Civic Intelligence

Grace Institute

990 • Fiscal year 2016 • EIN 13-1641069

Jul 01, 2015 to Jun 30, 2016 • Filed on May 12, 2017

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

(212) 832-7605

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$52,180,143

Flat from 2016

Net Assets

Flat

$46,910,009

Flat from 2016

Liabilities

Flat

$5,270,134

Flat from 2016

Revenue And Expenses

Revenue

Flat

$697,069

Flat from 2016

Expenses

Flat

$4,555,288

Flat from 2016

Net Income

Flat

-$3,858,219

Flat from 2016

Historical Trend

Balance Sheet Trend

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 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

2016

Assets$52,180,143
Liabilities$5,270,134
Net Assets$46,910,009
Open 2016 Filing

Operations Trend

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 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

2016

Revenue$697,069
Expenses$4,555,288
Net Income-$3,858,219
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 12, 2017
Return Version
2015v3.0
Gross Receipts
$9,217,472
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$18,597,023$20,922,764▲ $2,325,741
Investments Other Securities$15,243,725$16,477,454▲ $1,233,729
Investments in Publicly Traded Securities$11,972,744$11,372,590▼ $600,154
Savings and Temporary Cash Investments$10,134,546$3,291,522▼ $6,843,024
Prepaid Expenses and Deferred Charges$31,868$61,228▲ $29,360
Cash and Non-Interest-Bearing Accounts$3,446$4,201▲ $755
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$56,415,739$52,180,143▼ $4,235,596
Other Assets Total$432,387$50,384▼ $382,003
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,850,000$4,935,000▲ $3,085,000
Accounts Payable and Accrued Expenses$2,477,105$310,951▼ $2,166,154
Other Liabilities$21,484$21,484→ $0
Deferred Revenue$5,800$2,699▼ $3,101
Total Liabilities$4,354,389$5,270,134▲ $915,745
Net Assets / Fund Balance
Unrestricted Net Assets$51,998,885$46,847,944▼ $5,150,941
Temporarily Rstr Net Assets$62,465$62,065▼ $400
Total Net Assets Fund Balance$52,061,350$46,910,009▼ $5,151,341
Total Liabilities and Net Assets / Fund Balance$56,415,739$52,180,143▼ $4,235,596

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$20,116,268$241,403$20,357,671
Equipment$806,496$136,572$943,068
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brigid LangExecutive DirectorFT$158,116$8,600$166,716
Sid RossSenior DirectorFT$149,820$8,600$158,420
Shari KrullExecutive DirectorFT$144,615-$144,615
Ernest SchaalFormer ComptrollerFT$120,000$8,600$120,000
Jessica JamesDev. Direct.FT$105,829$8,600$114,429

Board Members and Trustees

NameTitle
Patrick GraceChair
Patricia MontgomeriePresident
Father Patrick DevineDirector
Michael WanderaDirector
William GraceDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
JT Magen & CoContractor44 W 28th St, New York, NY 10001$5,878,263
GenslerArchitect1700 Broadway 400, New York, NY 10019$465,744
40 Rector CondominiumCommon Charges295 Madison Ave 2nd FL, New York, NY 10017$310,525
Levien & Company IncReal Estate Conslt.570 Lexington Ave, New York, NY 10022$228,285
Johnsen SecuritiesSecurity224 East 49th Street, New YOrk, NY 10017$108,664
Revenue and Support

Revenue Composition

Contributions and Grants
$412,927
Program Service Revenue
$27,634
Investment Income
$256,508
Other Revenue
$0
All Other Contributions
$412,927
Change in Net Assets
$-3,858,219

Audited Revenue Reconciliation

Revenue per Audited Statements
$432,830
Revenue Not Reported on Financial Statements
$264,239
Revenue Not Reported on Form 990
$-1,293,122
Total Revenue per Audited Statements
$-860,292
Total Revenue per Form 990
$697,069
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,369,604
Salaries, Compensation, and Employee Benefits$2,185,684
Total Fundraising Expense$383,622
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,314,230$113,218$181,292$1,608,740
Fees for Service Investment Mgmnt Fees-$378,629-$378,629
Depreciation Depletion$291,960$26,646$39,777$358,383
Fees for Services Other$177,523$126,128$8,608$312,259
Occupancy$201,269$21,638$27,119$250,026
Current Officers, Directors, Trustees, and Key Employees$199,292$24,912$24,912$249,116
Fees for Services Legal-$245,605-$245,605
Other Employee Benefits$133,187$12,155$18,145$163,487
Payroll Taxes$128,379$11,717$17,490$157,586
Insurance$91,076$8,312$12,408$111,796
Travel$89,656$8,182$12,215$110,053
Interest-$87,695-$87,695
Other Expenses$49,342$4,504$6,722$60,568
All Other Expenses$48,759$4,449$6,643$59,851
Office Expenses$44,851$4,093$6,111$55,055
Advertising-$14,218-$14,218
Pension Plan Contributions$5,503$502$750$6,755
Total Functional Expenses$3,064,707$1,106,959$383,622$4,555,288

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,555,288
Expenses per Audited Statements$4,291,049
Total Expenses per Audited Statements$4,291,049
Expenses Not Reported on Financial Statements$264,239
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
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
No
Material changes to governing documents
Yes
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 cousins and one is a nephew to both.”

Form 990, Part VI, Line 4: Description of Significant Changes to Organizational Documents

“Updated bylaws to conform with the Nonprofit Revitalization Act and revise the role of the Grace family members. In addition, the Act of Incorporation of the Institute was updated as a result of these changes.”

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 15A: Compensation Review & Approval Process - CEO, Top Management

“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 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
2017-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Grace
Formed
1897
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
47
Volunteers
720

Preparer

Firm
Schall & Ashenfarb Cpas
Address
307 5th Ave 15th Floor, NEW YORK, NY 10016-6517
Preparer
Michael Schall
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, 2013 and later are subject to examination by applicable taxing authorities.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Executive Dir.
IRS990/Form990PartVIISectionAGrp/TitleTxt6Executive Dir.
IRS990/Form990PartVIISectionAGrp/TitleTxt7Dev. Direct.
IRS990/Form990PartVIISectionAGrp/TitleTxt8Senior Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Former Comptroller
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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/OtherEmployeeBenefitsGrp/FundraisingAmt018145
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt012155
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0133187
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0163487
IRS990/OtherExpensesGrp/Desc0School supplies & expensess
IRS990/OtherExpensesGrp/Desc1Miscellaneous
IRS990/OtherExpensesGrp/Desc2Repairs & maintenance
IRS990/OtherExpensesGrp/Desc3Telephone
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IRS990/OtherExpensesGrp/FundraisingAmt18931
IRS990/OtherExpensesGrp/FundraisingAmt26722
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$52,180,143
Liabilities
$5,270,134
Net assets
$46,910,009
Revenue
$697,069
Expenses
$4,555,288
Net income
-$3,858,219
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
2016Detailed filing. Detailed filing data is available for this year.$52.2$5.27$46.9$0.70$4.56$3.86
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