Building 77 Qalicb Inc C/o Brooklyn Navy Yard Development Corp

Nonprofit profile at a glance

EIN
472526419
IRS 990 coverage
2015–2025
Forms available
Form 990 2025
Location
Brooklyn, NY, USA
Phone
7189075900
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Support N.E.C.

Reported finances

Revenue
$16,638,081
Expenses
$28,856,150
Assets
$171,333,649
Liabilities
$27,618,186

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • SHANNY SPRAUS-REINHARDT (PRESIDENT, DIRECTOR)

Highest reported compensation

  • WIMAL ARIYAWANSA (TREASURER, DIRECTOR): $378,496 total reported compensation
  • SHANNY SPRAUS-REINHARDT (PRESIDENT, DIRECTOR): $361,832 total reported compensation
  • PAUL KELLY (SECRETARY, DIRECTOR): $330,785 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization's exempt mission is to serve as a supporting organization to bnydc, whose mission is to promote local economic development and job creation in the brooklyn borough of New York city, to develop underutilized areas of the brooklyn navy yard and to oversee modernization of the navy yard's infrastructure and assets, while also maintaining its historical integrity. The organization will engage in economic development, specifically, by rehabilitating, redeveloping and leasing building 77 of the navy yard, thereby creating thousands of jobs for residents and the city of New York.

What it reported doing in 2025

Building 77 qalicb, inc. (the "corporation") was organized on december 10, 2014, as a New York nonstock, nonprofit corporation for the purpose of rehabilitating and operating a commercial property located in brooklyn, New York. The property includes one building which is expected to consist of 1,000,000 square feet of commercial rental space. As of december, 2023 and 2022, 668,394 and 668,394, respectively, of square feet were leased. The property is owned by the city of New York, which leases it to brooklyn navy yard development corporation ("bnydc") which in turn leases to the corporation. The corporation sublets the space to commercial tenants. The corporation is a qualified active low-income community business in accordance with the terms under the new markets tax credit ("nmtc") program pursuant to section 45d of the irc. The corporation is required to comply with various rules and regulations and failure to comply with these or other requirements could result in the recapture of nmtc already taken by the mortgage lenders and potential loss of future nmtcs.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 46% for direct work, and 54% for affiliated organizations.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 60
  • Accountability: 30
  • Sustainability: 41
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 99.7%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 20%; rating input score 20; 6th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -73.4%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 5.94; rating input score 80; 80th percentile among comparable filings
  • Liabilities to assets ratio: 0.16; rating input score 57; 57th percentile among comparable filings
  • Officer compensation ratio: 1.1%; rating input score 86; 86th percentile among comparable filings

Growth

  • Program expense growth: 17.1% per year; rating input score 100; 84th percentile among comparable filings
  • Revenue growth: -5% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: 5.3% per year; rating input score 100; 36th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 99.7% of spending went to programs
  • Governance: 1 of 5 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $28.8M in reported program spending
  • Leadership: top reported pay $378K · 5 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 9 filing years from 2015 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 4 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Independent voting board scored 20/100.
  • Moderate — Accountability: Governance controls: 4 of 8 not reported.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Liabilities to assets ratio scored 57/100.