Governors Island Corporation

Nonprofit profile at a glance

EIN
272683349
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
New York, NY, USA
Phone
2124402200
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Wildlife Preservation, Protection

Official website

Reported finances

Revenue
$65,325,995
Expenses
$56,314,805
Assets
$401,467,685
Liabilities
$59,728,016

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

Leadership & pay

30 people listed

Executive titles in this filing

  • CLARE NEWMAN (PRESIDENT/CEO)

Highest reported compensation

  • CLARE NEWMAN (PRESIDENT/CEO): $344,668 total reported compensation
  • CHRISTOPHER TEPPER (CHIEF DEVELOPMENT OFFICER (OUTGOING)): $299,259 total reported compensation
  • DANIEL HANTMAN (GENERAL COUNSEL): $280,022 total reported compensation

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

Overview

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 realize the full potential of governors island for the inspiration and enjoyment of all new yorkers, demonstrating a bold vision for public space.

What it reported doing in 2024

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. Since 2024, governors island has been 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 opened. Additional capital investment, completed and ongoing, includes work on the ferry infrastructure (docks and vessels), seawall, electrical system, potable water and other utility systems, as well as numerous historic building stabilization and renovation projects.

Operating model

Revenue model
Grant-funded. 78% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Revenue has declined or grown slowly and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 74
  • Accountability: 95
  • Sustainability: 75
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74.1%; rating input score 74
  • Program expense ratio: 85.8%; rating input score 86
  • Fundraising efficiency: $818.73 raised per $1 spent on fundraising; rating input score 95; 95th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 13.8%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 7.13; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 76; 76th percentile among comparable filings
  • Officer compensation ratio: 4.5%; rating input score 21; 21st percentile among comparable filings

Growth

  • Program expense growth: 7.4% per year; rating input score 100; 60th percentile among comparable filings
  • Revenue growth: -3.9% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: 4.9% per year; rating input score 100; 35th percentile among comparable filings

Details

  • Where the money goes: 74.1% of revenue deployed · 85.8% of spending went to programs
  • Governance: 16 of 16 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $48.3M in reported program spending
  • Leadership: top reported pay $345K · 30 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $22.9M reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 11 filed money-flow records
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 21/100.