Civic Intelligence

Grace Institute

990 • Fiscal year 2015 • EIN 13-1641069

Jul 01, 2014 to Jun 30, 2015 • Filed on May 11, 2016

Organization Profilewww.graceinstitute.org
40 Rector Street 14th FloorNew York, NY 10006

(212) 832-7605

Siviq Scores

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

Liabilities / Assets

23rd percentile

0.08x

Higher debt load relative to assets than 23% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Liabilities / Revenue

26th percentile

0.17x

Higher debt load relative to revenue than 26% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Net Margin

97th percentile

82%

Higher net margin than 97% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Top Officer Pay

17th percentile

$174,999

Higher top officer pay than 17% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Asset Growth

92nd percentile

29%

Faster asset growth than 92% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Revenue Growth

99th percentile

775%

Faster revenue growth than 99% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets23rd percentile

Assets

Up

$56,415,739

Up $12,588,090 (+29%) from 2014

Net Assets

Up

$52,061,350

Up $21,838,940 (+72%) from 2014

Liabilities

Down

$4,354,389

Down $9,250,850 (-68%) from 2014

Revenue And Expenses
Liabilities / Revenue26th percentileNet Margin97th percentile

Revenue

Up

$25,803,207

Up $22,855,084 (+775%) from 2014

Expenses

Up

$4,640,974

Up $692,039 (+18%) from 2014

Net Income

Up

$21,162,233

Up $22,163,045 (+2215%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth92nd percentile

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

$60M$40M$20M$0Assets 2011: $31,003,502Liabilities 2011: $1,159,986Net Assets 2011: $29,843,5162011Assets 2012: $29,498,952Liabilities 2012: $1,231,456Net Assets 2012: $28,267,4962012Assets 2013: $29,802,268Liabilities 2013: $944,706Net Assets 2013: $28,857,5622013Assets 2014: $43,827,649Liabilities 2014: $13,605,239Net Assets 2014: $30,222,4102014Assets 2015: $56,415,739Liabilities 2015: $4,354,389Net Assets 2015: $52,061,3502015Assets 2016: $52,180,143Liabilities 2016: $5,270,134Net Assets 2016: $46,910,0092016Assets 2017: $48,114,142Liabilities 2017: $4,878,923Net Assets 2017: $43,235,2192017Assets 2018: $45,301,035Liabilities 2018: $5,201,977Net Assets 2018: $40,099,0582018Assets 2019: $47,215,927Liabilities 2019: $5,562,092Net Assets 2019: $41,653,8352019Assets 2020: $52,052,870Liabilities 2020: $5,844,832Net Assets 2020: $46,208,0382020Assets 2021: $53,804,591Liabilities 2021: $4,862,920Net Assets 2021: $48,941,6712021Assets 2022: $47,444,330Liabilities 2022: $4,725,209Net Assets 2022: $42,719,1212022Assets 2023: $47,015,400Liabilities 2023: $4,322,782Net Assets 2023: $42,692,6182023Assets 2024: $45,698,476Liabilities 2024: $3,805,800Net Assets 2024: $41,892,6762024

Highlighted filing

2015

Assets$56,415,739
Liabilities$4,354,389
Net Assets$52,061,350
Open 2015 Filing

Operations Trend

Revenue Growth99th percentile

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

$30M$20M$10M$0-$10MRevenue 2011: $2,471,465Expenses 2011: $2,813,358Net Income 2011: -$341,8932011Revenue 2012: $2,316,440Expenses 2012: $3,317,451Net Income 2012: -$1,001,0112012Expenses 2013: $3,289,2122013Revenue 2014: $2,948,123Expenses 2014: $3,948,935Net Income 2014: -$1,000,8122014Revenue 2015: $25,803,207Expenses 2015: $4,640,974Net Income 2015: $21,162,2332015Revenue 2016: $697,069Expenses 2016: $4,555,288Net Income 2016: -$3,858,2192016Revenue 2017: $1,389,644Expenses 2017: $4,952,672Net Income 2017: -$3,563,0282017Revenue 2018: $2,272,822Expenses 2018: $3,268,582Net Income 2018: -$995,7602018Revenue 2019: $1,787,355Expenses 2019: $3,287,959Net Income 2019: -$1,500,6042019Revenue 2020: $3,719,692Expenses 2020: $2,973,587Net Income 2020: $746,1052020Revenue 2021: $2,433,111Expenses 2021: $3,179,847Net Income 2021: -$746,7362021Revenue 2022: $566,435Expenses 2022: $3,274,911Net Income 2022: -$2,708,4762022Revenue 2023: $1,328,173Expenses 2023: $3,117,379Net Income 2023: -$1,789,2062023Revenue 2024: $1,611,800Expenses 2024: $3,237,366Net Income 2024: -$1,625,5662024

Highlighted filing

2015

Revenue$25,803,207
Expenses$4,640,974
Net Income$21,162,233
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 11, 2016
Return Version
2014v6.0
Gross Receipts
$44,668,125
Mission and Program Overview

Mission

Grace Institutes mission is to empower underserved women in the New York area to achieve employment and economic self-sufficiency. Within a supportive and structured environment, Grace Institute provides job-skills training, counseling, placement services and continuous learning opportunities that lead to upwardly mobile employment. Grace Institute offers these services so that participants can realize their inherent strength, resilience and limitless potential.

Grace Institutes mission is to empower underserved women in the New York area to achieve employment and economic self-sufficiency.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,479,713$18,597,023▲ $5,117,310
Investments Other Securities$17,855,709$15,243,725▼ $2,611,984
Investments in Publicly Traded Securities$12,254,715$11,972,744▼ $281,971
Savings and Temporary Cash Investments$66,202$10,134,546▲ $10,068,344
Prepaid Expenses and Deferred Charges$108,790$31,868▼ $76,922
Cash and Non-Interest-Bearing Accounts$4,658$3,446▼ $1,212
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 Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$43,827,649$56,415,739▲ $12,588,090
Other Assets Total$57,862$432,387▲ $374,525
Liabilities
Accounts Payable and Accrued Expenses$86,649$2,477,105▲ $2,390,456
Mortgage Notes Payable Secured by Investment Property$13,008,940$1,850,000▼ $11,158,940
Other Liabilities$494,650$21,484▼ $473,166
Deferred Revenue$15,000$5,800▼ $9,200
Total Liabilities$13,605,239$4,354,389▼ $9,250,850
Net Assets / Fund Balance
Unrestricted Net Assets$30,032,149$51,998,885▲ $21,966,736
Temporarily Rstr Net Assets$190,261$62,465▼ $127,796
Total Net Assets Fund Balance$30,222,410$52,061,350▲ $21,838,940
Total Liabilities and Net Assets / Fund Balance$43,827,649$56,415,739▲ $12,588,090

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$18,135,661-$18,135,661
Equipment$461,362$19,592$480,954
Compensation and Service Providers
Top Officer Pay17th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Shari KrullExecutive DirectorFT$174,999$7,210$174,999
Sid RossSenior DirectorFT$149,856$7,210$157,066
Jolene HandySenior DirectorFT$123,760$7,210$130,970
Alex EchegarayFacility Mgr.FT$105,114$7,210$112,324
Ernest SchaalComptrollerFT$110,602-$110,602
Brigid LangSnr Director FinanceFT$66,459$7,210$73,669

Board Members and Trustees

NameTitle
Patrick GraceChair
Patricia MontgomeriePresident
Bethany MendiesDirector
Christine AndersonDirector
Christine MerkleDirector
Elise CoreyDirector
Howard GraceDirector
J Peter GraceDirector
Michael WanderaDirector
Terry Grace SearsAsst. Sec.

Highest Paid Contractors

ContractorServicesLocationCompensation
GenslerArchitect12478 Collection Center Drive, Chicago, IL 60693$183,646
Revenue and Support

Revenue Composition

Contributions and Grants
$1,104,883
Program Service Revenue
$16,290
Investment Income
$24,681,823
Other Revenue
$211
All Other Contributions
$867,898
Change in Net Assets
$21,162,233

Audited Revenue Reconciliation

Revenue per Audited Statements
$25,524,885
Revenue Not Reported on Financial Statements
$278,322
Revenue Not Reported on Form 990
$676,707
Total Revenue per Audited Statements
$26,201,592
Total Revenue per Form 990
$25,803,207
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,679,444
Other Expenses$1,961,530
Total Fundraising Expense$389,532
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,539,333$164,424$168,524$1,872,281
Current Officers, Directors, Trustees, and Key Employees$139,999$272,500$17,500$429,999
Fees for Service Investment Mgmnt Fees-$278,322-$278,322
All Other Expenses$140,367$36,520$32,078$208,965
Other Employee Benefits$135,471$35,247$15,006$185,724
Payroll Taxes$132,457$34,462$14,673$181,592
Insurance$115,700$30,103$12,816$158,619
Interest-$129,954-$129,954
Travel$52,778$13,731$5,846$72,355
Other Expenses$64,547$23,301$9,921$64,547
Office Expenses$42,992$11,185$4,762$58,939
Pension Plan Contributions$7,183$1,869$796$9,848
Advertising-$7,958-$7,958
Depreciation Depletion$4,496$1,170$498$6,164
Total Functional Expenses$2,864,064$1,387,378$389,532$4,640,974

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,640,974
Expenses per Audited Statements$4,362,652
Total Expenses per Audited Statements$4,362,652
Expenses Not Reported on Financial Statements$278,322
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$22,490
Fundraising Gross Income$22,490
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Breakfast with Grace$259,475$22,490$22,490$0
Total Events$259,475$22,490$22,490-
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Wendy DaviesFormer Dir.Security ConsultantNo$93,982

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
Security deposit payable$21,484
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
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 2: Description of Business or Family Relationship of Officers, Directors, Et

“The Grace Institute was founded in the late 1800s by the Grace Family, who remain active with the organization today. Two members of the Board are brother and sister; several members are Grace Family cousins and one nephew.”

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

“Management reviewed a draft of the form 990 with the audit/finance committee and provided edits to the tax preparer. After this process was performed, the form 990 was sent to the full board of directors prior to being filed with the IRS.”

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

“The organization has a "board approved" conflicts of interest policy. Each board member must fill out an annual declaration stating they had no conflicts or identifying the nature of their interested party transactions.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The Operations Consultant developed a salary grid based on comparable data from recognized studies of the sector, which was reviewed by the Executive Committee, and assessed when determining the annual budget.”

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

“Documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Grace Institute
EIN
13-1641069
Phone
2128327605
Address
40 Rector Street 14th Floor, New York, NY 10006

Signing Officer

Name
Patrick Grace
Title
Chair
Signed
2016-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Grace
Formed
1897
Legal Domicile
Ny
Voting Board Members
10
Independent Board Members
10
Employees
39
Volunteers
790

Preparer

Firm
Schall & Ashenfarb Cpas
Address
307 5th Ave 15th Floor, NEW YORK, NY 10016-6517
Preparer
David C Ashenfarb
Phone
2122682800
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Institute does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending June 30, 2012 and later are subject to examination by applicable taxing authorities.”

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IRS990/Form990PartVIISectionAGrp/PersonNm5Bethany Mendies
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IRS990/Form990PartVIISectionAGrp/PersonNm7J Peter Grace
IRS990/Form990PartVIISectionAGrp/PersonNm8Christine Merkle
IRS990/Form990PartVIISectionAGrp/PersonNm9Michael Wandera
IRS990/Form990PartVIISectionAGrp/PersonNm10Shari Krull
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IRS990/Form990PartVIISectionAGrp/TitleTxt1President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Asst. Sec.
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Executive Dir.
IRS990/Form990PartVIISectionAGrp/TitleTxt11Comptroller
IRS990/Form990PartVIISectionAGrp/TitleTxt12Snr Dir Finance
IRS990/Form990PartVIISectionAGrp/TitleTxt13Senior Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Senior Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Facility Mgr.
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IRS990/MembersOrStockholdersInd0true
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IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0Grace Institutes mission is to empower underserved women in the New York area to achieve employment and economic self-sufficiency. Within a supportive and structured environment, Grace Institute provides job-skills training, counseling, placement services and continuous learning opportunities that lead to upwardly mobile employment. Grace Institute offers these services so that participants can realize their inherent strength, resilience and limitless potential.
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IRS990/OfficeExpensesGrp/FundraisingAmt04762
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IRS990/OfficeExpensesGrp/TotalAmt058939
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IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt0432387
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IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt035247
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0135471
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0185724
IRS990/OtherExpensesGrp/Desc0Condo expenses
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IRS990/OtherExpensesGrp/FundraisingAmt171087
IRS990/OtherExpensesGrp/FundraisingAmt29921
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt086087
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1260545
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt223301
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IRS990/OtherExpensesGrp/TotalAmt2122782
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$56,415,739
Liabilities
$4,354,389
Net assets
$52,061,350
Revenue
$25,803,207
Expenses
$4,640,974
Net income
$21,162,233
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$45.7$3.81$41.9$1.61$3.24$1.63
2023Summary only. Only limited summary data is available for this year.$47.0$4.32$42.7$1.33$3.12$1.79
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$47.4$4.73$42.7$0.57$3.27$2.71
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$53.8$4.86$48.9$2.43$3.18$0.75
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$52.1$5.84$46.2$3.72$2.97$0.75
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$47.2$5.56$41.7$1.79$3.29$1.50
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$45.3$5.20$40.1$2.27$3.27$1.00
2017Summary only. Only limited summary data is available for this year.$48.1$4.88$43.2$1.39$4.95$3.56
2016Summary only. Only limited summary data is available for this year.$52.2$5.27$46.9$0.70$4.56$3.86
2015Detailed filing. Detailed filing data is available for this year.$56.4$4.35$52.1$25.8$4.64$21.2
2014Detailed filing. Detailed filing data is available for this year.$43.8$13.6$30.2$2.95$3.95$1.00
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.8$0.94$28.9$3.29
2012Summary only. Only limited summary data is available for this year.$29.5$1.23$28.3$2.32$3.32$1.00
2011Summary only. Only limited summary data is available for this year.$31.0$1.16$29.8$2.47$2.81$0.34