Civic Intelligence

Ahrc Nyc New Projects Inc.

990 • Fiscal year 2019 • EIN 13-3587176

Jul 01, 2018 to Jun 30, 2019 • Filed on May 12, 2020

83 Maiden LaneNew York, NY 10038

(212) 780-2500

Siviq Scores

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

Liabilities / Assets

93rd percentile

1.01x

Higher debt load relative to assets than 93% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

97th percentile

11.59x

Higher debt load relative to revenue than 97% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Net Margin

53rd percentile

4.2%

Higher net margin than 53% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

5th percentile

$0

Higher top officer pay than 5% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Asset Growth

8th percentile

-6.8%

Faster asset growth than 8% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

23rd percentile

-7.7%

Faster revenue growth than 23% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Assets

Down

$51,692,906

Down $3,755,333 (-6.8%) from 2018

Net Assets

Up

-$638,940

Up $188,269 (+23%) from 2018

Liabilities

Down

$52,331,846

Down $3,943,602 (-7.0%) from 2018

Revenue

Down

$4,516,946

Down $376,563 (-7.7%) from 2018

Expenses

Down

$4,328,681

Down $334,086 (-7.2%) from 2018

Net Income

Down

$188,265

Down $42,477 (-18%) from 2018

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0-$20MAssets 2011: $76,202,061Liabilities 2011: $70,545,861Net Assets 2011: $5,656,2002011Assets 2012: $73,473,069Liabilities 2012: $74,521,567Net Assets 2012: -$1,048,4982012Assets 2013: $70,804,371Liabilities 2013: $72,017,294Net Assets 2013: -$1,212,9232013Assets 2014: $67,452,500Liabilities 2014: $68,625,798Net Assets 2014: -$1,173,2982014Assets 2015: $67,540,207Liabilities 2015: $69,255,845Net Assets 2015: -$1,715,6382015Assets 2016: $62,821,080Liabilities 2016: $64,195,602Net Assets 2016: -$1,374,5222016Assets 2017: $58,416,842Liabilities 2017: $59,474,793Net Assets 2017: -$1,057,9512017Assets 2018: $55,448,239Liabilities 2018: $56,275,448Net Assets 2018: -$827,2092018Assets 2019: $51,692,906Liabilities 2019: $52,331,846Net Assets 2019: -$638,9402019Assets 2020: $54,911,490Liabilities 2020: $54,975,672Net Assets 2020: -$64,1822020Assets 2021: $58,849,995Liabilities 2021: $59,203,770Net Assets 2021: -$353,7752021Assets 2022: $68,200,259Liabilities 2022: $44,242,796Net Assets 2022: $23,957,4632022Assets 2023: $64,707,777Liabilities 2023: $41,123,059Net Assets 2023: $23,584,7182023Assets 2024: $65,976,837Liabilities 2024: $39,404,422Net Assets 2024: $26,572,4152024

Highlighted filing

2019

Assets$51,692,906
Liabilities$52,331,846
Net Assets-$638,940

Operations Trend

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

$30M$20M$10M$0-$10MRevenue 2011: $5,337,438Expenses 2011: $5,618,673Net Income 2011: -$281,2352011Revenue 2012: $5,529,734Expenses 2012: $5,486,521Net Income 2012: $43,2132012Revenue 2013: $5,793,866Expenses 2013: $5,958,291Net Income 2013: -$164,4252013Revenue 2014: $5,548,077Expenses 2014: $5,508,452Net Income 2014: $39,6252014Revenue 2015: $4,873,773Expenses 2015: $5,416,113Net Income 2015: -$542,3402015Revenue 2016: $5,399,069Expenses 2016: $5,057,953Net Income 2016: $341,1162016Revenue 2017: $5,077,880Expenses 2017: $4,761,309Net Income 2017: $316,5712017Revenue 2018: $4,893,509Expenses 2018: $4,662,767Net Income 2018: $230,7422018Revenue 2019: $4,516,946Expenses 2019: $4,328,681Net Income 2019: $188,2652019Revenue 2020: $4,603,920Expenses 2020: $4,029,162Net Income 2020: $574,7582020Revenue 2021: $3,631,656Expenses 2021: $3,921,249Net Income 2021: -$289,5932021Revenue 2022: $28,554,112Expenses 2022: $4,242,874Net Income 2022: $24,311,2382022Revenue 2023: $3,739,909Expenses 2023: $4,228,881Net Income 2023: -$488,9722023Revenue 2024: $7,101,485Expenses 2024: $4,541,750Net Income 2024: $2,559,7352024

Highlighted filing

2019

Revenue$4,516,946
Expenses$4,328,681
Net Income$188,265
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 12, 2020
Return Version
2018v3.3
Gross Receipts
$8,450,940
Mission and Program Overview

Mission

To acquire, own, lease, sell, and maintain property (or any improvements) that provides certified residential facilities and living accommodations for people with intellectual and other developmental disabilities supported by nysarc inc., nyc chapter. This entity holds title to real property and manages their financing, for the benefit of nysarc inc., nyc chapter.

TO PROVIDE and FINANCE RESIDENTIAL and LIVING ACCOMMODATIONs FOR PEOPLE WITH INTELLECTUAL and OTHER DEVELOPMENTAL DISABILITIES.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$49,827,277$47,129,655▼ $2,697,622
Prepaid Expenses and Deferred Charges$1,524,625$1,745,437▲ $220,812
Cash and Non-Interest-Bearing Accounts$645,608$150,931▼ $494,677
Accounts Receivable$146,558$110,232▼ $36,326
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$55,448,239$51,692,906▼ $3,755,333
Other Assets Total$3,304,171$2,556,651▼ $747,520
Liabilities
Tax Exempt Bond Liabilities$27,180,489$25,123,783▼ $2,056,706
Mortgage Notes Payable Secured by Investment Property$16,351,928$15,293,075▼ $1,058,853
Other Liabilities$12,112,083$11,392,991▼ $719,092
Escrow Account Liability$480,662$481,600▲ $938
Accounts Payable and Accrued Expenses$150,286$40,397▼ $109,889
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Total Liabilities$56,275,448$52,331,846▼ $3,943,602
Net Assets / Fund Balance
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Unrestricted Net Assets$-827,209$-638,940▲ $188,269
Total Net Assets Fund Balance$-827,209$-638,940▲ $188,269
Total Liabilities and Net Assets / Fund Balance$55,448,239$51,692,906▼ $3,755,333

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$33,686,150$47,433,546$81,119,696
Land$13,117,617-$13,117,617
Other Land Buildings$307,136$0$307,136
Equipment$18,752$21,722$40,474
Compensation and Service Providers

Board Members and Trustees

NameTitle
Patricia Murphy EsqPresident
Angelo AponteVice President
Melvin Gertner MDBoard Member
Stephen Brodsky Esqtreasurer/secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Helmsley Spear LLCProperty Management599 Lexington Avenue 44th Floor, New York, NY 10022$108,957
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,444,666
Investment Income
$0
Other Revenue
$72,280
Change in Net Assets
$188,265
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,328,681
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$2,305,400--$2,305,400
Interest$1,019,992--$1,019,992
Occupancy$896,165--$896,165
Fees for Services Management$7,610$49,031-$56,641
Insurance-$49,851-$49,851
Fees for Services Legal-$382-$382
Office Expenses-$250-$250
Total Functional Expenses$4,229,167$99,514$0$4,328,681
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Affiliate - Ahrc$11,392,991

Bond Issues

BondIssuerIssuedIssue PricePurpose
CDormitory Authority of the State of Ny (dasny)2015-09-25$19,283,966refinance
ADormitory Authority of the State of Ny (dasny)2011-01-27$9,868,885refinance
BDormitory Authority of the State of Ny (dasny)2012-11-21$7,999,043refinance

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$19,283,966$17,756,997$1,169,934$500,258
A$9,868,885$8,990,252$7,465,177$283,019
B$7,999,043$6,884,824$2,810,759$194,795

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The organization is a membership corporation formed in 1990. Nysarc inc., new york city chapter ("ahrc nyc"), acting through its board of directors, is the sole member. The organization is governed by its own board of directors, which is responsible for its operations.

Form 990, Part VI, Section A, Line 7A

The organization's sole member, ahrc nyc, has been reserved the power within new projects' bylaws to appoint and remove new projects' board of directors.

Form 990, Part VI, Section A, Line 7B

THE ORGANIZATION'S SOLE MEMBER, AHRC NYC, HAS BEEN RESERVED THE POWER WITHIN NEW PROJECTS' BYLAWS TO ALTER, AMEND, REVISE, OR REPEAL NEW PROJECTS' BYLAWS AND ARTICLES OF INCORPORATION. Form 990, Part VI, Section A, Line 8b THE ORGANIZATION DOES NOT CURRENTLY HAVE ANY COMMITTEES OTHER THAN ITS BOARD OF DIRECTORS.

Form 990, Part VI, Section B, Line 11B

The Form 990 was prepared by an independent accounting firm, which served as paid preparer, with assistance from the staff of AHRC NYC. A copy of the draft form 990 was circulated to the full board of the organization in either paper or electronic form for discussion and comment. Each board member is provided ample opportunity to comment on the information contained in the 990 prior to its filing with the Internal Revenue Service.

Form 990, Part VI, Section B, Line 12C

THE ORGANIZATION MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY VERY CAREFULLY. DIRECTORS AND OFFICERS ARE REQUIRED TO DISCLOSE POSSIBLE CONFLICTS OF INTEREST UPON JOINING THE ORGANIZATION, WHEN A CONFLICT ARISES, AND ANNUALLY BY FILLING OUT A CONFLICT OF INTEREST DISCLOSURE STATEMENT. THE DISCLOSURE STATEMENT IS PROVIDED TO THE SECRETARY OF THE CORPORATION. DECISIONS RELATING TO CONFLICTS ARE DOCUMENTED IN BOARD MINUTES. FORM 990, PART VI, SECTION B, Line 13 and 14 THE ORGANIZATION OPERATES UNDER THE WHISTLEBLOWER AND DOCUMENT RETENTION POLICY OF ITS SOLE MEMBER, AHRC NYC.

Form 990, Part VI, Section C, Line 19

THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST, AND AT MANAGEMENT'S DISCRETION. Form 990, Part XII, Line 2c The organization does not currently have any committees other than its Board of Directors. In Fiscal Year 2019, the organization's financial information was consolidated into AHRC NYC's audited financial statements. The consolidated audited financial statements were reviewed this year by AHRC NYC's audit committee.

Filing and Contact Details

Filer

Filer Name
AHRC NYC New Projects Inc
EIN
13-3587176
In Care Of
% AMY WEST
Phone
2127802500
Address
83 Maiden Lane, New York, NY 10038

Signing Officer

Name
Patricia Murphy Esq
Title
president
Phone
2127802500
Signed
2020-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patricia Murphy Esq
Formed
1990
Legal Domicile
Ny
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
0

Preparer

Firm
Grant Thornton Llp
Address
757 THIRD AVENUE 3RD FLOOR, NEW YORK, NY 10017-2013
Preparer
Scott Thompsett
Phone
2125990100
Supplemental Narrative

Financial Statement Notes

Form 990, Schedule D, Part IV, Line 2B

Ahrc nyc new projects, inc holds security deposits paid by rentors of its properties; the cash is held in separate security deposit escrow accounts.

Form 990, Schedule D, Part X, Line 2

AHRC NYC New Projects Inc. is INCLUDED WITHIN THE CONSOLIDATED FINANCIAL STATEMENTS OF NYSARC, Inc., New York City Chapter and Affiliates. THE BELOW FIN-48 FOOTNOTE IS REPRODUCED FROM THE CONSOLIDATED FINANCIAL STATEMENTS. AHRC is organized under the not-for-profit corporation law of the State of New York. NYSARC, Inc., New York City Chapter, Superior, Home Care, Development, Guardianship Fund, and New Projects have been granted exemption from Federal income tax pursuant to Section 501 (c)(3) of the Internal Revenue Code. Properties has been granted exemption from Federal income tax pursuant to Section 501 (c)(2) of the Internal Revenue Code. AHRC is current with respect to its Federal and State income tax filing requirements. Management is not aware of any issues or circumstances that would unfavorably impact its tax exempt status. Management has determined that AHRC had no uncertain tax positions that would require financial statement recognition. AHRC is no longer subject to audits by the applicable taxing jurisdictions for the periods prior to 2016.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0AHRC NYC New Projects' primary exempt mission is to manage real estate on behalf of its parent organization, AHRC NYC. While AHRC NYC New Projects does not directly send monetary support back to AHRC NYC, all expenditures incurred in pursuit of its exempt mission are deemed support for purposes of Schedule A and are so disclosed in Line 11(g)(v). Note that expenditures incurred to undertake non-mission related activity are not included.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Form 990, Schedule A, Part I
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO AFFILIATE - AHRC
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0AHRC NYC NEW PROJECTS, INC HOLDS SECURITY DEPOSITS PAID BY RENTORS OF ITS PROPERTIES; THE CASH IS HELD IN SEPARATE SECURITY DEPOSIT ESCROW ACCOUNTS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1AHRC NYC New Projects Inc. is INCLUDED WITHIN THE CONSOLIDATED FINANCIAL STATEMENTS OF NYSARC, Inc., New York City Chapter and Affiliates. THE BELOW FIN-48 FOOTNOTE IS REPRODUCED FROM THE CONSOLIDATED FINANCIAL STATEMENTS. AHRC is organized under the not-for-profit corporation law of the State of New York. NYSARC, Inc., New York City Chapter, Superior, Home Care, Development, Guardianship Fund, and New Projects have been granted exemption from Federal income tax pursuant to Section 501 (c)(3) of the Internal Revenue Code. Properties has been granted exemption from Federal income tax pursuant to Section 501 (c)(2) of the Internal Revenue Code. AHRC is current with respect to its Federal and State income tax filing requirements. Management is not aware of any issues or circumstances that would unfavorably impact its tax exempt status. Management has determined that AHRC had no uncertain tax positions that would require financial statement recognition. AHRC is no longer subject to audits by the applicable taxing jurisdictions for the periods prior to 2016.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Schedule D, Part IV, Line 2b
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Schedule D, Part X, Line 2
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IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0Part I, Column e 01/27/2011 $9,868,885 DORMITORY AUTHORITY OF THE STATE OF NEW YORK (DASNY - TAX EXEMPT BONDS) ARE DEBT OF the parent organization, the ARC New York. This debt was a refinance of bank loans. AHRC NYC New Projects Inc. only records on its books the portion of the bond for the building it maintains on behalf of the parent. Part I, Column e 11/21/2012 $7,999,043 DORMITORY AUTHORITY OF THE STATE OF NEW YORK (DASNY - TAX EXEMPT BONDS) ARE DEBT OF the parent organization, The ARC New York. This debt was a refinance of 2001 and 2002 series bonds originally issued on 8/15/2001 and 9/25/2002. AHRC NYC New Projects Inc. only records on its books the portion of the bond for the building it maintains on behalf of the parent. Part I, Column e 9/25/2015 $19,283,966 DORMITORY AUTHORITY OF THE STATE OF NEW YORK (DASNY - TAX EXEMPT BONDS) ARE DEBT OF the parent organization, The Arc New York. This debt was a refinance of bonds originally issued on 6/15/2005. AHRC NYC New Projects Inc. only records on its books the portion of the bond for the building it maintains on behalf of the parent.
IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt1AHRC NYC NEW PROJECTS INC HAD A REBATE CALCULATION PERFORMED ON ALL THREE OF THE BONDS DISCLOSED IN SCHEDULE K OF THE FORM 990 - SERIES 2010 ISSUED ON 1/27/2011, SERIES 2012 ISSUED ON 11/21/2012 AND SERIES 2015 ISSUED ON 9/25/2015. THE CALCULATIONS WERE CONDUCTED ON DECEMBER 31, 2016, AND CONFIRMED THAT NO REBATE WAS DUE.
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Schedule K
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, SCHEDULE K, PART IV, LINE 2C
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum264990BTY9

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$66.0$39.4$26.6$7.10$4.54$2.56
2023Detailed filing. Detailed filing data is available for this year.$64.7$41.1$23.6$3.74$4.23$0.49
2022Detailed filing. Detailed filing data is available for this year.$68.2$44.2$24.0$28.6$4.24$24.3
2021Detailed filing. Detailed filing data is available for this year.$58.8$59.2$0.35$3.63$3.92$0.29
2020Detailed filing. Detailed filing data is available for this year.$54.9$55.0$0.06$4.60$4.03$0.57
2019Detailed filing. Detailed filing data is available for this year.$51.7$52.3$0.64$4.52$4.33$0.19
2018Detailed filing. Detailed filing data is available for this year.$55.4$56.3$0.83$4.89$4.66$0.23
2017Detailed filing. Detailed filing data is available for this year.$58.4$59.5$1.06$5.08$4.76$0.32
2016Detailed filing. Detailed filing data is available for this year.$62.8$64.2$1.37$5.40$5.06$0.34
2015Detailed filing. Detailed filing data is available for this year.$67.5$69.3$1.72$4.87$5.42$0.54
2014Summary only. Only limited summary data is available for this year.$67.5$68.6$1.17$5.55$5.51$0.04
2013Summary only. Only limited summary data is available for this year.$70.8$72.0$1.21$5.79$5.96$0.16
2012Summary only. Only limited summary data is available for this year.$73.5$74.5$1.05$5.53$5.49$0.04
2011Summary only. Only limited summary data is available for this year.$76.2$70.5$5.66$5.34$5.62$0.28