Hudson Yards Development Corporation

Nonprofit profile at a glance

EIN
141941768
IRS 990 coverage
2019–2025
Forms available
Form 990 2025
Location
New York, NY, USA
Phone
9087381870
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Official website

Reported finances

Revenue
$10,987,770
Expenses
$11,014,227
Assets
$2,934,490
Liabilities
$2,848,568

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

Leadership & pay

27 people listed

Executive titles in this filing

  • ANGELA CAVALUZZI (PRESIDENT)
  • LINCOLN PATEL (VICE PRESIDENT AND COUNSEL)

Highest reported compensation

  • LINCOLN PATEL (VICE PRESIDENT AND COUNSEL): $365,166 total reported compensation
  • ANGELA CAVALUZZI (PRESIDENT): $341,359 total reported compensation
  • SUSAN GIL (TREASURER AND CONTROLLER): $181,815 total reported compensation

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

Overview

Mission

See schedule oto coordinate and facilitate the economic development of the hudson yards area of manhattan. This includes construction of an extension to the no. 7 subway line, the coordination of the design and construction of certain public amenities including parks and property acquisition as necessary.

What it reported doing in 2025

The organization contracts with outside legal counsel and other consultants for services in support of property acquisition, development and design services.

Operating model

Revenue model
Grant-funded. 100% 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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 70
  • Accountability: 95
  • Sustainability: 16
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.1%; rating input score 91
  • Program expense ratio: 90.9%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th 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: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -0.2%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: 0.27; rating input score 6; 6th percentile among comparable filings
  • Liabilities to assets ratio: 0.97; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 8.1%; rating input score 35; 35th percentile among comparable filings

Growth

  • Program expense growth: 37.7% per year; rating input score 100; 96th percentile among comparable filings
  • Revenue growth: 32.3% per year; rating input score 100; 96th percentile among comparable filings
  • Asset growth: 33.8% per year; rating input score 100; 97th percentile among comparable filings

Details

  • Where the money goes: 91.1% of revenue deployed · 90.9% of spending went to programs
  • Governance: 12 of 12 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $10M in reported program spending
  • Leadership: top reported pay $365K · 27 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 21 of 21 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 7 filing years from 2019 to 2025
  • Contacts: How to reach this organization
  • Money network: 3 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.

Key Signals

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

  • High — Sustainability: Operating margin scored 20/100.
  • High — Sustainability: Total-asset coverage ratio scored 6/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.
  • Moderate — Sustainability: Officer compensation ratio scored 35/100.