Shed Nyc Inc

Nonprofit profile at a glance

EIN
900884353
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-T 2024, Form 990-N 2021
Location
New York, NY, USA
Phone
6468766904
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Cultural Organizations - Multipurpose

Official website

Reported finances

Revenue
$32,765,136
Expenses
$41,792,680
Assets
$527,315,012
Liabilities
$78,975,767

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

Leadership & pay

54 people listed

Executive titles in this filing

  • MEREDITH HODGES (CEO)
  • ABDUL YOUNIS (CHIEF EXECUTIVE PRODUCER)

Highest reported compensation

  • MEREDITH HODGES (CEO): $790,540 total reported compensation
  • ALEXANDER POOTS (ARTISTIC DIRECTOR): $527,118 total reported compensation
  • PETER GEE (CHIEF FINANCIAL OFFICER): $379,676 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 shed is a new cultural institution of and for the 21st century. We produce and welcome innovative art and ideas, across all forms of creativity, to build a shared understanding of our rapidly changing world and a more equitable society. (continued on schedule o)

What it reported doing in 2024

Visual arts programming visual arts programming consists of a series of exhibitions featuring new works commissioned by the shed from a range of both established and early-career artists. Luna luna: forgotten fantasy (november 20, 2024 - march 16, 2025): luna luna brings a spectacular showcase of the world's first art amusement park to the shed. The brainchild of artist andre heller, luna luna first opened its fairground in 1987 in hamburg, germany. By a twist of fate, the park's treasures were forgotten in storage in Texas for 36 years. With a blockbuster showing in los angeles in december 2023, luna luna: forgotten fantasy resurrected these artworks, to audiences' delight. This exhibition invites visitors into a colorful, riotous fun house of carnival rides and attractions by visionary artists of the 20th century including jean-michel basquiat, arik brauer, salvador dali, sonia delaunay, monika gilsing, keith haring, andre heller, david hockney, roy lichtenstein, and kenny scharf. The multidisciplinary, multisensory experience will also feature special concerts and activations with performing artists to be announced.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. The filing reports few safeguards for money sent abroad and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 56
  • Accountability: 86
  • Sustainability: 39
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 95%; rating input score 95
  • Program expense ratio: 74.4%; rating input score 74
  • Fundraising efficiency: $5.34 raised per $1 spent on fundraising; rating input score 22; 22nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 92.1%; rating input score 92; 24th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -27.6%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 12.62; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 66; 66th percentile among comparable filings
  • Officer compensation ratio: 9.4%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: 13.1% per year; rating input score 100; 80th percentile among comparable filings
  • Revenue growth: -12.1% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: 1.4% per year; rating input score 100; 15th percentile among comparable filings

Details

  • Where the money goes: 95% of revenue deployed · 74.4% of spending went to programs
  • Governance: 35 of 38 board members independent · 7 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $31.1M in reported program spending
  • Leadership: top reported pay $791K · 54 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $4.4M reported
  • Consistency: 38 of 38 current checks pass
  • Schedules: 10 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 7 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 20 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 — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Financial Efficiency: Fundraising efficiency scored 22/100.
  • High — Sustainability: Operating margin scored 3/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 23/100.