Civic Intelligence

Atlantic Avenue Association Local Development

990 • Fiscal year 2021 • EIN 11-2786225

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

Organization Profileatlanticave.org
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

91st percentile

0.66x

Higher debt load relative to assets than 91% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

91st percentile

0.56x

Higher debt load relative to revenue than 91% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Net Margin

56th percentile

13%

Higher net margin than 56% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Top Officer Pay

97th percentile

$80,069

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 19.3% of source-year revenue.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Asset Growth

34th percentile

-3.2%

Faster asset growth than 34% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

91st percentile

184%

Faster revenue growth than 91% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$349,676

Down $11,600 (-3.2%) from 2020

Net Assets

Up

$119,577

Up $53,051 (+80%) from 2020

Liabilities

Down

$230,099

Down $64,651 (-22%) from 2020

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin56th percentile

Revenue

Up

$414,213

Up $268,215 (+184%) from 2020

Expenses

Up

$361,162

Up $91,997 (+34%) from 2020

Net Income

Up

$53,051

Up $176,218 (+143%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth34th percentile

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

2021

Assets$349,676
Liabilities$230,099
Net Assets$119,577
Open 2021 Filing

Operations Trend

Revenue Growth91st percentile

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

2021

Revenue$414,213
Expenses$361,162
Net Income$53,051
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.1
Gross Receipts
$494,886
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$211,944$197,762▼ $14,182
Savings and Temporary Cash Investments$71,480$110,773▲ $39,293
Prepaid Expenses and Deferred Charges$13,620$13,585▼ $35
Cash and Non-Interest-Bearing Accounts$41,019$3,885▼ $37,134
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$361,276$349,676▼ $11,600
Other Assets Total$23,213$23,671▲ $458
Liabilities
Mortgage Notes Payable Secured by Investment Property$156,818$140,334▼ $16,484
Unsecured Notes Loans Payable$72,900$72,900→ $0
Other Liabilities$65,032$16,865▼ $48,167
Total Liabilities$294,750$230,099▼ $64,651
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$66,526$119,577▲ $53,051
Total Net Assets Fund Balance$66,526$119,577▲ $53,051
Total Liabilities and Net Assets / Fund Balance$361,276$349,676▼ $11,600

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$106,258$341,342$447,600
Land$91,404-$91,404
Equipment-$15,965$15,965
Other Land Buildings$100$1,460$1,560
Other Assets Org$23,671--
Compensation and Service Providers
Top Officer Pay97th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Howard KolinsExecutive DirectorPT$80,069$80,069

Board Members and Trustees

NameTitle
Nat RubinPresident
Sue WolfeVice President
Adam SuerteDirector
Allen MoodyDirector
Billy ThanopoulosDirector
Carolina JuarezDirector
Christian HaagDirector
Darlene C SamuelsDirector
Debra Hare-beyDirector
Emilio BorregoDirector
Emily FisherDirector
Katya IssaevaDirector
Shantal MarshallDirector
Terry McmahonDirector
Sharon TaylorSecretary
Scott SteibTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$348,464
Program Service Revenue
$0
Investment Income
$142
Other Revenue
$65,607
All Other Contributions
$263,648
Change in Net Assets
$53,051

Audited Revenue Reconciliation

Revenue per Audited Statements
$414,213
Total Revenue per Audited Statements
$414,213
Total Revenue per Form 990
$414,213
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$192,978
Salaries, Compensation, and Employee Benefits$168,184
Total Fundraising Expense$32,525
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$68,059$4,003$8,007$80,069
Other Salaries and Wages$61,002$3,589$7,177$71,768
Payroll Taxes$11,365$1,218$947$13,530
Fees for Services Accounting-$12,000-$12,000
Advertising$7,019-$13$7,032
Insurance-$4,795-$4,795
All Other Expenses$3,248$1,205$223$4,676
Other Employee Benefits$2,367$253$197$2,817
Other Expenses$2,156$127$254$2,537
Office Expenses-$71-$71
Total Functional Expenses$296,377$32,260$32,525$361,162

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$361,162
Total Expenses per Audited Statements$361,162
Total Expenses per Form 990$361,162
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$16,865
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 2021 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
2022-11-15
Discuss with paid preparer
Yes

Organization Details

Formed
1986
Legal Domicile
Ny
Voting Board Members
17
Independent Board Members
16
Employees
6

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, 2021.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
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IRS990/OtherExpensesGrp/FundraisingAmt2254
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IRS990/ProgSrvcAccomActy2Grp/Desc0Merchant Crime Alert Program: The Atlantic Avenue Local Development Corporation (AALDC) provides an E-Group Crime Alert Program through Google Groups for all Atlantic Avenue Merchants and Merchants in the surrounding communities we serve.
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$349,676
Liabilities
$230,099
Net assets
$119,577
Revenue
$414,213
Expenses
$361,162
Net income
$53,051
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