Civic Intelligence

Atlantic Avenue Association Local Development

990 • Fiscal year 2022 • EIN 11-2786225

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 10, 2023

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

0.60x

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

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

92nd percentile

0.53x

Higher debt load relative to revenue than 92% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Net Margin

51st percentile

5.5%

Higher net margin than 51% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Top Officer Pay

97th percentile

$76,724

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 19.2% of source-year revenue.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Asset Growth

50th percentile

1.1%

Faster asset growth than 50% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

37th percentile

-3.5%

Faster revenue growth than 37% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$353,566

Up $3,890 (+1.1%) from 2021

Net Assets

Up

$141,624

Up $22,047 (+18%) from 2021

Liabilities

Down

$211,942

Down $18,157 (-7.9%) from 2021

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin51st percentile

Revenue

Down

$399,662

Down $14,551 (-3.5%) from 2021

Expenses

Up

$377,615

Up $16,453 (+4.6%) from 2021

Net Income

Down

$22,047

Down $31,004 (-58%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth50th 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

2022

Assets$353,566
Liabilities$211,942
Net Assets$141,624
Open 2022 Filing

Operations Trend

Revenue Growth37th 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

2022

Revenue$399,662
Expenses$377,615
Net Income$22,047
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 10, 2023
Return Version
2022v5.0
Gross Receipts
$476,122
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$197,762$184,113▼ $13,649
Savings and Temporary Cash Investments$110,773$104,591▼ $6,182
Prepaid Expenses and Deferred Charges$13,585$13,585→ $0
Cash and Non-Interest-Bearing Accounts$3,885$12,975▲ $9,090
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$349,676$353,566▲ $3,890
Other Assets Total$23,671$38,302▲ $14,631
Liabilities
Mortgage Notes Payable Secured by Investment Property$140,334$122,077▼ $18,257
Unsecured Notes Loans Payable$72,900$73,000▲ $100
Other Liabilities$16,865$16,865→ $0
Total Liabilities$230,099$211,942▼ $18,157
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$119,577$141,624▲ $22,047
Total Net Assets Fund Balance$119,577$141,624▲ $22,047
Total Liabilities and Net Assets / Fund Balance$349,676$353,566▲ $3,890

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$92,675$355,969$448,644
Land$91,404-$91,404
Equipment-$15,965$15,965
Other Land Buildings$34$1,526$1,560
Other Assets Org$38,302--
Compensation and Service Providers
Top Officer Pay97th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Howard KolinsExecutive DirectorPT$76,724$76,724

Board Members and Trustees

NameTitle
Sharon TaylorPresident
Sue WolfeVice President
Adam SuerteDirector
Darlene C SamuelsDirector
Debra Hare-beyDirector
Eileen TrilliDirector
Karen ZebulonDirector
Emily FisherSecretary
Nat RubinTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$317,196
Program Service Revenue
$0
Investment Income
$162
Other Revenue
$82,304
All Other Contributions
$317,196
Change in Net Assets
$22,047

Audited Revenue Reconciliation

Revenue per Audited Statements
$399,662
Total Revenue per Audited Statements
$399,662
Total Revenue per Form 990
$399,662
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$207,498
Salaries, Compensation, and Employee Benefits$170,117
Total Fundraising Expense$28,729
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$65,713$3,865$7,731$77,309
Current Officers, Directors, Trustees, and Key Employees$65,215$3,836$7,673$76,724
Fees for Services Accounting-$14,930-$14,930
Payroll Taxes$11,014$1,180$918$13,112
Advertising$11,137--$11,137
All Other Expenses$2,707$1,599$184$4,490
Insurance-$4,359-$4,359
Other Employee Benefits$2,497$267$208$2,972
Other Expenses$2,713$2,223$319$2,223
Interest-$1,575-$1,575
Office Expenses-$129-$129
Total Functional Expenses$309,733$39,153$28,729$377,615

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$377,615
Total Expenses per Audited Statements$377,615
Total Expenses per Form 990$377,615
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, Section B, Line 11B

“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, Section B, Line 12C

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

Form 990, Part VI, Section B, Line 15A

“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, Section C, Line 19

“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
Sharon Taylor
Title
President
Signed
2023-11-10
Discuss with paid preparer
Yes

Organization Details

Formed
1986
Legal Domicile
Ny
Voting Board Members
10
Independent Board Members
9
Employees
4

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, 2022.”

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IRS990/PayrollTaxesGrp/FundraisingAmt0918
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IRS990/PayrollTaxesGrp/TotalAmt013112
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IRS990/ProgSrvcAccomActy2Grp/Desc0ATLANTIC AVENUE PROMOTIONAL MARKETING:To raise the profile of the avenue and attract visitors, we produced another "ArtWalk" for two weeks in May, the Atlantic Antic Festival in October (one of the largest street fairs in NYC) and holiday events in November and December. Holiday events are held on different days: a tree lighting, an outdoor children's party, Saturday roving holiday music, visits from Santa and a major toy drive. These events bring more foot traffic to the avenue and generate goodwill. Temporary staff are usually young residents from the surrounding area.
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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0123277
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0175757
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt0170884
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt0850026
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt02643
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0189890
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0210824
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0688909
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0857
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IRS990ScheduleA/InvestmentIncomePYPct00.00060
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0381708
IRS990ScheduleA/Total509Grp/TotalAmt01538935
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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$353,566
Liabilities
$211,942
Net assets
$141,624
Revenue
$399,662
Expenses
$377,615
Net income
$22,047
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