Civic Intelligence

Crescent Park Corporation

EIN 20-3823914 • 501(c)25 • Hartford, CT

Profile

The organization's mission is to acquire and hold title to real property, collect the income therefrom and remit the entire amount, less expenses, for the benefit of its parent organization, sacramento county employees' retirement system.

One Financial Plaza Suite 1700Hartford, CT 06103

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

24th percentile

0.02x

Higher debt load relative to assets than 24% of similar nonprofits.

$100M-$250M nonprofits • Source year 2019

Liabilities / Revenue

11th percentile

0.00x

Higher debt load relative to revenue than 11% of similar nonprofits.

$100M-$250M nonprofits • Source year 2019

Net Margin

98th percentile

97%

Higher net margin than 98% of similar nonprofits.

$100M-$250M nonprofits • Source year 2019

Top Officer Pay

16th percentile

$83,935

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 0.2% of source-year revenue.

$100M-$250M nonprofits • Source year 2019

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

$100M-$250M nonprofits • Annualized from 2018 to 2019

Revenue Growth

97th percentile

363%

Faster revenue growth than 97% of similar nonprofits.

$100M-$250M nonprofits • Annualized from 2018 to 2019

Assets

Down

$367,505

Down $121,825,965 (-100%) from 2018

Liabilities

Down

$6,061

Down $39,598,870 (-100%) from 2018

Net Assets

Down

$361,444

Down $82,227,095 (-100%) from 2018

Revenue

Up

$34,941,739

Up $27,390,145 (+363%) from 2018

Expenses

Down

$1,091,371

Down $3,801,477 (-78%) from 2018

Net Income

Up

$33,850,368

Up $31,191,622 (+1173%) from 2018

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0Assets 2011: $68,766,423Liabilities 2011: $30,662,174Net Assets 2011: $38,104,2492011Assets 2012: $74,510,950Liabilities 2012: $27,711,227Net Assets 2012: $46,799,7232012Assets 2013: $88,239,715Liabilities 2013: $27,604,339Net Assets 2013: $60,635,3762013Assets 2014: $89,856,904Liabilities 2014: $39,603,892Net Assets 2014: $50,253,0122014Assets 2015: $97,209,909Liabilities 2015: $39,611,115Net Assets 2015: $57,598,7942015Assets 2016: $100,699,837Liabilities 2016: $39,773,193Net Assets 2016: $60,926,6442016Assets 2017: $108,172,089Liabilities 2017: $39,721,796Net Assets 2017: $68,450,2932017Assets 2018: $122,193,470Liabilities 2018: $39,604,931Net Assets 2018: $82,588,5392018Assets 2019: $367,505Liabilities 2019: $6,061Net Assets 2019: $361,4442019

Highlighted filing

2019

Assets$367,505
Liabilities$6,061
Net Assets$361,444

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$40M$30M$20M$10M$0Revenue 2011: $489,076Expenses 2011: $0Net Income 2011: $489,0762011Revenue 2012: $5,884,917Expenses 2012: $5,172,767Net Income 2012: $712,1502012Revenue 2013: $6,485,453Expenses 2013: $4,361,084Net Income 2013: $2,124,3692013Revenue 2014: $6,687,185Expenses 2014: $4,733,946Net Income 2014: $1,953,2392014Revenue 2015: $7,026,103Expenses 2015: $4,695,546Net Income 2015: $2,330,5572015Revenue 2016: $7,357,342Expenses 2016: $4,790,318Net Income 2016: $2,567,0242016Revenue 2017: $7,267,353Expenses 2017: $4,749,047Net Income 2017: $2,518,3062017Revenue 2018: $7,551,594Expenses 2018: $4,892,848Net Income 2018: $2,658,7462018Revenue 2019: $34,941,739Expenses 2019: $1,091,371Net Income 2019: $33,850,3682019

Highlighted filing

2019

Revenue$34,941,739
Expenses$1,091,371
Net Income$33,850,368

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 26, 2020
Return Version
2018v3.3
Gross Receipts
$118,154,878
Mission and Program Overview

Mission

The organization's mission is to acquire and hold title to real property, collect the income therefrom and remit the entire amount, less expenses, for the benefit of its parent organization, sacramento county employees' retirement system.

To acquire and hold title to real property, collect the income therefrom and remit the entire amount, less expenses, for the benefit of its parent organization scers

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$121,400,000$0▼ $121,400,000
Pd in Cap Srpls Land Bldg Eqp Fund$58,959,595$59,256,240▲ $296,645
Cash and Non-Interest-Bearing Accounts$742,268$333,995▼ $408,273
Accounts Receivable$27,563$33,510▲ $5,947
Prepaid Expenses and Deferred Charges$23,639$0▼ $23,639
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
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$23,628,944$-58,894,796▼ $82,523,740
Total Assets$122,193,470$367,505▼ $121,825,965
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$39,000,000$0▼ $39,000,000
Accounts Payable and Accrued Expenses$223,925$0▼ $223,925
Deferred Revenue$7,717$0▼ $7,717
Other Liabilities$373,289$6,061▼ $367,228
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$39,604,931$6,061▼ $39,598,870
Net Assets / Fund Balance
Total Net Assets Fund Balance$82,588,539$361,444▼ $82,227,095
Total Liabilities and Net Assets / Fund Balance$122,193,470$367,505▼ $121,825,965
Compensation and Service Providers

Employees

NameTitleBaseTotal
Barings LLCLLC$83,935$83,935
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,594,914
Investment Income
$33,346,825
Other Revenue
$0
Change in Net Assets
$33,850,368
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,091,371
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
Interest---$252,796
All Other Expenses---$168,237
Insurance---$71,962
Other Expenses---$62,637
Fees for Services Management---$31,187
Fees for Services Legal---$7,175
Total Functional Expenses$0$0$0$1,091,371
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
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
Other Liabilities$4,350
Other Deposits$1,711
Security Deposits$0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Part VI, Section A, Question 2

Barings llc ("barings") manages crescent park corporation on behalf of the sacramento county employees' retirement system ("scers"). Barings provides investment advisory services to scers in connection with the portfolio.

Part VI, Section A, Question 3

Sacramento county employees' retirement board has hired barings llc as investment advisor to manage the entity, which includes the authority to invest the assets of the entity in real property, dispose of properties, and manage the day to day operations of the entity.

Part VI. Section A, Question 6

The sole shareholder of crescent park corporation is the sacramento county employees' retirement system ("scers"). The shareholders of scers are pension trusts described in, and exempt from federal income taxes, under section 401 and 501 of the internal revenue code.

Part VI, Section A, Question 7B

The business of the corporation shall be managed by its investment advisor. All decisions made by the investment advisor are authorized by the stockholders.

Part VI, Section B, Question 11B

The tax return is prepared by an independent accounting firm and provided to the assistant treasurer for review. A complete copy of the form 990 is provided to all members of the board of directors before filing.

Part VI, Section B, Questions 12, 13 & 14

There are no separate written policies for crescent park corporation. However, the members of the governing body are employees of the management company, barings llc, and are subject to the conflict of interest and other policies of the management company. Annually, the barings compliance officer confirms officer compliance with these policies.

Part VI, Section C, Question 19

Information about the organization's investment programs, governing documents, policies, and financial statements are not available to the general public.

Filing and Contact Details

Filer

Filer Name
Crescent Park Corporation
EIN
20-3823914
In Care Of
% C/O BARINGS LLC
Phone
8605092200
Address
One Financial Plaza Suite 1700, Hartford, CT 06103

Signing Officer

Name
Ryan M Crossley
Title
Director
Phone
8605092200
Signed
2020-05-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Janet Morrison
Formed
2004
Legal Domicile
De
Voting Board Members
1
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Kpmg Llp
Address
677 Washington Boulevard 4th floor, Stamford, CT 06901
Preparer
Amy Vangor
Phone
2033569800
Supplemental Narrative

Additional Explanations

Part XI, Reconciliation of Net Assets

Distributions to scers (78,059,500) contributions from scers 296,645 ___________ other changes in net assets (77,762,855)

Part XII

There are no separate audited financial statements for crescent park corporation. However, historically, the investment in crescent park corporation has been audited as part of the combined financial statements for the sacramento county employees' retirement system. As this entity held the last property which sold in the current year, financial statements have not been prepared for the current year.

Part XII, Question 2C

Barings llc as advisor for scers has historically been responsible for the oversight and review of its consolidated audited financial statements which includes crescent park corporation.

Schedule R

As the institutional trustee engaged to manage cetrain properties of scers, and responsible for the filing of this return, we are listing the entities that we know of, that we also manage. We do not have direct knowledge of the scers other investment holding entities that might be considered brother/sister entities to this taxpayer, nor do we have access to this information sufficient to include them on schedule r. ----------------------------------------------------------------------

Form 990 Part IX Line 24 - Other Expenses

Description:utilities total expenses:44371

Form 990 Part IX Line 24 - Other Expenses

Description:administrative expense total expenses:75670

Form 990 Part IX Line 24 - Other Expenses

Description:marketing and leasing total expenses:30458

Form 990 Part IX Line 24 - Other Expenses

Description:miscellaneous expense total expenses:17738

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IRS990ScheduleN/DispositionOfAssetsDetail/MethodOfFMVDeterminationTxt0PROCEEDS FROM BLD SALE
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BARINGS LLC ("BARINGS") MANAGES CRESCENT PARK CORPORATION ON BEHALF OF THE SACRAMENTO COUNTY EMPLOYEES' RETIREMENT SYSTEM ("SCERS"). BARINGS PROVIDES INVESTMENT ADVISORY SERVICES TO SCERS IN CONNECTION WITH THE PORTFOLIO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1SACRAMENTO COUNTY EMPLOYEES' RETIREMENT BOARD HAS HIRED BARINGS LLC AS INVESTMENT ADVISOR TO MANAGE THE ENTITY, WHICH INCLUDES THE AUTHORITY TO INVEST THE ASSETS OF THE ENTITY IN REAL PROPERTY, DISPOSE OF PROPERTIES, AND MANAGE THE DAY TO DAY OPERATIONS OF THE ENTITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE SOLE SHAREHOLDER OF CRESCENT PARK CORPORATION IS THE SACRAMENTO COUNTY EMPLOYEES' RETIREMENT SYSTEM ("SCERS"). THE SHAREHOLDERS OF SCERS ARE PENSION TRUSTS DESCRIBED IN, AND EXEMPT FROM FEDERAL INCOME TAXES, UNDER SECTION 401 AND 501 OF THE INTERNAL REVENUE CODE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BUSINESS OF THE CORPORATION SHALL BE MANAGED BY ITS INVESTMENT ADVISOR. ALL DECISIONS MADE BY THE INVESTMENT ADVISOR ARE AUTHORIZED BY THE STOCKHOLDERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE TAX RETURN IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND PROVIDED TO THE ASSISTANT TREASURER FOR REVIEW. A COMPLETE COPY OF THE FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD OF DIRECTORS BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THERE ARE NO SEPARATE WRITTEN POLICIES FOR CRESCENT PARK CORPORATION. HOWEVER, THE MEMBERS OF THE GOVERNING BODY ARE EMPLOYEES OF THE MANAGEMENT COMPANY, BARINGS LLC, AND ARE SUBJECT TO THE CONFLICT OF INTEREST AND OTHER POLICIES OF THE MANAGEMENT COMPANY. ANNUALLY, THE BARINGS COMPLIANCE OFFICER CONFIRMS OFFICER COMPLIANCE WITH THESE POLICIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6INFORMATION ABOUT THE ORGANIZATION'S INVESTMENT PROGRAMS, GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE NOT AVAILABLE TO THE GENERAL PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7DISTRIBUTIONS TO SCERS (78,059,500) CONTRIBUTIONS FROM SCERS 296,645 ___________ OTHER CHANGES IN NET ASSETS (77,762,855)
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THERE ARE NO SEPARATE AUDITED FINANCIAL STATEMENTS FOR CRESCENT PARK CORPORATION. HOWEVER, HISTORICALLY, THE INVESTMENT IN CRESCENT PARK CORPORATION HAS BEEN AUDITED AS PART OF THE COMBINED FINANCIAL STATEMENTS FOR THE SACRAMENTO COUNTY EMPLOYEES' RETIREMENT SYSTEM. AS THIS ENTITY HELD THE LAST PROPERTY WHICH SOLD IN THE CURRENT YEAR, FINANCIAL STATEMENTS HAVE NOT BEEN PREPARED FOR THE CURRENT YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9BARINGS LLC AS ADVISOR FOR SCERS HAS HISTORICALLY BEEN RESPONSIBLE FOR THE OVERSIGHT AND REVIEW OF ITS CONSOLIDATED AUDITED FINANCIAL STATEMENTS WHICH INCLUDES CRESCENT PARK CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10AS THE INSTITUTIONAL TRUSTEE ENGAGED TO MANAGE CETRAIN PROPERTIES OF SCERS, AND RESPONSIBLE FOR THE FILING OF THIS RETURN, WE ARE LISTING THE ENTITIES THAT WE KNOW OF, THAT WE ALSO MANAGE. WE DO NOT HAVE DIRECT KNOWLEDGE OF THE SCERS OTHER INVESTMENT HOLDING ENTITIES THAT MIGHT BE CONSIDERED BROTHER/SISTER ENTITIES TO THIS TAXPAYER, NOR DO WE HAVE ACCESS TO THIS INFORMATION SUFFICIENT TO INCLUDE THEM ON SCHEDULE R. ----------------------------------------------------------------------
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11DESCRIPTION:UTILITIES TOTAL EXPENSES:44371
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt12DESCRIPTION:ADMINISTRATIVE EXPENSE TOTAL EXPENSES:75670
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt13DESCRIPTION:MARKETING AND LEASING TOTAL EXPENSES:30458
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt14DESCRIPTION:MISCELLANEOUS EXPENSE TOTAL EXPENSES:17738
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0PART VI, SECTION A, QUESTION 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1PART VI, SECTION A, QUESTION 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2PART VI. SECTION A, QUESTION 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3PART VI, SECTION A, QUESTION 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4PART VI, SECTION B, QUESTION 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5PART VI, SECTION B, QUESTIONS 12, 13 & 14
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6PART VI, SECTION C, QUESTION 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7PART XI, RECONCILIATION OF NET ASSETS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8PART XII
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9PART XII, QUESTION 2C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10SCHEDULE R
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc11FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc12FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc13FORM 990 PART IX LINE 24 - OTHER EXPENSES
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc14FORM 990 PART IX LINE 24 - OTHER EXPENSES
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ReturnHeader/BuildTS02021-09-10 13:11:23Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0RYAN M CROSSLEY
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