Ts 2 Development Corporation

Nonprofit profile at a glance

EIN
991044678
IRS 990 coverage
2024–2024
Forms available
Form 990 2024
Location
Newark, NJ, USA
Phone
9736428989
Rating
34
Verdict
REVIEW
Rating confidence
Limited
Sector
Nonmonetary Support N.E.C.*

Official website

Reported finances

Revenue
$882,131
Expenses
$0
Assets
$25,692,595
Liabilities
$24,554,829

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

Leadership & pay

8 people listed

Executive titles in this filing

  • JOHN SCHREIBER (PRESIDENT, CEO & CHAIR)
  • TIMOTHY LIZURA (EXECUTIVE VICE PRESIDENT)
  • JEFFREY JACOB (SENIOR VICE PRESIDENT (END 4/2025))
  • MARY C JAFFA (VICE PRESIDENT)

Highest reported compensation

  • JOHN SCHREIBER (PRESIDENT, CEO & CHAIR): $1,978,864 total reported compensation
  • TIMOTHY LIZURA (EXECUTIVE VICE PRESIDENT): $470,453 total reported compensation
  • JEFFREY JACOB (SENIOR VICE PRESIDENT (END 4/2025)): $338,721 total reported compensation

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

Overview

Mission

Acquire, lease, renovate and improve real estate and to acquire public financing and tax credit financing in support of the New Jersey performing arts center, a related tax-exempt organization.

What it reported doing in 2024

Real estate development: acquire, lease, renovate and improve real estate and to acquire public financing and tax credit financing in support of the New Jersey performing arts center, a related tax-exempt organization.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - 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 few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 64
  • Accountability: 72
  • Sustainability: 1
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 80%; rating input score 80; 18th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: Limited
  • Liabilities to assets ratio: 0.96; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 0% of revenue deployed
  • Governance: 4 of 5 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $2M · 8 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 1 filing year from 2024
  • Contacts: How to reach this organization
  • Related organizations: 3 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.