Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,409,036

• 1f · All other contributions, gifts and grants

  $1,160,000

• 2a · Program service revenue: PROGRAM INTEREST

  total $1,763,795 · related or exempt $1,763,795

• 2b · Program service revenue: FEE INCOME

  total $445,584 · related or exempt $445,584

• 3 · Investment income

  total $81,223 · excluded $81,223

• 7a · Gross sales of assets other than inventory

  securities $57,100,000

• 7b · Less cost or other basis and sales expenses

  securities $56,807,554

• 7c · Gain or loss

  securities $292,446

• 7d · Net gain or loss

  total $292,446 · excluded $292,446

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $60,000 · program services $60,000

• 5 · Compensation of officers, directors and key employees

  total $608,869 · program services $420,298 · management and general $157,828 · fundraising $30,743

• 7 · Other salaries and wages

  total $2,309,807 · program services $1,818,208 · management and general $435,404 · fundraising $56,195

• 8 · Pension plan contributions

  total $77,459 · program services $61,264 · management and general $14,364 · fundraising $1,831

• 9 · Other employee benefits

  total $253,282 · program services $203,196 · management and general $45,959 · fundraising $4,127

• 10 · Payroll taxes

  total $202,106 · program services $155,678 · management and general $40,650 · fundraising $5,778

• 11a · Fees: management

  total $178,500 · program services $87,123 · management and general $91,377

• 11b · Fees: legal

  total $190,010 · management and general $190,010

• 11g · Fees: other

  total $368,956 · program services $262,330 · management and general $106,626

• 13 · Office expenses

  total $132,958 · program services $104,401 · management and general $25,130 · fundraising $3,427

• 14 · Information technology

  total $52,920 · program services $25,829 · management and general $27,091

• 16 · Occupancy

  total $152,276 · program services $119,570 · management and general $28,781 · fundraising $3,925

• 17 · Travel

  total $25,414 · program services $19,956 · management and general $4,803 · fundraising $655

• 20 · Interest

  total $623,606 · program services $621,666 · management and general $1,940

• 22 · Depreciation, depletion and amortization

  total $1,885 · program services $1,480 · management and general $356 · fundraising $49

• 23 · Insurance

  total $51,517 · program services $40,452 · management and general $9,737 · fundraising $1,328

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $556,607 · program services $556,607

• 24b · Other expenses: MISCELLANEOUS

  total $22,328 · program services $22,259 · management and general $69

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,542,524 · end of year $4,128,228

• 2 · Savings and temporary cash investments

  beginning of year $16,625,909 · end of year $6,433,256

• 3 · Pledges and grants receivable

  beginning of year $923,153 · end of year $1,498,049

• 4 · Accounts receivable

  beginning of year $283,753 · end of year $576,491

• 7 · Other notes and loans receivable

  beginning of year $27,214,159 · end of year $25,706,709

• 9 · Prepaid expenses and deferred charges

  beginning of year $81,936 · end of year $104,868

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

  $154,214

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

  $154,214

• 10c · Land, buildings and equipment, net

  beginning of year $1,885 · end of year $0

• 11 · Investments: publicly traded securities

  end of year $11,731,436

• 15 · Other assets

  beginning of year $714,519 · end of year $522,403

• 17 · Accounts payable and accrued expenses

  beginning of year $1,165,674 · end of year $1,187,683

• 21 · Escrow or custodial account liability

  beginning of year $124,378 · end of year $99,378

• 23 · Secured mortgages and notes payable

  beginning of year $15,877,790 · end of year $22,758,000

• 24 · Unsecured notes and loans payable

  beginning of year $3,721,305 · end of year $1,024,190

• 25 · Other liabilities

  beginning of year $585,064 · end of year $415,397

• 27 · Net assets without donor restrictions

  beginning of year $4,014,766 · end of year $4,133,350

• 28 · Net assets with donor restrictions

  beginning of year $21,898,861 · end of year $21,083,442

The filer's explanations (Part III)

PART I, LINE 7

EACH YEAR THE CEO (WITH THE ASSISTANCE OF ASTRON, NYCEEC'S HR CONSULTANT) DOES AN ANALYSIS OF COMPARABLE ORGANIZATIONS TO TRY TO EVALUATE WHAT IS "MARKET" FOR THAT YEAR IN TERMS OF OVERALL COMPENSATION NUMBERS, TRENDS, ETC. A SLIDE-DECK LAYING OUT THIS ANALYSIS AND MAKING ASTRON'S RECOMMENDATIONS (DEVELOPED IN CONSULTATION WITH THE CEO) FOR THE OVERALL STAFF COMPENSATION PROGRAM/STRATEGY IS PRESENTED TO THE BOARDS' GOVERNANCE AND HUMAN RESOURCE COMMITTEE, ALONG WITH ASTRON'S RECOMMENDATIONS FOR THE EXECUTIVES' COMPENSATION (WHICH INCLUDES BONUSES). AT THE MEETING, THE COMMITTEE DISCUSSES THE ANALYSIS AND PROPOSED STAFF COMPENSATION PLAN WITH ASTRON AND THE CEO. THE COMMITTEE APPROVES THE OVERALL STAFF COMPENSATION PROGRAM/STRATEGY AND LEAVES IT TO THE CEO TO LATER DETERMINE THE SPECIFIC DETAILS OF EACH EMPLOYEE'S PARTICULAR COMPENSATION FOR THE APPLICABLE YEAR. THE COMMITTEE ALSO REVIEWS, DISCUSSES (JUST WITH ASTRON) AND IS RESPONSIBLE FOR APPROVING THE EXECUTIVES' COMPENSATION AS WELL. NO NYCEEC EMPLOYEE OR MEMBER OF MANAGEMENT IS PRESENT FOR THE COMMITTEE'S REVIEW OR APPROVAL OF THE EXECUTIVES' COMPENSATION. THIS ANNUAL PROCESS IS IN ADDITION TO BENCHMARKING EXERCISES THAT ASTRON PERFORMS ON BEHALF OF NYCEEC MANAGEMENT EVERY FEW YEARS TO TRY TO ASCERTAIN COMPENSATION LEVELS FOR NYCEEC ROLES AT COMPARABLE ORGANIZATIONS BASED UPON NYCEEC JOB DESCRIPTIONS. THESE PRACTICES ARE CONSISTENT WITH THE RELEVANT PROVISIONS OF NYCEEC'S BY-LAWS (SECTION 3.03) AND THE POLICIES AND PROCEDURES MANUAL (SECTION 12.4.2). SPECIFICALLY, UNDER NYCEEC'S BY-LAWS, THE COMMITTEE HAS GENERAL OVERSIGHT AND APPROVAL AUTHORITY OVER STAFF COMPENSATION AND BENEFITS PROGRAMS AND THE OVERALL COMPENSATION STRATEGY. THE COMMITTEE IS NOT, HOWEVER, CHARGED WITH REVIEWING OR APPROVING SPECIFIC COMPENSATION NUMBERS FOR NYCEEC'S STAFF; THAT FUNCTION IS RESERVED FOR THE CEO. UNDER THE BY-LAWS, HOWEVER, THE COMMITTEE ITSELF IS RESPONSIBLE FOR EVALUATING THE PERFORMANCE OF NYCEEC'S EXECUTIVES (I.E. THE "DISQUALIFIED PERSONS") AND APPROVING THEIR COMPENSATION AMOUNTS, WHICH INCLUDES BONUSES.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• NYCEEC FUEL CONVERSION RECEIVABLES LLC

  INACTIVE · NY · income $0 · assets $0

  Directly controlled by NEW YORK CITY ENERGY EFFICIENCY CORPORATION