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 2021: 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. Mr. Jeff Blau's firm is a member of Wollman Park Partners LLC. 4. Ms. Nanar Yoseloff has a business relationship with Thomas L. Kempner, Jr.”

“Review of Form 990: ON March 30, 2022, Eisner Advisory Group LLC, 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 Eisner Advisory Group LLC, 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, Related Party Transaction 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 group of the executive 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 group documents compensation determinations in its meeting 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 ($73,703).”

“ORGANIZATION'S MISSION: The Central Park Conservancy oversees all aspects of the care, maintenance and restoration of New York's most iconic public space, Central Park. This work allows the Park's 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. Our guiding principle is that 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 Park's long-term care. The Conservancy's 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 I, Line 8 and 13, and Schedule A, Part II, Lines 1E and 7E, Part VI, Excess Contributions and Schedule B, Part Lines 1-4: Harlem Meer Outdoor Center: In February 2019, the Conservancy entered into pledge agreements with four donors to provide $100 million (collectively) in funding to be paid over a five-year period for the construction, operation and management of a new pool and ice rink. The pledge agreements contained provisions that the Conservancy viewed as conditional promises. Pledge payments received prior to meeting conditional promises were recorded as deferred revenue in the amount of $21 million and $15 million for fiscal years 2020 and 2019, respectively. In fiscal-year 2021, the Conservancy met the donor-imposed conditions to recognize pledged contributions for the Harlem Meer Outdoor Center as revenue in accordance with generally accepted accounting principles. For Harlem Meer Outdoor Center, the Conservancy recognized $93 million adjusted for net present value and changes in investment. Approximately $6 million in revenue was recognized in previous years for the Harlem Meer Outdoor Center planning expenses. Form 990, Part I, Line 21 and Part X, Lines 1,2,3,17,19 and Part XI, Line 1: Harlem Meer Outdoor Center: In fiscal-year 2021, the Conservancy has met the donor-imposed conditions to fully recognize pledged Contributions in accordance with GAAP; - $93 million in contributions receivable: total donor pledges, less planning expenses incurred to date - $47 million in cash and short-term investments: reclassed from deferred revenue and is available for use, restricted to the project - $42 million contributions receivable: remaining due from donors 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 continued to impact the operations of 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 continued at a high level 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 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. These restrictions continued in FY 2021 causing a reduction in concessions and other revenue (gift shops, retail stores, and tours). Concessions remained closed through October and were not reopened until November 2020 at limited capacity. Contribution revenue was impacted due to social distancing restrictions that limited the scale of event based fundraising and operations contract payment to the Conservancy decreased due to changes in the management agreement with the City of New York. The Conservancy voluntarily implemented the following budget austerity measures: (a) a hiring freeze was implemented; (b) all employee salaries were frozen; (c) executive compensation was reduced; and (d) non personnel operating costs (including contracted services and consulting services) were limited. Notwithstanding implementation of the foregoing austerity measures, the Conservancy continued to maintain Central Park at pre pandemic levels as required under its Management Agreement with the City of New York and the Department of Parks and Recreation and continued to provide operational support and perform maintenance work in under resourced NYC parks in all five boroughs across NYC, incurring additional expenses to help maintain these parks at pre COVID levels. The COVID 19 pandemic has negatively affected national, state, and local economies and global financial markets. While the financial impact on the Conservancy cannot be quantified at this time, we do not anticipate that the pandemic will have a material adverse effect on the current and future financial profile and operating performance of the Conservancy. The Conservancy continues to monitor the course of the pandemic and is prepared to take additional measures to protect the health of New Yorkers and promote the continuity of the Conservancy's mission. (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 $5.3 million under the Paycheck Protection Program ("PPP"). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The Conservancy used the proceeds for qualifying payroll costs consistent with the PPP guidance. After the June 30, 2021 reporting period, the Conservancy's Payroll Protection Program (PPP) loan and related accrued interest were fully authorized for forgiveness by the Small Business Administration.”

“Description:consulting fees total fees:8537656”

“Description:mailing services total fees:224031”

“Description:other services total fees:640520”