Totals
- Total revenue
- $65,206,529
- Total expenses
- $54,135,369
- Contributions and grants received
- $56,210,899
- Grants paid
- $0
- Program service revenue
- $8,749,913
- Investment income
- $195,535
- Other revenue
- $50,182
- Total assets, end of year
- $379,526,191
- Total liabilities, end of year
- $55,604,329
- Net assets or fund balances, end of year
- $323,921,862
- Program services expenses (Part IX)
- $46,033,633
- Management and general expenses
- $8,054,953
- Fundraising expenses
- $46,783
- Program service expenses (Part III)
- $46,033,633
Program services were 85.0% 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.
-
1e · Government grants (contributions)
$52,445,816
-
1f · All other contributions, gifts and grants
$3,765,083
-
1g · Noncash contributions included above
$47,292
-
2a · Program service revenue: PERMITS AND OTHER FEES
total $5,612,003 · related or exempt $5,612,003
-
2b · Program service revenue: LEASES
total $2,009,463 · related or exempt $2,009,463
-
2c · Program service revenue: RENTAL INCOME
total $1,128,447 · related or exempt $1,128,447
-
3 · Investment income
total $195,535 · excluded $195,535
-
11a · Other revenue: TELECOM REIMBURSEMENT
total $37,549 · related or exempt $37,549
-
11b · Other revenue: OTHER INCOME
total $12,633 · related or exempt $12,633
-
11e · Other revenue, total
$50,182
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $1,063,992 · program services $851,193 · management and general $180,002 · fundraising $32,797
-
7 · Other salaries and wages
total $5,048,316 · program services $4,601,125 · management and general $437,617 · fundraising $9,574
-
8 · Pension plan contributions
total $365,776 · program services $355,461 · management and general $10,315
-
9 · Other employee benefits
total $1,893,144 · program services $1,789,115 · management and general $103,200 · fundraising $829
-
10 · Payroll taxes
total $1,028,332 · program services $964,117 · management and general $60,632 · fundraising $3,583
-
11b · Fees: legal
total $1,236,510 · management and general $1,236,510
-
11d · Fees: lobbying
total $22,500 · management and general $22,500
-
11g · Fees: other
total $15,555,047 · program services $15,395,983 · management and general $159,064
-
12 · Advertising and promotion
total $31,400 · management and general $31,400
-
13 · Office expenses
total $73,588 · management and general $73,588
-
14 · Information technology
total $150,716 · management and general $150,716
-
16 · Occupancy
total $1,292,789 · program services $1,167,999 · management and general $124,790
-
17 · Travel
total $120,089 · management and general $120,089
-
22 · Depreciation, depletion and amortization
total $25,508,189 · program services $20,406,551 · management and general $5,101,638
-
23 · Insurance
total $145,354 · program services $130,819 · management and general $14,535
-
24a · Other expenses: ART WORK SUPPLIES
total $407,102 · program services $366,392 · management and general $40,710
-
24b · Other expenses: SUPPLIES
total $69,875 · management and general $69,875
-
24c · Other expenses: CONCESSIONAIRE EXPENSES
total $30,207 · management and general $30,207
-
24d · Other expenses: ADMIN FEES
total $27,551 · management and general $27,551
-
24e · All other expenses
total $64,892 · program services $4,878 · management and general $60,014
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $169 · end of year $170
-
2 · Savings and temporary cash investments
beginning of year $3,756,950 · end of year $5,217,219
-
3 · Pledges and grants receivable
beginning of year $6,205,833 · end of year $5,303,152
-
4 · Accounts receivable
beginning of year $728,594 · end of year $1,121,427
-
7 · Other notes and loans receivable
beginning of year $38,252,045 · end of year $38,731,643
-
9 · Prepaid expenses and deferred charges
beginning of year $68,546 · end of year $94,085
-
10a · Land, buildings and equipment: cost or other basis
$489,678,269
-
10b · Land, buildings and equipment: accumulated depreciation
$175,351,072
-
10c · Land, buildings and equipment, net
beginning of year $302,880,043 · end of year $314,327,197
-
11 · Investments: publicly traded securities
beginning of year $4,185,958 · end of year $6,183,311
-
15 · Other assets
beginning of year $2,999,831 · end of year $8,547,987
-
17 · Accounts payable and accrued expenses
beginning of year $8,671,856 · end of year $13,910,710
-
19 · Deferred revenue
beginning of year $1,544,792 · end of year $1,491,881
-
25 · Other liabilities
beginning of year $35,960,091 · end of year $40,201,738
-
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 $302,880,043 · end of year $314,327,197
-
31 · Retained earnings, endowment or other funds
beginning of year $10,021,187 · end of year $9,594,665
Mission and programs · 2022
Mission
THE GOVERNORS ISLAND CORPORATION, DOING BUSINESS AS THE TRUST FOR GOVERNORS ISLAND, IS THE 501(C)(3) NOT-FOR-PROFIT ORGANIZATION CREATED BY THE CITY OF NEW YORK AND CHARGED WITH THE PLANNING, REDEVELOPMENT AND ONGOING OPERATIONS OF 150 ACRES OF GOVERNORS ISLAND. THE TRUST'S MISSION IS TO TRANSFORM GOVERNORS ISLAND INTO A VIBRANT YEAR ROUND RESOURCE FOR NEW YORK CITY, MAKING THE ISLAND A DESTINATION WITH EXTRAORDINARY PUBLIC OPEN SPACE, DIVERSE CULTURAL AND RECREATIONAL ACTIVITIES, AS WELL AS PERMANENT EDUCATIONAL, NOT-FOR-PROFIT AND COMMERCIAL FACILITIES.
Activities or mission (Part I)
THE TRUST FOR GOVERNORS ISLAND (THE "TRUST OR "TGI") IS A NONPROFIT CORPORATION CREATED BY THE CITY OF NEW YORK CHARGED WITH THE PLANNING, REDEVELOPMENT AND ONGOING OPERATIONS OF 150 ACRES OF GOVERNORS ISLAND. THE TRUST'S MISSION IS TO TRANSFORM GOVERNORS ISLAND INTO A VIBRANT YEAR-ROUND RESOURCE FOR NEW YORK CITY, MAKING THE ISLAND A DESTINATION WITH EXTRAORDINARY PUBLIC OPEN SPACE, DIVERSE CULTURAL AND RECREATIONAL ACTIVITIES, AS WELL AS EDUCATIONAL, NOT-FOR-PROFIT AND COMMERCIAL FACILITIES.
-
THE TRUST IS RESPONSIBLE FOR THE OPERATION, PLANNING AND REDEVELOPMENT OF 150 ACRES OF GOVERNORS ISLAND. THE TRUST PROVIDES FERRY, SECURITY AND MAINTENANCE SERVICES FOR THE ISLAND, ITS VISITORS AND TENANTS, AS WELL AS THE URBAN ASSEMBLY HARBOR SCHOOL LOCATED ON THE ISLAND. AS OF FY 2023, GOVERNORS ISLAND IS OPEN TO THE PUBLIC YEAR ROUND, AND EVERY SEASON VISITORS MAY EXPERIENCE AN ARRAY OF ARTS, CULTURAL AND RECREATIONAL PROGRAMS, AS WELL AS FOOD AND BEVERAGES ON OFFER FROM ISLAND VENDORS. THROUGH AN INITIAL CAPITAL IMPROVEMENT PROGRAM, THE TRUST BUILT 30 ACRES OF NEW PARK SPACE, WHICH OPENED IN 2014, FOLLOWED BY AN EXPANSION IN 2016, WHEN THE HILLS WERE OPENED. ADDITIONAL CAPITAL INVESTMENTS, COMPLETED AND ONGOING, INCLUDE WORK ON THE FERRY INFRASTRUCTURE (DOCKS AND VESSELS), SEAWALL, ELECTRICAL SYSTEM, POTABLE WATER AND OTHER UTILITY SYSTEMS, AS WELL AS NUMEROUS HISTORIC BUILDING STABILIZATION PROJECTS. THE NEXT MAJOR PHASE OF DEVELOPMENT INVOLVES THE CREATION OF A CENTER FOR CLIMATE RESEARCH ON THE ISLAND, A PUBLIC-PRIVATE PROJECT THAT WILL INCLUDE ACADEMIC, RESEARCH AND OTHER PARTNERS.
Expenses $46,033,633 · Revenue $8,800,095
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Alice BlankALICE BLANK
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Alicia GlenALICIA GLEN
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Benjamin LawskyBENJAMIN LAWSKY
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Carl WeisbrodCARL WEISBROD
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Carolee FinkCAROLEE FINK
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Christian BraneonCHRISTIAN BRANEON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Daniel NeidichDANIEL NEIDICH
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Daniel SquadronDANIEL SQUADRON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Gaurav KapadiaGAURAV KAPADIA
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Grace LeeGRACE LEE
BOARD MEMBER (OUTGOING)
- Total calculated
- $0
- Hours/week
- 1
-
Karen HopkinsKAREN HOPKINS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Matthew WashingtonMATTHEW WASHINGTON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Michael OppenheimerMICHAEL OPPENHEIMER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Patrick KennellPATRICK KENNELL
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Susan MercandettiSUSAN MERCANDETTI
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Tim CawleyTIM CAWLEY
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Tokumbo ShobowaleTOKUMBO SHOBOWALE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Wendy BrawerWENDY BRAWER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Christopher TepperCHRISTOPHER TEPPER
CHIEF DEVELOPMENT OFFICER
- Total calculated
- $258,492
- From this org
- $213,856
- From related orgs
- $0
- Other
- $44,636
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $213,424
- Bonus
- $0
- Other
- $432
- Deferred
- $29,686
- Nontaxable benefits
- $14,950
- Filer's total
- $258,492
-
Clare NewmanCLARE NEWMAN
PRESIDENT/CEO
- Total calculated
- $328,282
- From this org
- $248,738
- From related orgs
- $0
- Other
- $79,544
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $248,246
- Bonus
- $0
- Other
- $492
- Deferred
- $33,120
- Nontaxable benefits
- $46,424
- Filer's total
- $328,282
-
Daniel HantmanDANIEL HANTMAN
GENERAL COUSEL
- Total calculated
- $159,951
- From this org
- $128,005
- From related orgs
- $0
- Other
- $31,946
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $127,715
- Bonus
- $0
- Other
- $290
- Deferred
- $10,320
- Nontaxable benefits
- $21,626
- Filer's total
- $159,951
-
Willa PadgettWILLA PADGETT
CFO
- Total calculated
- $215,748
- From this org
- $187,158
- From related orgs
- $0
- Other
- $28,590
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $184,956
- Bonus
- $0
- Other
- $2,202
- Deferred
- $28,278
- Nontaxable benefits
- $312
- Filer's total
- $215,748
-
Alexander BradyALEXANDER BRADY
DIRECTOR, REAL ESTATE
- Total calculated
- $189,190
- From this org
- $154,202
- From related orgs
- $0
- Other
- $34,988
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $153,951
- Bonus
- $0
- Other
- $251
- Deferred
- $20,038
- Nontaxable benefits
- $14,950
- Filer's total
- $189,190
-
Jenny StaleyJENNY STALEY
VP OPERATIONS
- Total calculated
- $224,171
- From this org
- $158,431
- From related orgs
- $0
- Other
- $65,740
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $158,133
- Bonus
- $0
- Other
- $298
- Deferred
- $23,988
- Nontaxable benefits
- $41,752
- Filer's total
- $224,171
-
Roger KennedyROGER KENNEDY
CHIEF ENGINEER
- Total calculated
- $175,643
- From this org
- $175,643
- From related orgs
- $0
- Other
- $0
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $175,643
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $175,643
-
Sarah KrautheimSARAH KRAUTHEIM
VP, PUBLIC AFFAIRS
- Total calculated
- $199,023
- From this org
- $160,085
- From related orgs
- $0
- Other
- $38,938
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $159,858
- Bonus
- $0
- Other
- $227
- Deferred
- $23,988
- Nontaxable benefits
- $14,950
- Filer's total
- $199,023
-
William JohnsonWILLIAM JOHNSON
SENIOR DIRECTOR
- Total calculated
- $181,498
- From this org
- $155,239
- From related orgs
- $0
- Other
- $26,259
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $154,631
- Bonus
- $0
- Other
- $608
- Deferred
- $22,583
- Nontaxable benefits
- $3,676
- Filer's total
- $181,498
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 · Form 990 of other organizations
- 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
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
- 2022
- Filed
- 11 March 2024
- IRS schema version
- 2022v5.0
- Source object
- 202400729349301130
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