New York Gemstone Association Inc

Nonprofit profile at a glance

EIN
205339159
IRS 990 coverage
2013–2023
Forms available
Form 990 2023
Location
New York, NY, USA
Phone
2129977755
Rating
47
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$13,942
Expenses
$1,422
Assets
$123,375
Liabilities
$10,200

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • SAM SULIMANOV (VICE PRESIDENT)
  • AFSHIN HAKIMIAN (PRESIDENT)

People named in this filing

  • EDWIN LIVIAN (SECRETARY)
  • SAM SULIMANOV (VICE PRESIDENT)
  • AFSHIN HAKIMIAN (PRESIDENT)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Established in 2007, comprised of some of the most prominent importers, manufacturers and dealers of colored gemstones in the New York metro area. The organization is strictly for wholesale dealers and manufacturers. This allows for an open forum for sharing information on new areas of supply, gemstone enhancements and other developments that affect the gemstone trade. Further, we work to increase benefits for our members using our worldwide contacts in the areas of shipping, security and insurance.

What it reported doing in 2023

Information sharing

Operating model

Revenue model
Membership-supported. 67% of the money available for current operations came from membership dues.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 90
  • Accountability: 62
  • Sustainability: 83
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 75%; rating input score 75; 23rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 89.8%; rating input score 98; 98th percentile among comparable filings
  • Total-asset coverage ratio: 86.76; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -30.8% per year; rating input score 0; 12th percentile among comparable filings
  • Revenue growth: 2.6% per year; rating input score 100; 72nd percentile among comparable filings
  • Asset growth: 5.1% per year; rating input score 100; 68th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 3 of 4 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 12 of 12 current checks pass
  • Schedules: 1 filed schedules
  • Filing history: 11 filing years from 2013 to 2023
  • Contacts: How to reach this organization
  • 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.