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Nonprofiteer
← UNITED NATIONS DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by UNITED NATIONS DEVELOPMENT CORPORATION.

Totals

Total revenue
$44,335,269
Total expenses
$34,990,967
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$39,927,708
Investment income
$4,058,024
Other revenue
$349,537
Total assets, end of year
$206,634,166
Total liabilities, end of year
$41,691,797
Net assets or fund balances, end of year
$164,942,369
Program services expenses (Part IX)
$29,825,584
Management and general expenses
$5,165,383
Fundraising expenses
$0
Program service expenses (Part III)
$29,825,584

Program services were 85.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: BUILDING RENTAL-OFFICE SPACE

    total $37,703,626 · related or exempt $37,703,626

  • 2b · Program service revenue: INCOME TOWER

    total $1,376,020 · related or exempt $1,376,020

  • 2c · Program service revenue: INTEREST-LEASES

    total $741,421 · related or exempt $741,421

  • 2d · Program service revenue: LANDLORD FEES

    total $106,641 · related or exempt $106,641

  • 3 · Investment income

    total $4,058,024 · excluded $4,058,024

  • 11a · Other revenue: MISCELLANEOUS

    total $349,537 · related or exempt $349,537

  • 11e · Other revenue, total

    $349,537

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,172,920 · management and general $1,172,920

  • 7 · Other salaries and wages

    total $336,410 · management and general $336,410

  • 8 · Pension plan contributions

    total $102,167 · management and general $102,167

  • 9 · Other employee benefits

    total $381,239 · management and general $381,239

  • 10 · Payroll taxes

    total $92,071 · management and general $92,071

  • 11a · Fees: management

    total $160,485 · program services $160,485

  • 11b · Fees: legal

    total $2,569,446 · management and general $2,569,446

  • 11c · Fees: accounting

    total $54,500 · management and general $54,500

  • 11f · Fees: investment management

    total $59,990 · management and general $59,990

  • 11g · Fees: other

    total $3,475,633 · program services $3,475,633

  • 13 · Office expenses

    total $143,406 · program services $138,688 · management and general $4,718

  • 16 · Occupancy

    total $10,335,153 · program services $10,335,153

  • 20 · Interest

    total $369,002 · program services $369,002

  • 22 · Depreciation, depletion and amortization

    total $6,850,627 · program services $6,850,627

  • 23 · Insurance

    total $1,299,552 · program services $1,023,949 · management and general $275,603

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $4,052,828 · program services $4,052,828

  • 24b · Other expenses: CONTRACT SECURITY

    total $3,290,366 · program services $3,182,113 · management and general $108,253

  • 24c · Other expenses: MISCELLANEOUS

    total $245,172 · program services $237,106 · management and general $8,066

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $700 · end of year $231

  • 2 · Savings and temporary cash investments

    beginning of year $58,216,540 · end of year $5,201,852

  • 4 · Accounts receivable

    beginning of year $3,347,448 · end of year $1,719,811

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,029,696 · end of year $6,832,609

  • 10a · Land, buildings and equipment: cost or other basis

    $197,838,247

  • 10b · Land, buildings and equipment: accumulated depreciation

    $154,055,934

  • 10c · Land, buildings and equipment, net

    beginning of year $39,946,259 · end of year $43,782,313

  • 11 · Investments: publicly traded securities

    beginning of year $63,058,956 · end of year $69,422,225

  • 15 · Other assets

    beginning of year $25,947,218 · end of year $79,675,125

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,332,984 · end of year $9,647,447

  • 19 · Deferred revenue

    beginning of year $1,043,132 · end of year $981,615

  • 20 · Tax-exempt bond liabilities

    beginning of year $30,607,926 · end of year $23,233,092

  • 25 · Other liabilities

    beginning of year $6,346,442 · end of year $7,829,643

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $140,307,208 · end of year $150,887,869

  • 31 · Retained earnings, endowment or other funds

    beginning of year $13,909,125 · end of year $14,054,500

Mission and programs · 2023

Mission

THE MISSION OF THE UNITED NATIONS DEVELOPMENT CORPORATION IS (A) TO PROVIDE OFFICE AND OTHER FACILITIES THAT HELP MEET THE CURRENT AND FUTURE NEEDS OF THE UNITED NATIONS (U.N.), MISSIONS TO THE U.N. AND U.N.-RELATED PROGRAMS (TOGETHER, THE "U.N. COMMUNITY"), SEE ATTACHED AND (B) OTHERWISE TO ASSIST THE U.N. COMMUNITY IN MEETING ITS CURRENT AND FUTURE REAL ESTATE NEEDS. TO ACCOMPLISH ITS MISSION AND HELP THE CITY AND STATE OF NEW YORK FULFILL THEIR RESPONSIBILITIES AS HOSTS TO THE U.N. COMMUNITY, THE CORPORATION DEVELOPS AND OPERATES OFFICE AND OTHER FACILITIES FOR THE BENEFIT OF THE U.N. COMMUNITY AND PROVIDES REAL ESTATE ADVICE, SERVICES AND STUDIES AT THE REQUEST OF THE U.N., CITY OR STATE OF NEW YORK, OR THE UNITED STATES.

Activities or mission (Part I)

THE CORPORATION WAS CREATED FOR THE PURPOSE OF PLANNING AND DEVELOPING FACILITIES FOR UNITED NATIONS-RELATED ACTIVITIES WITHIN A DEFINED "UNITED NATIONS DEVELOPMENT DISTRICT" ADJACENT TO THE UNITED NATIONS HEADQUARTERS IN NEW YORK CITY.

  • BUILDING OPERATIONS - PROVIDE NEEDED FACILITIES FOR THE U.N. COMMUNITY IN NEW YORK CITY.

    Expenses $29,825,584 · Revenue $40,277,245

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Adolfo Carrion Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Amabel B James

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Andy K Shenoy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Christine Falvo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel Garodnick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Mack

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Edward Mermelstein

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • George Klein

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    15

  • Jan Burman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jessica Healy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Joel M Silverman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Joseph Rutigliano

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Abrams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Samuel Natapoff

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jorge Ortiz

    VP/CONTROLLER

    Total calculated
    $278,830
    From this org
    $192,555
    From related orgs
    $0
    Other
    $86,275
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,078
    Bonus
    $0
    Other
    $9,477
    Deferred
    $48,793
    Nontaxable benefits
    $37,482
    Filer's total
    $278,830

  • Kenneth Coopersmith

    VICE PRESIDENT

    Total calculated
    $297,884
    From this org
    $234,869
    From related orgs
    $0
    Other
    $63,015
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,162
    Bonus
    $0
    Other
    $13,707
    Deferred
    $38,413
    Nontaxable benefits
    $24,602
    Filer's total
    $297,884

  • Maria Loida Diaz De Jesus

    VICE PRESIDENT

    Total calculated
    $212,235
    From this org
    $145,311
    From related orgs
    $0
    Other
    $66,924
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,028
    Bonus
    $0
    Other
    $2,283
    Deferred
    $30,061
    Nontaxable benefits
    $36,863
    Filer's total
    $212,235

  • Robert B Cole

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $383,971
    From this org
    $274,509
    From related orgs
    $0
    Other
    $109,462
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $266,266
    Bonus
    $0
    Other
    $8,243
    Deferred
    $56,925
    Nontaxable benefits
    $52,537
    Filer's total
    $383,971

  • Hui-Chen Liu

    DEPUTY CONTROLLER

    Total calculated
    $176,661
    From this org
    $120,694
    From related orgs
    $0
    Other
    $55,967
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $102,308
    Bonus
    $0
    Other
    $18,386
    Deferred
    $24,795
    Nontaxable benefits
    $31,172
    Filer's total
    $176,661

  • Justin Handman

    ASST VP & DIRECTOR OF COMP

    Total calculated
    $177,479
    From this org
    $103,469
    From related orgs
    $0
    Other
    $74,010
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $102,986
    Bonus
    $0
    Other
    $483
    Deferred
    $22,908
    Nontaxable benefits
    $51,102
    Filer's total
    $177,479

  • Teresa Tang

    SENIOR AUDITOR

    Total calculated
    $172,844
    From this org
    $125,711
    From related orgs
    $0
    Other
    $47,133
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $105,627
    Bonus
    $0
    Other
    $20,084
    Deferred
    $26,218
    Nontaxable benefits
    $20,915
    Filer's total
    $172,844

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART II, COLUMN (III):
AMOUNTS IN THIS COLUMN INCLUDES CONTRIBUTIONS TO THE 457(B) RETIREMENT PLAN AND GROUP TERM LIFE INSURANCE.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
24 September 2024
IRS schema version
2023v5.1
Source object
202442789349301659

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