Civic Intelligence

Spaceworks Nyc Inc.

990 • Fiscal year 2015 • EIN 46-0633792

Jul 01, 2014 to Jun 30, 2015 • Filed on May 13, 2016

Organization ProfileWWW.SPACEWORKSNYC.ORG
540 President Street unit 2eBrooklyn, NY 11215

(718) 408-8755

Siviq Scores

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

Liabilities / Assets

81st percentile

0.37x

Higher debt load relative to assets than 81% of similar nonprofits.

2015 filings • NTEE A • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

72nd percentile

0.26x

Higher debt load relative to revenue than 72% of similar nonprofits.

2015 filings • NTEE A • $1M-$5M nonprofits • Source year 2015

Net Margin

72nd percentile

17%

Higher net margin than 72% of similar nonprofits.

2015 filings • NTEE A • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

94th percentile

$187,871

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 10.0% of source-year revenue.

2015 filings • NTEE A • $1M-$5M nonprofits • Source year 2015

Asset Growth

92nd percentile

85%

Faster asset growth than 92% of similar nonprofits.

2015 filings • NTEE A • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

94th percentile

163%

Faster revenue growth than 94% of similar nonprofits.

2015 filings • NTEE A • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets81st percentile

Assets

Up

$1,297,157

Up $594,101 (+85%) from 2014

Net Assets

Up

$817,055

Up $318,287 (+64%) from 2014

Liabilities

Up

$480,102

Up $275,814 (+135%) from 2014

Revenue And Expenses
Liabilities / Revenue72nd percentileNet Margin72nd percentile

Revenue

Up

$1,874,938

Up $1,160,819 (+163%) from 2014

Expenses

Up

$1,556,651

Up $587,334 (+61%) from 2014

Net Income

Up

$318,287

Up $573,485 (+225%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth92nd 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

2015

Assets$1,297,157
Liabilities$480,102
Net Assets$817,055
Open 2015 Filing

Operations Trend

Revenue Growth94th 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

2015

Revenue$1,874,938
Expenses$1,556,651
Net Income$318,287
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 13, 2016
Return Version
2014v6.0
Gross Receipts
$1,874,938
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
Pledges and Grants Receivable$75,000$672,000▲ $597,000
Land, Buildings, and Equipment, Net$338,023$300,320▼ $37,703
Accounts Receivable$0$135,660▲ $135,660
Cash and Non-Interest-Bearing Accounts$249,645$129,863▼ $119,782
Prepaid Expenses and Deferred Charges$20,433$28,322▲ $7,889
Savings and Temporary Cash Investments$0$11,037▲ $11,037
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$703,056$1,297,157▲ $594,101
Other Assets Total$19,955$19,955→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$128,182$223,659▲ $95,477
Other Liabilities$32,762$182,560▲ $149,798
Accounts Payable and Accrued Expenses$40,675$42,437▲ $1,762
Deferred Revenue$2,669$31,446▲ $28,777
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$204,288$480,102▲ $275,814
Net Assets / Fund Balance
Temporarily Rstr Net Assets$323,992$754,320▲ $430,328
Unrestricted Net Assets$174,776$62,735▼ $112,041
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$498,768$817,055▲ $318,287
Total Liabilities and Net Assets / Fund Balance$703,056$1,297,157▲ $594,101

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$276,178$54,958$331,136
Equipment$24,142$84,793$108,935
Compensation and Service Providers
Top Officer Pay94th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Paul ParkhillExecutive DirectorFT$156,631$31,240$187,871
Pamela WassersteinChair-$156,631$31,240$187,871

Board Members and Trustees

NameTitle
Matthew BlessoVice Chair
Charles RenfroDirector
David KorenDirector
Joshua SirefmanDirector
Sergio BessaDirector
Terry FassburgDirector
Thelma GoldenDirector
Elaine BraithwaiteDirector (ex Officio)
Tom FinkelpearlDirector (ex Officio)
Xaviera SimmonsSecretary
Gary HattemTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Hai Ventures LLCArt & Cultural Exper33-02 SKILLMAN AVE GROUND FLOOR, Long Island City, NY 11101$109,092
Revenue and Support

Revenue Composition

Contributions and Grants
$1,727,417
Program Service Revenue
$147,079
Investment Income
$442
Other Revenue
$0
All Other Contributions
$1,148,084
Change in Net Assets
$318,287

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,874,938
Revenue Not Reported on Form 990
$17,455
Total Revenue per Audited Statements
$1,892,393
Total Revenue per Form 990
$1,874,938
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,356,619
Salaries, Compensation, and Employee Benefits$200,032
Total Fundraising Expense$36,117
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$605,361$26,181$1,848$633,390
Current Officers, Directors, Trustees, and Key Employees$159,419$31,286$9,327$200,032
Occupancy$93,139$15,208$3,881$112,228
Depreciation Depletion$41,242$36,064-$77,306
Fees for Services Accounting-$49,600-$49,600
Office Expenses$28,441$4,644$1,185$34,270
Insurance$24,747$4,041$1,031$29,819
Other Expenses$22,491$3,673$938$27,102
Information Technology$11,570$1,889$482$13,941
Advertising$3,844$628$160$4,632
Travel$3,072$502$128$3,702
Total Functional Expenses$1,288,986$231,548$36,117$1,556,651

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,574,106
Expenses per Audited Statements$1,556,651
Total Expenses per Form 990$1,556,651
Expenses Not Reported on Form 990$17,455
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
Contracts Payable$115,799
Note Payabe$40,000
Deferred Lease Liability$23,102
Security Deposit Payable$2,050
Capital Lease Payable$1,609
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

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

Filing and Contact Details

Filer

Filer Name
Spaceworks NYC Inc
EIN
46-0633792
In Care Of
% SEAN BERRY BTQ FINANCIAL
Phone
7184088755
Address
540 President Street unit 2e, Brooklyn, NY 11215

Signing Officer

Name
Paul Parkhill
Title
executive director
Phone
7184088755
Signed
2016-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul Parkhill
Formed
2012
Legal Domicile
Ny
Voting Board Members
11
Independent Board Members
11
Employees
0
Volunteers
15

Preparer

Firm
CONDON O'MEARA MCGINTY & DONNELLY L
Address
ONE BATTERY PARK PLAZA, NEW YORK, NY 10004-1405
Preparer
James J Reilly
Phone
2126617777
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.”

Form 990 Part IX Line 11G

“Description:general construction total fees:533939”

Form 990 Part IX Line 11G

“Description:marketing total fees:9247”

Form 990 Part IX Line 11G

“Description:website & it total fees:38672”

Form 990 Part IX Line 11G

“Description:strategic planning total fees:14144”

Form 990 Part IX Line 11G

“Description:misc. Professional fees total fees:37388”

Financial Statement Notes

Part X - Line 2

“As of June 30, 2015, no amounts have been recognized for uncertain tax positions. Spacework's tax returns for the fiscal year 2013 and forward are subject to the usual review by the appropriate authorities.”

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IRS990/OtherExpensesGrp/FundraisingAmt2938
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IRS990/PYTotalExpensesAmt0969317
IRS990/PYTotalProfFndrsngExpnsAmt00
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0318287
IRS990/RegularMonitoringEnfrcInd0true
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IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt01727417
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt0643312
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt01496000
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt00
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IRS990/ScheduleBRequiredInd0true
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IRS990ScheduleD/EquipmentGrp/BookValueAmt024142
IRS990ScheduleD/EquipmentGrp/DepreciationAmt084793
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0108935
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IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0331136
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0115799
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11609
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt223102
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt32050
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt440000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CONTRACTS PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1CAPITAL LEASE PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2DEFERRED LEASE LIABILITY
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3SECURITY DEPOSIT PAYABLE

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,297,157
Liabilities
$480,102
Net assets
$817,055
Revenue
$1,874,938
Expenses
$1,556,651
Net income
$318,287
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
Peer Organizations

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