Civic Intelligence

Spaceworks Nyc Inc.

990 • Fiscal year 2014 • EIN 46-0633792

Jul 01, 2013 to Jun 30, 2014 • Filed on Feb 23, 2014

Organization ProfileWWW.SPACEWORKSNYC.ORG
540 President StreetSuite Unit 2ENew York, NY 11215

(718) 408-8755

Siviq Scores

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

Liabilities / Assets

73rd percentile

0.29x

Higher debt load relative to assets than 73% of similar nonprofits.

2014 filings • NTEE A • $500k-$1M nonprofits • Source year 2014

Liabilities / Revenue

79th percentile

0.29x

Higher debt load relative to revenue than 79% of similar nonprofits.

2014 filings • NTEE A • $500k-$1M nonprofits • Source year 2014

Net Margin

10th percentile

-36%

Higher net margin than 10% of similar nonprofits.

2014 filings • NTEE A • $500k-$1M nonprofits • Source year 2014

Top Officer Pay

98th percentile

$182,332

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 25.5% of source-year revenue.

2014 filings • NTEE A • $500k-$1M nonprofits • Source year 2014

Asset Growth

5th percentile

-34%

Faster asset growth than 5% of similar nonprofits.

2014 filings • NTEE A • $500k-$1M nonprofits • Annualized from 2013 to 2014

Revenue Growth

4th percentile

-52%

Faster revenue growth than 4% of similar nonprofits.

2014 filings • NTEE A • $500k-$1M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets73rd percentile

Assets

Down

$703,056

Down $366,285 (-34%) from 2013

Net Assets

Down

$498,768

Down $255,198 (-34%) from 2013

Liabilities

Down

$204,288

Down $111,087 (-35%) from 2013

Revenue And Expenses
Liabilities / Revenue79th percentileNet Margin10th percentile

Revenue

Down

$714,119

Down $782,001 (-52%) from 2013

Expenses

Up

$969,317

Up $227,163 (+31%) from 2013

Net Income

Down

-$255,198

Down $1,009,164 (-134%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth5th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2013: $1,069,341Liabilities 2013: $315,375Net Assets 2013: $753,9662013Assets 2014: $703,056Liabilities 2014: $204,288Net Assets 2014: $498,7682014Assets 2015: $1,297,157Liabilities 2015: $480,102Net Assets 2015: $817,0552015Assets 2016: $1,029,216Liabilities 2016: $201,900Net Assets 2016: $827,3162016Assets 2017: $708,678Liabilities 2017: $270,768Net Assets 2017: $437,9102017Assets 2018: $2,775,132Liabilities 2018: $203,243Net Assets 2018: $2,571,8892018Assets 2019: $1,945,699Liabilities 2019: $134,523Net Assets 2019: $1,811,1762019Assets 2020: $311,147Liabilities 2020: $318,268Net Assets 2020: -$7,1212020Assets 2021: $5,858Liabilities 2021: $7,603Net Assets 2021: -$1,7452021Assets 2022: $5,367Liabilities 2022: $7,653Net Assets 2022: -$2,2862022

Highlighted filing

2014

Assets$703,056
Liabilities$204,288
Net Assets$498,768
Open 2014 Filing

Operations Trend

Revenue Growth4th percentile

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

$4.0M$2.0M$0-$2.0MRevenue 2013: $1,496,120Expenses 2013: $742,154Net Income 2013: $753,9662013Revenue 2014: $714,119Expenses 2014: $969,317Net Income 2014: -$255,1982014Revenue 2015: $1,874,938Expenses 2015: $1,556,651Net Income 2015: $318,2872015Revenue 2016: $980,724Expenses 2016: $970,463Net Income 2016: $10,2612016Revenue 2017: $740,070Expenses 2017: $1,129,476Net Income 2017: -$389,4062017Revenue 2018: $3,466,101Expenses 2018: $1,332,122Net Income 2018: $2,133,9792018Revenue 2019: $1,060,516Expenses 2019: $1,821,230Net Income 2019: -$760,7142019Revenue 2020: $269,250Expenses 2020: $2,087,547Net Income 2020: -$1,818,2972020Revenue 2021: $33,461Expenses 2021: $28,085Net Income 2021: $5,3762021Revenue 2022: $149Expenses 2022: $690Net Income 2022: -$5412022

Highlighted filing

2014

Revenue$714,119
Expenses$969,317
Net Income-$255,198
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Feb 23, 2014
Return Version
2013v4.0
Gross Receipts
$714,119
Mission and Program Overview

Mission

Spaceworks nyc, inc. Is a not-for-profit real-estate development organization dedicated to expanding the supply of long-term, affordable rehearsal and studio space for artists in new york city.

Spaceworks NYC, Inc. is a not-for-profit REAL-ESTATE DEVELOPMENT ORGANIZATION DEDICATED TO EXPANDING THE SUPPLY OF LONG-TERM, AFFORDABLE REHEARSAL & STUDIO SPACE FOR ARTISTS IN NYC.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$522,653$338,023▼ $184,630
Cash and Non-Interest-Bearing Accounts$74,273$249,645▲ $175,372
Pledges and Grants Receivable$444,257$75,000▼ $369,257
Prepaid Expenses and Deferred Charges$8,203$20,433▲ $12,230
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$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$1,069,341$703,056▼ $366,285
Other Assets Total$19,955$19,955→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$150,000$128,182▼ $21,818
Accounts Payable and Accrued Expenses$45,190$40,675▼ $4,515
Other Liabilities$120,185$32,762▼ $87,423
Deferred Revenue$0$2,669▲ $2,669
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$315,375$204,288▼ $111,087
Net Assets / Fund Balance
Temporarily Rstr Net Assets$496,142$323,992▼ $172,150
Unrestricted Net Assets$257,824$174,776▼ $83,048
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$753,966$498,768▼ $255,198
Total Liabilities and Net Assets / Fund Balance$1,069,341$703,056▼ $366,285

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$273,491$53,221$326,712
Equipment$64,532$9,224$73,756
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Paul ParkhillExecutive DirectorFT$148,415$33,917$182,332
Pamela WassersteinChair--$33,917$33,917

Board Members and Trustees

NameTitle
Matthew BlessoVice Chair
Charles RenfroDirector
David KorenDirector
Joshua SirefmanDirector
Terry FassburgDirector
Thelma GoldenDirector
Xaviera SimmonsSecretary
Gary HattemTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Prestige Employee Administrators IiPersonnel Mgmt Serv.-$298,390
Revenue and Support

Revenue Composition

Contributions and Grants
$643,312
Program Service Revenue
$70,643
Investment Income
$164
Other Revenue
$0
All Other Contributions
$435,049
Change in Net Assets
$-255,198

Audited Revenue Reconciliation

Revenue per Audited Statements
$714,119
Revenue Not Reported on Form 990
$50,858
Total Revenue per Audited Statements
$764,977
Total Revenue per Form 990
$714,119
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$775,544
Salaries, Compensation, and Employee Benefits$193,773
Total Fundraising Expense$32,109
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$225,942$50,555$2,188$278,685
Current Officers, Directors, Trustees, and Key Employees$141,074$40,549$12,150$193,773
Occupancy$98,692$9,590$2,397$110,679
Depreciation Depletion$31,589$27,623-$59,212
Fees for Services Accounting$30,684$20,000$866$51,550
Insurance$16,336$2,995$749$20,080
Office Expenses$16,816$1,586$397$18,799
Information Technology$7,775$1,107$277$9,159
Other Expenses$6,199$771$193$7,163
Fees for Services Legal$3,087$2,012$88$5,187
Travel$2,908$617$154$3,679
Total Functional Expenses$738,179$199,029$32,109$969,317

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,020,175
Expenses per Audited Statements$969,317
Total Expenses per Form 990$969,317
Expenses Not Reported on Form 990$50,858
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
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
Deferred Lease Liability$25,722
Capital Lease Payable$3,982
Security Deposit Payable$2,000
Contracts Payable$1,058
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Section B. - Question 12C

“Officers, directors, trustees, and key employees are asked annually to submit a signed disclosure regarding potential conflicts of interest to the Executive Director and Board Chair.”

Part VI, Section C. - Question 19

“The organization makes its governing documents and financial statements available to the public upon request.”

Filing and Contact Details

Filer

EIN
46-0633792
In Care Of
% SEAN BERRY BTQ FINANCIAL
Phone
7184088755

Signing Officer

Name
Gary Hattem
Title
treasurer
Phone
7184088755
Signed
2014-02-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gary Hattem
Formed
2012
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
0

Preparer

Preparer
James J Reilly
Phone
7184088755
Supplemental Narrative

Additional Explanations

Part I - QUESTION 3 & PART V - QUESTION 2A

“Spaceworks has an employment management agreement with a Professional Employment Organization ("PEO") which provides a comprehensive personnel management system encompassing a broad range of services, including benefits and payroll administration, health and worker's compensation insurance programs, personnel records management, employer liability management, etc. EMPLOYEES ARE INCLUDED IN A FORM W-3, TRANSMITTAL OF WAGE AND TAX STATEMENTS, ISSUED DIRECTLY BY THE PEO AND THEREFORE SPACEWORKS DOES NOT ISSUE A FORM W-3 OR FORM W-2. Part VI, Section B. - Question 11b Management assists in the preparation and review of the form 990. Once a draft is produced, it is reviewed for content by the Executive Director. The draft is then submitted to the Board of Directors for review and comment. Following this review, the 990 is filed.”

Financial Statement Notes

Part X - Line 2

“As of June 30, 2014, no amounts have been recognized for uncertain tax positions. Spaceworks' tax returns for the year 2011 and forward are subject to the usual review by the appropriate authorities.”

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IRS990/MissionDesc0SPACEWORKS NYC, INC. IS A NOT-FOR-PROFIT REAL-ESTATE DEVELOPMENT ORGANIZATION DEDICATED TO EXPANDING THE SUPPLY OF LONG-TERM, AFFORDABLE REHEARSAL AND STUDIO SPACE FOR ARTISTS IN NEW YORK CITY.
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IRS990/OtherExpensesGrp/Desc2MISCELLANEOUS EXPENSES
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IRS990/OtherExpensesGrp/FundraisingAmt143
IRS990/OtherExpensesGrp/FundraisingAmt2193
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IRS990/OtherExpensesGrp/ProgramServicesAmt112359
IRS990/OtherExpensesGrp/ProgramServicesAmt26199
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IRS990/PrincipalOfficerNm0GARY HATTEM
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IRS990/ReconcilationRevenueExpnssAmt0-255198
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt00
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt225722
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt32000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CONTRACTS PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1CAPITAL LEASE PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2DEFERRED LEASE LIABILITY
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3SECURITY DEPOSIT PAYABLE
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IRS990ScheduleD/RevenueSubtotalAmt0714119
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0As of June 30, 2014, no amounts have been recognized for uncertain tax positions. Spaceworks' tax returns for the year 2011 and forward are subject to the usual review by the appropriate authorities.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X - LINE 2
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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$703,056
Liabilities
$204,288
Net assets
$498,768
Revenue
$714,119
Expenses
$969,317
Net income
-$255,198
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$0.01$0.01$0.00$0.00$0.00$0.00
2021Detailed filing. Detailed filing data is available for this year.$0.01$0.01$0.00$0.03$0.03$0.01
2020Detailed filing. Detailed filing data is available for this year.$0.31$0.32$0.01$0.27$2.09$1.82
2019Detailed filing. Detailed filing data is available for this year.$1.95$0.13$1.81$1.06$1.82$0.76
2018Detailed filing. Detailed filing data is available for this year.$2.78$0.20$2.57$3.47$1.33$2.13
2017Detailed filing. Detailed filing data is available for this year.$0.71$0.27$0.44$0.74$1.13$0.39
2016Detailed filing. Detailed filing data is available for this year.$1.03$0.20$0.83$0.98$0.97$0.01
2015Detailed filing. Detailed filing data is available for this year.$1.30$0.48$0.82$1.87$1.56$0.32
2014Detailed filing. Detailed filing data is available for this year.$0.70$0.20$0.50$0.71$0.97$0.26
2013Summary only. Only limited summary data is available for this year.$1.07$0.32$0.75$1.50$0.74$0.75