Central Park Conservancy Inc.

“Board Relationships: A relationship questionnaire is distributed to the Conservancy's Board of Trustees on an annual basis. The following trustees disclosed inter-board relationships during fiscal-year 2020: 1. Mrs. Jane Heller has a business relationship with Ms. Judy Hart Angelo and Mrs. Leni May. 2. Mr. Joe Roby has a business relationship with Hamilton James, husband of Board Member Amabel James. 3. Mr. Jeff Blau has a business relationship with Mr. Robert Lieber and Mr. Henry Kravis. 4. Mr. Richard Cashin has a business relationship with Thomas L. Kempner, Jr.”

“Review of Form 990: ON March 1, 2021, EisnerAmper LLP met with the Conservancy's Chairman, Treasurer, Secretary-General Counsel, CHAIRMAN OF THE AUDIT COMMITTEE, Chairman of the Finance Committee and Management tO REVIEW THE FORM 990. The Central park conservancy's form 990 was prepared by EisnerAmper LLP, the independent tax preparer, based on information provided by the organization's finance and management personnel. SUBSEQUENTLY, THE 990 WAS PROVIDED TO THE BOARD for review prior to filing the return with the IRS.”

“Conflict of Interest, Whistleblower and Ethics Policy: The Central Park Conservancy ratifies the conflict of interest policy annually. Each trustee, officer, and key employee is required to sign a copy of the policy and provide a certified acknowledgement that they have read and disclosed any conflicts. Copies of these signed policies along with trustee disclosures are kept on file at the central park conservancy's offices.”

“Compensation: The compensation and management development committee which is comprised of independent members of the governing board engaged independent expert compensation consultants to evaluate executive compensation levels and establish peer-group-based benchmarks related to the organization's mission. Trustees routinely evaluate management's performance and compensation to ensure that the compensation process is appropriate and designed to attract and retain the best talent in the industry. The committee documents compensation determinations in the committee minutes.”

“Governing Documents: The by-laws, annual reports, audited financial statements, IRS Form 990 documents, conflict of interest policy and privacy policy of the central park conservancy are all available online at www.centralparknyc.org. Form 990, Part XI, Line 9 Other Changes in net assets: CHANGE IN value of SPLIT-INTEREST agreements ($24,862). FORM 990, SCHEDULE B, PART I DONOR 1, 8, AND 9 REPRESENT THE PRO RATA RELEASE OF DEFERRED REVENUE RELATED TO THE CONSERVANCY'S HARLEM MEER PROJECT CENTER DESIGN COSTS.”

“ORGANIZATION'S MISSION: The Central Park Conservancy oversees all aspects of the care, maintenance and restoration of New Yorks most iconic public space, Central Park. This work allows the Parks 843-acres to serve as source of respite and relaxation, impacting the physical and mental well-being of City residents, and all of the 40-million people who visit the Park each year. The mission of the Central Park Conservancy is to preserve and celebrate Central Park as a sanctuary from the pace and pressure of city life, enhancing the enjoyment and wellbeing of all. Central Park is a masterpiece of landscape architecture created to provide a profoundly democratic space and green respite for the City and all its people and to establish New York as one of the great cities of the world, The Conservancy honors its commitment to this iconic public space by applying its deep expertise in urban park management; by partnering with the community and the City of New York; and by marshalling all of the resources necessary for the Parks long-term care. The Conservancys work is founded on the belief that citizen leadership and private philanthropy are key to ensuring that the Park and its essential purpose endure. Form 990, Part III, Line 4d Program Services: The Central Park Conservancy Institute for Urban Parks is the educational arm of the Central Park Conservancy. The Institute develops programs designed to foster a deeper appreciation for urban parks and shares the Conservancy's world-class management and stewardship practices. Through the Institute for Urban Parks, the Central Park Conservancy is training and teaching urban park professionals and park stewards, globally, and locally. The Central Park Conservancy is helping other NYC Parks' throughout the five boroughs to share our best practices in Urban park management.”

“(A) COVID-19: COVID-19 HAS IMPACTED THE OPERATIONS OF MANY PHILANTHROPIC ORGANIZATIONS, INCLUDING THOSE LIKE THE CONSERVANCY WHICH PERFORMS AN "ESSENTIAL" FUNCTION FOR THE CITY OF NEW YORK (AS DEFINED BY NYS EXECUTIVE ORDER 202.6) BY MAINTAINING CENTRAL PARK. THE PARK HAS REMAINED OPEN THROUGHOUT THE CRISIS DURING WHICH USE HAS NOT DECREASED AS THE PARK HAS CONTINUED TO BE A REFUGE VITAL TO THE HEALTH OF NEW YORKERS. FAILURE TO MAINTAIN THE PARK AT CURRENT LEVELS COULD NEGATIVELY IMPACT THE CONSERVANCY'S SIGNIFICANT CAPITAL INVESTMENT AND MAY CAUSE IRREPARABLE REPUTATIONAL DAMAGE WITH ITS DONORS AND THE PUBLIC. IN MARCH 2020, STATE AND LOCAL GOVERNMENTS IN NEW YORK DECLARED A STATE OF EMERGENCY AND ISSUED A CIVIL ORDER OF SHUTDOWN. THE RESTRICTIONS IMPOSED BY THESE ORDERS RESULTED IN THE CLOSURE OF ALL CONCESSIONS IN CENTRAL PARK AND IMPOSED PROHIBITIONS ON LARGE PUBLIC GATHERINGS, WHICH FORCED THE CONSERVANCY TO CANCEL ALL ITS spring AND SUMMER FUNDRAISING EVENTS. FURTHERMORE, THE CONSERVANCY IS FORECASTING FOR FISCAL YEAR 2021, CONTINUED CANCELLATIONS OF FUNDRAISING EVENTS AND A REDUCTION IN NYC FUNDING PURSUANT TO ITS AGREEMENT WITH THE CITY DUE TO THE SHUTDOWN OF PARK CONCESSIONS. Budget adjustments have been implemented to mitigate the revenue impacts, including a hiring freeze, reducing executive compensation, freezing employee salaries, and limiting contracted and consulting expenses. Given the relative size of the Conservancys annual operating budget and the projected loss of fundraising revenue and funding from the City, the Conservancy concluded that in view of the current economic uncertainty, relying solely upon its own assets would threaten the Conservancys near-term operations. (b) PAYROLL PROTECTION PROGRAM (PPP) LOAN: FORM 990, PART X, LINE 24: ON APRIL 10, 2020, THE CONSERVANCY RECEIVED LOAN PROCEEDS IN THE AMOUNT OF $5,360,760 UNDER THE PAYROLL PROTECTION PROGRAM ("PPP"). THE PPP, ESTABLISHED AS PART OF THE CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY ACT ("CARES ACT"), PROVIDES FOR LOANS TO QUALIFIYING BUISNESSES FOR AMOUNTS UP TO 2.5 TIMES OF THE AVERAGE MONTHLY PAYROLL EXPENSES OF THE QUALIFYING BUSINESS. The loan and accrued interest are forgivable after eight weeks that begins on the first day of the organizations first pay period following their PPP loan disbursement date and ends no later than December 31, 2020, as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the eight-week period. The Conservancy used the proceeds for qualifying payroll costs consistent with the PPP guidance. The Conservancy believes that its use of the loan proceeds has met the conditions for forgiveness; however, no assurance can be provided that the Conservancy will be eligible for forgiveness, in whole, or in part. The Conservancy has accrued interest in the amount of $13,403 as of June 30, 2020. Any amount of the PPP loan that is unforgiven is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. The Conservancy is unable to determine if there will be material adverse effect on its operating results of financial position beyond fiscal year 2021.”

“Description:consulting services total fees:8318103”

“Description:mailing services total fees:491854”

“Description:other services total fees:1247508”