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Nonprofiteer
← PENN CLUB OF NEW YORK INC

Form 990 for tax year 2023

Filed by PENN CLUB OF NEW YORK INC.

Totals

Total revenue
$14,714,812
Total expenses
$12,560,122
Contributions and grants received
$0
Grants paid
$250,000
Program service revenue
$6,167,351
Investment income
$886,221
Other revenue
$7,661,240
Total assets, end of year
$25,414,029
Total liabilities, end of year
$8,948,617
Net assets or fund balances, end of year
$16,465,412
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: MEMBERSHIP DUES

    total $5,488,504 · related or exempt $5,488,504

  • 2b · Program service revenue: INITIATION FEES

    total $678,847 · related or exempt $678,847

  • 3 · Investment income

    total $899,170 · unrelated business $711,454 · excluded $187,716

  • 7a · Gross sales of assets other than inventory

    securities $3,075,927

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

    securities $3,088,876

  • 7c · Gain or loss

    securities -$12,949

  • 7d · Net gain or loss

    total -$12,949 · unrelated business -$12,949

  • 10a · Gross sales of inventory

    $8,702,503

  • 10b · Cost of goods sold

    $1,041,263

  • 10c · Net income from sales of inventory

    total $7,661,240 · related or exempt $6,003,394 · unrelated business $1,657,846

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $250,000

  • 5 · Compensation of officers, directors and key employees

    total $789,000

  • 7 · Other salaries and wages

    total $5,664,940

  • 8 · Pension plan contributions

    total $461,690

  • 9 · Other employee benefits

    total $1,095,117

  • 10 · Payroll taxes

    total $559,591

  • 11b · Fees: legal

    total $64,643

  • 11c · Fees: accounting

    total $42,700

  • 11g · Fees: other

    total $492,094

  • 13 · Office expenses

    total $850,065

  • 14 · Information technology

    total $21,383

  • 16 · Occupancy

    total $987,041

  • 17 · Travel

    total $12,262

  • 19 · Conferences, conventions and meetings

    total $66,060

  • 20 · Interest

    total $37,500

  • 22 · Depreciation, depletion and amortization

    total $179,261

  • 24a · Other expenses: OTHER DEPT. OPERATIONS

    total $427,007

  • 24b · Other expenses: GENERAL HOUSE EXPENSES

    total $198,645

  • 24c · Other expenses: FOOD & BEV OPERATIONS

    total $186,570

  • 24d · Other expenses: UNRELATED BUS. INC. TAX

    total $174,553

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,099,818 · end of year $696,190

  • 2 · Savings and temporary cash investments

    beginning of year $4,040,417 · end of year $5,128,133

  • 4 · Accounts receivable

    beginning of year $1,550,733 · end of year $1,946,823

  • 8 · Inventories for sale or use

    beginning of year $72,522 · end of year $77,513

  • 9 · Prepaid expenses and deferred charges

    beginning of year $530,550 · end of year $525,534

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

    $3,695,830

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

    $2,082,933

  • 10c · Land, buildings and equipment, net

    beginning of year $1,264,893 · end of year $1,612,897

  • 11 · Investments: publicly traded securities

    beginning of year $1,531,066 · end of year $1,525,441

  • 12 · Investments: other securities

    beginning of year $12,204,145 · end of year $13,901,498

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,417,389 · end of year $1,297,938

  • 19 · Deferred revenue

    beginning of year $5,083,970 · end of year $5,878,208

  • 25 · Other liabilities

    beginning of year $1,725,286 · end of year $1,772,471

  • 27 · Net assets without donor restrictions

    beginning of year $14,067,499 · end of year $16,465,412

Mission and programs · 2023

Mission

THE PENN CLUB OF NEW YORK HAS BEEN ESTABLISHED TO ENCOURAGE AND CULTIVATE FREE INTERCHANGE, SOCIAL ACTIVITY AND GOOD FELLOWSHIP AMONG ALUMNI, FACULTY, STAFF, STUDENTS AND FRIENDS OF THE UNIVERSITY OF PENNSYLVANIA AND TO ASSIST AND PROMOTE THE INTERESTS OF THE UNIVERSITY IN THE NEW YORK CITY AREA. THE CLUB IS INTENDED TO STRENGTHEN THE UNIVERSITY'S INFRASTRUCTURE FOR THE ALUMNI AFFAIRS AND FUNDRAISING ACTIVITIES, WHILE FURTHERING THE UNIVERSITY'S EDUCATIONAL MISSION.

Activities or mission (Part I)

THE PURPOSE OF THE PENN CLUB OF NEW YORK, INC. (THE "CLUB") IS TO ENCOURAGE AND STIMULATE ALUMNI INTERACTION AND CATER TO THE NEEDS OF THE ALUMNI.

  • TAX EXEMPT CLUB ACTIVITIES.

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

Listed in Part VII

  • LAUREN DAVIDSON SACHS

    PRESIDENT

    Total calculated
    $0
    Hours/week
    3

  • E JUDD COHEN

    VICE-PRESIDENT

    Total calculated
    $0
    Hours/week
    3

  • GERALD KNORR

    TREASURER

    Total calculated
    $0
    Hours/week
    3

  • PETER MINTON

    SECRETARY

    Total calculated
    $0
    Hours/week
    3

  • ALVIN SHOEMAKER

    HONORARY CHAIRMAN

    Total calculated
    $0
    Hours/week
    3

  • SARAH MIGLIORE

    HOUSE CHAIR

    Total calculated
    $0
    Hours/week
    3

  • BRIAN CARGO

    MEMBERSHIP CHAIR

    Total calculated
    $0
    Hours/week
    3

  • CAROLINE WAXLER

    PROGRAM CHAIR

    Total calculated
    $0
    Hours/week
    3

  • KOLADE LAWAL

    YOUNG ALUMNI CHAIR

    Total calculated
    $0
    Hours/week
    3

  • SUSAN MARX

    IMMEDIATE PAST-PRESIDENT

    Total calculated
    $0
    Hours/week
    3

  • LE-ELLEN SPELMAN DOTY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • MARK DINGFIELD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • JAMES HUSSON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • KEVIN O'BRIEN

    GENERAL MANAGER

    Total calculated
    $407,400
    From this org
    $376,200
    From related orgs
    $0
    Other
    $31,200
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $291,200
    Bonus
    $85,000
    Other
    $0
    Deferred
    $13,200
    Nontaxable benefits
    $18,000
    Filer's total
    $407,400

  • PING NAN

    COMPTROLLER

    Total calculated
    $381,600
    From this org
    $338,400
    From related orgs
    $0
    Other
    $43,200
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $258,400
    Bonus
    $80,000
    Other
    $0
    Deferred
    $13,200
    Nontaxable benefits
    $30,000
    Filer's total
    $381,600

  • HEBA ELSHINALY

    ASSISTANT GENERAL MANAGER

    Total calculated
    $238,100
    From this org
    $205,600
    From related orgs
    $0
    Other
    $32,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,600
    Bonus
    $20,000
    Other
    $0
    Deferred
    $8,300
    Nontaxable benefits
    $24,200
    Filer's total
    $238,100

  • HERB WILSON

    FORMER EXECUTIVE CHEF

    Total calculated
    $193,300
    From this org
    $185,700
    From related orgs
    $0
    Other
    $7,600
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,900
    Bonus
    $13,800
    Other
    $0
    Deferred
    $7,600
    Nontaxable benefits
    $0
    Filer's total
    $193,300

  • JENNIFER GREGORIOU

    DIRECTOR OF MEMBERSHIP

    Total calculated
    $182,700
    From this org
    $150,700
    From related orgs
    $0
    Other
    $32,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,900
    Bonus
    $23,800
    Other
    $0
    Deferred
    $6,000
    Nontaxable benefits
    $26,000
    Filer's total
    $182,700

  • JENNIFER PALENCIA

    CATERING DIRECTOR

    Total calculated
    $123,700
    From this org
    $123,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • JOSE ACOSTA

    DIRECTOR OF ENGINEERING

    Total calculated
    $193,300
    From this org
    $175,100
    From related orgs
    $0
    Other
    $18,200
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,300
    Bonus
    $31,800
    Other
    $0
    Deferred
    $7,200
    Nontaxable benefits
    $11,000
    Filer's total
    $193,300

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 · 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

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

Provenance

Return type
form_990
Tax year
2023
Filed
7 November 2024
IRS schema version
2023v5.1
Source object
202403179349303850

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