Optometric Center Of New York
- Assets
- $11.1m
- Revenue
- $2.0m
- Investments
- $2.2m
- Employees
- 0
- Location
- New York, NY
- Founding
- 08/1957
- Data as of
- 06/2022
- EIN
- 13-1819472
Organization Overview
Optometric Center Of New York is located in New York, NY. The organization was established in 1957. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Optometric Center Of New York is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Optometric Center Of New York generated $2.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $1.5m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SCHOLARSHIPS TO STUDENTS AND SUPPORT VISION CARE SERVICES TO UNDERSERVED MEN, WOMEN AND CHILDREN AS WELL AS FUNDING FOR RESEARCH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STUDENT SUPPORT - OCNY PROVIDES SCHOLARSHIPS TO STUDENTS WHO HAVE ACADEMIC MERIT AND FINANCIAL NEED. THESE SCHOLARSHIPS HELP ATTRACT THE BEST AND BRIGHTEST STUDENTS FROM AROUND THE COUNTRY.
CLINICAL SUPPORT - FROM ITS FOUNDING, THE OPTOMETRIC CENTER OF NEW YORK ("OCNY") HAS ALWAYS FOCUSED ON HELPING UNDERSERVED MEN, WOMEN AND CHILDREN IN THE NEW YORK CITY AREA BY SUPPORTING VISION CARE CLINICAL PROGRAMS WHICH SERVE THIS SPECIAL POPULATION.
INTERNATIONAL PROGRAMS: OCNY ADMINISTERS PROGRAMS TO EXPAND THE COLLEGE'S ROLE AND MISSION INTERNATIONALLY BY PARTNERING WITH INSTITUTIONS FOR EDUCATIONAL PROGRAMS, EXTERNSHIPS, RESEARCH, AND OTHER ACADEMIC RELATED ACTIVITIES THAT ENRICH THE COLLEGE'S EDUCATIONAL AND CLINICAL PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dawn Rigney Non-Voting Ed & Secretary | OfficerTrustee | 20 | $52,800 |
Dr Richard Soden President | OfficerTrustee | 10 | $0 |
Thomas Farrell Vice President | OfficerTrustee | 2.5 | $0 |
Dennis Gehr Treasurer | OfficerTrustee | 3 | $0 |
Vito Proscia Non-Voting Trustee | Trustee | 0.5 | $0 |
Marge Axelrad Trustee | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $100,613 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $806,021 |
| Noncash contributions included in lines 1a–1f | $50,575 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $906,634 |
| Total Program Service Revenue | $0 |
| Investment income | $293,144 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $736,417 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,956,195 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $271,574 |
| Grants and other assistance to domestic individuals. | $383,050 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,200 |
| Fees for services: Accounting | $120,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $84,647 |
| Fees for services: Other | $174,088 |
| Advertising and promotion | $0 |
| Office expenses | $73,869 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,068 |
| All other expenses | $0 |
| Total functional expenses | $1,488,200 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $201,148 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $60,000 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $8,482,587 |
| Investments—other securities | $2,248,974 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $68,700 |
| Total assets | $11,061,409 |
| Accounts payable and accrued expenses | $62,772 |
| Grants payable | $0 |
| Deferred revenue | $20,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $82,772 |
| Net assets without donor restrictions | $4,176,581 |
| Net assets with donor restrictions | $6,802,056 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $11,061,409 |
Grants Awarded
Over the last fiscal year, Optometric Center Of New York has awarded $266,924 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SUNY COLLEGE OF OPTOMETRY PURPOSE: Grants for research and programs | $251,924 |
Albany, NY PURPOSE: Grants for research and programs | $15,000 |
Grants Recieved
Over the last fiscal year, we have identified 12 grants that Optometric Center Of New York has recieved totaling $254,289.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $120,000 |
Allene Reuss Memorial Fund Tr Pittsburgh, PA PURPOSE: GENERAL OPERATING | $50,000 |
Suny Impact Foundation Inc New York, NY PURPOSE: NYS TAX CREDIT DONATIONS: VARIOUS | $34,650 |
Central New York Community Foundation Inc Syracuse, NY PURPOSE: SCHOLARSHIP SUPPORT | $26,300 |
William G & Helen Hoffman Foundation 2513001811 Las Vegas, NV PURPOSE: GENERAL OPERATING | $15,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $5,000 |
Endowment Analysis
| Beg. Balance | $6,048,082 |
| Earnings | -$875,271 |
| Net Contributions | $262,028 |
| Other Expense | -$163,100 |
| Ending Balance | $5,271,739 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Joan And Irwin Jacobs Technion-Cornell Innovation Instit New York, NY | $205,040,861 | $18,316,542 |
Tikvah Fund New York, NY | $103,047,859 | $6,270,985 |
Cigna Foundation Philadelphia, PA | $165,016,072 | $8,084,237 |
Catholic Schools Foundation Inc Boston, MA | $110,171,239 | $27,305,892 |
Echoing Green Inc New York, NY | $60,744,468 | $19,754,073 |
Partnership For Ed Advancement Inc New York, NY | $36,194,552 | $41,198,488 |
Alavi Foundation New York, NY | $64,468,510 | $30,201,673 |
Children Scholarship Fund Philadelphia Philadelphia, PA | $24,817,690 | $13,351,193 |
Foundation For Jewish Day Schools Of Greater Philadelphia Philadelphia, PA | $5,671,351 | $11,978,701 |
Uncommon Lender Inc New York, NY | $174,239,408 | $12,168,791 |
Family Enrichment Network Inc Johnson City, NY | $8,020,609 | $12,621,621 |
Laspau Inc Cambridge, MA | $9,172,350 | $9,862,515 |