Civic Intelligence

Metropolitan Velodrome Inc

990 • Fiscal year 2018 • EIN 46-3311625

Jan 01, 2018 to Dec 31, 2018 • Filed on Feb 25, 2019

Organization ProfileNONE
450 Seventh Ave No 705New York, NY 10123-1705

(212) 752-3700

Siviq Scores

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

Liabilities / Assets

99th percentile

9.63x

Higher debt load relative to assets than 99% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Liabilities / Revenue

99th percentile

7.34x

Higher debt load relative to revenue than 99% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Net Margin

96th percentile

73%

Higher net margin than 96% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Top Officer Pay

76th percentile

$0

Higher top officer pay than 76% of similar nonprofits.

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

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Asset Growth

99th percentile

3315%

Faster asset growth than 99% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Annualized from 2017 to 2018

Revenue Growth

98th percentile

447%

Faster revenue growth than 98% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets99th percentile

Assets

Up

$62,455

Up $60,626 (+3315%) from 2017

Net Assets

Up

-$539,203

Up $59,871 (+10.0%) from 2017

Liabilities

Up

$601,658

Up $755 (+0.1%) from 2017

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin96th percentile

Revenue

Up

$82,000

Up $67,000 (+447%) from 2017

Expenses

Down

$22,129

Down $1,496 (-6.3%) from 2017

Net Income

Up

$59,871

Up $68,496 (+794%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth99th percentile

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

2018

Assets$62,455
Liabilities$601,658
Net Assets-$539,203
Open 2018 Filing

Operations Trend

Revenue Growth98th percentile

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

2018

Revenue$82,000
Expenses$22,129
Net Income$59,871
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Feb 25, 2019
Return Version
2018v3.1
Gross Receipts
$82,000
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$601,658▲ $22,256
Cash and Non-Interest-Bearing Accounts$1,829$62,455▲ $60,626
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-599,074$-539,203▲ $59,871
Total Assets$1,829$62,455▲ $60,626
Liabilities
Other Liabilities$21,501$0▼ $21,501
Total Liabilities$600,903$601,658▲ $755
Net Assets / Fund Balance
Total Net Assets Fund Balance$-599,074$-539,203▲ $59,871
Total Liabilities and Net Assets / Fund Balance$1,829$62,455▲ $60,626
Compensation and Service Providers
Top Officer Pay76th percentile

Board Members and Trustees

NameTitle
Joshua P RechnitzChairman & Treasurer
Nick JoyceDirector & Secretary
Revenue and Support

Revenue Composition

Contributions and Grants
$82,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$82,000
Change in Net Assets
$59,871
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$13,629
Grants and Similar Amounts Paid$8,500
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Legal-$9,266-$9,266
Grants to Domestic Individuals$8,500--$8,500
Fees for Services Accounting-$4,313-$4,313
Office Expenses-$50-$50
Total Functional Expenses$8,500$13,629$0$22,129
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

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$0
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$579,402$601,658▲ $22,256
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 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 SEVENTH AVE NO 705, NEW YORK, NY 10123-1705

Signing Officer

Name
Joshua P Rechnitz
Title
Director, Chairman & Treasurer
Phone
2127523700
Signed
2019-02-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joshua P Rechnitz
Formed
2013
Legal Domicile
De
Voting Board Members
2
Independent Board Members
2
Employees
0
Volunteers
0

Preparer

Firm
Lh Frishkoff & Co Llp
Address
546 FIFTH AVENUE 9TH FLOOR, NEW YORK, NY 10036-5000
Preparer
Richard Barber CPA
Phone
2128080070
Raw XML Appendix328 raw XML fields

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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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0METROPOLITAN VELODROME INC SPONSORED TWO RIDERS IN A LOCAL BICYCLE RACE IN ORDER TO MARKET AND ADVERTISE THE COMPANY'S NAME AND PURPOSE TO THE GENERAL PUBLIC. PAYMENTS FOR THE ENTRANCE FEES FOR THE TWO RIDERS WERE MADE DIRECTLY TO THE RACE SPONSOR AS PART OF ITS GRANT MONITORING SYSTEM.
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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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IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0JOSHUA P. RECHNITZ IS THE SOLE MEMBER OF THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1JOSHUA P. RECHNITZ, THE SOLE MEMBER OF THE ORGANIZATION HAS THE AUTHORITY TO ELECT OR APPOINT OTHER MEMBERS OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A COPY OF FORM 990 WAS PROVIDED TO THE ORGANIZATION'S GOVERNING BODY BEFORE IT WAS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE 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/ExplanationTxt4THE 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 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01829
IRS990/TotalAssetsEOYAmt062455
IRS990/TotalAssetsGrp/BOYAmt01829
IRS990/TotalAssetsGrp/EOYAmt062455
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt082000
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt013629
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt08500
IRS990/TotalFunctionalExpensesGrp/TotalAmt022129
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0600903
IRS990/TotalLiabilitiesEOYAmt0601658
IRS990/TotalLiabilitiesGrp/BOYAmt0600903
IRS990/TotalLiabilitiesGrp/EOYAmt0601658
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-599074
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-539203
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt08500
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt082000
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01829
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt062455
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0527 HUDSON STREET 3
IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010014
IRS990/VotingMembersGoverningBodyCnt02
IRS990/VotingMembersIndependentCnt02
IRS990/WebsiteAddressTxt0NONE
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JOSHUA P RECHNITZ
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIRECTOR, CHAIRMAN & TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum02127523700
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-02-25
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 SEVENTH AVE NO 705
ReturnHeader/Filer/USAddress/CityNm0NEW YORK
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd0101231705
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId025DAF893C96E4AE06792F9D0D03268EDC5278612
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0380812B9106DB12E5571C1CAF68BFEA00406AFD0
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt098.0.217.210
ReturnHeader/FilingSecurityInformation/IPDt02019-02-25
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ES
ReturnHeader/FilingSecurityInformation/IPTm008:46:11
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0131974820
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0LH FRISHKOFF & CO LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0546 FIFTH AVENUE 9TH FLOOR
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0100365000
ReturnHeader/PreparerPersonGrp/PhoneNum02128080070
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RICHARD BARBER CPA
ReturnHeader/ReturnTs02019-03-08T07:54:21-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$62,455
Liabilities
$601,658
Net assets
-$539,203
Revenue
$82,000
Expenses
$22,129
Net income
$59,871
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