Civic Intelligence

Warc Properties Inc.

990 • Fiscal year 2019 • EIN 23-7356004

Jan 01, 2019 to Dec 31, 2019 • Filed on Oct 23, 2020

Organization ProfileWWW.WESTCHESTERARC.ORG
265 Saw Mill River RoadHawthorne, NY 10532

(914) 495-4623

Siviq Scores

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

Liabilities / Assets

10th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2019 filings • NTEE S • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

9th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2019 filings • NTEE S • $1M-$5M nonprofits • Source year 2019

Net Margin

67th percentile

12%

Higher net margin than 67% of similar nonprofits.

2019 filings • NTEE S • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

92nd percentile

$319,226

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 347.0% of source-year revenue.

2019 filings • NTEE S • $1M-$5M nonprofits • Source year 2019

Asset Growth

55th percentile

4.6%

Faster asset growth than 55% of similar nonprofits.

2019 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

40th percentile

-0.1%

Faster revenue growth than 40% of similar nonprofits.

2019 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets10th percentile

Assets

Up

$2,308,606

Up $101,319 (+4.6%) from 2018

Net Assets

Up

$2,308,606

Up $101,319 (+4.6%) from 2018

Liabilities

Flat

$0

Flat from 2018

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin67th percentile

Revenue

Down

$92,001

Down $86 (-0.1%) from 2018

Expenses

Down

$80,505

Down $1,457 (-1.8%) from 2018

Net Income

Up

$11,496

Up $1,371 (+14%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth55th percentile

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

$3.0M$2.0M$1.0M$0Assets 2017: $2,217,778Liabilities 2017: $0Net Assets 2017: $2,217,7782017Assets 2018: $2,207,287Liabilities 2018: $0Net Assets 2018: $2,207,2872018Assets 2019: $2,308,606Liabilities 2019: $0Net Assets 2019: $2,308,6062019Assets 2020: $2,218,885Liabilities 2020: $0Net Assets 2020: $2,218,8852020Assets 2021: $2,357,603Liabilities 2021: $101Net Assets 2021: $2,357,5022021Assets 2022: $2,247,166Liabilities 2022: $0Net Assets 2022: $2,247,1662022Assets 2023: $2,399,218Liabilities 2023: $0Net Assets 2023: $2,399,2182023Assets 2024: $2,590,850Liabilities 2024: $0Net Assets 2024: $2,590,8502024

Highlighted filing

2019

Assets$2,308,606
Liabilities$0
Net Assets$2,308,606
Open 2019 Filing

Operations Trend

Revenue Growth40th percentile

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

$100K$50K$0Revenue 2017: $93,358Expenses 2017: $84,949Net Income 2017: $8,4092017Revenue 2018: $92,087Expenses 2018: $81,962Net Income 2018: $10,1252018Revenue 2019: $92,001Expenses 2019: $80,505Net Income 2019: $11,4962019Revenue 2020: $87,888Expenses 2020: $80,830Net Income 2020: $7,0582020Revenue 2021: $85,713Expenses 2021: $77,528Net Income 2021: $8,1852021Revenue 2022: $62,821Expenses 2022: $52,276Net Income 2022: $10,5452022Revenue 2023: $81,330Expenses 2023: $53,162Net Income 2023: $28,1682023Revenue 2024: $94,672Expenses 2024: $53,066Net Income 2024: $41,6062024

Highlighted filing

2019

Revenue$92,001
Expenses$80,505
Net Income$11,496
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Oct 23, 2020
Return Version
2019v5.1
Gross Receipts
$92,001
Mission and Program Overview

Mission

Warc properties, inc. Is a not-for-profit organization formed to acquire and mortgage property to be leased at no profit to affiliates of the organization.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,173,824$1,118,975▼ $54,849
Savings and Temporary Cash Investments$559,806$618,625▲ $58,819
Investments in Publicly Traded Securities$309,462$406,807▲ $97,345
Accounts Receivable$145,908$145,912▲ $4
Cash and Non-Interest-Bearing Accounts$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
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$2,207,287$2,308,606▲ $101,319
Other Assets Total$18,287$18,287→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,207,287$2,308,606▲ $101,319
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$2,207,287$2,308,606▲ $101,319
Total Liabilities and Net Assets / Fund Balance$2,207,287$2,308,606▲ $101,319

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$239,775$3,767,040$4,006,815
Land$879,200-$879,200
Equipment-$112,470$112,470
Compensation and Service Providers
Top Officer Pay92nd percentile

Board Members and Trustees

NameTitle
Tibisay GuzmanPresident
Anne MajsakDirector
Mark GlucksmanDirector
Robert Rosman EsqDirector
Soosan TehraniTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$80,923
Investment Income
$11,078
Other Revenue
$0
Change in Net Assets
$11,496

Audited Revenue Reconciliation

Revenue per Audited Statements
$92,001
Revenue Not Reported on Form 990
$89,823
Total Revenue per Audited Statements
$181,824
Total Revenue per Form 990
$92,001
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$80,505
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$54,849--$54,849
Occupancy$25,450--$25,450
Fees for Services Accounting-$206$0$206
Total Functional Expenses$80,299$206$0$80,505

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$80,505
Total Expenses per Audited Statements$80,505
Total Expenses per Form 990$80,505
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
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 35% controlled entity
No
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
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION B, LINE 11B:

“A copy of the form 990 is sent out to each director and reviewed by the board at a meeting at which a quorum is present. The board then votes to approve.”

FORM 990, PART VI, SECTION B, LINE 12C:

“The organization has the board annually sign the conflict of interest policy.”

FORM 990, PART VI, SECTION B, LINES 15A AND 15B:

“The organization does not compensate any officers or key employees.”

FORM 990, PART VI, SECTION C, LINE 19:

“The organization makes all governing documents, conflict of interest policy and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Warc Properties Inc
EIN
23-7356004
In Care Of
% SOOSAN TEHRANI
Phone
9144954623
Address
265 SAW MILL RIVER ROAD, HAWTHORNE, NY 10532

Signing Officer

Name
Tibisay Guzman
Title
Executive Director
Phone
9144954623
Signed
2020-10-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tibisay Guzman
Formed
1974
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Bdo USA Llp
Address
100 PARK AVENUE, NEW YORK, NY 10017-5001
Preparer
Paul Hammerschmidt
Phone
2128858000
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“Warc properties, inc. (the "reporting organization") has adopted the provisions of asc 740, "income taxes". Under asc 740, an organization must recognize the tax benefit associated with tax positions taken for tax return purposes when it is more likely than not that the position will be sustained upon examination by a taxing authority. The implementation of asc 740 had no impact on the reporting organization's financial statements. The reporting organization does not believe they have taken any material uncertain tax positions and, accordingly, has not recorded any liability for unrecognized tax benefits. The reporting organization has filed for and received income tax exemptions in the jurisdictions where they are required to do so. Additionally, the reporting organization has filed internal revenue service form 990 information returns, as required, and all other applicable returns in jurisdictions where so required. For the year ended december 31, 2019, there were no interest or penalties recorded or included in the combining statement of activities. The reporting organization is subject to routine audits by a taxing authority.”

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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0112470
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0WARC PROPERTIES, INC. (THE "REPORTING ORGANIZATION") HAS ADOPTED THE PROVISIONS OF ASC 740, "INCOME TAXES". UNDER ASC 740, AN ORGANIZATION MUST RECOGNIZE THE TAX BENEFIT ASSOCIATED WITH TAX POSITIONS TAKEN FOR TAX RETURN PURPOSES WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION BY A TAXING AUTHORITY. THE IMPLEMENTATION OF ASC 740 HAD NO IMPACT ON THE REPORTING ORGANIZATION'S FINANCIAL STATEMENTS. THE REPORTING ORGANIZATION DOES NOT BELIEVE THEY HAVE TAKEN ANY MATERIAL UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, HAS NOT RECORDED ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. THE REPORTING ORGANIZATION HAS FILED FOR AND RECEIVED INCOME TAX EXEMPTIONS IN THE JURISDICTIONS WHERE THEY ARE REQUIRED TO DO SO. ADDITIONALLY, THE REPORTING ORGANIZATION HAS FILED INTERNAL REVENUE SERVICE FORM 990 INFORMATION RETURNS, AS REQUIRED, AND ALL OTHER APPLICABLE RETURNS IN JURISDICTIONS WHERE SO REQUIRED. FOR THE YEAR ENDED DECEMBER 31, 2019, THERE WERE NO INTEREST OR PENALTIES RECORDED OR INCLUDED IN THE COMBINING STATEMENT OF ACTIVITIES. THE REPORTING ORGANIZATION IS SUBJECT TO ROUTINE AUDITS BY A TAXING AUTHORITY.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0NYSARC INC - WESTCHESTER COUNTY CHAPTER, AN AFFILIATE OF THE REPORTING ORGANIZATION PAID COMPENSATION TO THE REPORTING ORGANIZATION'S TOP MANAGEMENT OFFICIAL. NYSARC INC WESTCHESTER COUNTY CHAPTER HAS ESTABLISHED THE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL USING COMPENSATION SURVEYS OR STUDIES, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,308,606
Liabilities
$0
Net assets
$2,308,606
Revenue
$92,001
Expenses
$80,505
Net income
$11,496
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.59$0.00$2.59$0.09$0.05$0.04
2023Detailed filing. Detailed filing data is available for this year.$2.40$0.00$2.40$0.08$0.05$0.03
2022Detailed filing. Detailed filing data is available for this year.$2.25$0.00$2.25$0.06$0.05$0.01
2021Detailed filing. Detailed filing data is available for this year.$2.36$0.00$2.36$0.09$0.08$0.01
2020Detailed filing. Detailed filing data is available for this year.$2.22$0.00$2.22$0.09$0.08$0.01
2019Detailed filing. Detailed filing data is available for this year.$2.31$0.00$2.31$0.09$0.08$0.01
2018Detailed filing. Detailed filing data is available for this year.$2.21$0.00$2.21$0.09$0.08$0.01
2017Detailed filing. Detailed filing data is available for this year.$2.22$0.00$2.22$0.09$0.08$0.01