Civic Intelligence

Metropolitan Velodrome Inc

990 • Fiscal year 2016 • EIN 46-3311625

Jan 01, 2016 to Dec 31, 2016 • Filed on Sep 27, 2017

Organization ProfileNONE
450 7th Ave No 705New York, NY 10123

(212) 752-3700

Siviq Scores

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

Liabilities / Assets

100th percentile

57.48x

Higher debt load relative to assets than 100% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2016

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2016

Top Officer Pay

75th percentile

$0

Higher top officer pay than 75% of similar nonprofits.

2016 filings • 501(c)3 • <$500k nonprofits • Source year 2016

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2016

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2016

Balance Sheet
Liabilities / Assets100th percentile

Assets

$10,454

No earlier filing loaded for comparison.

Net Assets

-$590,449

No earlier filing loaded for comparison.

Liabilities

$600,903

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / RevenueScore unavailableNet MarginScore unavailable

Revenue

$0

No earlier filing loaded for comparison.

Expenses

$21,176

No earlier filing loaded for comparison.

Net Income

-$21,176

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$1.0M$500K$0-$500K-$1.0MAssets 2016: $10,454Liabilities 2016: $600,903Net Assets 2016: -$590,4492016Assets 2017: $1,829Liabilities 2017: $600,903Net Assets 2017: -$599,0742017Assets 2018: $62,455Liabilities 2018: $601,658Net Assets 2018: -$539,2032018Assets 2019: $14,966Liabilities 2019: $601,658Net Assets 2019: -$586,6922019Assets 2020: $12,297Liabilities 2020: $601,658Net Assets 2020: -$589,3612020Assets 2021: $10,282Liabilities 2021: $601,658Net Assets 2021: -$591,3762021Assets 2022: $7,883Liabilities 2022: $601,658Net Assets 2022: -$593,7752022Assets 2023: $2,494Liabilities 2023: $607,202Net Assets 2023: -$604,7082023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024

Highlighted filing

2016

Assets$10,454
Liabilities$600,903
Net Assets-$590,449
Open 2016 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$800K$600K$400K$200K$0-$200KRevenue 2016: $0Expenses 2016: $21,176Net Income 2016: -$21,1762016Revenue 2017: $15,000Expenses 2017: $23,625Net Income 2017: -$8,6252017Revenue 2018: $82,000Expenses 2018: $22,129Net Income 2018: $59,8712018Revenue 2019: $75,000Expenses 2019: $122,489Net Income 2019: -$47,4892019Revenue 2020: $1,064Expenses 2020: $3,733Net Income 2020: -$2,6692020Revenue 2021: $0Expenses 2021: $2,015Net Income 2021: -$2,0152021Revenue 2022: $0Expenses 2022: $2,399Net Income 2022: -$2,3992022Revenue 2023: $0Expenses 2023: $10,933Net Income 2023: -$10,9332023Revenue 2024: $608,206Expenses 2024: $3,498Net Income 2024: $604,7082024

Highlighted filing

2016

Revenue$0
Expenses$21,176
Net Income-$21,176
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Sep 27, 2017
Return Version
2016v3.0
Gross Receipts
$0
Mission and Program Overview

Mission

The organization was formed to erect, maintain, and operate a public facility in the metropolitan new york area that will be a year-round, indoor, state-of-the-art velodrome (cycling track) and community center. As a community center, the organization will create and operate programs for use by the general public, community organizations, educational institutions, and other groups for charitable, educational, and athletic purposes and activities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Loans From Officers Directors$579,402$579,402→ $0
Cash and Non-Interest-Bearing Accounts$31,629$10,454▼ $21,175
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-569,274$-590,449▼ $21,175
Total Assets$31,629$10,454▼ $21,175
Liabilities
Other Liabilities$21,501$21,501→ $0
Total Liabilities$600,903$600,903→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$-569,274$-590,449▼ $21,175
Total Liabilities and Net Assets / Fund Balance$31,629$10,454▼ $21,175
Compensation and Service Providers
Top Officer Pay75th percentile

Board Members and Trustees

NameTitle
Joshua P RechnitzChairman & Treasurer
Doug SteinerDirector & Vice President
Adam RechnitzDirector & Secretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-21,176
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$21,176
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
Fees for Services Accounting-$13,030-$13,030
Fees for Services Legal-$8,146-$8,146
Total Functional Expenses$0$21,176$0$21,176
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$579,402$579,402→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Nyc Fieldhouse$21,501
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Joshua p. Rechnitz, director, chairman and treasurer of metropolitan velodrome, inc. Is the brother of adam rechnitz, who is also director and secretary of the organization.”

Form 990, Part VI, Section A, Line 6

“Joshua p. Rechnitz is the sole member of the organization.”

Form 990, Part VI, Section A, Line 7A

“Joshua p. Rechnitz, the sole member of the organization has the authority to elect or appoint other members of the governing body.”

Form 990, Part VI, Section B, Line 11B

“A copy of form 990 was provided to the organization's governing body before it was filed.”

Form 990, Part VI, Section B, Line 12C

“The organization regularly and consistenly monitors and enforces compliance with the conflict of interest policy by allowing any interested parties to disclose a conflict of interest. After disclosure of a conflict of interest, the governing body would determine if such a conflict exists, designate a disinterested party to investigate alternatives and develop a resolution. If the board deems a violation of the conflict of interest policy, it would inform the member of the basis for such belief and allow the member to explain the alleged failure to disclose. If after hearing the member's response, conducting a full investigation into the matter, and determining that there was a failure to disclose a conflict of interest, the board would take the appropriate discliplinary and corrective action.”

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Metropolitan Velodrome Inc
EIN
46-3311625
Phone
2127523700
Address
450 7TH AVE NO 705, NEW YORK, NY 10123

Signing Officer

Name
Joshua P Rechnitz
Title
Director, Chairman & Treasurer
Phone
2127523700
Signed
2017-09-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joshua P Rechnitz
Formed
2013
Legal Domicile
De
Voting Board Members
3
Independent Board Members
1
Employees
0
Volunteers
0

Preparer

Firm
Lh Frishkoff & Co Llp
Address
529 FIFTH AVE 9TH FLOOR, NEW YORK, NY 10017-4608
Preparer
Richard Barber CPA
Phone
2128080070
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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0PURPOSE OF LOAN: TO COMMENCE PLANNING FOR THE ORGANIZATION'S STRUCTURE AND ACTIVITIES. THE LOANS BEAR NO INTEREST.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART II, LOANS TO AND FROM INTERESTED PERSONS:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0JOSHUA P. RECHNITZ, DIRECTOR, CHAIRMAN AND TREASURER OF METROPOLITAN VELODROME, INC. IS THE BROTHER OF ADAM RECHNITZ, WHO IS ALSO DIRECTOR AND SECRETARY OF THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1JOSHUA P. RECHNITZ IS THE SOLE MEMBER OF THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2JOSHUA P. RECHNITZ, THE SOLE MEMBER OF THE ORGANIZATION HAS THE AUTHORITY TO ELECT OR APPOINT OTHER MEMBERS OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3A COPY OF FORM 990 WAS PROVIDED TO THE ORGANIZATION'S GOVERNING BODY BEFORE IT WAS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION REGULARLY AND CONSISTENLY MONITORS AND ENFORCES COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY BY ALLOWING ANY INTERESTED PARTIES TO DISCLOSE A CONFLICT OF INTEREST. AFTER DISCLOSURE OF A CONFLICT OF INTEREST, THE GOVERNING BODY WOULD DETERMINE IF SUCH A CONFLICT EXISTS, DESIGNATE A DISINTERESTED PARTY TO INVESTIGATE ALTERNATIVES AND DEVELOP A RESOLUTION. IF THE BOARD DEEMS A VIOLATION OF THE CONFLICT OF INTEREST POLICY, IT WOULD INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND ALLOW THE MEMBER TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF AFTER HEARING THE MEMBER'S RESPONSE, CONDUCTING A FULL INVESTIGATION INTO THE MATTER, AND DETERMINING THAT THERE WAS A FAILURE TO DISCLOSE A CONFLICT OF INTEREST, THE BOARD WOULD TAKE THE APPROPRIATE DISCLIPLINARY AND CORRECTIVE ACTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 6
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
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IRS990/USAddress/AddressLine1Txt0527 HUDSON STREET 3
IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010014
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt01
IRS990/WebsiteAddressTxt0NONE
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02018-03-14 21:41:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JOSHUA P RECHNITZ
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIRECTOR, CHAIRMAN & TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum02127523700
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-09-27
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0METROPOLITAN VELODROME INC
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0C/O HERBERT PAUL PC
ReturnHeader/Filer/BusinessNameControlTxt0METR
ReturnHeader/Filer/EIN0463311625
ReturnHeader/Filer/PhoneNum02127523700
ReturnHeader/Filer/USAddress/AddressLine1Txt0450 7TH AVE NO 705
ReturnHeader/Filer/USAddress/CityNm0NEW YORK
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010123
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0AEDFCB139043C6FCE0A812CE3C501677EBC9B710
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0AADF9EA98B3DB0990311A13BE42C93BD214DA40C
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt024.103.52.42
ReturnHeader/FilingSecurityInformation/IPDt02017-09-27
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ED
ReturnHeader/FilingSecurityInformation/IPTm016:10:39
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0131974820
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0LH FRISHKOFF & CO LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0529 FIFTH AVE 9TH FLOOR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0100174608
ReturnHeader/PreparerPersonGrp/PhoneNum02128080070
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RICHARD BARBER CPA
ReturnHeader/ReturnTs02017-11-20T15:41:07-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,454
Liabilities
$600,903
Net assets
-$590,449
Revenue
$0
Expenses
$21,176
Net income
-$21,176
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$6.08$0.03$6.05
2023Detailed filing. Detailed filing data is available for this year.$0.02$6.07$6.05$0.00$0.11$0.11
2022Detailed filing. Detailed filing data is available for this year.$0.08$6.02$5.94$0.00$0.02$0.02
2021Detailed filing. Detailed filing data is available for this year.$0.10$6.02$5.91$0.00$0.02$0.02
2020Detailed filing. Detailed filing data is available for this year.$0.12$6.02$5.89$0.01$0.04$0.03
2019Detailed filing. Detailed filing data is available for this year.$0.15$6.02$5.87$0.75$1.22$0.47
2018Detailed filing. Detailed filing data is available for this year.$0.62$6.02$5.39$0.82$0.22$0.60
2017Detailed filing. Detailed filing data is available for this year.$0.02$6.01$5.99$0.15$0.24$0.09
2016Detailed filing. Detailed filing data is available for this year.$0.10$6.01$5.90$0.00$0.21$0.21