Civic Intelligence

Shed Nyc Inc.

990 • Fiscal year 2021 • EIN 90-0884353

Jan 01, 2021 to Dec 31, 2021 • Filed on Oct 15, 2022

545 West 30th StreetNew York, NY 10001

(646) 876-6904

Siviq Scores

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

Liabilities / Assets

43rd percentile

0.24x

Higher debt load relative to assets than 43% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Liabilities / Revenue

89th percentile

2.96x

Higher debt load relative to revenue than 89% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Net Margin

72nd percentile

20%

Higher net margin than 72% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Top Officer Pay

46th percentile

$686,705

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2021

Asset Growth

10th percentile

-2.6%

Faster asset growth than 10% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Revenue Growth

2nd percentile

-53%

Faster revenue growth than 2% of similar nonprofits.

2021 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Assets

Down

$605,118,283

Down $16,323,935 (-2.6%) from 2020

Net Assets

Up

$461,991,310

Up $10,306,047 (+2.3%) from 2020

Liabilities

Down

$143,126,973

Down $26,629,982 (-16%) from 2020

Revenue

Down

$48,390,004

Down $53,880,778 (-53%) from 2020

Expenses

Down

$38,489,710

Down $8,288,093 (-18%) from 2020

Net Income

Down

$9,900,294

Down $45,592,685 (-82%) from 2020

Historical Trend

Balance Sheet Trend

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

$800M$600M$400M$200M$0Assets 2013: $43,393,744Liabilities 2013: $3,131,641Net Assets 2013: $40,262,1032013Assets 2014: $85,959,458Liabilities 2014: $14,289,833Net Assets 2014: $71,669,6252014Assets 2015: $190,754,937Liabilities 2015: $52,603,222Net Assets 2015: $138,151,7152015Assets 2016: $330,248,232Liabilities 2016: $112,987,018Net Assets 2016: $217,261,2142016Assets 2017: $422,448,755Liabilities 2017: $125,638,041Net Assets 2017: $296,810,7142017Assets 2018: $527,432,376Liabilities 2018: $172,364,747Net Assets 2018: $355,067,6292018Assets 2019: $625,242,260Liabilities 2019: $229,244,655Net Assets 2019: $395,997,6052019Assets 2020: $621,442,218Liabilities 2020: $169,756,955Net Assets 2020: $451,685,2632020Assets 2021: $605,118,283Liabilities 2021: $143,126,973Net Assets 2021: $461,991,3102021Assets 2022: $575,214,850Liabilities 2022: $133,422,441Net Assets 2022: $441,792,4092022Assets 2023: $549,675,355Liabilities 2023: $91,935,661Net Assets 2023: $457,739,6942023Assets 2024: $527,315,012Liabilities 2024: $78,975,767Net Assets 2024: $448,339,2452024

Highlighted filing

2021

Assets$605,118,283
Liabilities$143,126,973
Net Assets$461,991,310

Operations Trend

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

$150M$100M$50M$0-$50MRevenue 2013: $41,285,773Expenses 2013: $1,023,670Net Income 2013: $40,262,1032013Revenue 2014: $33,145,469Expenses 2014: $1,737,947Net Income 2014: $31,407,5222014Revenue 2015: $69,093,835Expenses 2015: $2,611,745Net Income 2015: $66,482,0902015Revenue 2016: $83,849,935Expenses 2016: $4,740,436Net Income 2016: $79,109,4992016Revenue 2017: $87,890,232Expenses 2017: $8,340,732Net Income 2017: $79,549,5002017Revenue 2018: $74,185,565Expenses 2018: $15,453,980Net Income 2018: $58,731,5852018Revenue 2019: $101,081,298Expenses 2019: $60,025,560Net Income 2019: $41,055,7382019Revenue 2020: $102,270,782Expenses 2020: $46,777,803Net Income 2020: $55,492,9792020Revenue 2021: $48,390,004Expenses 2021: $38,489,710Net Income 2021: $9,900,2942021Revenue 2022: $28,897,150Expenses 2022: $49,096,051Net Income 2022: -$20,198,9012022Revenue 2023: $60,613,644Expenses 2023: $45,014,718Net Income 2023: $15,598,9262023Revenue 2024: $32,765,136Expenses 2024: $41,792,680Net Income 2024: -$9,027,5442024

Highlighted filing

2021

Revenue$48,390,004
Expenses$38,489,710
Net Income$9,900,294
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Oct 15, 2022
Return Version
2021v4.2
Gross Receipts
$55,109,661
Mission and Program Overview

Mission

The shed commissions original works of art, across all disciplines, for all audiences. From hip hop to classical music, painting and sculpture to literature, film to theater and dance, the shed brings together leading and emerging artists (continued on schedule o.)

The shed brings together established and emerging artists to create new work. See schedule o. The shed brings together established and emerging artists to create new work, across all disciplines, for all audiences.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$533,636,079$532,654,804▼ $981,275
Pledges and Grants Receivable$70,636,023$55,369,702▼ $15,266,321
Loans From Officers Directors$54,600,000$54,500,000▼ $100,000
Cash and Non-Interest-Bearing Accounts$16,329,933$15,230,568▼ $1,099,365
Prepaid Expenses and Deferred Charges$523,050$577,554▲ $54,504
Inventories for Sale or Use$78,806$89,886▲ $11,080
Receivables From Officers Etc$15,750$15,750→ $0
Total Assets$621,442,218$605,118,283▼ $16,323,935
Other Assets Total$222,577$1,180,019▲ $957,442
Liabilities
Mortgage Notes Payable Secured by Investment Property$75,445,334$53,774,738▼ $21,670,596
Unsecured Notes Loans Payable$25,000,000$25,000,000→ $0
Other Liabilities$8,959,273$4,786,906▼ $4,172,367
Accounts Payable and Accrued Expenses$5,452,348$4,182,354▼ $1,269,994
Deferred Revenue$300,000$882,975▲ $582,975
Total Liabilities$169,756,955$143,126,973▼ $26,629,982
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$444,685,763$459,459,704▲ $14,773,941
Net Assets With Donor Restrictions$6,999,500$2,531,606▼ $4,467,894
Total Net Assets Fund Balance$451,685,263$461,991,310▲ $10,306,047
Total Liabilities and Net Assets / Fund Balance$621,442,218$605,118,283▼ $16,323,935

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$524,308,809$28,697,942$553,006,751
Equipment$6,042,028$5,698,435$11,740,463
Other Land Buildings$2,303,967$2,068,782$4,372,749
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alexander PootsArtistic Director & CEOFT$519,416$167,289$686,705
Maryann JordanPresident and COOFT$292,106$78,523$370,629
Abdul YounisChief Executive ProducerFT$208,623$79,590$288,213
Peter GeeChief Financial OfficerFT$238,235$35,589$273,824
Ezra WiesnerChief Technology OfficerFT$196,881$47,351$244,232
Joseph WittmannDirector of FacilitiesFT$192,724$43,900$236,624
Jeffrey LevineChief Marketing & Comm OfficerFT$182,173$46,166$228,339
Gilbert PerezChief Visitor Experience OfficerFT$183,365$17,237$200,602
Tamara MccawChief Civic Program OfficerFT$177,246$14,116$191,362
Robert MohlerChief Development Officer (beg 5/21)FT$175,789$1,072$176,861
Robert CarotenutoDirector of SecurityFT$148,532$17,663$166,195
Meghedia KhodaverdianChief Bus Develop Officer (beg 7/21)FT$157,525$6,875$164,400
Josh PhagooOperating EngineerFT$137,375$3,838$141,213
Jesse HamermanDirector of ExhibitionsFT$130,000$9,321$139,321
Laura AswadProducerFT$136,367$829$137,196
Emma EnderbyChief CuratorFT$123,210$11,629$134,839
Margaret HuntChief Development Officer (end 5/21)FT$109,848$14,940$124,788

Highest Paid Contractors

ContractorServicesLocationCompensation
Universal Protection ServiceSecurity StaffingPO BOX 828854, Philadelphia, PA 19182$536,171
Sasha Group LLCMarketing10 HUDSON YARDS FL 25, New York, NY 10001$380,978
Ery South Residential Tower LLCConstruction30 HUDSON YARDS, New York, NY 10001$377,327
Cablevision Lightpath LLCTelephone ServicesPO BOX 360111, Philadelphia, PA 15251-6111$161,347
Gladstone Gallery LLCProgramming515 W 24TH ST, New York, NY 10011$150,000
Revenue and Support

Revenue Composition

Contributions and Grants
$45,684,079
Program Service Revenue
$1,082,920
Investment Income
$97,274
Other Revenue
$1,525,731
All Other Contributions
$29,480,996
Change in Net Assets
$9,900,294

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded4$5,045,699Gift Value
Total Noncash Contributions4$5,045,699-

Audited Revenue Reconciliation

Revenue per Audited Statements
$49,420,354
Revenue Not Reported on Financial Statements
$-1,030,350
Revenue Not Reported on Form 990
$475,140
Other Revenue Adjustments
$-1,030,350
Total Revenue per Audited Statements
$49,895,494
Total Revenue per Form 990
$48,390,004
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$26,815,844
Salaries, Compensation, and Employee Benefits$11,438,243
Total Fundraising Expense$5,147,002
Professional Fundraising Fees$235,623
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$9,486,347$2,183,278$2,155,797$13,825,422
Other Salaries and Wages$3,801,787$1,518,889$229,068$5,549,744
Occupancy$2,135,649$689,222$484,667$3,309,538
Current Officers, Directors, Trustees, and Key Employees$1,732,717$483,135$868,944$3,084,796
Interest$1,962,373$451,639$445,954$2,859,966
Other Employee Benefits$1,362,005$496,491$90,339$1,948,835
Information Technology$779,232$179,340$177,083$1,135,655
Insurance$727,764$167,495$165,386$1,060,645
Payroll Taxes$521,530$246,871$86,467$854,868
Advertising$676,333-$15,722$692,055
Office Expenses$214,324$122,772$22,485$359,581
Fees for Services Other$50,175$202,292-$252,467
Fees for Services Professional Fundraising--$235,623$235,623
Fees for Services Legal$36,226$122,276-$158,502
Fees for Services Accounting-$95,320-$95,320
Travel$53,572$28,277$1,358$83,207
Other Expenses$1,625$1,354$950$3,929
Total Functional Expenses$26,340,713$7,001,995$5,147,002$38,489,710

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$39,589,447
Expenses per Audited Statements$38,489,710
Total Expenses per Form 990$38,489,710
Expenses Not Reported on Form 990$1,099,737
Expenses Not Reported on Financial Statements$0
International Activity

International Summary

Offices
0
Employees
3
Spending
$768,000

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Europe (including Iceland & Greenland)Program ServicesProgram Advisory03$768,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$565,250
Professional Fundraising Fees$235,623
Fundraising Gross Income$115,140

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$4,078,697$115,140$258,278$-143,138
Total Events$4,078,697$115,140$565,250$-450,110
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-35% CONTROLLED ENTITY OF FRANK MCCOURTProgram CollaborationNo$102,067

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$54,600,000$54,500,000▼ $100,000
Receivables from Officers, Directors, Trustees, and Key Employees$15,750$15,750→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Retainage Payable$2,757,810
Payroll Protection Program Loan Payable$2,000,000
Other Liabilities$29,096
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Relationships between board members ken wong is coo/director of international development for related companies. Dean shapiro is svp investments/head of us development for oxford properties group. Related and oxford are general partners in the hudson yards development.

Form 990, Part VI, Section B, Line 11B

Review of form 990 form 990 is provided to the entire board of directors of the organization for review before the return is filed with the irs.

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

Conflict of interest policy review immediately upon election to the board, all directors shall disclose any relevant interest which may pose conflict of interest questions, disclosure shall include any interest, financial or otherwise, in any corporation, organization, or partnership which provides professional or other services to the corporation. When any matter comes before the board or any committee of the board in which a director has an interest, the director who has an interest shall promptly and fully disclose his or her interest to the board or committee prior to its acting on the matter. Such disclosure shall include any relevant and material facts known to such person about the contract or transaction that might reasonably be construed to be adverse to the corporation. Board members are required, annually, to sign an affidavit to disclose whether or not a conflict exists.

Form 990, Part VI, Section B, Line 15

Compensation review compensation for the artistic director & ceo and the president & coo are reviewed and determined annually by the shed's independent board of directors. The most recent review for the artistic director and ceo occured in march 2022. Compensation for other senior management positions below the executive level are reviewed and determined by the ceo and president. Compensation review includes input from independent sources and comparative data from similarly situated organizations. The approval process is contemporaneously documented in the board meeting minutes.

Form 990, Part VI, Section C, Line 19

Availability of documents to the public the organization makes its certificate of incorporation, bylaws, and financial statements available to the public upon request. Requests for reviewing the organization's documents should be addressed to the organization in care of peter gee as noted in part vi, section c, line 20.

Filing and Contact Details

Filer

Filer Name
Shed Nyc Inc
EIN
90-0884353
Phone
6468766904
Address
545 WEST 30TH STREET, NEW YORK, NY 10001
Doing Business As
The Shed

Signing Officer

Name
Peter Gee
Title
CFO
Phone
6468766904
Signed
2022-10-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Alexander M Poots
Formed
2012
Legal Domicile
Ny
Voting Board Members
39
Independent Board Members
36
Employees
719
Volunteers
38

Preparer

Firm
Kpmg Llp
Address
345 PARK AVENUE, NEW YORK, NY 10154-0102
Preparer
Omo-ose Joseph-erameh
Phone
2127589700
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4B (continued)

Live performance programming *an audience with (apr 2-23, 2021, the mccourt): after a year spent without indoor performances, the shed welcomed back our audiences to enjoy a five-performance series featuring singer and cellist kelsey lu in this is a test on april 2; conductor esa-pekka salonen and the musicians of the new york philharmonic on april 14 and 15; soprano rene fleming, bill frisell, christian mcbride, and dan tepfer on april 21; comedian michelle wolf with special guests jared freid and dj cipha sounds on april 22; and comedian zainab johnson with atheer yacoub on april 23. *the search for signs of intelligent life in the universe (dec 21, 2021 - feb 6, 2022, the griffin theater): this play by writer/director jane wagner is a one-woman show that examines american society, art, human connectivity and the feminist movement. Revisited in a new 90-minute production, this comedic and quick-witted play stars cecily strong (saturday night live, schmigadoon!) in her new york theatrical debut and is directed by tony-nominated leigh silverman (the lifespan of a fact, violet).

Form 990, Part III, Line 4A (continued)

Visual arts programming *howardena pindell: rope/fire/water (oct 16, 2020 - mar 28, 2021): this solo exhibition commissioned by the shed was howardena pindell's first video in twenty-five years and a project unrealized by the artist since the 1970s. It also included a pair of large-scale paintings related to global atrocities of imperialism and white supremacy, as well as several of her signature meticulously produced, large-scale abstract paintings. *the looking glass (jul 3, 2021 - aug 29, 2021): presented in partnership with acute art and the high line, the looking glass was a free, outdoor exhibition of augmented reality (ar) artworks viewable on the shed's public plaza. New commissions by artists julie curtiss, kaws, and precious okoyomon were viewable at any hour of the day, alongside works making their us debut by cao fei, olafur eliasson, toms saraceno, nina chanel abney, koo jeong a, bjarne melgaard, darren bader, and alicja kwade. *drift: fragile future ( sep 29, 2021 - dec 19, 2021): this installation was soundtracked by artist anohni and created by drift. While activating the senses with sound, movement, and film, the installation called audiences to imagine positive, alternative solutions to the problems our planet faces and inspire empathy towards nonliving objects. Presented in collaboration with superblue, the installation could be experienced as either a gallery exhibition or a surreal, immersive experience in the 17,000-square-foot mccourt space. *project liberty experience featuring refik anadol (sep 23 - 25, 2021): done in collaboration with the artist refik anadol, the project liberty experience invites viewers to examine their relationship to their data - who owns it, who profits, and what the world might look like if everyone owned and controlled their own data. This installation was free and open to the public, presented as part of unfinished live at the shed. *ian cheng: life after bob (sep 10, 2021 - dec 19 2021): this installation was co-commissioned by the shed, luma foundation, and light art space (berlin). Ian cheng's life after bob was an episodic anime series that imagined a future in which our minds are co-inhabited by ai entities. Working with an expansive production team, cheng developed this 48-minute narrative animation using traditional animation storytelling techniques alongside unity and its suite of real-time cinematic tools. Through this innovative approach, life after bob incorporated real-time changes unique to each viewing.

Form 990, Part III, Line 4C (continued)

Civic programs *up close (ongoing since april 19, 2020): first conceived as a response to the pandemic shutdown in march 2020, up close is a digital series that invites primarily emerging artists and creative thinkers to contribute new artworks and discussions exploring what it means to think about the world and make art right now. In 2021, the shed commissioned works by salome asega and keenan macwilliam (hey, mary!), madeline hollander (52 final bows), and julia solomonoff (hand). *open call (june 4, 2021 - august 1, 2021): launched as part of the shed's inaugural year program, open call is a large-scale commissioning program for early-career nyc-based artists. For its second iteration, 27 artists out of 1,500 proposals were selected by interdisciplinary leaders and professionals in their fields, including other artists and members of the shed's staff, to present work in an exhibition and performance series in the summers of 2021 and 2022.

FORM 990, PART XI, LINE 9:

Change in fair value of interest rate swap 405,753.

Financial Statement Notes

PART X, LINE 2:

Uncertain tax positions shed nyc, inc. Is exempt from federal income taxes under the provisions of section 501(c)(3) of the internal revenue code. Accordingly, it is not subject to federal income tax. Shed nyc, inc. Is also exempt from state and local income taxes. Income generated from activities unrelated to shed nyc, inc.'s exempt purpose is subject to tax under internal revenue code section 511. During the year ended december 31, 2021, the shed did not recognize any unrelated business income tax. The shed recognizes the effect of income tax positions only if those tax positions are more likely than not of being sustained.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in fair value of interest rate swap 405,753.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Direct rental expenses -1,030,350.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Direct rental expenses 1,030,350.

Raw XML AppendixShowing 400 of 1,312 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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IRS990/Form990PartVIISectionAGrp/PersonNm48EMMA ENDERBY

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