IT’S A WORK
Pol piggy bank goes belly up
The nonprofit in which Assemblywoman Naomi Rivera allegedly stashed one of her lovers shriveled up when she could no longer deliver the government cash keeping it afloat, The Post has learned.
Its finances in shambles, the Bronx Council for Economic Development has quietly merged with the Acacia Network, a $200 million healthcare services giant in The Bronx headed by Raul Russi, a former sheriff and probation commissioner in the Giuliani administration.
Officials at Acacia refused to say when the merger occurred or what role the BCED serves in the larger organization.
In its last filing with the IRS covering 2010, the BCED reported taking in a measly $14,176 while spend ing $171,409 — leaving it flat broke.
In previous years, its treasury was flush with gushers of government money, thanks in part to Rivera.
During its best year, 2007, the BCED was flying high with revenues of $598,078. More than 78 percent — or $468,352 — came from the city and state governments.
The BCED is best known for sponsoring the annual Fordham Road Renaissance Festival, the larg est street fair in The Bronx. This year’s event is scheduled for Sept. 9.
Rivera rounded up most of the BCED’s funding — including from her own brother, City Councilman Joel Rivera.
Records show that he delivered $65,000 for the fair in June 2008, while the entire council delegation provided another $150,000 the following year.