Hanyc Foundation Inc

Nonprofit profile at a glance

EIN
833283722
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2127546700
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Disaster Preparedness and Relief Services

Official website

Reported finances

Revenue
$2,066,132
Expenses
$972,780
Assets
$12,196,072
Liabilities
$9,869,713

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

Leadership & pay

14 people listed

Executive titles in this filing

  • Vijay Dandapani (President)

Highest reported compensation

  • Vijay Dandapani (President): $703,504 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 HANYC Foundation, Inc. (the Foundation) was organized on January 22, 2019 by the directors of the Hotel Association of New York City, Inc. (the Association) and is a non profit organization exempt from Federal income tax under Section 501(c)(3) of the Internal Revenue Code. The mission of the Foundation is to leverage the talents and resources of all the Associations member hotels and partners in the greater New York City market to focus the philanthropic outreach efforts toward education and crisis relief within the community. To this end the Foundation provides scholarships for students pursuing an associates or bachelors degree in hotel management, human trafficking training for Association members and their staff and hotel stays to individuals and families during unanticipated hardship and crisis.

What it reported doing in 2024

ASYLUM SEEKER HOTEL SUPPORT: On December 21, 2022, the Foundation entered into an agreement (the Agreement) with the City of New York through its Department of Homeless Services (DHS) to act as a third-party administrator to assist DHS with booking, managing, tracking, Reporting, and invoicing for hotels service for the emergency procurement of shelter services needed to accommodate the influx of persons who are seeking asylum (Asylum Seekers) in the New York City area.In accordance with the Agreement, the Foundation earns administrative fees of $20,000 per month for up to 20 participating hotels plus $1,000 per month for each participating hotel it administers in excess of 20. For the years ended December 31, 2024 and 2023, the Foundation earned $1,413,000 and $1,057,000, respectively.On July 9, 2023, the Foundation entered into an agreement (the Voucher Agreement) with the City of New York through its Department of Housing and Preservation (DHP) to act as a third-party administrator to assist DHP with development, information technology support, and administration support of an online platform to reserve individual hotel rooms; booking hotel rooms, managing, tracking, reporting, and invoicing for hotels service for the temporary housing for the Asylum Seekers.In accordance with the Voucher Agreement, the Foundation earns administrative fees of $45,000 per month for up to 30,000 hotel rooms. For the year ended December 31, 2024 the Foundation earned $462,000.

Operating model

Revenue model
Earned-program. 86% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 95% 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

SUPPORTED - Most voting board members are independent and program spending has grown recently. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 55
  • Transparency & Controls: 59
  • Accountability: 91
  • Sustainability: 81
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 39.8%; rating input score 40
  • Program expense ratio: 97.1%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 17th 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: 68.9%; rating input score 69; 18th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 92.9%; rating input score 93; 23rd 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: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 52.9%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 12.54; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.81; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 2.1%; rating input score 75; 75th percentile among comparable filings

Growth

  • Program expense growth: 50.6% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 46.1% per year; rating input score 100; 97th percentile among comparable filings
  • Asset growth: 62.8% per year; rating input score 100; 98th percentile among comparable filings

Details

  • Where the money goes: 39.8% of revenue deployed · 97.1% of spending went to programs
  • Governance: 13 of 14 board members independent · 7 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $944K in reported program spending
  • Leadership: top reported pay $704K · 14 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $127K reported
  • Consistency: 27 of 28 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes grants and executive pay
  • Filing history: 5 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 40/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.