business development workshops, and technical assistance to new and existing business owners, helping them refine their business models, access capital, and develop sustainable growth strategies. As part of its broader economic development mission, the Corporation administers key workforce development and job creation initiatives, collaborating with local institutions to connect Bronx residents with employment opportunities. Programs are designed to ensure that businesses benefiting from financial assistance are reinvesting in the local economy by hiring Bronx-based workers. The Corporation's efforts are supported through a combination of city, state, and federal funding, as well as private sector investments and nonprofit collaborations, ensuring ongoing economic growth, business expansion, and long-term sustainability for the Bronx.
- $715,133 spent. Empowerment zone - The Empowerment Zone program includes the operation of two loan programs for qualified Bronx Empowerment Zone companies. The Corporation is the administrator of the Bronx portion of the New York City Empowerment Zone. This program was a part of the President's Empowerment Zone and Enterprise Community Initiative. The goals of the program within the Bronx are economic development, sustainable community development, the development of community-based partnerships, and the development of a strategic vision of change. The Empowerment Zone programs offer loans at low interest rates and long repayment terms in exchange for the borrower's commitment to hire Bronx Empowerment Zone residents. The partners in this enterprise and the entities funding the program are the City of New York, the New York State Urban Development Corporation (doing business as the Empire State Development Corporation) ("ESDC"), and the United States Department of Housing and Urban Development. Fundamental to achieving the program's goal is the creation of permanent jobs through business development within the target zones. The legislation that supported the Empowerment Zones ended on December 31, 2013; however, the funding received under this program continues to be used to provide the same loan programs. In addition to these programs, the Small Business Administration (SBA) 7(a) Loan Program has become an essential tool for expanding access to capital, offering flexible financing options to small businesses within the Bronx Empowerment Zone. As part of an effort to strengthen and expand these initiatives, a Director of the Empowerment Zone has been hired to oversee operations, ensure effective allocation of funds, and enhance strategic partnerships that support economic growth and job creation within the borough.
- $983,490 spent. The Bronx Tourism Council was established in 1992 to collaborate with governmental and nongovernmental organizations to promote tourism in the Bronx and showcase the borough's diverse attractions. Through strategic partnerships and community engagement, the Council highlights the Bronx as a premier destination for both visitors and residents. A signature initiative is Bronx Week, an annual celebration that honors the Bronx's history, culture, and contributions to the arts, business, and civic life. A key feature of Bronx Week is the Bronx Walk of Fame, which recognizes distinguished individuals who have made a lasting impact.To enhance this tradition, the Council is launching the Bronx Walk of Fame mobile app in 2025, offering an interactive way for users to explore the borough's most celebrated figures and landmarks. Other major events include Tour de Bronx, New York State's largest free cycling event, which brings riders from across the region to explore the borough's scenic and historic routes, and Savor the Bronx, an annual restaurant week that showcases the Bronx's growing culinary scene, from classic eateries to emerging gastronomic hotspots. The Council also engages in media-driven initiatives to further promote the Bronx's unique offerings. The Bronx Beat serves as a platform to highlight attractions, businesses, and organizations throughout the borough, while The Bronx Beat with 1010 WINS covers the latest developments, events, and cultural milestones, amplifying the Bronx's presence on a broader stage. Throughout the year, the Council supports various cultural and ethnic celebrations, fostering a sense of community and ensuring that the Bronx's diversity, vibrancy, and heritage remain at the forefront of its tourism efforts. to highlight attractions, businesses, and organizations throughout the borough, while The Bronx Beat with 1010 WINS covers the latest developments, events, and cultural milestones, amplifying the Bronx's presence on a broader stage. Throughout the year, the Council supports various cultural and ethnic celebrations, fostering a sense of community and ensuring that the Bronx's diversity, vibrancy, and heritage remain at the forefront of its tourism efforts.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending June 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since September 1987.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.