SOUTHWEST BROOKLYN INDUSTRIAL DEVELOPMENT CORPORATION

EIN: 112508370 501(c)(3) Community Improvement

BROOKLYN, NY

Total Revenue
$1,330,734
Total Expenses
$1,414,788
Total Assets
$1,954,999
Net Assets
$1,336,476
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Financial Trends

Organization Details

Formation Year
1978
Legal Domicile
NY
Principal Officer
JESSE SOLOMON
Phone
7189653100
Tax Period
2024-07-01 to 2025-06-30

SOUTHWEST BROOKLYN INDUSTRIAL DEVELOPMENT CORPORATION, founded in 1978, is a community nonprofit in the Community Improvement sector that reported $1.3M in total revenue in fiscal year 2024. Revenue fell 36% from the prior year — a significant decline worth monitoring.

Mission

SOUTHWEST BROOKLYN INDUSTRIAL DEVELOPMENT CORPORATION PROVIDES ADVOCACY AND SERVICES TO HELP BUSINESSES IN THE SUNSET PARK, RED HOOK AND GOWANUS NEIGHBORHOODS GROW AND CREATE EMPLOYMENT OPPORTUNITIES FOR LOCAL RESIDENTS.

Program Service Accomplishments

Program 1
Expenses: $1,129,671 Revenue: $0

AS WE HAVE SINCE 1978, SBIDC HAS WORKED TIRELESSLY TO ENSURE THAT THE INDUSTRIAL CORE OF SOUTHWEST BROOKLYN REMAINS STRONG AND THAT IT REMAINS A CENTER OF OPPORTUNITY FOR WORKERS THROUGHOUT THE AREA...

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AS WE HAVE SINCE 1978, SBIDC HAS WORKED TIRELESSLY TO ENSURE THAT THE INDUSTRIAL CORE OF SOUTHWEST BROOKLYN REMAINS STRONG AND THAT IT REMAINS A CENTER OF OPPORTUNITY FOR WORKERS THROUGHOUT THE AREA. OUR UNIQUE COMBINATION OF DIRECT BUSINESS SERVICES, WORKFORCE DEVELOPMENT AND TRAINING, ENTREPRENEURSHIP TRAINING, COMMUNITY PLANNING AND REVITALIZATION, AND ADVOCACY HELPED BUSINESSES THROUGHOUT SOUTHWEST BROOKLYN THRIVE IN A MARKET AND A CITY THAT CAN BE CHALLENGING FOR MANUFACTURERS AND OTHER INDUSTRIAL BUSINESSES. CHALLENGES INCLUDE A COMPETITIVE REAL ESTATE MARKET THAT PRIORITIZES RESIDENTIAL AND COMMERCIAL TENANTS OVER INDUSTRIAL ONES; SUPPLY CHAIN CHALLENGES; RISING COSTS OF DOING BUSINESS IN AN URBAN ENVIRONMENT; AND A COMPETITIVE LABOR MARKET.SINCE JULY 2024, SBIDC SUPPORTED OVER 200 INDUSTRIAL EMPLOYERS SEEKING HELP WITH COMPLEX FINANCING PROGRAMS, NEW BUSINESS DEVELOPMENT OPPORTUNITIES, RECRUITING EMPLOYEES, NAVIGATING GOVERNMENT REGULATIONS, AND LARGE-SCALE REZONING PROPOSALS IN BROOKLYN. SBIDC OFFERS BUSINESS EDUCATION PROGRAMMING FOCUSED ON BUSINESS DEVELOPMENT STRATEGIES AND FINANCIAL GROWTH. IN 2025, SBIDC ALSO LAUNCHED A NEW PROGRAM CALLED WE SOURCE, WHICH AIMS TO CONNECT LOCAL SMALL BUSINESSES TO OPPORTUNITIES IN THE OFFSHORE WIND SECTOR AND LARGER GREEN ECONOMY. AS PART OF THIS PROJECT, WE ARE PROVIDING 20 FIRMS WITH DIRECT PROCUREMENT ASSISTANCE AND 40 HOURS EACH OF BUSINESS CONSULTING SUPPORT SPECIFIC TO THE GREEN ECONOMY AND OFFSHORE WIND SECTOR. IN ADDITION TO OUR NEW PROGRAMS, WE ALSO OFFERED TWO SEMESTERS OF OUR PLAN FOR GROWTH BUSINESS EDUCATION COURSE, AN 8-WEEK PROGRAM THAT HELPS MWBES AND DBES CREATE A PLAN FOR GROWTH. THE PROGRAM INCLUDED COURSES ON MARKETING, FINANCING, CHART OF ACCOUNTS, CUSTOMER DISCOVERY, AND MORE. WE GRADUATED 40 BUSINESSES FROM THESE PLAN FOR GROWTH COHORTS. TO DATE, THE PROGRAM HAS GRADUATED OVER 160 BUSINESS OWNERS. WE ALSO HOSTED FOUR WEBINARS ON CREDIT COUNSELING AND ACCESSING FINANCING THROUGHOUT THE YEAR. FINALLY, WE HOSTED TWO LARGE NETWORKING EVENTS FOR SMALL BUSINESSES. SBIDC'S WORKFORCE 1 CENTER INCLUDES A STAFF OF FOUR FULL-TIME WORKFORCE DEVELOPMENT PROFESSIONALS. OUR JOB DEVELOPERS HELPED PLACE 180 PEOPLE IN FULL TIME INDUSTRIAL JOBS THIS YEAR. OUR CAREER SERVICES MANAGER AND RECRUITMENT SPECIALIST SAW OVER 1000 CUSTOMERS, HELPING THEM WITH CAREER COUNSELING, RESUME BUILDING, AND REFERRALS TO WRAP AROUND SERVICES. THE TEAM ALSO PLACED 182 PEOPLE IN FULL-TIME INDUSTRIAL JOBS. SBIDC CONTINUED TO ADVOCATE FOR THE INDUSTRIAL WORKING WATERFRONT. WE JOINED THE BROOKLYN MARINE TASKFORCE TO ADVOCATE FOR MARITIME INDUSTRY THROUGHOUT THE INDUSTRIAL BUSINESS ZONE. WE ALSO INCREASED OUR REAL ESTATE ASSISTANCE SERVICES, HELPING TWO SMALL MANUFACTURERS LOCATE IN A NEW INDUSTRIAL BUILDING IN GOWANUS.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,212,343
Program Service Revenue $0
Investment Income $83
Other Revenue $118,308
TOTAL REVENUE $1,330,734

Expense Breakdown

Grants Paid $0
Salaries & Benefits $845,572
Fundraising Expenses $30,701
Program Expenses $1,129,671
Other Expenses $569,216
TOTAL EXPENSES $1,414,788

Year-over-Year Comparison

2024 2023 Change
Revenue $1,330,734 $2,072,854 -0.4%
Expenses $1,414,788 $1,202,873 +0.2%
Net Income $-84,054 $869,981 -1.1%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
13
Independent Members
13
Employees
N/A
Volunteers
14

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$183,479
Total Directors
14
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JEFFREY LEE ROMERO CHAIRPERSON 2.00
Officer Director
$0 $0 $0
ELIZABETH DEMETRIOU SECRETARY 2.00
Officer Director
$0 $0 $0
SUSAN FERMISCO TREASURER 2.00
Officer Director
$0 $0 $0
MICHAEL DIMARINO DIRECTOR 2.00
Director
$0 $0 $0
PAUL GEVERTZMAN DIRECTOR 2.00
Director
$0 $0 $0
STEPHEN GIUMENTA DIRECTOR 2.00
Director
$0 $0 $0
CHRISTOPHER MURTHA DIRECTOR 2.00
Director
$0 $0 $0
MICHAEL JEFFREY SPINNER DIRECTOR 2.00
Director
$0 $0 $0
EILEEN THORNTON VAZQUEZ DIRECTOR 2.00
Director
$0 $0 $0
BLAKE TOMNITZ DIRECTOR 2.00
Director
$0 $0 $0
ALAN PETRILLI DIRECTOR 2.00
Director
$0 $0 $0
ALAN SAGE DIRECTOR 2.00
Director
$0 $0 $0
MIKE STAMATIS DIRECTOR 2.00
Director
$0 $0 $0
IRINA CONSTANTINE DIRECTOR (THRU SEPT 2024) 2.00
Director
$0 $0 $0
JESSE SOLOMON EXECUTIVE DIRECTOR 40.00
Officer
$154,838 $28,641 $183,479
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $1,330,734 $1,414,788 $1,954,999 $-84,054
2024 $2,072,854 $1,202,873 $1,600,101 $869,981
2023 $1,111,462 $1,038,905 $675,859 $72,557
2022 $1,197,769 $1,056,970 $536,412 $140,799
2021 $1,175,336 $1,113,967 $611,568 $61,369
2020 $1,025,571 $936,873 $575,497 $88,698
2019 $1,514,170 $1,379,709 $361,187 $134,461
2018 $1,298,027 $1,484,504 $407,579 $-186,477
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