Civic Intelligence

25100 Globe Street LLC C/O Bentallgreenoak (Us) LP

990 • Fiscal year 2019 • EIN 27-3441977

Jul 01, 2018 to Jun 30, 2019 • Filed on Jun 09, 2020

1201 Third Avenue Suite 3000Seattle, WA 98101

(206) 623-4739

Siviq Scores

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

Liabilities / Assets

29th percentile

0.01x

Higher debt load relative to assets than 29% of similar nonprofits.

2019 filings • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

62nd percentile

0.28x

Higher debt load relative to revenue than 62% of similar nonprofits.

2019 filings • $10M-$25M nonprofits • Source year 2019

Net Margin

100th percentile

100%

Higher net margin than 100% of similar nonprofits.

2019 filings • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

21st percentile

$0

Higher top officer pay than 21% of similar nonprofits.

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

2019 filings • $10M-$25M nonprofits • Source year 2019

Asset Growth

65th percentile

8.1%

Faster asset growth than 65% of similar nonprofits.

2019 filings • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

17th percentile

-18%

Faster revenue growth than 17% of similar nonprofits.

2019 filings • $10M-$25M nonprofits • Annualized from 2018 to 2019

Assets

Up

$20,483,369

Up $1,534,997 (+8.1%) from 2018

Net Assets

Up

$20,290,710

Up $1,534,608 (+8.2%) from 2018

Liabilities

Up

$192,659

Up $389 (+0.2%) from 2018

Revenue

Down

$677,991

Down $152,085 (-18%) from 2018

Expenses

Flat

$0

Flat from 2018

Net Income

Down

$677,991

Down $152,085 (-18%) from 2018

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2015: $14,154,906Liabilities 2015: $1,980,579Net Assets 2015: $12,174,3272015Assets 2016: $15,429,692Liabilities 2016: $1,951,807Net Assets 2016: $13,477,8852016Assets 2017: $16,818,934Liabilities 2017: $1,713,532Net Assets 2017: $15,105,4022017Assets 2018: $18,948,372Liabilities 2018: $192,270Net Assets 2018: $18,756,1022018Assets 2019: $20,483,369Liabilities 2019: $192,659Net Assets 2019: $20,290,7102019Assets 2020: $130,177Liabilities 2020: $8,921Net Assets 2020: $121,2562020Assets 2021: $4,364Liabilities 2021: $0Net Assets 2021: $4,3642021

Highlighted filing

2019

Assets$20,483,369
Liabilities$192,659
Net Assets$20,290,710

Operations Trend

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

$10M$5.0M$0-$5.0MRevenue 2015: $554,507Expenses 2015: $0Net Income 2015: $554,5072015Revenue 2016: $802,262Expenses 2016: $0Net Income 2016: $802,2622016Revenue 2017: $827,274Expenses 2017: $0Net Income 2017: $827,2742017Revenue 2018: $830,076Expenses 2018: $0Net Income 2018: $830,0762018Revenue 2019: $677,991Expenses 2019: $0Net Income 2019: $677,9912019Revenue 2020: $9,100,308Expenses 2020: $0Net Income 2020: $9,100,3082020Revenue 2021: -$26,892Expenses 2021: $0Net Income 2021: -$26,8922021

Highlighted filing

2019

Revenue$677,991
Expenses$0
Net Income$677,991
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jun 9, 2020
Return Version
2018v3.3
Gross Receipts
$1,046,971
Mission and Program Overview

Mission

Pension benefit organization

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$18,800,000$20,300,000▲ $1,500,000
Rtn Earn Endowment Incm Other Fnds$11,363,894$13,229,501▲ $1,865,607
Pd in Cap Srpls Land Bldg Eqp Fund$7,392,208$7,061,209▼ $330,999
Cash and Non-Interest-Bearing Accounts$145,413$165,382▲ $19,969
Prepaid Expenses and Deferred Charges$2,959$10,157▲ $7,198
Accounts Receivable$0$7,830▲ $7,830
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
Total Assets$18,948,372$20,483,369▲ $1,534,997
Other Assets Total$0$0→ $0
Liabilities
Deferred Revenue$111,372$113,553▲ $2,181
Accounts Payable and Accrued Expenses$50,898$49,106▼ $1,792
Other Liabilities$30,000$30,000→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$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$192,270$192,659▲ $389
Net Assets / Fund Balance
Total Net Assets Fund Balance$18,756,102$20,290,710▲ $1,534,608
Total Liabilities and Net Assets / Fund Balance$18,948,372$20,483,369▲ $1,534,997

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$15,660,000--
Land$4,640,000--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Paul BonehamPresident
Scott GannonVice President
Scott MatthewsVice President
Stephen T LueckVice President (as of 8/5/19)
Matthew Charles SargentVice President (end 8/5/19)
Richard J CroftsVice President (end 8/5/19)
Wes AhrensVice President (end 8/5/19)
David C GillanDirector
Joseph Indelicato JrDirector
Thomas K LeeDirector
Jeffrey D SilversteinAssistant Secretary
Mark a BrodySecretary
Jamie McCueTreasurer (as of 8/5/19)
Michael WaiteTreasurer (end 8/5/19)

Highest Paid Contractors

ContractorServicesLocationCompensation
Cushman WakefieldLeasing Services4747 EXECUTIVE DR 9TH FLOOR, San Diego, CA 92121$145,315
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$677,991
Change in Net Assets
$677,991

Audited Revenue Reconciliation

Revenue per Audited Statements
$677,991
Revenue Not Reported on Form 990
$1,556,596
Total Revenue per Audited Statements
$2,234,587
Total Revenue per Form 990
$677,991
Expenses and Functional Allocation

Major Expense Lines

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

Audited Expense Reconciliation

Line ItemAmount
Expenses Not Reported on Form 990$368,980
Total Expenses per Audited Statements$368,980
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
Security Deposits Payable$30,000
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
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 2

Directors thomas k. Lee, joseph indelicato jr., and david c. Gillan have a business relationship.

Form 990, Part VI, Lines 6, 7A and 7B

The organization's governing body is comprised of officers and directors. The directors were elected under the by-laws of the organization. All officers are appointed by the organization's directors. All officers and directors act to carry out the business of the organization. Subject to the by-laws, the sole member, nys teachers' retirement system (nystrs), may veto or confirm decisions made by the organization's officers.

Form 990, Part VI, Line 11A

The officers of the organization are responsible to review the form 990 prior to filing. The new york state teachers' retirement system receives a copy of the filed form 990.

Form 990, Part VI, Line 12C

The organization's conflict of interest policy is the sole responsibility of nystrs. The nystrs code of ethics requires that employees review and sign an annual disclosure statement with human resources by january 10 of each year. Any potential conflicts of interest, including elected positions, business holdings, investment interests, etc. Of employees or their spouse, dependent, or member of household must be disclosed.

Form 990, Part VI, Line 15

The organization is an irc 501(c)(25) entity holding title to rental real property and remitting the net income to the new york state teachers' retirement system, an irc 401(a) organization. Additionally, the organization does not have any employees therefore there are no processes related to employee compensation.

Form 990, Part VI, Line 18 and 19

The pension benefit organization makes the documents referenced in questions 18 and 19 available upon request to the public. The form 990 is also available to the general public at www.guidestar.com.

Form 990, Part VII, Section A

Nys teachers retirement system (nystrs) is a section 401(a) trust that is related to 25100 globe llc (globe), and globe's three directors are employed by nystrs. The organization's three directors are thomas lee, executive director and cio of nystrs; david c gillan, managing director of real estate at nystrs; and joseph indelicato jr., nystrs general counsel. As part of the annual tax compliance process, globe asked nystrs for the compensation information for these three individuals who are employed by the nystrs. Globe made reasonable efforts to obtain compensation information and requests were made both in writing and via phone calls. Globe was unable to obtain the compensation information from nystrs and is unable to provide a reasonable estimate of this information.

Filing and Contact Details

Filer

Filer Name
25100 Globe LLC
EIN
27-3441977
In Care Of
% BENTALLGREENOAK (US) LP
Phone
2066234739
Address
1201 Third Avenue Suite 3000, SEATTLE, WA 98101

Signing Officer

Name
Jamie Mccue
Title
Principal
Signed
2020-06-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul Boneham
Formed
2010
Legal Domicile
De
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
3

Preparer

Firm
Kpmg Llp
Address
150 W JEFFERSON AVE SUITE 1900, DETROIT, MI 48226-4429
Preparer
Nicole A Fitzmaurice
Phone
3132303340
Supplemental Narrative

Additional Explanations

Form 990, Part XI - Reconciliation of Net Assets, Line 9

Contributions from nystrs $ 115,001 distributions to nystrs $ 446,000 total $ (330,999)

Financial Statement Notes

Schedule D, Part XI - Reconciliation of Revenue

Rental expenses $368,980 schedule d, part xii - reconciliation of expenses rental expenses $368,980

Schedule D, Part X - Other Liabilities

The Companies are recognized as 501(c)(2) and 501(c)(25) corporations under the Internal Revenue Code and as such are qualified to be exempt from income taxes under 501(a) of the Code. Accordingly, there is no provision for federal, state, or local income taxes. The Advisory Account follows the authoritative guidance for uncertainty in income taxes. This guidance requires the Advisory Account to recognize a tax benefit from an uncertain position only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authorities widely understood administrative practices and precedents. If this threshold is met, the Advisory Account should measure the tax benefit as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. No accrual was deemed necessary at June 30, 2019. The Companies are subject to filing requirements in the U.S. and various state jurisdictions. The U.S. federal and state corporate tax returns have open statutes of limitations for the 2016 and subsequent tax years as of June 30, 2019.

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IRS990/Form990PartVIISectionAGrp/TitleTxt4VICE PRESIDENT (END 8/5/19)
IRS990/Form990PartVIISectionAGrp/TitleTxt5VICE PRESIDENT (END 8/5/19)
IRS990/Form990PartVIISectionAGrp/TitleTxt6VICE PRESIDENT (END 8/5/19)
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IRS990/Form990PartVIISectionAGrp/TitleTxt9VICE PRESIDENT
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IRS990/MissionDesc0PENSION BENEFIT ORGANIZATION
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IRS990/NetAssetsOrFundBalancesEOYAmt020290710
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IRS990/NetRentalIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt0677991
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt0677991
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IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt02959
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt010157
IRS990/PrincipalOfficerNm0Paul Boneham
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00
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IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt0677991
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IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt013229501
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IRS990ScheduleD/BuildingsGrp/BookValueAmt015660000
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt030000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS PAYABLE
IRS990ScheduleD/OtherRevenueAmt0368980
IRS990ScheduleD/RevenueNotReportedAmt01556596
IRS990ScheduleD/RevenueSubtotalAmt0677991
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0RENTAL EXPENSES $368,980 SCHEDULE D, PART XII - RECONCILIATION OF EXPENSES RENTAL EXPENSES $368,980
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1The Companies are recognized as 501(c)(2) and 501(c)(25) corporations under the Internal Revenue Code and as such are qualified to be exempt from income taxes under 501(a) of the Code. Accordingly, there is no provision for federal, state, or local income taxes. The Advisory Account follows the authoritative guidance for uncertainty in income taxes. This guidance requires the Advisory Account to recognize a tax benefit from an uncertain position only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authorities widely understood administrative practices and precedents. If this threshold is met, the Advisory Account should measure the tax benefit as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. No accrual was deemed necessary at June 30, 2019. The Companies are subject to filing requirements in the U.S. and various state jurisdictions. The U.S. federal and state corporate tax returns have open statutes of limitations for the 2016 and subsequent tax years as of June 30, 2019.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PART XI - RECONCILIATION OF REVENUE
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PART X - OTHER LIABILITIES
IRS990ScheduleD/TotalBookValueLandBuildingsAmt020300000
IRS990ScheduleD/TotalLiabilityAmt030000
IRS990ScheduleD/TotalRevenuePerForm990Amt0677991
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02234587
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DIRECTORS THOMAS K. LEE, JOSEPH INDELICATO JR., AND DAVID C. GILLAN HAVE A BUSINESS RELATIONSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S GOVERNING BODY IS COMPRISED OF OFFICERS AND DIRECTORS. THE DIRECTORS WERE ELECTED UNDER THE BY-LAWS OF THE ORGANIZATION. ALL OFFICERS ARE APPOINTED BY THE ORGANIZATION'S DIRECTORS. ALL OFFICERS AND DIRECTORS ACT TO CARRY OUT THE BUSINESS OF THE ORGANIZATION. SUBJECT TO THE BY-LAWS, THE SOLE MEMBER, NYS TEACHERS' RETIREMENT SYSTEM (NYSTRS), MAY VETO OR CONFIRM DECISIONS MADE BY THE ORGANIZATION'S OFFICERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE OFFICERS OF THE ORGANIZATION ARE RESPONSIBLE TO REVIEW THE FORM 990 PRIOR TO FILING. THE NEW YORK STATE TEACHERS' RETIREMENT SYSTEM RECEIVES A COPY OF THE FILED FORM 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S CONFLICT OF INTEREST POLICY IS THE SOLE RESPONSIBILITY OF NYSTRS. THE NYSTRS CODE OF ETHICS REQUIRES THAT EMPLOYEES REVIEW AND SIGN AN ANNUAL DISCLOSURE STATEMENT WITH HUMAN RESOURCES BY JANUARY 10 OF EACH YEAR. ANY POTENTIAL CONFLICTS OF INTEREST, INCLUDING ELECTED POSITIONS, BUSINESS HOLDINGS, INVESTMENT INTERESTS, ETC. OF EMPLOYEES OR THEIR SPOUSE, DEPENDENT, OR MEMBER OF HOUSEHOLD MUST BE DISCLOSED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION IS AN IRC 501(C)(25) ENTITY HOLDING TITLE TO RENTAL REAL PROPERTY AND REMITTING THE NET INCOME TO THE NEW YORK STATE TEACHERS' RETIREMENT SYSTEM, AN IRC 401(A) ORGANIZATION. ADDITIONALLY, THE ORGANIZATION DOES NOT HAVE ANY EMPLOYEES THEREFORE THERE ARE NO PROCESSES RELATED TO EMPLOYEE COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PENSION BENEFIT ORGANIZATION MAKES THE DOCUMENTS REFERENCED IN QUESTIONS 18 AND 19 AVAILABLE UPON REQUEST TO THE PUBLIC. THE FORM 990 IS ALSO AVAILABLE TO THE GENERAL PUBLIC AT WWW.GUIDESTAR.COM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6NYS TEACHERS RETIREMENT SYSTEM (NYSTRS) IS A SECTION 401(A) TRUST THAT IS RELATED TO 25100 GLOBE LLC (GLOBE), AND GLOBE'S THREE DIRECTORS ARE EMPLOYED BY NYSTRS. THE ORGANIZATION'S THREE DIRECTORS ARE THOMAS LEE, EXECUTIVE DIRECTOR AND CIO OF NYSTRS; DAVID C GILLAN, MANAGING DIRECTOR OF REAL ESTATE AT NYSTRS; AND JOSEPH INDELICATO JR., NYSTRS GENERAL COUNSEL. AS PART OF THE ANNUAL TAX COMPLIANCE PROCESS, GLOBE ASKED NYSTRS FOR THE COMPENSATION INFORMATION FOR THESE THREE INDIVIDUALS WHO ARE EMPLOYED BY THE NYSTRS. GLOBE MADE REASONABLE EFFORTS TO OBTAIN COMPENSATION INFORMATION AND REQUESTS WERE MADE BOTH IN WRITING AND VIA PHONE CALLS. GLOBE WAS UNABLE TO OBTAIN THE COMPENSATION INFORMATION FROM NYSTRS AND IS UNABLE TO PROVIDE A REASONABLE ESTIMATE OF THIS INFORMATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7CONTRIBUTIONS FROM NYSTRS $ 115,001 DISTRIBUTIONS TO NYSTRS $ 446,000 TOTAL $ (330,999)
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, LINES 6, 7A AND 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, LINE 11A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, LINE 18 AND 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VII, SECTION A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XI - RECONCILIATION OF NET ASSETS, LINE 9
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt3NYSTRS

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