501-507 West 42Nd Street Realty Corp

Nonprofit profile at a glance

EIN
133120148
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2126955206
Rating confidence
Limited

Reported finances

Revenue
$609,855
Expenses
$590,856
Assets
$1,815,881
Liabilities
$63,999

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • JOSEPH NOLAN (PRESIDENT)
  • RANDALL MENT (VICE PRESIDENT)

Highest reported compensation

  • BRENDAN TORMEY (FUND ADMINISTRATOR): $310,179 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

501-507 west 42nd street realty corp was formed for the exclusive purpose of holding title to property and for collecting income there from, and turning over the entire amount there of, less expenses to local 580 pension fund.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 66
  • Accountability: 95
  • Sustainability: 52
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3.1%; rating input score 45; 45th percentile among comparable filings
  • Total-asset coverage ratio: 3.07; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 56; 56th percentile among comparable filings
  • Officer compensation ratio: 21.6%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 3.9% per year; rating input score 100; 37th percentile among comparable filings
  • Asset growth: -0.2% per year; rating input score 0; 17th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 4 of 4 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $310K · 5 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 8 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 45/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 13/100.
  • Review — Sustainability: Liabilities to assets ratio scored 56/100.