2011-05-16T13:24:53-05:00 2010-06-30 LUTZ AND CARR CPAS LLP 300 EAST 42ND STREET NEW YORK NY 10017 990 2009-07-01 133584032 THE NEW 42ND STREET INC NEW4 6462233000 229 WEST 42ND STREET 10TH FLOOR NEW YORK NY 10036 cora cahan 6462233000 2011-05-16 1 Don Shaefitz 2126972299 2009 2016-02-24 21:20:13Z cora cahan 229 WEST 42ND STREET 10TH FLOOR NEW YORK NY 10036 16517411 0 X www.new42.org X 1988 NY 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 AN UNRIVALED CULTURAL ENTERTAINMENT CENTER, THE NEW 42ND STREET, INC. OPERATES THE NOT-FOR-PROFIT NEW VICTORY THEATER, PRESENTING A YEAR ROUND SEASON OF HIGH-QUALITY, PROFESSIONAL PERFORMING ARTS PROGRAMMING FOR YOUTH AND FAMILY AUDIENCES; THE NEW 42ND STREET STUDIOS, STATE-OF-THE-ART, 10-STORY REHEARSAL STUDIO FACILITY BUILT TO SERVE THE PERFORMING ARTISTS OF THE 21st CENTURY; AND THE DUKE ON 42ND STREET,A 199-SEAT THEATER LOCATED WITHIN THE NEW 42ND STREET STUDIOS BUILDING; WHILE STRATEGICALLY SUBLEASING ITS REMAINING PROPERTIES TO CREATE A DYNAMIC MIX OF PREMIER ENTERTAINMENT DESTINATIONS ON THIS WORLD-FAMOUS BLOCK. 29 28 330 0 16000 -44055 1817775 8457780 10129523 7787700 16360 4379 125560 233943 12089218 16483802 0 0 7304099 7336684 0 806961 6336276 5249899 13640375 12586583 -1551157 3897219 43723978 47835259 3076208 3290270 40647770 44544989 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 AN UNRIVALED CULTURAL ENTERTAINMENT CENTER, THE NEW 42ND STREET, INC. OPERATES THE NOT-FOR-PROFIT NEW VICTORY THEATER, PRESENTING A YEAR ROUND SEASON OF HIGH-QUALITY, PROFESSIONAL PERFORMING ARTS PROGRAMMING FOR YOUTH AND FAMILY AUDIENCES; THE NEW 42ND STREET STUDIOS, A NEW, STATE-OF-THE-ART, 10-STORY REHEARSAL STUDIO FACILITY BUILT TO SERVE THE PERFORMING ARTISTS OF THE 21st CENTURY; AND THE DUKE ON 42ND STREET, A 199-SEAT THEATER LOCATED WITHIN THE NEW 42ND STREET STUDIOS BUILDING; WHILE STRATEGICALLY SUBLEASING ITS REMAINING PROPERTIES TO CREATE A DYNAMIC MIX OF PREMIER ENTERTAINMENT DESTINATIONS ON THIS WORLD-FAMOUS BLOCK. 0 0 10924451 7974435 During fiscal year 2010, The New 42nd Street, Inc. ("The New 42") achieved its exempt purposes in all of its projects, programs, venues and activities. In compliance with the obligations set forth in the Restated and Amended Master Lease entered into with the New York State Urban Development Corporation on December 13, 1996, The New 42 oversaw the 14th full season of The New Victory Theater, The New 42's non-for-profit performing arts venue dedicated to programming for youth and family audiences. The renovated theater opened to the public on December 11, 1995. (see schedule o for continuation)In its 14th full season, The New Victory Theater presented an international and culturally diverse range of performers from Australia, Belgium, England, Italy, Scotland, Spain, South Africa and the United States, representing a variety of artistic genres. The theater offered 213 public performances that were attended by 91,489 people and 94 school performances for a total of 26,923 students and teachers. The New Victory Theater heavily subsidized the tickets for schoolchildren, charging only $2 per student. Ticket prices for general public performances ranged from $8.75 to a maximum of $50 for a special holiday show (average price for all performances was $18), helping to make tickets available to the broadest possible cross section of the population. In addition, The New Victory Theater's apprentice program provided training in theater, office and production skills for 28 high school and college-age students throughout the course of the year and The New Victory "Usher Corps" program trained and employed 48 young people to work in the theater.In FY10, The New 42 continued to manage the not-for-profit New 42nd Street Studios through its 10th year of operations. The ten-story building, completed in the fall of 2000, continued to play a critical role in the performing arts community by providing state-of-the-art studios and offices to not-for-profit organizations at highly subsidized rates. Throughout FY10, the building was the administrative home for six not-for-profit arts organizations and served as a rehearsal and performance venue for numerous artists. Seventy-two not-for-profit dance, theater and opera companies held rehearsals, auditions or showcases in the New 42nd Street Studios in FY10, in addition to the many touring, Broadway and Off-Broadway shows that rehearsed in the building. The Duke on 42nd Street, the black box theater located on the 2nd floor of the New 42nd Street Studios, was lit with 10 productions over 41 weeks in FY10 and featured performances by 5 not-for-profit dance and theater companies. When not in use for public performances, the Duke on 42nd Street was used as a rehearsal and workshop space. 10924451 1 1 0 1 0 0 0 0 0 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 35 0 1 330 1 1 1 0 0 0 0 1 1 0 0 0 29 28 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 NY X X kim dobbie neuer vice president finance 6462233000 229 WEST 42ND STREET new york NY 100367299 marian s heiskell 1.00 X X 0 0 0 shahara ahmad-llewellyn 1.00 X X 0 0 0 fiona howe rudin 1.00 X X 0 0 0 charles a platt 1.00 X X 3260 0 0 dorothy l alpert 1.00 X X 0 0 0 stacey bash-polley 1.00 X 0 0 0 lynne biggar 1.00 X 0 0 0 phoebe cates kline 1.00 X 0 0 0 j walter corcoran 1.00 X 0 0 0 anne b ehrenkranz 1.00 X 0 0 0 deborah evangelakos 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 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 tina ramirez 1.00 X 0 0 0 rebecca robertson 1.00 X 0 0 0 charles shorter 1.00 X 0 0 0 marc a spilker 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 betsy west 1.00 X 0 0 0 Cora Cahan 40.00 X X 472236 0 17987 Kim Dobbie Neuer 40.00 X 114912 0 4891 Lisa Post 40.00 X 188306 0 21549 Cheryl Kohn 40.00 X 227599 0 24004 Mary Rose 40.00 X 132528 0 16576 Edith Demas 40.00 X 104400 0 24661 Jarret Haynes 40.00 X 141706 0 8835 David Jensen 40.00 X 116921 0 19291 1501868 0 137794 8 0 1 0 Flaming Idiots LLC 131 WEST DAVIS STREET YELLOW SPRINGS OH 45387 PERFORMING ARTS 133000 1 88835 6551267 1817678 174355 8457780 RENTAL & OTHER PROJECT 532000 5915736 5915736 BOX OFFICE RECEIPTS 711110 1583864 1583864 PRODUCTIONS ENHANCEMEN 711110 210000 210000 education services rev 611710 62100 62100 advertising revenue 511190 16000 16000 7787700 4379 4379 17400 88835 17400 0 47417 16209 31208 31208 MISCELLANEOUS 900099 202735 202735 202735 16483802 7974435 16000 35587 1053135 546434 103589 403112 4931211 4506455 193800 230956 207560 183175 13110 11275 632795 477413 97604 57778 511983 445773 22150 44060 49679 45909 3770 53973 53973 72000 72000 34612 25140 8472 1000 819579 819579 247503 80039 156682 10782 1036628 994470 38364 3794 61630 30945 14479 16206 50088 50088 1323066 1323066 270898 243808 27090 artist fees 820500 820500 other production and pr 399695 371697 27998 box office sales expens 10048 10048 12586583 10924451 855171 806961 6907 6479 4254931 4236746 3363751 8468424 686088 721158 30824 22912 182908 284490 47576336 13481286 35198569 34095050 43723978 47835259 607324 670418 829942 995935 1500000 1500000 138942 123917 3076208 3290270 X 38306411 36864453 2341359 7680536 40647770 44544989 43723978 47835259 X 0 1 1 X 0 X 3418806 4983801 3928210 1817774 8457780 22606371 3418806 4983801 3928210 1817774 8457780 22606371 555857 22050514 169448 173324 84887 16360 4379 448398 91789 145455 162643 125560 202735 728182 23782951 45687529 0.92720 0.80510 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 72000 72000 11731412 11803412 740171 185043 0 0 782394 810076 795007 740171 3127648 4691472 66167 72075 72000 72000 282242 195599 202519 198752 185043 781913 1172870 31640383 7454320 24186063 12058659 4021250 8037409 634000 185959 448041 3243294 1819757 1423537 34095050 Security deposits held 123917 123917 16483802 12586583 3897219 0 3897219 16483802 0 16483802 0 16483802 12586583 0 12586583 0 12586583 Benefit 106235 88835 17400 17400 106235 88835 17400 17400 17400 0 X X X X X 0 0 0 0 0 0 0 0 0 Cora Cahan 386369 0 62704 0 23163 0 17048 0 939 0 490223 0 29913 0 Lisa Post 188306 0 0 0 0 0 12509 0 9040 0 209855 0 0 0 Cheryl Kohn 227599 0 0 0 0 0 17558 0 6446 0 251603 0 0 0 Jarret Haynes 141706 0 0 0 0 0 2423 0 6412 0 150541 0 0 0 X 2 184355 fair market value 0 1 0 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 B, line 11 A draft of form 990 is reviewed by the president, vp of finance and controller and provided for review to the executive committee and audit & finance committees. 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 upon request. form 990, part xi, line 2c financial statements and reporting the process for oversight of the audit of our financial statements and selection of an independent accountant has not changed from the prior year.