New 42

What it reported doing in 2024

The new 42nd street, inc. (d/b/a new 42) was established in 1990 by the city and state of New York as a non-profit organization and was entrusted with 99-year leases of seven historic theaters and two infill properties on 42nd street between 7th and 8th avenues in New York city. Guided by the public goal of returning 42nd street to its former status as a lively cultural and entertainment destination, new 42 operates programming out of two buildings under its stewardship: new victory theater and new 42 studios. New 42 has strategically subleased its remaining properties to generate earned income and ensure the ongoing vibrancy of 42nd street. In our 2024-25 season, new 42 made (continued on schedule o) extraordinary performing arts experiences possible for over 91,000 kids, families and artists. Through our commitment to ensure access for all, new victory theater provided free tickets for families residing in New York city housing authority (nycha) sites, $2 tickets to students as the largest provider of live performing arts for New York city public schools, and tickets averaging under $35 for all families due to funder subsidies that enable low ticket prices. New 42 studios provided rehearsal space for 134 broadway, off-broadway, regional and touring companies, and the duke on 42nd street welcomed over 19,000 patrons. New 42 was recognized for its broad community impact with the 2025 tony honor for excellence in the theatre.new victory theater: the summer new victory dance festival kicked off the year, showcasing nine New York-based dance companies and artists who shared the power of dance with audiences of all ages. The new victory season then presented nine works from four countries that included six New York or international premieres and introduced public and student audiences to thrilling acrobatics, dance theater, shadow puppetry, folklore and more. Each production was accompanied by pre- and post-show activities led by new victory teaching artists who engaged kids in art-making and community-building.new victory education: in the 2024-25 season, 141 partner schools from across all five New York city boroughs enjoyed the full season of breathtaking performances through student matinees offered by the new victory theater for the subsidized price of $2 per ticket - a price that hasn't changed since the theater opened in 1995. Classroom workshops led by new victory teaching artists, and a series of early childhood arts education resource guides, promoted artistic inquiry and creativity within school curricula and provided teachers with professional development opportunities. New 42 youth corps: nyc's first and largest theater employment and skills-building program for youth, the youth corps provides targeted, personalized support systems for young people as they transition from high school through college and into their chosen careers in and beyond the arts sector. Through paid part-time employment, life/job skills training, college matriculation and graduation assistance, and direct mentorship with arts professionals, youth corps in 2024-25 supported 63 young new yorkers, ages 16-24, as they began to navigate the challenges faced during the often difficult transition into adulthood.

Financial Efficiency

• Mission deployment rate: 71.3%; rating input score 71
• Program expense ratio: 75.4%; rating input score 75
• Fundraising efficiency: $4.81 raised per $1 spent on fundraising; rating input score 19; 19th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
• Pay-setting controls: 6 of 6 controls in place; rating input score 100
  • Compensation committee: Pass
  • Independent consultant: Pass
  • Other Form 990s reviewed: Pass
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • 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: 90.6%; rating input score 91; 23rd 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: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 7.5%; rating input score 61; 61st percentile among comparable filings
• Total-asset coverage ratio: 2.51; rating input score 69; 69th percentile among comparable filings
• Liabilities to assets ratio: 0.06; rating input score 81; 81st percentile among comparable filings
• Officer compensation ratio: 8.8%; rating input score 26; 26th percentile among comparable filings

Growth

• Program expense growth: 0.9% per year; rating input score 100; 14th percentile among comparable filings
• Revenue growth: 4.1% per year; rating input score 100; 35th percentile among comparable filings
• Asset growth: 0.8% per year; rating input score 100; 13th percentile among comparable filings