Civic Intelligence

The Complex Sag Harbor Inc.

990 • Fiscal year 2022 • EIN 85-2656502

Jul 01, 2021 to Jun 30, 2022 • Filed on Aug 25, 2022

Organization ProfileN/A
57 Willowmere CircleRiverside, CT 06878

(212) 724-2345

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.99x

Higher debt load relative to assets than 93% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

100th percentile

314.75x

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

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

5th percentile

-60%

Higher net margin than 5% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

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

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

51st percentile

0.9%

Faster asset growth than 51% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

2nd percentile

-85%

Faster revenue growth than 2% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Up

$15,917,799

Up $135,226 (+0.9%) from 2021

Net Assets

Down

$145,246

Down $30,157 (-17%) from 2021

Liabilities

Up

$15,772,553

Up $165,383 (+1.1%) from 2021

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin5th percentile

Revenue

Down

$50,111

Down $275,459 (-85%) from 2021

Expenses

Down

$80,268

Down $69,899 (-47%) from 2021

Net Income

Down

-$30,157

Down $205,560 (-117%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth51st percentile

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

$20M$15M$10M$5.0M$0-$5.0MAssets 2021: $15,782,573Liabilities 2021: $15,607,170Net Assets 2021: $175,4032021Assets 2022: $15,917,799Liabilities 2022: $15,772,553Net Assets 2022: $145,2462022Assets 2023: $15,436,559Liabilities 2023: $16,264,894Net Assets 2023: -$828,3352023Assets 2024: $15,404,637Liabilities 2024: $16,264,894Net Assets 2024: -$860,2572024

Highlighted filing

2022

Assets$15,917,799
Liabilities$15,772,553
Net Assets$145,246
Open 2022 Filing

Operations Trend

Revenue Growth2nd percentile

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

$1.0M$500K$0-$500K-$1.0MRevenue 2021: $325,570Expenses 2021: $150,167Net Income 2021: $175,4032021Revenue 2022: $50,111Expenses 2022: $80,268Net Income 2022: -$30,1572022Revenue 2023: $13Expenses 2023: $973,594Net Income 2023: -$973,5812023Revenue 2024: $29Expenses 2024: $31,951Net Income 2024: -$31,9222024

Highlighted filing

2022

Revenue$50,111
Expenses$80,268
Net Income-$30,157
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Aug 25, 2022
Return Version
2021v4.0
Gross Receipts
$50,111
Mission and Program Overview

Mission

Friends of Bay Street and Sag Harbor Redevelopment, Inc. is organized for the purposes which are exclosively charitable, educational, scientific, religious and literary within the meaning of section 501(c)(3) of the IRC of 1986. The charity will primarily accomplish these purposes by acquiring real property on the easten end of Long Island, New York and developing the real property by building a theater on the property to be dedicated to and to support and preserve the performing arts community in the area. Specifically, once the property has been acquired and the theater constructed, the theater will be used by Bay Street Theater Festival, Inc., a nonprofit performing arts organization. By doing so, the Charity will provide the local community with access to innovative, emerging, challenging and classic theater and performing arts. The charity's other activity will be to raise funds to support the project through capital campaign.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$14,482,795$14,687,836▲ $205,041
Cash and Non-Interest-Bearing Accounts$1,269,778$1,199,963▼ $69,815
Pledges and Grants Receivable$30,000$30,000→ $0
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$15,782,573$15,917,799▲ $135,226
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property$15,107,170$15,272,553▲ $165,383
Unsecured Notes Loans Payable$500,000$500,000→ $0
Total Liabilities$15,607,170$15,772,553▲ $165,383
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$175,403$145,246▼ $30,157
Total Net Assets Fund Balance$175,403$145,246▼ $30,157
Total Liabilities and Net Assets / Fund Balance$15,782,573$15,917,799▲ $135,226

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,091,030-$13,091,030
Other Land Buildings$1,596,806-$1,596,806
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

NameTitle
Adam PotterPresident
Ralph HeinsDirector
Ann Cutbill LenaneSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$50,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$111
All Other Contributions
$50,000
Change in Net Assets
$-30,157
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$60,000
Other Expenses$20,268
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$60,000--$60,000
Fees for Services Other$10,000--$10,000
Fees for Services Accounting-$8,000-$8,000
Insurance$1,497--$1,497
Office Expenses-$549-$549
Fees for Services Legal-$180-$180
Other Expenses$25--$25
Travel-$17-$17
Total Functional Expenses$71,522$8,746$0$80,268
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
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
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, Line 11B: Form 990 Review Process

“The Treasurer and President will review and approve the forms prior to filing the tax returns.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“conflicts reviewed annually.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Friends of Bay Street and Sag Harbor
EIN
85-2656502
Phone
2127242345
Address
57 WILLOWMERE CIRCLE, RIVERSIDE, CT 06878

Signing Officer

Name
Adam Potter
Title
Chairman
Signed
2022-08-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Adam Potter
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
Sabel & Oplinger CPA Pc
Address
106 Prospect St, Southampton, NY 11968
Preparer
Robert J Strebel CPA
Phone
6312832370
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. However, income from certain activities not directly related to the Organization's tax-exempt purpose is subject to taxation as unrelated business income. In addition, the Organization qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been classified as an organization other than a private foundation under Section 509(a)(2).There was no unrelated business income for the year ended June 30, 2022. Accordingly, no provision for Federal or State income taxes is required. As of June 30, 2022, no amounts have been recognized for uncertain income tax positions.”

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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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. However, income from certain activities not directly related to the Organization's tax-exempt purpose is subject to taxation as unrelated business income. In addition, the Organization qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been classified as an organization other than a private foundation under Section 509(a)(2).There was no unrelated business income for the year ended June 30, 2022. Accordingly, no provision for Federal or State income taxes is required. As of June 30, 2022, no amounts have been recognized for uncertain income tax positions.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Treasurer and President will review and approve the forms prior to filing the tax returns.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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ReturnHeader/TaxYr02021

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$15,917,799
Liabilities
$15,772,553
Net assets
$145,246
Revenue
$50,111
Expenses
$80,268
Net income
-$30,157
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$15.4$16.3$0.86$0.00$0.03$0.03
2023Detailed filing. Detailed filing data is available for this year.$15.4$16.3$0.83$0.00$0.97$0.97
2022Detailed filing. Detailed filing data is available for this year.$15.9$15.8$0.15$0.05$0.08$0.03
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$15.8$15.6$0.18$0.33$0.15$0.18