Civic Intelligence

The Complex Sag Harbor Inc.

990 • Fiscal year 2021 • EIN 85-2656502

Jul 01, 2020 to Jun 30, 2021 • Filed on Jan 10, 2022

Organization ProfileN/A
55 Bluff Point RdSag Harbor, NY 11963

(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.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

99th percentile

47.94x

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

88th percentile

54%

Higher net margin than 88% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

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.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

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

Source year 2021

Revenue Growth

Score unavailable

No value available

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

Source year 2021

Balance Sheet
Liabilities / Assets93rd percentile

Assets

$15,782,573

No earlier filing loaded for comparison.

Net Assets

$175,403

No earlier filing loaded for comparison.

Liabilities

$15,607,170

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin88th percentile

Revenue

$325,570

No earlier filing loaded for comparison.

Expenses

$150,167

No earlier filing loaded for comparison.

Net Income

$175,403

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.

$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

2021

Assets$15,782,573
Liabilities$15,607,170
Net Assets$175,403
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

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

2021

Revenue$325,570
Expenses$150,167
Net Income$175,403
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Jan 10, 2022
Return Version
2020v4.0
Gross Receipts
$325,570
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-
Cash and Non-Interest-Bearing Accounts-$1,269,778-
Pledges and Grants Receivable-$30,000-
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$0$15,782,573▲ $15,782,573
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property-$15,107,170-
Unsecured Notes Loans Payable-$500,000-
Total Liabilities$0$15,607,170▲ $15,607,170
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$175,403-
Total Net Assets Fund Balance$0$175,403▲ $175,403
Total Liabilities and Net Assets / Fund Balance$0$15,782,573▲ $15,782,573

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,091,030-$13,091,030
Other Land Buildings$1,391,765-$1,391,765
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

NameTitle
Adam PotterPresident
Ann Cutbill LenaneDirector
Tracy MitchellSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$322,728
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$2,842
All Other Contributions
$322,728
Change in Net Assets
$175,403

Audited Revenue Reconciliation

Revenue per Audited Statements
$325,570
Total Revenue per Audited Statements
$325,570
Total Revenue per Form 990
$325,570
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$121,367
Salaries, Compensation, and Employee Benefits$28,800
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$54,794--$54,794
Fees for Services Legal-$41,109-$41,109
Other Salaries and Wages$28,800--$28,800
Interest-$5,970-$5,970
Office Expenses$1,818$606-$2,424
Insurance$1,334--$1,334
Advertising$950--$950
Other Expenses$309$1,204-$309
Travel-$73-$73
Total Functional Expenses$101,205$48,962$0$150,167

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$150,167
Total Expenses per Audited Statements$150,167
Total Expenses per Form 990$150,167
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
Audit committee
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
55 BLUFF POINT RD, SAG HARBOR, NY 11963

Signing Officer

Name
Adam Potter
Title
President
Signed
2022-01-10
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, 2021. Accordingly, no provision for Federal or State income taxes is required. As of June 30, 2021, 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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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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Document Assets

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Filings

Displayed year

2021 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$15,782,573
Liabilities
$15,607,170
Net assets
$175,403
Revenue
$325,570
Expenses
$150,167
Net income
$175,403
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