Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1f · All other contributions, gifts and grants

  $5,175,000

• 1g · Noncash contributions included above

  $5,175,000

• 2a · Program service revenue: RENTAL INCOME

  total $4,479,069 · related or exempt $4,479,069

• 3 · Investment income

  total $149,175 · excluded $149,175

• 6a · Gross rents

  real property $2,168,212

• 6b · Less rental expenses

  real property $4,973,795

• 6c · Rental income or loss

  real property -$2,805,583

• 6d · Net rental income or loss

  total -$2,805,583 · unrelated business -$2,805,583

• 7a · Gross sales of assets other than inventory

  securities $374,716

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

  securities $370,892

• 7c · Gain or loss

  securities $3,824

• 7d · Net gain or loss

  total $3,824 · excluded $3,824

• 11a · Other revenue: REFUNDED SECURITY DEPOSIT

  total $100,000 · excluded $100,000

• 11e · Other revenue, total

  $100,000

Functional expenses

Part IX, the statement of functional expenses.

• 11a · Fees: management

  total $64,413 · program services $28,986 · management and general $35,427

• 11f · Fees: investment management

  total $14,411 · management and general $14,411

• 13 · Office expenses

  total $1,944 · management and general $1,944

• 16 · Occupancy

  total $1,248,499 · program services $1,248,499

• 20 · Interest

  total $621,950 · program services $621,950

• 22 · Depreciation, depletion and amortization

  total $2,514,202 · program services $2,514,202

• 23 · Insurance

  total $75,631 · management and general $75,631

• 24a · Other expenses: BAD DEBT

  total $700 · program services $700

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,075,513 · end of year $188,410

• 2 · Savings and temporary cash investments

  beginning of year $2,588,526 · end of year $5,627,799

• 4 · Accounts receivable

  beginning of year $17,989 · end of year $9,927

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,880,992 · end of year $2,820,365

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

  $104,813,519

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

  $59,336,620

• 10c · Land, buildings and equipment, net

  beginning of year $43,991,309 · end of year $45,476,899

• 15 · Other assets

  beginning of year $12,153,448 · end of year $11,853,437

• 17 · Accounts payable and accrued expenses

  beginning of year $124,378 · end of year $201,413

• 20 · Tax-exempt bond liabilities

  beginning of year $19,650,011 · end of year $18,097,242

• 21 · Escrow or custodial account liability

  beginning of year $559,909 · end of year $459,909

• 23 · Secured mortgages and notes payable

  beginning of year $20,788,761 · end of year $20,645,858

• 27 · Net assets without donor restrictions

  beginning of year $23,584,718 · end of year $26,572,415

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART I:

CHIEF EXECUTIVE OFFICER, MARCO DAMIANI, AND CHIEF FINANCIAL OFFICER, AMY WEST, HAVE MANAGEMENT AND FINANCIAL OVERSIGHT , RESPECTIVELY, OF THE NYSARC INC., NEW YORK CITY CHAPTER AND ITS AFFILIATE ORGANIZATIONS BY VIRTUE OF THEIR POSITIONS AS THE TOP MANAGEMENT OFFICIAL AND TOP FINANCIAL OFFICIAL, RESPECTIVELY, OF NYSARC INC., NEW YORK CITY CHAPTER. ACCORDINGLY, BOTH MARCO DAMIANI AND AMY WEST ARE CONSIDERED TO BE "DE FACTO" OFFICERS OF AHRC NYC NEW PROJECTS INC. FOR PURPOSES OF THE FILING OF THE 990 OF AHRC NYC NEW PROJECTS INC. THE ORGANIZATION DOES NOT DIRECTLY COMPENSATE THE INDIVIDUALS LISTED IN FORM 990 PART VII AND SCHEDULE J. THESE INDIVIDUALS RECEIVE THEIR W-2S FROM A RELATED ORGANIZATION, NYSARC, INC. NEW YORK CITY CHAPTER. THE PROCESS FOR DETERMINING THAT COMPENSATION IS ARTICULATED ON THE PARENT FORM 990, AND IN THE INTERESTS OF FULL TRANSPARENCY, IS REPLICATED ON THIS 990 AS WELL. NYSARC, INC. NEW YORK CITY CHAPTER HAS ADOPTED A COMPENSATION POLICY (THE "POLICY") FOR COVERED INDIVIDUALS. PURSUANT TO THE POLICY, A COMPENSATION COMMITTEE OF INDEPENDENT DIRECTORS REVIEWS THE COMPENSATION OF ALL EMPLOYEES SPECIFIED AS HAVING A SUBSTANTIAL INFLUENCE OVER THE ORGANIZATION AND WHO RECEIVE REMUNERATION FROM THE ORGANIZATION, INCLUDING AMONG OTHERS, THE ORGANIZATION'S CHIEF EXECUTIVE OFFICER, CHIEF FINANCIAL OFFICER, CHIEF LEGAL OFFICER, CHIEF PROGRAM OFFICER AND CHIEF HUMAN RESOURCES OFFICER. THE COMPENSATION COMMITTEE IS ADVISED BY AN INDEPENDENT COMPENSATION CONSULTANT, WHICH OPINES TO THE COMPENSATION COMMITTEE THAT THE LEVEL OF COMPENSATION PAID AND THE PROCESS BY WHICH COMPENSATION IS ESTABLISHED MEETS APPLICABLE IRS REASONABLENESS AND "SAFE HARBOR" STANDARDS. THE OUTSIDE COMPENSATION CONSULTANT PROVIDES DATA OF COMPENSATION PROVIDED AT SIMILAR ORGANIZATIONS TO ENSURE THAT THE ORGANIZATION DOES NOT COMPENSATE IN EXCESS OF MARKET NORMS OR IN EXCESS OF THE COMMITTEE'S PHILOSOPHY OF MAINTAINING TOTAL COMPENSATION AT OR AROUND THE MEDIAN OF THE MARKET.