Name: Local Development Corporation of East New York Address: 80 Jamaica Avenue
3rd Floor
Brooklyn, NY 11207 Year, State Incorporated: 1979, New York Stated Purpose: " The mission of the LDCENY is to sustain and promote industry and commerce in East Brooklyn, improve economic opportunities for businesses and residents, create jobs, improve the quality of life, and promote a healthier community. "
The Local Development Corporation of East New York is a not-for-profit organization dedicated to making East Brooklyn a better place to live and work. We pursue this objective by promoting a physical environment and other conditions that are supportive to businesses, large and small. LDC initiatives include working with city agencies to promote safety and sanitation, preserving and developing the local industrial base and attracting new businesses to the area. The LDC provides support to businesses located in the community’s industrial areas, commercial strips and retail malls. We also provide assistance to individuals who are starting or expanding businesses. These range from sole proprietorships with a few employees to larger companies employing hundreds of people. Specific programs to achieve this mission include Industrial Initiatives, Women's Business Center, Business Development, Environmental Programs, Housing Initiatives, Financial Education, Money Management, and Asset & Credit Building. All programs are offered in English and in Spanish.
Chief Executive Officer: Sherry D. Roberts , Executive Director Chair of the Board: Priscilla Frey-Incorvaia Chair's Profession / Business Affiliation: HSBC Bank
| *Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances. |
Method(s) Used:
Invitations to fund raising events, print advertisements (newspapers, magazines, etc.), grant proposals, internet.
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| Fund raising costs were 21.7% of related contributions. (Related contributions, which totaled $506,765, are donations received as a result of fund raising activities.) |
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This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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| The following information is based on LDCENY's Audited Financial Statements for the fiscal year ended June 30, 2011. |
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Source of Funds
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Grants
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$391,860
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Contributions
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62,500
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Special Events
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52,405
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Other
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47,395
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Program Revenue
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3,542
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Total Income
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$557,702
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Program Expenses
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Entrepreneur Development
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$362,272
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Industrial Development
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84,236
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Total Program Expenses:
Fund Raising Expenses
Administrative Expenses
Total expensesExpenses in Excess of Income
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446,508
109,744
51,670
$607,922$(50,220)
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Uses of Funds as a % of Total Expenses
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Programs: 73%
Fund Raising: 18%
Administrative 9%
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Roll the cursor over the pie chart to see the dollar amounts.
| Beginning net assets |
$110,401 |
| Ending net assets |
60,181 |
| Total liabilities |
250,940 |
Total assets |
$311,121 |
Change in net assets $-50,220
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