The Community Preservation Corporation
- Assets
- $1.4b
- Revenue
- $65.8m
- Investments
- $643.9k
- Employees
- 166
- Location
- New York, NY
- Founding
- 12/1974
- Data as of
- 06/2021
- EIN
- 13-2792409
Organization Overview
The Community Preservation Corporation is located in New York, NY. The organization was established in 1974. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Community Preservation Corporation employed 166 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community Preservation Corporation 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 06/2021, Community Preservation Corporation generated $65.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.5% each year. All expenses for the organization totaled $66.3m during the year ending 06/2021. While expenses have increased by 7.8% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Community Preservation Corporation has awarded 111 individual grants totaling $3,322,330. 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO COMBAT COMMUNITY DETERIORATION, PROMOTE THE GENERAL WELFARE, AND LESSEN THE BURDENS OF GOVERNMENT BY PROVIDING FINANCING FOR LOW & MODERATE INCOME HOUSING.
Describe the Organization's Program Activity:
THE COMMUNITY PRESERVATION CORPORATION (CPC) IS A PRIVATE NOT-FOR-PROFIT MORTGAGE LENDER AND INVESTOR SPECIALIZING IN THE FINANCING OF LOW AND MODERATE INCOME HOUSING, INCLUDING ENVIRONMENTALLY SUSTAINABLE HOUSING. CPC'S MISSION IS TO WORK WITH GOVERNMENT TO PRESERVE AND DEVELOP AFFORDABLE HOUSING IN NEW YORK AND, TO A LESSER EXTENT, ELSEWHERE. IN ITS 47 YEARS OF EXISTENCE, CPC HAS FINANCED THE REHABILITATION OR CONSTRUCTION OF 190,486 AFFORDABLE HOUSING UNITS. DURING THE YEAR ENDED JUNE 30, 2021, CPC ORIGINATED $937,000,000 OF PUBLIC AND PRIVATE FUNDS REPRESENTING FINANCING ON 8,200 UNITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rafael E Cestero President & Ceo, Director | OfficerTrustee | 35 | $1,149,749 |
John M Cannon Exec Vice President | Officer | 35 | $554,982 |
David Rothberg Exec Vice President & CFO | Officer | 35 | $548,362 |
Timothy Deegan Vice President | Officer | 35 | $495,215 |
William C Russo IV Senior Vice President | Officer | 35 | $482,004 |
Sarah J Singman Exec Vice President | Officer | 35 | $478,811 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ibm Corporation Information Technology | 6/29/21 | $681,456 |
Infer Solutions Inc Information Technology | 6/29/21 | $579,596 |
Cohn Reznick Llp Accounting | 6/29/21 | $430,128 |
Computer Systems And Methods Information Technology | 6/29/21 | $364,310 |
Mccracken Financial Solutions Corp Information Technology | 6/29/21 | $326,751 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,472 |
| All other contributions, gifts, grants, and similar amounts not included above | $100,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $101,472 |
| Total Program Service Revenue | $51,770,445 |
| Investment income | $4,122,787 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $9,844,896 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $65,839,600 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $190,289 |
| 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. | $21,877,015 |
| Compensation of current officers, directors, key employees. | $3,986,382 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,787,417 |
| Pension plan accruals and contributions | $656,910 |
| Other employee benefits | $1,163,527 |
| Payroll taxes | $1,583,400 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $117,928 |
| Fees for services: Accounting | $383,602 |
| Fees for services: Lobbying | $50,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $769,623 |
| Fees for services: Other | $1,304,953 |
| Advertising and promotion | $453,322 |
| Office expenses | $923,993 |
| Information technology | $2,057,714 |
| Royalties | $0 |
| Occupancy | $2,337,493 |
| Travel | $154,978 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $55,562 |
| Interest | $16,594,891 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,266,174 |
| Insurance | $556,735 |
| All other expenses | $262,326 |
| Total functional expenses | $66,282,296 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,945,423 |
| Savings and temporary cash investments | $410,732,684 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,630,872 |
| 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 | $976,878 |
| Net Land, buildings, and equipment | $6,445,215 |
| Investments—publicly traded securities | $215,830,044 |
| Investments—other securities | $643,892 |
| Investments—program-related | $713,293,960 |
| Intangible assets | $44,068,646 |
| Other assets | $8,541,668 |
| Total assets | $1,407,109,282 |
| Accounts payable and accrued expenses | $51,155,710 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $395,155,866 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $682,647,999 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,430,023 |
| Total liabilities | $1,136,389,598 |
| Net assets without donor restrictions | $270,339,667 |
| Net assets with donor restrictions | $380,017 |
| 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 | $1,407,109,282 |
Grants Awarded
Over the last fiscal year, The Community Preservation Corporation has awarded $151,125 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
Tarrytown, NY PURPOSE: GENERAL SUPPORT | $40,000 |
Rochester, NY PURPOSE: GENERAL SUPPORT | $11,290 |
New York, NY PURPOSE: GENERAL SUPPORT | $10,000 |
New York, NY PURPOSE: GENERAL SUPPORT | $10,000 |
Newburgh, NY PURPOSE: GENERAL SUPPORT | $10,000 |
Elmsford, NY PURPOSE: GENERAL SUPPORT | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that The Community Preservation Corporation has recieved totaling $100,000.
| Awarding Organization | Amount |
|---|---|
Goldman Sachs Foundation New York, NY PURPOSE: GRANT TO SUPPORT COVID-19 RELIEF EFFORTS IN NYC. | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Core Services Group Inc Brooklyn, NY | $39,760,197 | $115,882,548 |
Urban Affairs Coalition Philadelphia, PA | $25,704,306 | $97,554,481 |
Brooklyn Navy Yard Development Corporation Brooklyn, NY | $543,633,704 | $68,378,369 |
Cent For Urban Community Svcs New York, NY | $78,734,129 | $72,768,234 |
The Community Preservation Corporation New York, NY | $1,407,109,282 | $65,839,600 |
Quincy Community Action Programs Inc Quincy, MA | $14,865,186 | $43,148,267 |
Westchester Community Opportunity Program Inc Elmsford, NY | $7,932,264 | $37,716,573 |
Reinvestment Fund Inc Philadelphia, PA | $609,259,384 | $44,624,452 |
St Nicks Alliance Corp Brooklyn, NY | $44,353,994 | $35,596,992 |
National Council For Community Development Inc Brooklyn, NY | $24,193,687 | $38,165,020 |
The Community Action Organization Of Western New York Inc Buffalo, NY | $11,956,609 | $31,001,421 |
Community Action Pioneer Valley Inc Greenfield, MA | $7,969,732 | $29,838,934 |