Worldscale Assoc Nyc Inc
- Assets
- $4.1m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 8
- Location
- New York, NY
- Founding
- 04/1973
- Data as of
- 12/2022
- EIN
- 13-2726793
Organization Overview
Worldscale Assoc Nyc Inc is located in New York, NY. The organization was established in 1973. According to its NTEE Classification (Q99) the organization is classified as: International, Foreign Affairs & National Security N.E.C., under the broad grouping of International, Foreign Affairs & National Security and related organizations. As of 12/2022, Worldscale Assoc Nyc Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Worldscale Assoc Nyc Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Worldscale Assoc Nyc Inc generated $1.3m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $1.7m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Worldscale Assoc Nyc Inc has awarded 46 individual grants totaling $532,600. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ANALYZE SHIPPING COSTS AND PUBLISH ITS FINDINGS FOR SUBSCRIBING MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORLDSCALE ASSOCIATION (NYC), INC. PROVIDES A SERVICE TO THE MARITIME SECTOR OF THE OIL INDUSTRY BY CALCULATING INTERNATIONAL FREIGHT RATES BASED ON THE STIPULATED WORLDSCALE FORMULA. THE ORGANIZATON PROVIDES THESE NOMINAL FREIGHT RATES AS A STANDARD OF REFERENCE TO THOSE SUBSCRIBING TO THE SERVICE OF THE ASSOCIATON BY UPLOADING THE CALCULATED RATES TO ITS WEBSITE. WORLDSCALE ASSOCIATION (NYC) CURRENTLY HAS APPROXIMATELY 200 PAID SUBSCRIBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Cumming Executive Director | Officer | 40 | $207,359 |
Eleanor Mcgorty Operations Director | Officer | 40 | $132,358 |
Famatta Freeman Manager Of Rates & Systems | 40 | $110,944 | |
Basil G Mavroleon Chairman/president | OfficerTrustee | 2.5 | $5,000 |
Bruce Sullivan Vice Chairman/vice-President | OfficerTrustee | 1.75 | $5,000 |
Christoper C Young Treasurer | OfficerTrustee | 1.5 | $5,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,279,609 |
| Investment income | $106,743 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$103,671 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,283,281 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $486,226 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $531,270 |
| Pension plan accruals and contributions | $41,700 |
| Other employee benefits | $44,692 |
| Payroll taxes | $58,675 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,000 |
| Fees for services: Accounting | $25,514 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $21,207 |
| Fees for services: Other | $8,086 |
| Advertising and promotion | $0 |
| Office expenses | $39,142 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $97,841 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $41,131 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,985 |
| Insurance | $54,541 |
| All other expenses | $0 |
| Total functional expenses | $1,706,048 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $668,139 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $29,161 |
| Net Land, buildings, and equipment | $16,671 |
| Investments—publicly traded securities | $2,798,842 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $588,962 |
| Total assets | $4,101,775 |
| Accounts payable and accrued expenses | $106,143 |
| Grants payable | $0 |
| Deferred revenue | $1,113,179 |
| 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 | $563,796 |
| Total liabilities | $1,783,118 |
| Net assets without donor restrictions | $2,318,657 |
| Net assets with donor restrictions | $0 |
| 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 | $4,101,775 |
Grants Awarded
Over the last fiscal year, Worldscale Assoc Nyc Inc has awarded $42,500 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: GENERAL SUPPORT | $12,500 |
Stonington, CT PURPOSE: GENERAL SUPPORT | $10,000 |
South Norwalk, CT PURPOSE: GENERAL SUPPORT | $10,000 |
Reading, MA PURPOSE: GENERAL SUPPORT | $5,000 |
Stamford, CT PURPOSE: GENERAL SUPPORT | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ibm International Foundation Armonk, NY | $379,735,895 | $37,675,246 |
International Brotherhood Of Electl Wkrs 43 & Electrical Contract Wlfr Syracuse, NY | $54,107,460 | $23,322,409 |
American Friends Of Hebron Yeshiva Jerusalem Inc New York, NY | $25,067,213 | $12,744,013 |
American Friends Of Nishmat New York, NY | $924,715 | $3,909,273 |
American Friends Of Kollel Shaarei Simcha Inc Lakewood, NJ | $629,948 | $2,453,453 |
Worldscale Assoc Nyc Inc New York, NY | $4,101,775 | $1,283,281 |
Aleph Society Inc New York, NY | $1,195,690 | $2,418,228 |
Latin American And Caribbean Network For Democracy Inc Wayland, MA | $106,495 | $1,142,210 |
American Friends Of Sucath David Inc Brooklyn, NY | $50,628 | $601,691 |
American Friends Of Bnei Akiva Yeshivas In Israel Inc New York, NY | $232,193 | $1,234,954 |
International Grooving & Grinding Assoc Inc West Coxsackie, NY | $2,039,990 | $893,129 |
Wells Mountain Initiative Inc Bristol, VT | $3,066,989 | $541,087 |