Civic Intelligence

The Complex Sag Harbor Inc.

990 • Fiscal year 2023 • EIN 85-2656502

Jul 01, 2022 to Jun 30, 2023 • Filed on Nov 15, 2023

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

95th percentile

1.05x

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

100th percentile

1251145.69x

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

1st percentile

-7489085%

Higher net margin than 1% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

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.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

19th percentile

-3.0%

Faster asset growth than 19% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

1st percentile

-100%

Faster revenue growth than 1% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$15,436,559

Down $481,240 (-3.0%) from 2022

Net Assets

Down

-$828,335

Down $973,581 (-670%) from 2022

Liabilities

Up

$16,264,894

Up $492,341 (+3.1%) from 2022

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Down

$13

Down $50,098 (-100%) from 2022

Expenses

Up

$973,594

Up $893,326 (+1113%) from 2022

Net Income

Down

-$973,581

Down $943,424 (-3128%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth19th 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

2023

Assets$15,436,559
Liabilities$16,264,894
Net Assets-$828,335
Open 2023 Filing

Operations Trend

Revenue Growth1st 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

2023

Revenue$13
Expenses$973,594
Net Income-$973,581
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$13
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$14,687,836$15,180,176▲ $492,340
Cash and Non-Interest-Bearing Accounts$1,199,963$256,383▼ $943,580
Pledges and Grants Receivable$30,000$0▼ $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$15,917,799$15,436,559▼ $481,240
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property$15,272,553$15,764,894▲ $492,341
Unsecured Notes Loans Payable$500,000$500,000→ $0
Total Liabilities$15,772,553$16,264,894▲ $492,341
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$145,246$-828,335▼ $973,581
Total Net Assets Fund Balance$145,246$-828,335▼ $973,581
Total Liabilities and Net Assets / Fund Balance$15,917,799$15,436,559▼ $481,240

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,091,030-$13,091,030
Other Land Buildings$2,089,146-$2,089,146
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

NameTitle
Adam PotterPresident
Ralph HeinsDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$13
Change in Net Assets
$-973,581
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$670,000
Other Expenses$303,594
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$670,000--$670,000
Fees for Services Legal-$232,624-$232,624
Fees for Services Other$35,000--$35,000
Other Expenses-$30,000-$30,000
Fees for Services Accounting-$3,800-$3,800
Insurance$1,535--$1,535
Office Expenses$75$560-$635
Total Functional Expenses$706,610$266,984$0$973,594
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, Section B, Line 11B

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

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

“conflicts reviewed annually.”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
The Complex Sag Harbor Inc
EIN
85-2656502
Phone
2127242345
Address
57 WILLOWMERE CIRCLE, RIVERSIDE, CT 06878

Signing Officer

Name
Adam Potter
Title
Chairman
Signed
2023-11-15
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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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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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0266984
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0706610
IRS990/TotalFunctionalExpensesGrp/TotalAmt0973594
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt015772553
IRS990/TotalLiabilitiesEOYAmt016264894
IRS990/TotalLiabilitiesGrp/BOYAmt015772553
IRS990/TotalLiabilitiesGrp/EOYAmt016264894
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0145246
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-828335
IRS990/TotalProgramServiceExpensesAmt0706610
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalRevenueGrp/ExclusionAmt013
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt013
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt015917799
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt015436559
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0500000
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0500000
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt057 WILLOWMERE CIRCLE
IRS990/USAddress/CityNm0RIVERSIDE
IRS990/USAddress/StateAbbreviationCd0CT
IRS990/USAddress/ZIPCd006878
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0ADAM POTTER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Chairman
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE COMPLEX SAG HARBOR INC
ReturnHeader/Filer/BusinessNameControlTxt0COMP
ReturnHeader/Filer/EIN0852656502
ReturnHeader/Filer/PhoneNum02127242345
ReturnHeader/Filer/USAddress/AddressLine1Txt057 WILLOWMERE CIRCLE
ReturnHeader/Filer/USAddress/CityNm0RIVERSIDE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CT
ReturnHeader/Filer/USAddress/ZIPCd006878
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0112883699
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SABEL & OPLINGER CPA PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0106 Prospect St
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Southampton
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd011968
ReturnHeader/PreparerPersonGrp/PhoneNum06312832370
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ROBERT J STREBEL CPA
ReturnHeader/ReturnTs02023-11-15T08:27:54-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0ADAM
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0POTTER
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$15,436,559
Liabilities
$16,264,894
Net assets
-$828,335
Revenue
$13
Expenses
$973,594
Net income
-$973,581
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