New York City Tourism Foundation Inc

Nonprofit profile at a glance

EIN: 134020446
IRS 990 coverage: 2010–2024
Forms available: Form 990 2024, Form 990-EZ 2020
Location: New York, NY, USA
Phone: 2124841255
Rating: 61
Verdict: SUPPORTED
Rating confidence: Moderate
Sector: Educational Services and Schools - Other

Reported finances

Revenue: $490,726
Expenses: $401,739
Assets: $891,843
Liabilities: $69,361

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

Leadership & pay

6 people listed

Executive titles in this filing

FRED DIXON (PRESIDENT, THRU 6/9/2024)
JULIE COKER (PRESIDENT & CEO)

Highest reported compensation

FRED DIXON (PRESIDENT, THRU 6/9/2024): $629,346 total reported compensation
RICHARD LOVATT (TREASURER): $408,581 total reported compensation
JULIE COKER (PRESIDENT & CEO): $33,494 total reported compensation

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

Overview

Mission

To support and promote New York city's cultural institutions, historic landmarks, and heritage organizations and sites, with a view to benefit the community and enhance the city's worldwide image.

What it reported doing in 2024

Education and charitable organization contributions: the foundation administers a grant program to assist New York city's non profit arts and cultural organizations in the development of cultural tourism related projects designed to attract visitors. The foundation focuses on educating domestic and international markets about the cultural opportunities available throughout New York city. The foundation also make contributions to other 501(c)(3) organizations to support their organization's mission and scholarships funds.

Operating model

Revenue model: Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model: Grant intermediary. The nonprofit sent 90% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and the filing does not identify recipients for some grant dollars.

Rating breakdown

Financial Efficiency: 71
Transparency & Controls: 55
Accountability: 67
Sustainability: 57
Growth: 0

Detailed rating inputs

Financial Efficiency

Mission deployment rate: 73.7%; rating input score 74
Program expense ratio: 90%; rating input score 90
Fundraising efficiency: Limited

Transparency & Controls

Consistency checks: 93.3%; rating input score 93; 26th 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: 28.7%; rating input score 29; 39th percentile among comparable filings
Major donor itemization: Yes; rating input score 100
Related-party transparency: Limited

Accountability

Independent voting board: 75%; rating input score 75; 20th percentile among comparable filings
Governance controls: 5 of 9 controls in place; rating input score 56
- 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: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Fail
- Independent financial-statement audit: Fail

Sustainability

Operating margin: 18.1%; rating input score 72; 72nd percentile among comparable filings
Total-asset coverage ratio: 2.22; rating input score 62; 62nd percentile among comparable filings
Liabilities to assets ratio: 0.08; rating input score 28; 28th percentile among comparable filings
Officer compensation ratio: 27.3%; rating input score 13; 13th percentile among comparable filings

Growth

Program expense growth: -5.6% per year; rating input score 0; 16th percentile among comparable filings
Revenue growth: -3.7% per year; rating input score 0; 12th percentile among comparable filings
Asset growth: -3.9% per year; rating input score 0; 12th percentile among comparable filings

Details

Where the money goes: 73.7% of revenue deployed · 90% of spending went to programs
Governance: 3 of 4 board members independent · 5 of 9 filing controls reported
Programs: 3 filed program accomplishments · $362K in reported program spending
Leadership: top reported pay $629K · 6 people listed · 0 of 6 pay-setting controls reported
Highest-paid contractors: 1 contractor listed · $136K reported
Consistency: 18 of 19 current checks pass · 1 finding to review
Schedules: 8 filed schedules · includes major donors, grants, and executive pay
Filing history: 13 filing years from 2010 to 2024
Contacts: How to reach this organization
Money network: 7 filed money-flow records
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 — Transparency & Controls: Pay-setting controls scored 0/100.
High — Transparency & Controls: Grant itemization coverage scored 29/100.
Review — Accountability: Governance controls: 4 of 9 not reported.
High — Growth: Program expense growth scored 0/100.
High — Growth: Revenue growth scored 0/100.
High — Growth: Asset growth scored 0/100.
Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
High — Sustainability: Officer compensation ratio scored 13/100.
High — Sustainability: Liabilities to assets ratio scored 28/100.