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Nonprofiteer
← NARAS PROPERTIES INC

Form 990 for tax year 2024

Filed by NARAS PROPERTIES INC.

Totals

Total revenue
$5,260,216
Total expenses
$1,632,206
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,260,216
Investment income
$0
Other revenue
$0
Total assets, end of year
$54,828,609
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$54,828,609
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: RENTAL INCOME

    total $5,260,216 · related or exempt $5,260,216

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $7,376

  • 11g · Fees: other

    total $57,585

  • 22 · Depreciation, depletion and amortization

    total $1,564,963

  • 24a · Other expenses: TAXES AND LICENSES

    total $2,272

  • 24e · All other expenses

    total $10

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $221,902 · end of year $157,093

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

    $65,310,242

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

    $19,729,748

  • 10c · Land, buildings and equipment, net

    beginning of year $47,145,456 · end of year $45,580,494

  • 15 · Other assets

    beginning of year $3,833,241 · end of year $9,091,022

  • 27 · Net assets without donor restrictions

    beginning of year $51,200,599 · end of year $54,828,609

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2024

Mission

TO HOLD REAL PROPERTY, COLLECT RENT THEREFROM AND TURN OVER THE ENTIRE AMOUNT THEREOF, LESS EXPENSES, TO THE NATIONAL ACADEMY OF RECORDING ARTS & SCIENCES, INC.

Activities or mission (Part I)

TO HOLD PROPERTY AND COLLECT RENT FOR THE BENEFIT OF THE RECORDING ACADEMY.

  • THE ORGANIZATION COLLECTS INCOME ON REAL PROPERTIES FOR THE BENEFIT OF NATIONAL ACADEMY OF RECORDING ARTS & SCIENCES, INC.

As filed on the 2024 return.

Listed in Part VII

  • Harvey Mason Jr

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $957,004
    From this org
    $0
    From related orgs
    $941,045
    Other
    $15,959
    Hours/week
    1.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $923,123 related
    Bonus
    $0
    Other
    $0 + $17,922 related
    Deferred
    $0 + $15,250 related
    Nontaxable benefits
    $0 + $709 related
    Filer's total
    $0 + $957,004 related

  • Branden Chapman

    DIRECTOR

    Total calculated
    $599,498
    From this org
    $0
    From related orgs
    $571,423
    Other
    $28,075
    Hours/week
    1.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $548,881 related
    Bonus
    $0 + $18,300 related
    Other
    $0 + $4,242 related
    Deferred
    $0 + $15,250 related
    Nontaxable benefits
    $0 + $12,825 related
    Filer's total
    $0 + $599,498 related

  • Wayne J Zahner

    CHIEF FINANCIAL OFFICER

    Total calculated
    $494,410
    From this org
    $0
    From related orgs
    $463,135
    Other
    $31,275
    Hours/week
    1.2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $456,063 related
    Bonus
    $0 + $1,750 related
    Other
    $0 + $5,322 related
    Deferred
    $0 + $15,250 related
    Nontaxable benefits
    $0 + $16,025 related
    Filer's total
    $0 + $494,410 related

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
15 June 2026
IRS schema version
2024v5.5
Source object
202641669349301764

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