2014-05-15T16:48:21-05:00 2013-06-30 131655065 LUTZ AND CARR CPAS LLP 300 EAST 42ND STREET NEW YORK NY 10017 990 2012-07-01 133584032 THE NEW 42ND STREET INC NEW4 6462233000 229 WEST 42ND STREET 10TH FLOOR NEW YORK NY 10036 CORA CAHAN 6462233000 2014-05-08 1 DONALD SHAEFITZ P00449034 2126972299 2012 2015-11-30 17:44:51Z CORA CAHAN 229 WEST 42ND STREET 10TH FLOOR NEW YORK NY 10036 13942335 0 X WWW.NEW42.ORG X 1988 NY COMMITTED TO THE TRANSFORMATIONAL POWER OF THE ARTS, THE NEW 42ND STREET BUILDS ON THE FOUNDATION OF SEVEN HISTORIC THEATERS TO MAKE EXTRAORDINARY PERFORMING ARTS AND CULTURAL ENGAGEMENT PART OF EVERYONE'S LIFE. 31 30 399 30 2300 -43585 2251395 1953790 11547617 11650972 3441 798 172098 218402 13974551 13823962 0 0 0 0 8810842 8892775 0 0 861538 6396362 6955877 15207204 15848652 -1232653 -2024690 50004511 48117994 7087712 7225885 42916799 40892109 X SEE SCHEDULE O 0 0 14036977 11820826 IN ITS 17TH FULL SEASON, THE NEW VICTORY THEATER PRESENTED AN INTERNATIONAL AND CULTURALLY DIVERSE RANGE OF PRODUCTIONS FROM AUSTRALIA, COLOMBIA, ENGLAND, FRANCE, IRELAND, SCOTLAND, AND THE UNITED STATES, REPRESENTING A VARIETY OF ARTISTIC GENRES. THE THEATER OFFERED 272 PUBLIC AND 98 SCHOOL PERFORMANCES OF CAPTIVATING WORK FOR YOUNG AUDIENCES THAT WERE ATTENDED BY 75,083 MEMBERS OF THE PUBLIC, AND 27,799 STUDENTS AND TEACHERS. TICKET PRICES FOR PUBLIC SHOWS RANGED FROM $9 TO A MAXIMUM OF $55 FOR A SPECIAL HOLIDAY PRESENTATION - AN AVERAGE OF $18 OVERALL - WHICH HELPED TO MAKE TICKETS AFFORDABLE FOR EVERYONE. TICKETS FOR STUDENTS PARTICIPATING IN THE NEW VICTORY THEATER'S EDUCATION PARTNERSHIP PROGRAM COST ONLY $2 EACH, AS THEY HAVE SINCE THE THEATER OPENED. THE PARTNERSHIP PROGRAM ALSO SENT 45 NEW ... VICTORY TEACHING ARTISTS INTO CLASSROOMS ACROSS NYC TO CONDUCT 1089 PRE- AND POST-PERFORMANCE WORKSHOPS AT NO COST TO KIDS, TEACHERS OR SCHOOLS, AND TEACHERS PARTICIPATING IN THE PROGRAM ALSO RECEIVED FREE PROFESSIONAL DEVELOPMENT FROM NEW VICTORY STAFF AND TEACHING ARTISTS, AND ACCESS TO NEW VICTORY SCHOOL TOOL CURRICULUM RESOURCE GUIDES FOR EVERY PRODUCTION IN THE SEASON. FY13 ALSO MARKED THE FOURTH YEAR OF THE NEW VICTORY'S "BRING YOUR FAMILY" PROGRAM, IN WHICH STUDENTS IN SCHOOLS WITH TITLE 1 FUNDING OF 80% OR MORE ARE ABLE TO COME TO WEEKEND PERFORMANCES AT THE THEATER FOR FREE, AND BRING FAMILY MEMBERS FOR ONLY $5 PER TICKET. THIS SEASON, 227 FAMILIES WERE ABLE TO ATTEND PERFORMANCES AT THE NEW VICTORY THROUGH THIS PROGRAM, MANY OF THEM NON-ENGLISH SPEAKERS AND FIRST-TIME THEATER GOERS. IN ADDITION, THE NEW VICTORY THEATER'S PAID APPRENTICE PROGRAM PROVIDED TRAINING IN THEATER, OFFICE AND PRODUCTION SKILLS FOR 37 HIGH SCHOOL AND COLLEGE-AGE STUDENTS THROUGHOUT THE COURSE OF THE YEAR, AND THE NEW VICTORY "USHER CORPS" PROGRAM - A 3-YEAR ON-THE-JOB TRAINING PROGRAM - EMPLOYED 46 YOUNG PEOPLE TO WORK IN THE THEATER. THE TWO PROGRAMS TOGETHER PROVIDED OVER 26,000 HOURS OF PAID EMPLOYMENT TO NYC YOUTH IN FY13 ALONE. THIS YEAR ALSO MARKED THE FIRST FULL YEAR OF THE NEW VICTORY THEATER LABWORKS PROGRAM, AN INITIATIVE CREATED TO SPUR AND SUPPORT THE DEVELOPMENT OF HIGH-QUALITY PERFORMING ARTS FOR YOUNG AUDIENCES THROUGH ADVOCACY, PROFESSIONAL DEVELOPMENT, AND NEW WORK DEVELOPMENT.THE NEW 42ND STREET'S NOT-FOR-PROFIT NEW 42ND STREET STUDIOS - NOW IN ITS 13TH YEAR OF OPERATIONS - IS ADMINISTRATIVE HOME TO SIX NOT-FOR-PROFIT CULTURAL ORGANIZATIONS, AND ANNUALLY PROVIDES YEAR-ROUND, STATE-OF-THE-ART REHEARSAL AND PERFORMANCE SPACE TO COUNTLESS PERFORMING ARTISTS. THIS 10-STORY BUILDING, COMPLETED IN THE FALL OF 2000, CONTINUES TO PLAY A VITAL ROLE IN THE PERFORMING ARTS COMMUNITY. IN FY13, 103 NOT-FOR-PROFIT DANCE, THEATER AND OPERA COMPANIES HELD REHEARSALS, AUDITIONS OR SHOWCASES IN THE NEW 42ND STREET STUDIOS, AND THEY WERE JOINED BY MANY BROADWAY, OFF-BROADWAY AND TOURING SHOWS. IN ADDITION, THE DUKE ON 42ND STREET, THE BLACK BOX THEATER LOCATED ON THE 2ND FLOOR OF THE NEW 42ND STREET STUDIOS, WAS LIT WITH 7 PRODUCTIONS OVER 24 WEEKS BY 3 NOT-FOR-PROFIT DANCE AND THEATER COMPANIES, AND TWO COMMERCIAL PRODUCTIONS, WHICH RAN FOR A COMBINED 21 WEEKS. THE THEATER WAS ALTERNATELY USED BY ARTISTS AS A REHEARSAL AND WORKSHOP SPACE. 14036977 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 36 0 1 399 1 1 1 0 0 0 0 1 1 0 0 0 0 X 31 30 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 NY X KIM DOBBIE NEUER VICE PRESIDENT FINANCE 6462233000 229 WEST 42ND STREET NEW YORK NY 100367299 FIONA HOWE RUDIN 1.00 X X 0 0 0 SHAHARA AHMAD-LLEWELLYN 1.00 X X 0 0 0 CHARLES A PLATT 1.00 X X 0 0 0 DOROTHY L ALPERT 1.00 X X 0 0 0 STACY BASH-POLLEY 1.00 X 0 0 0 HERMAN A BERLINER 1.00 X 0 0 0 LYNNE BIGGAR 1.00 X 0 0 0 J WALTER CORCORAN 1.00 X 0 0 0 BRENDA EARL 1.00 X 0 0 0 ANNE B EHRENKRANZ 1.00 X 0 0 0 LILI FABLE 1.00 X 0 0 0 CLARE R GREGORIAN 1.00 X 0 0 0 HENRY GUETTEL 1.00 X 0 0 0 JENNIFER A GUNDLACH 1.00 X 0 0 0 MARIAN S HEISKELL 1.00 X 0 0 0 BILL IRWIN 1.00 X 0 0 0 MING CHO LEE 1.00 X 0 0 0 SARAH LONG SOLOMON 1.00 X 0 0 0 CRYSTAL MCCRARY 1.00 X 0 0 0 TERRENCE MCNALLY 1.00 X 0 0 0 LAURA O'DONOHUE 1.00 X 0 0 0 KATHERINE PECK 1.00 X 0 0 0 TINA RAMIREZ 1.00 X 0 0 0 REBECCA ROBERTSON 1.00 X 0 0 0 ISABEL ROSE 1.00 X 0 0 0 CHARLES SHORTER 1.00 X 0 0 0 ANDREW SOMMERS 1.00 X 0 0 0 MARC A SPILKER 1.00 X 0 0 0 CHRISTOPHER L STAAL 1.00 X 0 0 0 EDWARD F TORRES 1.00 X 0 0 0 THEODORE R WAGNER 1.00 X 0 0 0 CARL WEISBROD 1.00 X 0 0 0 CORA CAHAN 40.00 X X 474974 0 31314 KIM DOBBIE NEUER 40.00 X 154992 0 18828 CHERYL KOHN 40.00 X 308475 0 17322 LISA POST 40.00 X 216812 0 25287 MARY ROSE 40.00 X 145452 0 18468 DAVID JENSEN 40.00 X 125382 0 24238 JACK DOBSON 40.00 X 119286 0 22635 LAUREN FITZGERALD 40.00 X 113752 0 14418 MICHAEL REISMAN 40.00 X 112458 0 12299 1771583 0 184809 12 0 1 0 JACOBSON CONSULTING APPLICATIONS INC 575 8TH AVENUE 21ST FLOOR NEW YORK NY 10018 DESIGN CONSULTANT 184989 BP ELEVATOR COMPANY 1400 PARKER STREET BRONX NY 10462 ELEVATOR REPAIR 118234 2 471059 371930 1110801 1953790 RENTAL & OTHER PROJECTS 532000 9709086 9709086 BOX OFFICE RECEIPTS 711110 1859036 1859036 EDUCATION SERVICES REVENUE 611710 82850 82850 11650972 798 798 76666 471059 76666 0 87955 41707 46248 46248 MISCELLANEOUS 900099 169854 169854 ADVERTISING REVENUE 511190 2300 2300 172154 13823962 11820826 2300 47046 1069517 639297 119736 310484 6092140 5555449 221629 315062 220401 198489 9728 12184 885635 739720 105832 40083 625082 556073 24386 44623 77531 76674 857 42500 42500 72000 72000 201890 36967 127423 37500 1116584 1116584 356155 191002 141573 23580 1028190 1028180 10 131046 73234 33496 24316 26598 26598 1584005 1584005 243694 219325 24369 ARTIST FEES 1543250 1543250 OTHER PRODUCTION AND PR 522278 468572 53706 BOX OFFICE SALES EXPENS 10156 10156 15848652 14036977 950137 861538 5807 5807 8947312 8509730 5533297 5475754 677827 524368 15411 11514 266204 315021 50484845 17209045 34558653 33275800 50004511 48117994 901117 781369 1324549 1463876 1500000 1500000 3362046 3480640 7087712 7225885 X 37903821 36587594 5012978 4304515 42916799 40892109 50004511 48117994 -2024690 0 X 0 1 X 1 0 X 1817774 8457780 3293373 2251395 1953790 17774112 1817774 8457780 3293373 2251395 1953790 17774112 1175633 16598479 16360 4379 3119 3441 798 28097 125560 202735 365304 137682 169854 1001135 18803344 50708774 0.88270 0.89110 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 72000 72000 15776652 15848652 942433 235608 0 0 740171 792284 858212 942433 3333100 4999650 72000 72000 72000 72000 288000 185043 198071 214553 235608 833275 1249913 32790059 10059951 22730108 13176958 4910810 8266148 1383691 513022 870669 3134137 1725262 1408875 33275800 SECURITY DEPOSITS HELD 2480640 THEATER CAPITAL RESERVE FUND 1000000 3480640 X 13823962 0 13823962 0 13823962 15848652 0 15848652 0 15848652 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: MANAGEMENT HAS EVALUATED ALL INCOME TAX POSITIONS AND CONCLUDED THAT NO DISCLOSURES RELATING TO UNCERTAIN TAX POSITIONS ARE REQUIRED IN THE FINANCIAL STATEMENTS. GALA BENEFIT 431975 372486 59489 59489 FAMILY BENEFIT 115750 98573 17177 17177 547725 471059 76666 76666 76666 0 X X X X X 1 0 0 0 0 0 0 0 0 CORA CAHAN 452856 0 0 0 22118 0 19495 0 11819 0 506288 0 0 0 KIM DOBBIE NEUER 154992 0 0 0 0 0 10145 0 8683 0 173820 0 0 0 CHERYL KOHN 118170 0 0 0 190305 0 9567 0 7755 0 325797 0 0 0 LISA POST 216812 0 0 0 0 0 16352 0 8935 0 242099 0 0 0 MARY ROSE 145452 0 0 0 0 0 9245 0 9223 0 163920 0 0 0 PART I, LINE 4A CHERYL KOHN RECEIVED SEVERANCE PAYMENTS IN THE AMOUNT OF $158,333, IN RECOGNITION OF 16 YEARS OF SERVICE. X 2 37400 FAIR MARKET VALUE 0 1 0 ORGANIZATION'S MISSION FORM 990, PART III, LINE 1 THE NEW 42ND STREET, INC. WAS ESTABLISHED IN 1990 BY NEW YORK CITY AND STATE AS A NON-PROFIT ORGANIZATION CHARGED WITH 99-YEAR RESPONSIBILITY FOR THE REDEVELOPMENT OF SEVEN HISTORIC THEATERS AND TWO INFILL PROPERTIES ON 42ND STREET BETWEEN 7TH AND 8TH AVENUES IN NEW YORK CITY. GUIDED BY THE OVERALL PUBLIC GOAL OF RETURNING 42ND STREET TO ITS FORMER STATUS AS A LIVELY CULTURAL AND ENTERTAINMENT DESTINATION, THE NEW 42ND STREET, INC. OPERATES THE NOT-FOR-PROFIT NEW VICTORY THEATER, NEW YORK CITY'S PROFESSIONAL THEATER FOR KIDS AND FAMILIES, PRESENTING A YEAR-ROUND SEASON OF THE HIGHEST-QUALITY PERFORMING ARTS AT AFFORDABLE TICKET PRICES, PROVIDING MODEL ARTS EDUCATION PROGRAMS AND YOUTH EMPLOYMENT OPPORTUNITIES; THE NEW 42ND STREET STUDIOS, A STATE-OF-THE-ART, 10-STORY REHEARSAL STUDIO FACILITY BUILT TO SUPPORT PERFORMING ARTISTS IN THE CREATION OF THEIR WORK; AND THE DUKE ON 42ND STREET, A 199-SEAT THEATER LOCATED WITHIN THE NEW 42ND STREET STUDIOS BUILDING. THE NEW 42ND STREET HAS STRATEGICALLY SUBLEASED ITS REMAINING PROPERTIES TO ENSURE THE ONGOING VIBRANCY OF 42ND STREET'S HISTORIC THEATERS. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS MARIAN S. HEISKELL AND JENNIFER GUNDLACH ARE RELATED BY FAMILY. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION'S BY-LAWS WERE UPDATED AND APPROVED BY BOARD ON OCTOBER 2, 2012. SIGNIFICANT CHANGES ARE AS FOLLOWS: BOARD OF DIRECTORS NUMBER: INCREASES MAXIMUM NUMBER OF BOARD MEMBERS FROM 30 TO 34. QUORUM: SIMPLIFIES THE CALCULATION FOR A QUORUM, NOW 40% OF THE ENTIRE BOARD REMOVAL: ALLOWS FOR A DIRECTOR TO BE REMOVED, WITH OR WITHOUT CAUSE VACANCIES: CODIFIES A PROCESS FOR THE RECOMMENDATION OF NEW BOARD MEMBERS FROM NOMINATING COMMITTEE THROUGH EXECUTIVE COMMITTEE TO THE FULL BOARD EX-OFFICIO MEMBERS: REMOVES THE REPRESENTATIVE FROM THE 42ND STREET DEVELOPMENT PROJECT, WHICH IS NO LONGER GERMANE DIRECTORS EMERITI: ALLOWS FOR THE APPOINTMENT OF A NON-VOTING DIRECTOR EMERITUS FOLLOWING RESIGNATION OR RETIREMENT OF THE PERSON AS A DIRECTOR BOARD MEMBERSHIP OF EX-OFFICIO DIRECTORS AND DIRECTORS EMERITI: CLARIFIES THAT SUCH DIRECTORS HAVE NO VOTE AND SHALL NOT BE INCLUDED FOR PURPOSES OF DETERMINING THE TOTAL MEMBERSHIP OR FOR CONSTITUTING A QUORUM OFFICERS OF THE CORPORATION BOARD OFFICERS: DEFINES THE ROLE OF VICE CHAIRMAN; CLARIFIES THAT THE PRESIDENT IS AN EMPLOYEE OF THE CORPORATION AND ITS CHIEF EXECUTIVE OFFICER; CONFIRMS THAT THE PRESIDENT MAY NOT ALSO BE THE SECRETARY; CLARIFIES THAT VICE PRESIDENTS ARE NOT DIRECTORS AND THEIR DUTIES MAY BE DETERMINED BY THE PRESIDENT. COMMITTEES OF THE BOARD OF DIRECTORS STANDING COMMITTEES; IN GENERAL: INCREASES THE NUMBER OF DIRECTORS CONSTITUTING A COMMITTEE TO THREE (3) OR MORE IN ADDITION TO THE PRESIDENT AND CHAIRMAN EXECUTIVE COMMITTEE: STATES THAT THE CHAIRMAN SHALL BE THE CHAIRMAN OF THE EXECUTIVE COMMITTEE AND ADDS ANY VICE CHAIRMEN TO THE LIST OF MEMBERS STANDING COMMITTEES: DELINEATES THE AUDIT AND FINANCE COMMITTEE, NOMINATING COMMITTEE, DEVELOPMENT COMMITTEE, AND COMPENSATION COMMITTEE, ALONG WITH THEIR POWERS AND DUTIES SPECIAL COMMITTEES: SETS THE NUMBER OF DIRECTORS CONSTITUTING A SPECIAL COMMITTEE TO THREE (3) OR MORE IN ADDITION TO THE PRESIDENT AND CHAIRMAN QUORUM AND ACTION: CONFIRMS THAT A MAJORITY OF THE MEMBERS OF ANY STANDING OR SPECIAL COMMITTEE SHALL CONSTITUTE A QUORUM AND THAT THE COMMITTEE MAY ACT BY A MAJORITY OF THE MEMBERS PRESENT AT THE TIME OF A VOTE INDEMNIFICATION RIGHT TO INDEMNIFICATION AND PREPAYMENT OF EXPENSES: UPDATES THE LANGUAGE TO CURRENT LEGAL STANDARD AND CLARIFIES THAT NO INDEMNIFICATION SHALL BE PROVIDED WHEN ACTS ARE COMMITTED IN BAD FAITH OR ARE THE RESULT OF ACTIVE AND DELIBERATE DISHONESTY, OR WHEN A FINANCIAL PROFIT OR OTHER ADVANTAGE IS GAINED TO WHICH THE INDIVIDUAL IS NOT LEGALLY ENTITLED; ALLOWS FOR PRE-PAYMENT OF FUNDS NECESSARY FOR PAYMENT OF CERTAIN EXPENSES INCURRED IN CONNECTION WITH A PROCEEDING; ALLOWS THE INDEMNIFICATION OR ADVANCE OF EXPENSES TO BE REDUCED BY ANY AMOUNT THAT IS COLLECTED FROM ANOTHER ENTITY OR ENTERPRISE DETERMINATION OF RIGHTS: STATES THAT A DIRECTOR OR OFFICER MUST MEET THE STANDARD SET FORTH IN SECTION 722 OF THE NOT-FOR-PROFIT CORPORATION LAW, AS DETERMINED BY THE BOARD BY A MAJORITY VOTE OF A QUORUM CONSISTING OF DIRECTORS WHO ARE NOT PARTIES TO THE PROCEEDING IN QUESTION AMENDMENT OR REPEAL: ENSURES THAT AN AMENDMENT OR REPEAL OF THESE PROVISIONS SHALL NOT ADVERSELY AFFECT ANY RIGHT IN RESPECT OF AN ACT OR OMISSION OCCURRING PRIOR TO THE TIME OF SUCH AMENDMENT OR REPEAL CONTINUATION OF BENEFITS: EXTENDS RIGHT TO INDEMNIFICATION AND REIMBURSEMENT OR ADVANCE OF EXPENSES TO ANY PERSON WHO HAS CEASED TO BE A DIRECTOR OR OFFICER AND STATES THAT IT SHALL INURE TO THE BENEFIT OF THE HEIRS, EXECUTORS AND ADMINISTRATORS OF SUCH PERSON INSURANCE: GIVES THE CORPORATION THE POWER TO PURCHASE AND MAINTAIN INSURANCE TO INDEMNIFY ITSELF AND DIRECTORS AND OFFICERS, SUBJECT TO THE LIMITATIONS IMPOSED UNDER SECTION 726 OF THE NOT-FOR-PROFIT CORPORATION LAW FORM 990, PART VI, SECTION B, LINE 11 A DRAFT OF FORM 990 IS REVIEWED BY THE PRESIDENT, VP OF FINANCE AND CONTROLLER. FORM 990, WITH THE EXCEPTION OF SCHEDULE B, IS PROVIDED TO THE EXECUTIVE COMMITTEE, AUDIT & FINANCE COMMITTEE, AND FULL BOARD PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICTS OF INTEREST ARE DISCLOSED ANNUALLY BY THE MEMBERS OF THE BOARD OF DIRECTORS. THESE DISCLOSURES ARE EVALUATED BY THE AUDIT AND FINANCE COMMITTEE, WHICH MAKES RECOMMENDATIONS TO THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE MAY RATIFY A RECOMMENDATION OR THEY MAY REJECT IT, IN WHICH CASE THE PRESIDENT OR THE CHAIRMAN OF THE BOARD MAY BRING THE MATTER TO THE FULL BOARD OF DIRECTORS FOR THEIR DECISION. FORM 990, PART VI, SECTION B, LINE 15A A COMPENSATION SUBCOMMITTEE OF THE EXECUTIVE COMMITTEE HIRES AN INDEPENDENT FIRM TO PERFORM ANALYSIS OF THE PRESIDENT'S 5-YEAR COMPENSATION PACKAGE BASED ON GEOGRAPHICAL AND INDUSTRY COMPARABILITY DATA. THE OBJECTIVE IS TO ENCOURAGE TENURE, MOTIVATE THE ACHIEVEMENT OF SHORT AND LONG-TERM GOALS AND PROVIDE A PACKAGE COMPARABLE WITH INDUSTRY STANDARDS. AN ANALYSIS REPORT OF FINDINGS AND RECOMMENDATIONS IS PRESENTED TO THE SUBCOMMITTEE, WHICH HAS RESPONSIBILITY FOR NEGOTIATING AND SETTING THE PROPOSED SALARY SCHEDULE FOR 5-YEAR CONTRACT RENEWAL AND THEN RECOMMENDING A PACKAGE TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS. THE CONTRACT IS REVIEWED BY LEGAL COUNSEL. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST.