Civic Intelligence

Knickerbocker Barrington Place LLC C/O Jp Morgan Investment Mgmt Inc

990 • Fiscal year 2017 • EIN 47-1842024

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 13, 2018

PO Box 5005New York, NY 10163-5005

(212) 648-2230

Siviq Scores

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

Liabilities / Assets

66th percentile

0.53x

Higher debt load relative to assets than 66% of similar nonprofits.

2017 filings • $100M-$250M nonprofits • Source year 2017

Liabilities / Revenue

95th percentile

18.16x

Higher debt load relative to revenue than 95% of similar nonprofits.

2017 filings • $100M-$250M nonprofits • Source year 2017

Net Margin

100th percentile

100%

Higher net margin than 100% of similar nonprofits.

2017 filings • $100M-$250M nonprofits • Source year 2017

Top Officer Pay

8th percentile

$0

Higher top officer pay than 8% of similar nonprofits.

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

2017 filings • $100M-$250M nonprofits • Source year 2017

Asset Growth

62nd percentile

8.1%

Faster asset growth than 62% of similar nonprofits.

2017 filings • $100M-$250M nonprofits • Annualized from 2016 to 2017

Revenue Growth

8th percentile

-18%

Faster revenue growth than 8% of similar nonprofits.

2017 filings • $100M-$250M nonprofits • Annualized from 2016 to 2017

Assets

Up

$115,960,000

Up $8,665,000 (+8.1%) from 2016

Net Assets

Up

$54,649,000

Up $8,556,000 (+19%) from 2016

Liabilities

Up

$61,311,000

Up $109,000 (+0.2%) from 2016

Revenue

Down

$3,377,000

Down $721,000 (-18%) from 2016

Expenses

Flat

$0

Flat from 2016

Net Income

Down

$3,377,000

Down $721,000 (-18%) from 2016

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2014: $92,271,000Liabilities 2014: $61,347,000Net Assets 2014: $30,924,0002014Assets 2015: $101,466,000Liabilities 2015: $61,153,000Net Assets 2015: $40,313,0002015Assets 2016: $107,295,000Liabilities 2016: $61,202,000Net Assets 2016: $46,093,0002016Assets 2017: $115,960,000Liabilities 2017: $61,311,000Net Assets 2017: $54,649,0002017Assets 2018: $118,968,000Liabilities 2018: $61,503,000Net Assets 2018: $57,465,0002018Assets 2019: $121,382,000Liabilities 2019: $61,360,000Net Assets 2019: $60,022,0002019Assets 2020: $128,113,000Liabilities 2020: $61,197,000Net Assets 2020: $66,916,0002020Assets 2021: $176,636,000Liabilities 2021: $62,046,000Net Assets 2021: $114,590,0002021Assets 2022: $171,203,000Liabilities 2022: $949,000Net Assets 2022: $170,254,0002022Assets 2023: $152,422,000Liabilities 2023: $764,000Net Assets 2023: $151,658,0002023Assets 2024: $155,561,000Liabilities 2024: $768,000Net Assets 2024: $154,793,0002024

Highlighted filing

2017

Assets$115,960,000
Liabilities$61,311,000
Net Assets$54,649,000

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0Revenue 2014: $808,000Expenses 2014: $0Net Income 2014: $808,0002014Revenue 2015: $4,095,000Expenses 2015: $0Net Income 2015: $4,095,0002015Revenue 2016: $4,098,000Expenses 2016: $0Net Income 2016: $4,098,0002016Revenue 2017: $3,377,000Expenses 2017: $0Net Income 2017: $3,377,0002017Revenue 2018: $2,652,000Expenses 2018: $0Net Income 2018: $2,652,0002018Revenue 2019: $3,291,000Expenses 2019: $0Net Income 2019: $3,291,0002019Revenue 2020: $4,345,000Expenses 2020: $0Net Income 2020: $4,345,0002020Revenue 2021: $5,466,000Expenses 2021: $0Net Income 2021: $5,466,0002021Revenue 2022: $5,870,000Expenses 2022: $0Net Income 2022: $5,870,0002022Revenue 2023: $7,108,000Expenses 2023: $0Net Income 2023: $7,108,0002023Revenue 2024: $7,375,000Expenses 2024: $0Net Income 2024: $7,375,0002024

Highlighted filing

2017

Revenue$3,377,000
Expenses$0
Net Income$3,377,000
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 13, 2018
Return Version
2017v2.3
Gross Receipts
$8,490,000
Mission and Program Overview

Mission

Pension benefit organization

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$106,600,000$115,000,000▲ $8,400,000
Pd in Cap Srpls Land Bldg Eqp Fund$45,051,000$45,051,000→ $0
Rtn Earn Endowment Incm Other Fnds$1,042,000$9,598,000▲ $8,556,000
Cash and Non-Interest-Bearing Accounts$519,000$788,000▲ $269,000
Prepaid Expenses and Deferred Charges$139,000$132,000▼ $7,000
Accounts Receivable$37,000$40,000▲ $3,000
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$107,295,000$115,960,000▲ $8,665,000
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$60,800,000$60,797,000▼ $3,000
Other Liabilities$343,000$382,000▲ $39,000
Accounts Payable and Accrued Expenses$56,000$100,000▲ $44,000
Deferred Revenue$3,000$32,000▲ $29,000
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$61,202,000$61,311,000▲ $109,000
Net Assets / Fund Balance
Total Net Assets Fund Balance$46,093,000$54,649,000▲ $8,556,000
Total Liabilities and Net Assets / Fund Balance$107,295,000$115,960,000▲ $8,665,000

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$96,539,847--
Other Land Buildings$10,971--
Land$18,139,371--
Equipment$309,811--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Benjamin G GiffordPresident
Karen WilbrechtVice President
Steven M ZaunVice President
Wayne A ComerVice President
Alfred W DortVice President/Treasurer
David C GillanDirector
Joseph Indelicato JrDirector
Thomas K LeeDirector
Jeffrey D SilversteinAssistant Secretary
Mark A BrodySecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$3,377,000
Change in Net Assets
$3,377,000

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,377,000
Revenue Not Reported on Form 990
$13,056,000
Total Revenue per Audited Statements
$16,433,000
Total Revenue per Form 990
$3,377,000
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$5,113,000
Total Expenses per Audited Statements$5,113,000
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
Tenant Security Deposits$244,000
Accrued Interest$138,000
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 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.org.

Form 990, Part VII, Section A

NYS TEACHERS RETIREMENT SYSTEM (NYSTRS) IS A SECTION 401(A) TRUST THAT IS RELATED TO KNICKERBOCKER BARRINGTON PLACE, LLC (Barrington) , AND Barrington'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, Barrington ASKED NYSTRS FOR THE COMPENSATION INFORMATION FOR THESE THREE INDIVIDUALS WHO ARE EMPLOYED BY THE NYSTRS. Barrington MADE REASONABLE EFFORTS TO OBTAIN COMPENSATION INFORMATION AND REQUESTS WERE MADE BOTH IN WRITING AND VIA PHONE CALLS. Barrington WAS UNABLE TO OBTAIN THE COMPENSATION INFORMATION FROM NYSTRS AND IS UNABLE TO PROVIDE A REASONABLE ESTIMATE OF THIS INFORMATION. FORM 990, PART XI - RECONCILIATION OF NET ASSETS, LINE 9 DISTRIBUTIONS TO NYSTRS (2,764,000)

Filing and Contact Details

Filer

Filer Name
Knickerbocker Barrington Place LLC
EIN
47-1842024
In Care Of
% JP MORGAN INVESTMENT MGMT I
Phone
2126482230
Address
PO BOX 5005, NEW YORK, NY 10163-5005

Signing Officer

Name
Alfred W Dort
Title
VP/treasurer
Phone
2126482230
Signed
2018-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Benjamin G Gifford
Formed
2014
Legal Domicile
De
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
3

Preparer

Firm
Kpmg Llp
Address
345 Park Avenue, New York, NY 10154-0102
Preparer
Nicole a Fitzmaurice
Phone
2127589700
Supplemental Narrative

Additional Explanations

Form 990, Part V, Line 1A

In 2017, 13 Forms 1099 were erroneously issued under the name Knickerbocker Properties, Inc. XLVII (EIN 20-8775160), an entity related to Knickerbocker Barrington Place, LLC. This was an administrative error. The error was uncovered while preparing this Form 990 and corrected Forms 1099 will not be issued for this tax year. These payments were made by Knickerbocker Barrington Place, LLC and all 13 Forms 1099 should have reported Knickerbocker Barrington Place, LLC as such. Therefore, to accurately reflect the payments made, this Form 990 reports the 13 Forms on Part V, Line 1a. The administrative error will be corrected for future tax years. FORM 990, PART VI, LINE 2 DIRECTORS THOMAS K. LEE, JOSEPH INDELICATO JR., AND DAVID C. GILLAN HAVE A BUSINESS RELATIONSHIP. Officers Mark A. Brody and Jeffrey D. Silverstein 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.

Financial Statement Notes

Schedule D, Part XI - Reconciliation of Revenue

Rental expenses $5,113,000

Schedule D, Part XII - Reconciliation of Expenses

Rental expenses $5,113,000

Schedule D, Part X - Other Liabilities

The Company is recognized as a 501(c)(25) corporation under the Internal Revenue Code (the Code) and, as such, is 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 Company recognizes 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 authority's widely understood administrative practices and precedents. If this threshold is met the Company should measure the tax benefit as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Investment Advisor has determined that no reserves were required at December 31, 2017. In addition, the Investment Advisor does not expect a significant change in uncertain tax positions during the year subsequent to December 31, 2017. The Company is 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 2015 and subsequent tax years as of December 31, 2017.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0RENTAL EXPENSES $5,113,000
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1RENTAL EXPENSES $5,113,000
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2The Company is recognized as a 501(c)(25) corporation under the Internal Revenue Code (the Code) and, as such, is 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 Company recognizes 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 authority's widely understood administrative practices and precedents. If this threshold is met the Company should measure the tax benefit as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Investment Advisor has determined that no reserves were required at December 31, 2017. In addition, the Investment Advisor does not expect a significant change in uncertain tax positions during the year subsequent to December 31, 2017. The Company is 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 2015 and subsequent tax years as of December 31, 2017.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PART XI - RECONCILIATION OF REVENUE
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PART XII - RECONCILIATION OF EXPENSES
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule D, Part X - Other Liabilities
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0In 2017, 13 Forms 1099 were erroneously issued under the name Knickerbocker Properties, Inc. XLVII (EIN 20-8775160), an entity related to Knickerbocker Barrington Place, LLC. This was an administrative error. The error was uncovered while preparing this Form 990 and corrected Forms 1099 will not be issued for this tax year. These payments were made by Knickerbocker Barrington Place, LLC and all 13 Forms 1099 should have reported Knickerbocker Barrington Place, LLC as such. Therefore, to accurately reflect the payments made, this Form 990 reports the 13 Forms on Part V, Line 1a. The administrative error will be corrected for future tax years. FORM 990, PART VI, LINE 2 DIRECTORS THOMAS K. LEE, JOSEPH INDELICATO JR., AND DAVID C. GILLAN HAVE A BUSINESS RELATIONSHIP. Officers Mark A. Brody and Jeffrey D. Silverstein 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 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.ORG.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NYS TEACHERS RETIREMENT SYSTEM (NYSTRS) IS A SECTION 401(A) TRUST THAT IS RELATED TO KNICKERBOCKER BARRINGTON PLACE, LLC (Barrington) , AND Barrington'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, Barrington ASKED NYSTRS FOR THE COMPENSATION INFORMATION FOR THESE THREE INDIVIDUALS WHO ARE EMPLOYED BY THE NYSTRS. Barrington MADE REASONABLE EFFORTS TO OBTAIN COMPENSATION INFORMATION AND REQUESTS WERE MADE BOTH IN WRITING AND VIA PHONE CALLS. Barrington WAS UNABLE TO OBTAIN THE COMPENSATION INFORMATION FROM NYSTRS AND IS UNABLE TO PROVIDE A REASONABLE ESTIMATE OF THIS INFORMATION. FORM 990, PART XI - RECONCILIATION OF NET ASSETS, LINE 9 DISTRIBUTIONS TO NYSTRS (2,764,000)
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part V, Line 1a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VII, SECTION A
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1KNICKERBOCKER PROPERTIES INC XLVII
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2KNICKERBOCKER EDENS LLC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt3KNICKERBOCKER PROPERTIES INC XXXIII
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0PENSION ADMIN
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