Civic Intelligence

Atlantic Avenue Association Local Development

990 • Fiscal year 2019 • EIN 11-2786225

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 16, 2020

494 Atlantic AvenueBrooklyn, NY 11217

(718) 875-8993

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

85th percentile

0.50x

Higher debt load relative to assets than 85% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

85th percentile

0.44x

Higher debt load relative to revenue than 85% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Net Margin

30th percentile

-3.7%

Higher net margin than 30% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

94th percentile

$152,299

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 34.8% of source-year revenue.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Asset Growth

19th percentile

-7.7%

Faster asset growth than 19% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

33rd percentile

-4.0%

Faster revenue growth than 33% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Assets

Down

$380,754

Down $31,803 (-7.7%) from 2018

Net Assets

Down

$189,693

Down $16,148 (-7.8%) from 2018

Liabilities

Down

$191,061

Down $15,655 (-7.6%) from 2018

Revenue

Down

$437,660

Down $18,412 (-4.0%) from 2018

Expenses

Up

$453,808

Up $11,058 (+2.5%) from 2018

Net Income

Down

-$16,148

Down $29,470 (-221%) from 2018

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$600K$400K$200K$0-$200KAssets 2010: $421,424Liabilities 2010: $428,003Net Assets 2010: -$6,5792010Assets 2011: $422,419Liabilities 2011: $409,537Net Assets 2011: $12,8822011Assets 2012: $424,487Liabilities 2012: $404,645Net Assets 2012: $19,8422012Assets 2013: $406,166Liabilities 2013: $382,288Net Assets 2013: $23,8782013Assets 2014: $403,916Liabilities 2014: $278,547Net Assets 2014: $125,3692014Assets 2015: $414,843Liabilities 2015: $251,230Net Assets 2015: $163,6132015Assets 2016: $416,786Liabilities 2016: $235,946Net Assets 2016: $180,8402016Assets 2017: $414,704Liabilities 2017: $222,185Net Assets 2017: $192,5192017Assets 2018: $412,557Liabilities 2018: $206,716Net Assets 2018: $205,8412018Assets 2019: $380,754Liabilities 2019: $191,061Net Assets 2019: $189,6932019Assets 2020: $361,276Liabilities 2020: $294,750Net Assets 2020: $66,5262020Assets 2021: $349,676Liabilities 2021: $230,099Net Assets 2021: $119,5772021Assets 2022: $353,566Liabilities 2022: $211,942Net Assets 2022: $141,6242022Assets 2023: $399,709Liabilities 2023: $198,605Net Assets 2023: $201,1042023Assets 2024: $352,577Liabilities 2024: $178,957Net Assets 2024: $173,6202024

Highlighted filing

2019

Assets$380,754
Liabilities$191,061
Net Assets$189,693

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600K$400K$200K$0-$200KRevenue 2010: $254,600Expenses 2010: $254,856Net Income 2010: -$2562010Expenses 2011: $298,5302011Expenses 2012: $231,0622012Revenue 2013: $275,034Expenses 2013: $270,998Net Income 2013: $4,0362013Revenue 2014: $312,063Expenses 2014: $298,501Net Income 2014: $13,5622014Revenue 2015: $394,742Expenses 2015: $356,499Net Income 2015: $38,2432015Revenue 2016: $411,651Expenses 2016: $394,424Net Income 2016: $17,2272016Revenue 2017: $446,950Expenses 2017: $435,271Net Income 2017: $11,6792017Revenue 2018: $456,072Expenses 2018: $442,750Net Income 2018: $13,3222018Revenue 2019: $437,660Expenses 2019: $453,808Net Income 2019: -$16,1482019Revenue 2020: $145,998Expenses 2020: $269,165Net Income 2020: -$123,1672020Revenue 2021: $414,213Expenses 2021: $361,162Net Income 2021: $53,0512021Revenue 2022: $399,662Expenses 2022: $377,615Net Income 2022: $22,0472022Revenue 2023: $455,852Expenses 2023: $396,372Net Income 2023: $59,4802023Revenue 2024: $382,933Expenses 2024: $410,417Net Income 2024: -$27,4842024

Highlighted filing

2019

Revenue$437,660
Expenses$453,808
Net Income-$16,148
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 16, 2020
Return Version
2019v5.0
Gross Receipts
$522,271
Mission and Program Overview

Mission

to further economic development, historic preservation,and cultural enrichment on Atlantic Avenue, in Brooklyn, New York, from Fourth Avenue to theWaterfront and the surrounding community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$241,623$226,171▼ $15,452
Savings and Temporary Cash Investments$125,367$119,830▼ $5,537
Prepaid Expenses and Deferred Charges$8,249$11,058▲ $2,809
Cash and Non-Interest-Bearing Accounts$14,395$5,504▼ $8,891
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$412,557$380,754▼ $31,803
Other Assets Total$22,923$18,191▼ $4,732
Liabilities
Mortgage Notes Payable Secured by Investment Property$189,316$173,446▼ $15,870
Other Liabilities$17,400$17,615▲ $215
Total Liabilities$206,716$191,061▼ $15,655
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$205,841$189,693▼ $16,148
Total Net Assets Fund Balance$205,841$189,693▼ $16,148
Total Liabilities and Net Assets / Fund Balance$412,557$380,754▼ $31,803

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$134,490$313,110$447,600
Land$91,404-$91,404
Equipment-$15,965$15,965
Other Land Buildings$277$1,283$1,560
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Tammy Ben-eliezer-baxterExecutive DirectorPT$152,299$152,299

Board Members and Trustees

NameTitle
Christian HaagPast-President
Nat RubinPresident
Sue WolfeVice President
Billy ThanopoulosDirector
Debra Hare-bayDirector
Rob NormanDirector
Terry McmahonDirector
Darlene C SamuelsCo-Vice Pres
Sharon TaylorSecretary
Katya IssaevaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$365,647
Program Service Revenue
$0
Investment Income
$231
Other Revenue
$71,782
All Other Contributions
$355,647
Change in Net Assets
$-16,148
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$249,537
Other Expenses$204,271
Total Fundraising Expense$38,205
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$113,205$10,160$21,770$145,135
Other Salaries and Wages$77,585$1,063$676$79,324
Payroll Taxes$16,050$1,720$1,337$19,107
Fees for Services Accounting-$18,850-$18,850
All Other Expenses$8,958$1,792$1,048$11,798
Other Employee Benefits$5,016$537$418$5,971
Other Expenses$4,841$284$569$5,694
Insurance-$4,701-$4,701
Advertising$3,880-$625$4,505
Office Expenses-$2,166-$2,166
Conferences and Meetings-$1,597-$1,597
Total Functional Expenses$372,733$42,870$38,205$453,808
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposits$17,615
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

The organization's audit committee reviews the form 990 with the audited financial statements before the return is filed. During the review process, audit committee members will discuss any questions and changes regarding the return with the board president, vice presidents and treasurer. Furthermore, the audit committee has codified their governance policy, which includes the conflict of interest policy. There were no conflicts of interest during the 2018 tax year.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

The organization monitors and enforces conflicts through discussions at their annual meeting with board and committee members.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

The organization's board of directors reviewed outside marketing salary sources to gain understanding of median salary for an executive director.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Organization will make available on website and upon request.

Filing and Contact Details

Filer

Filer Name
Atlantic Ave Assoc Local Development
EIN
11-2786225
Phone
7188758993
Address
494 ATLANTIC AVENUE, BROOKLYN, NY 11217

Signing Officer

Name
Nat Rubin
Title
President
Signed
2020-11-16
Discuss with paid preparer
Yes

Organization Details

Formed
1986
Legal Domicile
Ny
Voting Board Members
11
Independent Board Members
10
Employees
12

Preparer

Firm
Gruber Palumberi Raffaele Fried CPAs PC
Address
7 Penn Plaza Suite 310, New York, NY 10001
Preparer
Bart Raffaele CPA
Phone
2125860800
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

The Organization accounts for income taxes in accordance with income tax accounting guidance in Financial Accounting Standards Board Accounting Standard Codification (ASC) 740, Income Taxes. The guidance for accounting standards for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on tax return should be recorded in the financial statements. Under this guidance, the Organization may recognize the tax benefit from an uncertain tax position only if it is more than likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the Organization and various positions related to the potential sources of unrelated business taxable income (UBIT). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. There are no unrecognized tax benefits identified or recorded as liabilities for year ended December 31, 2019.

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IRS990/MissionDesc0to further economic development, historic preservation,and cultural enrichment on Atlantic Avenue, in Brooklyn, New York, from Fourth Avenue to theWaterfront and the surrounding community.
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IRS990/OperateHospitalInd0false
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt05971
IRS990/OtherExpensesGrp/Desc0SPECIAL EVENTS
IRS990/OtherExpensesGrp/Desc1AWARDS AND PROGRAMS
IRS990/OtherExpensesGrp/Desc2SANITATION
IRS990/OtherExpensesGrp/Desc3TELEPHONE
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IRS990/OtherExpensesGrp/FundraisingAmt1569
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IRS990/OtherExpensesGrp/ProgramServicesAmt128075
IRS990/OtherExpensesGrp/ProgramServicesAmt29265
IRS990/OtherExpensesGrp/ProgramServicesAmt34841
IRS990/OtherExpensesGrp/TotalAmt0117620
IRS990/OtherExpensesGrp/TotalAmt128075
IRS990/OtherExpensesGrp/TotalAmt29265
IRS990/OtherExpensesGrp/TotalAmt35694
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IRS990/OtherSalariesAndWagesGrp/TotalAmt079324
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IRS990/PayrollTaxesGrp/FundraisingAmt01337
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt01720
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IRS990/PayrollTaxesGrp/TotalAmt019107
IRS990/PensionPlanContributionsGrp/TotalAmt00
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt011058
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgSrvcAccomActy2Grp/Desc0Youth Community Scholarship Program:The Atlantic Avenue Local Development Corporation (AALDC) provides opportunities for youth to attend local programs that are enriching while forwarding economic development within the Brooklyn communities of Boerum Hill, Brooklyn Heights and Cobble Hill.The Scholarship Program is open to children ages 4 to 18 who live or attend schools within Brooklyn Public School Districts 13 or 15.Priority Scholarship Awards will be given to low-income families and youth who reside in the 11217 or 11201 zip code; Families with limited financial resources are also encouraged to apply.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0124244
IRS990/ProgSrvcAccomActy3Grp/Desc0Annual Holiday Programming:holiday windows will be on display at various retailers on Atlantic Avenue from Hicks Street to Fourth Avenue every winter holiday season. The Atlantic AvenueLocal Development Corporation (AALDC) presents an annual Holiday WindowJudging Promotion for the best decorated merchant windows.The award is given to Avenue merchants for their aesthetic contribution to the neighborhoods of Brooklyn Heights, Cobble Hill, Downtown Brooklyn and Boreum Hill.The AALDC presents an Annual Tree Lighting Party for the community.There is the official tree lighting on Atlantic Avenue (corner of Bond Street), holiday performances and a visit from Santa Claus!The 2019Official Atlantic AvenueTree Lighting Ceremony and Party washed on December 5th.For the holiday season,the AALDC is presents a Shop & Dine Promotion for visitors to save on select items at participating Atlantic Avenue Merchants from4th Avenue to Hicks Street from December 1st thru 15th.During this promotion,the AALDCsponosored the Walk the Windowsevent on Saturday,December7th, where visitors to Atlantic Avenue can enjoy holiday windows, gift specials, in-store events & Santa.
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IRS990/PYOtherRevenueAmt074125
IRS990/PYRevenuesLessExpensesAmt013322
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IRS990/ReconcilationRevenueExpnssAmt0-16148
IRS990/RegularMonitoringEnfrcInd0true
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IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0115220
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt096309
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt0714407
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt0210824
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0218515
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0227495
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt01068004
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
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IRS990ScheduleA/InvestmentIncomePYPct00.00060
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IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0336500
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0323804
IRS990ScheduleA/Total509Grp/TotalAmt01782411
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0365878
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IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0323995
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01783516
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
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IRS990ScheduleD/BuildingsGrp/BookValueAmt0134490
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0313110
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0447600
IRS990ScheduleD/EquipmentGrp/DepreciationAmt015965
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.53$1.79$1.74$3.83$4.10$0.27
2023Detailed filing. Detailed filing data is available for this year.$4.00$1.99$2.01$4.56$3.96$0.59
2022Detailed filing. Detailed filing data is available for this year.$3.54$2.12$1.42$4.00$3.78$0.22
2021Detailed filing. Detailed filing data is available for this year.$3.50$2.30$1.20$4.14$3.61$0.53
2020Detailed filing. Detailed filing data is available for this year.$3.61$2.95$0.67$1.46$2.69$1.23
2019Detailed filing. Detailed filing data is available for this year.$3.81$1.91$1.90$4.38$4.54$0.16
2018Detailed filing. Detailed filing data is available for this year.$4.13$2.07$2.06$4.56$4.43$0.13
2017Detailed filing. Detailed filing data is available for this year.$4.15$2.22$1.93$4.47$4.35$0.12
2016Detailed filing. Detailed filing data is available for this year.$4.17$2.36$1.81$4.12$3.94$0.17
2015Detailed filing. Detailed filing data is available for this year.$4.15$2.51$1.64$3.95$3.56$0.38
2014Detailed filing. Detailed filing data is available for this year.$4.04$2.79$1.25$3.12$2.99$0.14
2013Detailed filing. Detailed filing data is available for this year.$4.06$3.82$0.24$2.75$2.71$0.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.24$4.05$0.20$2.31
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.22$4.10$0.13$2.99
2010Summary only. Only limited summary data is available for this year.$4.21$4.28$0.07$2.55$2.55$0.00