Civic Intelligence

Grace Institute

990 • Fiscal year 2018 • EIN 13-1641069

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 13, 2019

Organization Profilewww.graceinstitute.org
1270 Avenue of the AmericasNew York, NY 10020

(212) 262-0662

Siviq Scores

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

Liabilities / Assets

34th percentile

0.11x

Higher debt load relative to assets than 34% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

87th percentile

2.29x

Higher debt load relative to revenue than 87% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Net Margin

5th percentile

-44%

Higher net margin than 5% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

29th percentile

$175,000

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 7.7% of source-year revenue.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Asset Growth

15th percentile

-5.8%

Faster asset growth than 15% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

91st percentile

64%

Faster revenue growth than 91% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets34th percentile

Assets

Down

$45,301,035

Down $2,813,107 (-5.8%) from 2017

Net Assets

Down

$40,099,058

Down $3,136,161 (-7.3%) from 2017

Liabilities

Up

$5,201,977

Up $323,054 (+6.6%) from 2017

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin5th percentile

Revenue

Up

$2,272,822

Up $883,178 (+64%) from 2017

Expenses

Down

$3,268,582

Down $1,684,090 (-34%) from 2017

Net Income

Up

-$995,760

Up $2,567,268 (+72%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth15th 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

2018

Assets$45,301,035
Liabilities$5,201,977
Net Assets$40,099,058
Open 2018 Filing

Operations Trend

Revenue Growth91st 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

2018

Revenue$2,272,822
Expenses$3,268,582
Net Income-$995,760
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 13, 2019
Return Version
2018v3.1
Gross Receipts
$14,405,998
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 Institute provides financial support to job training programs in New York City that enable women to achieve sustained, gainful employment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$19,308,171$18,792,789▼ $515,382
Investments Other Securities$13,234,416$14,817,047▲ $1,582,631
Investments in Publicly Traded Securities$13,710,135$11,018,667▼ $2,691,468
Savings and Temporary Cash Investments$1,773,279$590,982▼ $1,182,297
Cash and Non-Interest-Bearing Accounts$14,828$33,855▲ $19,027
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-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$48,114,142$45,301,035▼ $2,813,107
Other Assets Total$73,313$47,695▼ $25,618
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,788,920$5,169,703▲ $380,783
Accounts Payable and Accrued Expenses$68,519$32,274▼ $36,245
Other Liabilities$21,484--
Total Liabilities$4,878,923$5,201,977▲ $323,054
Net Assets / Fund Balance
Unrestricted Net Assets$43,173,254$40,037,093▼ $3,136,161
Temporarily Rstr Net Assets$61,965$61,965→ $0
Total Net Assets Fund Balance$43,235,219$40,099,058▼ $3,136,161
Total Liabilities and Net Assets / Fund Balance$48,114,142$45,301,035▼ $2,813,107

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$18,734,039$1,554,708$20,288,747
Equipment$37,764$16,184$53,948
Other Land Buildings$20,986$5,734$26,720
Compensation and Service Providers
Top Officer Pay29th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Patrick GracePresident & CEOPT$175,000$175,000

Board Members and Trustees

NameTitle
Patricia MontgomerieDirector
Rev Patrick DevineDirector
William R Grace JrDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Vincent L PomeranzBusiness Consulting200 East 90th Street APT 17E, New York, NY 10128$117,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$2,264,470
Other Revenue
$8,352
Change in Net Assets
$-995,760

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,789,455
Revenue Not Reported on Financial Statements
$483,367
Revenue Not Reported on Form 990
$-2,140,401
Total Revenue per Audited Statements
$-350,946
Total Revenue per Form 990
$2,272,822
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,720,000
Other Expenses$1,354,789
Salaries, Compensation, and Employee Benefits$193,793
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,720,000--$1,720,000
Depreciation Depletion$535,110--$535,110
Fees for Service Investment Mgmnt Fees-$483,367-$483,367
Current Officers, Directors, Trustees, and Key Employees$145,923$36,481-$182,404
Interest-$174,655-$174,655
Fees for Services Other-$106,975-$106,975
Fees for Services Accounting-$30,200-$30,200
Office Expenses$18,405$4,601-$23,006
Payroll Taxes$9,111$2,278-$11,389
Fees for Services Legal-$1,476-$1,476
Total Functional Expenses$2,428,549$840,033$0$3,268,582

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,268,582
Expenses per Audited Statements$2,785,215
Total Expenses per Audited Statements$2,785,215
Expenses Not Reported on Financial Statements$483,367
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Grace Institute of New YorkNew York, NY501(c)(3)Operational Support$1,670,000
Grace OutreachBronx, NY501(c)(3)Operational Support$50,000
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-
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
No
Compensation from other sources disclosed
Yes
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 2: Description of Business or Family Relationship of Officers, Directors, Et

“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 one of the two board members referenced.”

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

“Each year, the board reviews comparable salaries based on a recognized study and reviews the performance of the President & CEO to determine if the existing salary falls within these ranges. After a deliberation of this matter, a new proposed salary package is voted on. The minutes of the board of directors reflect the nature of this process.”

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
2122620662
Address
1270 Avenue of the Americas, New York, NY 10020

Signing Officer

Name
Patrick Grace
Title
President & CEO
Signed
2019-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Grace
Formed
1897
Legal Domicile
Ny
Voting Board Members
4
Independent Board Members
3
Employees
1
Volunteers
3

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, 2015 and later are subject to examination by applicable taxing authorities.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MissionDesc0Grace Institute (the "Foundation") provides financial support to job training programs in New York City that enable women to achieve sustained, gainful employment. The Foundation gives particular attention to the ongoing operation and viability of Grace Institute of New York, which assumed the Foundation's historical operation role in New York City workforce development in October 2016.
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt016184
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IRS990ScheduleD/RevenueNotReportedAmt0-2140401
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IRS990ScheduleD/RevenueSubtotalAmt01789455
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Institute does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending June 30, 2015 and later are subject to examination by applicable taxing authorities.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleD/TotalBookValueSecuritiesAmt014817047
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IRS990ScheduleI/RecipientTable/IRCSectionDesc1501(c)(3)
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt10
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Operational Support
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1Operational Support
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Grace Institute of New York
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1Grace Outreach
IRS990ScheduleI/RecipientTable/RecipientEIN0810844164
IRS990ScheduleI/RecipientTable/RecipientEIN1861110482
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt040 Rector Street 14th floor
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1378 E 151st St 5
IRS990ScheduleI/RecipientTable/USAddress/CityNm0New York
IRS990ScheduleI/RecipientTable/USAddress/CityNm1Bronx
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0175000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Patrick Grace
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President & CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0175000
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Grace 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 one of the two board members referenced.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Management 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Each year, the board reviews comparable salaries based on a recognized study and reviews the performance of the President & CEO to determine if the existing salary falls within these ranges. After a deliberation of this matter, a new proposed salary package is voted on. The minutes of the board of directors reflect the nature of this process.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Documents are made available upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$45,301,035
Liabilities
$5,201,977
Net assets
$40,099,058
Revenue
$2,272,822
Expenses
$3,268,582
Net income
-$995,760
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
2018Detailed filing. Detailed filing data is available for this year.$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