2020-09-02T11:24:24-05:00 2019-12-31 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2019-01-01 133062214 The New York Community Trust % CAROLYN M WEISS NEWY 2126860010 909 Third Avenue Suite 22nd Fl New York NY 10022 CAROLYN WEISS CFO 2126860010 2020-09-01 true Daniel Romano P00504182 2125990100 69.117.173.172 26377520202465000000 2020-09-02 P A255E714C606F7728C60F005D2CCD044C74435DD 7D14034AF515942D2ABE7F7E27EA16D2649DB046 2019 2020-11-06 18:47:13Z Lorie A Slutsky 909 Third Avenue 22nd Fl New York NY 10022 955056485 false X www.nycommunitytrust.org X 1924 NY The New York Community Trust connects past, present, and future generous New Yorkers with vital nonprofits working to make a healthy, equitable, and thriving community for all. 12 11 71 18 1320763 1284843 77890041 77047357 0 0 160646962 172858095 5709065 7713371 244246068 257618823 160152547 172671689 0 0 11435514 11795801 0 0 1600702 22298935 25921304 193886996 210388794 50359072 47230029 2567643255 2910364182 67597026 55646491 2500046229 2854717691 X SEE SCHEDULE O false false 182221183 172671689 0 See Schedule O 182221183 true true false true false true false false true true true true false false true false true true false false true true false false false false false true true true false false false false false false false false true false false false false true true true false false true X 76 0 true 71 true true false false false false false false true 3 false false false false false false false false X 12 11 false false false false false false false true true false false true true true true true true true true false AL AK AR CA CO CT FL IL KS KY ME MD MA MI MN MS NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI X X X CAROLYN M WEISS 2126860010 909 THIRD AVENUE 22ND FL New York NY 10022 Lorie A Slutsky Director & President 45.0 0.0 X X 940757 0 138623 Mary Z Greenebaum Chief Inv. Officer 36.0 0.0 X 308313 0 158196 Jane L Wilton VP & General Counsel 45.0 0.0 X 328495 0 117157 Mercedes Leon VP & Asst. Secretary 45.0 0.0 X 287873 0 154659 Carolyn M Weiss CFO & Treasurer 45.0 0.0 X 273631 0 100285 Gaydell Young VP & Asst. Secretary 45.0 0.0 X 245766 0 125019 Kerry E McCarthy VP Philanthropic Initiatives 45.0 0.0 X 247646 0 92983 Shawn V Morehead VP for Grants 45.0 0.0 X 248490 0 69690 David Okorn LICF Executive Director 45.0 0.0 X 189864 0 76318 Marie D'Costa Chief Dev. & Mktg. Officer 45.0 0.0 X 188388 0 69809 Kenneth Beitler Director of Investments 45.0 0.0 X 200126 0 44804 John J Oddy Sr. Director of Donor Services 45.0 0.0 X 199694 0 40036 Wen Weng Controller & Asst. Treasurer 45.0 0.0 X 152489 0 86502 Laura Rossi WCF Executive Director 45.0 0.0 X 166134 0 69680 Valerie S Peltier Chairman 3.0 0.0 X X 0 0 0 Jamie Drake Director 2.0 0.0 X 0 0 0 Roger J Maldonado Director 2.0 0.0 X 0 0 0 Anne Moore MD Director 2.0 0.0 X 0 0 0 Stephen P Robinson Director 2.0 0.0 X 0 0 0 Judith O Rubin Director 2.0 0.0 X 0 0 0 Barron M Tenny Director 2.0 0.0 X 0 0 0 Ann Unterberg Director 2.0 0.0 X 0 0 0 Jason H Wright Director 2.0 0.0 X 0 0 0 Obaid Khan Director 2.0 0.0 X 0 0 0 Mali Sananikone Gaw Director 2.0 0.0 X 0 0 0 3977666 0 1343761 30 false true false JPMorgan Chase Bank 270 Park Avenue NEW YORK NY 10017 Trustee/Invest Advis 2867913 Angelo Gordon Co 245 Park Avenue NEW YORK NY 10167 Investment Advisor 1489694 Southpoint Capital Advisors 1114 Avenue of the Americas NEW YORK NY 10036 Investment Advisor 1383065 Davidson Kempner Capital Management 520 Madison Avenue NEW YORK NY 10022 Investment Advisor 1287166 Bank of New York Mellon 706 Madison Avenue NEW YORK NY 10065 Trustee/Invest Advis 1257001 40 77047357 29222460 77047357 0 67550513 67550513 0 0 0 0 0 802745244 697437662 105307582 105307582 105307582 0 0 0 0 0 0 0 0 0 LP, OTHER INVESTMENT INCOME 525990 7652385 1320763 6331622 FINANCIAL & ADMIN SERVICES 561000 60986 60986 7713371 257618823 60986 1320763 179189717 172140817 172140817 325722 325722 205150 205150 0 4076568 2243019 1630426 203123 0 5198633 2835101 2108043 255489 1737767 955772 695107 86888 264783 145631 105913 13239 518050 296797 196669 24584 0 229068 138581 90487 121277 121277 37500 37500 0 18230284 18230284 1705578 1187904 517674 842401 43088 65072 734241 449774 214435 205075 30264 403280 217091 166453 19736 0 1503473 826910 601389 75174 92731 50329 34397 8005 0 303939 98617 82292 123030 0 0 360193 198106 144077 18010 178387 98113 71355 8919 UBIT 1435985 1435985 OTHER EXPENSES 27434 27434 210388794 182221183 26566909 1600702 0 0 43179460 38431464 374220 325674 397027 279150 0 0 0 0 0 0 0 0 0 0 1739285 796600 1209977 942685 2170468580 2505986420 352013991 364398789 0 0 0 0 0 0 2567643255 2910364182 772846 867381 57717685 46767408 0 0 0 0 0 0 0 0 0 0 0 0 9106495 8011702 67597026 55646491 X 2500046229 2854717691 0 0 2500046229 2854717691 2567643255 2910364182 X 47230029 306438018 1003415 X false true X true false X 93036093 124537416 81312770 77890041 77047357 453823677 0 0 93036093 124537416 81312770 77890041 77047357 453823677 15224097 438599580 47840271 51158740 53839847 68677960 73882135 295398953 3017904 4164533 2600098 3884223 1320763 14987521 52393 51349 52028 61590 60986 278346 764488497 0.57372 0.59710 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 98000 662500 760500 209628294 210388794 1000000 250000 1000000 1000000 1000000 1000000 4000000 6000000 289028 727850 523500 760500 2300878 250000 250000 250000 250000 1000000 1500000 85837 235400 136800 98000 556037 1365 35 55792551 9871588 102518159 13132770 1102692614 28080197 true true true 2102847 0 2102847 false 2500046229 77047357 486948498 172671689 1796634 34856070 2854717691 2732139179 77890041 -117599173 160152547 1841282 30389989 2500046229 2499183423 81312770 407077017 222557108 1657433 31219490 2732139179 2440133842 124537416 161954069 193930605 1623881 31887418 2499183423 2539765904 93036093 3025116 163923296 1505298 30264677 2440133842 0.54730 0.45270 false false 926760 154460 772300 812525 642140 170385 942685 HEDGE FUNDS 155828872 F PRIVATE EQUITY 121837967 F FIXED INCOME 54044963 F U.S. EQUITIES 320164 F REAL ESTATE 31490407 F OTHER 876416 F 364398789 0 PENSION LIABILITY 3515148 ACCRUED POSTRETIREMENT BENEFIT 3844656 DEFERRED RENT CREDITS 651898 8011702 X 544395902 306438018 306438018 237957884 18224954 1435985 19660939 257618823 190727855 190727855 18224954 1435985 19660939 210388794 Part IV, Line 1b - Explanation for Unreported Contributions or Assets The Trust serves as a trustee for and is the beneficiary of a charitable remainder trust. Part V, Line 4 - Intended Uses for Endowment Funds Building an endowment is an essential task for community foundations. Endowments enable a donor's generosity to last in perpetuity and to be responsive to contemporary needs. The Trust's endowed funds provide for the competitive grants program. Part V, Line 1f Administrative expenses include $20.4 million of investment expenses, unrelated business income tax and other pension and postretirement medical changes. Part X, Line 2 The Trust had no uncertain tax positions and as prescribed by FIN 48, a footnote was not required in the audited financial statements. Part XI and Part XII, Line 4b The provision for unrelated business income taxes is $1,435,985. true Central America and the Caribbean Investments 83323414 North America Grantmaking 133000 Europe (Including Iceland and Greenland) Grantmaking 58400 Central America and the Caribbean Grantmaking 13750 83528564 83528564 Europe (Including Iceland and Greenland) general support 25500 wire North America scholarship 9000 check Central America and the Caribbean program support. 12750 check North America scholarship award. 20000 check Europe (Including Iceland and Greenland) scholarship award. 6000 wire North America scholarship award. 10000 check Europe (Including Iceland and Greenland) scholarship. 22000 wire North America scholarship. 19000 check North America porgram support. 75000 check 9 true false true true true false Part I, Line 2 - Procedures for Monitoring the Use of Grant Funds Prior to making a foreign grant to an organization, The Trust ensures that the potential grantee is recognized as a charity by the foreign country or is a 501(c)(3) organization. Foreign grantees are required to submit a report detailing the use of the funds. The report is reviewed to ensure that the funds were used for the intended charitable purpose. Any funds not used for the purpose described are required to revert to The Trust. Prior to making a foreign grant to an individual selected by an advisory committee (based on the specific fund's purpose), The Trust cross-references the individuals with the US Treasury Department's SDN list, and ensures that the individual has a J1 visa & tax ID number. In 2019, The Trust did not make any grants to foreign individuals. true See attached Schedule I 172140817 various 2209 0 Fellowships and awards 51 325722 Part I, Line 2 - Procedures for Monitoring the Use of Grant Funds The Trust's procedures for monitoring the use of grant funds in the United States include checking every proposed grantee to ensure that it is a recognized charitable organization. Each grantee must meet charitable standards for programmatic, governance and financial soundness. For grants issued in response to a proposal, The Trust issues a grant letter requiring that the grantee use the grant funds in accordance with the budget included in its proposal and that any funds not used for the approved purpose will revert back to The Trust. The grantee is required to issue a formal report to The Trust providing an accounting of the use of the funds and a narrative describing the outcome of the project. Failure to provide this report will preclude future grants. For those grants originating from donor advised funds, the grantee is instructed in writing that no one associated with the fund may receive any benefit as a result of the grant and by accepting the check the organization will comply with these instructions. There were no non-cash grants to governments or organizations in the United States in 2019. Grants to an individual are made pursuant to Advisory Committee recommendation. X X true true X X X X X false true false false false false false false false Lorie A Slutsky Director & President 854519 0 10586 0 75652 0 110724 0 27899 0 1079380 0 0 0 Mary Z Greenebaum Chief Inv. Officer 300872 0 0 7441 0 138974 0 19222 0 466509 0 0 0 Mercedes Leon VP & Asst. Secretary 284120 0 0 3753 0 136349 0 18310 0 442532 0 0 0 Carolyn M Weiss CFO & Treasurer 269750 0 0 3881 0 61214 0 39071 0 373916 0 0 0 Wen Weng Controller & Asst. Treasurer 151286 0 0 1203 0 47789 0 38713 0 238991 0 0 0 Jane L Wilton VP & General Counsel 325096 0 0 3399 0 91809 0 25348 0 445652 0 0 0 Gaydell Young VP & Asst. Secretary 238298 0 0 7468 0 106271 0 18748 0 370785 0 0 0 Kenneth Beitler Director of Investments 196245 0 0 3881 0 38619 0 6185 0 244930 0 0 0 Kerry E McCarthy VP Philanthropic Initiatives 246294 0 0 1352 0 62087 0 30896 0 340629 0 0 0 Shawn V Morehead VP for Grants 247608 0 0 882 0 45077 0 24613 0 318180 0 0 0 David Okorn LICF Executive Director 183512 0 5000 0 1352 0 37018 0 39300 0 266182 0 0 0 Marie D'Costa Chief Dev. & Mktg. Officer 177036 0 10000 0 1352 0 31096 0 38713 0 258197 0 0 0 John J Oddy Sr. Director of Donor Services 197376 0 0 2318 0 34191 0 5845 0 239730 0 0 0 Laura Rossi WCF Executive Director 163786 0 0 2348 0 45418 0 24262 0 235814 0 0 0 Part I, Line 1a - Fringe or Expense Explanation To help offset the high cost of maintaining an apartment in New York City, and in keeping with compensation practices in other New York City organizations, the board of directors approved, as part of the determination of reasonable compensation that is described in Schedule O, a housing allowance as a component of the President's aggregate compensation. The housing allowance is included in the President's taxable income. As part of her responsibilities, the President is required to entertain donors and potential donors. To provide an appropriate venue for this entertainment, the Board Chairman has approved that she may belong to a social club for which The Trust will reimburse for dues and business usage. Amounts are reimbursed upon submission of an approved expense report with required supporting documentation. This cost is considered to be a valid business expense and is not included in taxable income. X 396 19801010 Avg of high & low X 2 799987 Est of sale price X 8 10019704 FMV of asset 3 false true true Part I, line 32b The Trust does not utilize the services of a third party to solicit any contributions of publicly traded securities. For all non-cash gifts, the Trust utilizes the services of a third party to process and liquidate the position as quickly as possible. Part I, column (b) The Trust is reporting the number of contributions received. Form 990 - Additional Information This is a consolidated return for The New York Community Trust (13-3062214) and Community Funds, Inc. (13-6089923). Prior to 1980, the above named taxpayers filed separate tax returns, but were then granted permission by the IRS to file a consolidated return. The main office for both is located at 909 Third Avenue, New York, NY 10022. Form 990 - Organization's Mission or Most Significant Activities Form 990, Part I, line 1 and Form 990, Part III, line 1 Since 1924, The New York Community Trust has built a permanent endowment to support the nonprofit organizations that make our city a vital place, while making it easy for New Yorkers to be philanthropists. With thousands of charitable funds set up by individuals, families, and businesses, and with an expert staff, we help donors with their giving and enable their generosity to continue even after their lifetimes. Form 990 - Program Service Accomplishments Form 990, Part III, Line 4a Our competitive program grants seek to promote healthy lives, expand opportunities, strengthen families, develop children and youth, and create strong, vital communities. Our governing board has identified four categories of activity to carry out these objectives. They are summarized below. Healthy Lives As health care changes, we're helping providers deliver efficient, cost-effective services to all New Yorkers. The Trust made $10.8 million in grants to support projects that improve quality of care, strengthen health care providers, address costs and health disparities, and develop the skills and independence of people with disabilities. Promising Futures We made grants totaling $23.6 million to build promising futures by helping young people prosper; providing job training and placement; making our educational and justice systems work for everyone; alleviating hunger and homelessness; improving family and child welfare services; and advancing the practice of social work. Thriving Communities We made $21.8 million in grants to groups that protect and create affordable housing, promote equity in the arts, improve civic engagement, and protect our environment. We support agencies working on these issues at the neighborhood level, as well as government and nonprofit institutions developing strategies. We also support efforts to improve the functioning of nonprofits and government. Special Projects and Philanthropy We made $1.5 million in grants to address unmet needs, and leverage support for emerging issues. As a leading community foundation, our active participation in associations of grantmakers and charitable 'watchdog' groups, our cooperative projects with other foundations, and our continuing dialogue with federal, state, and local government officials, help assure that our resources are used strategically. Form 990 - Form 990T Not Filed Explanation Form 990, Part V, line 3b For the year ending December 31, 2019, the organization has submitted an Application for Extension of Time to file its Form 990-T with the Internal Revenue Service. All of the unrelated business income is generated by the organization's investments, and the information required to prepare and file the Form 990-T will not be provided by all of the investment managers prior to submission of this Form 990. The Form 990-T will be filed with the Internal Revenue Service prior to the end of the approved extension period. The UBIT numbers reported on this Form 990 are estimated amounts. Form 990 - Oranization's Process to Review Form 990 Form 990, Part VI, Section B, line 11b The 990 is prepared internally and reviewed by the CFO and President of the organization. It is also reviewed by an independent public accounting firm who signs the 990 as paid preparer. The form is distributed to the board in advance of filing. Form 990 - Enforcement of Conflicts Policy Form 990, Part VI, Section B, line 12c All members of the governing board, officers, and senior staff must review the conflict of interest policy and complete a questionnaire concerning compliance on an annual basis. The forms are reviewed by the General Counsel to ensure ongoing compliance, and to determine whether or not a conflict exists. A conflict with respect to a potential transaction is required to be disclosed, and the conflicted staff or board member is excluded from participating in deliberations and decisions concerning the matter. Form 990 - Compensation Process for Top Official Form 990, Part VI, Section B, line 15a The President is the top management official of The Trust, and her compensation package is reviewed and decided upon annually by the board of directors, based upon a recommendation from the Compensation Committee comprised of several independent members of the board of directors. As part of this process the Compensation Committee prepares a written performance appraisal with input from all of the board members. Annually, through the use of various surveys, the Committee compares the President's compensation to that of others in similar positions and with peer institutions. The Committee also engaged an independent compensation consultant to evaluate the President's compensation package to determine if the components of the package, as well as the package as a whole, continue to be fair and reasonable. The Committee reports their findings, the overall performance appraisal and their recommendation to the full board of directors in executive session at the last meeting of the year. After review and discussion, the board determines the President's compensation for the next year. Form 990 - Compensation Process for Officers Form 990, Part VI, Section B, line 15b Officers, as well as other employees, receive annual performance appraisals from their immediate supervisor. Salary adjustments must be approved by the president of the organization and will be given, where appropriate, based upon the annual performance review and within budgetary guidelines approved by the board of directors. As part of this process various outside salary surveys are used to assist in determining any adjustments. Independent compensation consultants are used periodically. Form 990 - Governing Documents Disclosure Explanation Form 990, Part VI, Section C, line 19 The audited financial statements and the conflict of interest policy are available on the website of The Trust. The IRS Form 990 is available on Guidestar's website, and other similar public websites. All of these documents, along with a copy of the governing documents and the Form 990-T are available upon request at management's discretion. Form 990 - Part VII - Additional Information Form 990, Part VII, Section A, column (F) & Schedule J, column (C) The IRS requires that The Trust include for each individual the actuarially imputed increase in value of its long standing defined benefit plan. Form 990 - Other Changes in Net Assets Explanation Form 990, Part XI, line 9 Other changes in net assets or fund balances represent other pension and postretirement medical changes of $780,798 and other components of net periodic cost of $222,617. The James Foundation 21506 Maramec Spring Drive St James MO 65559 131614951 Park MO 501(c)3 10 NYCT true false true false false false false false false false false false false false false false false true false false The James Foundation b 598000 Board approved.