New 42nd Street Inc is located in New York, NY. The organization was established in 1990. According to its NTEE Classification (A19) the organization is classified as: Support N.E.C., under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2021, New 42nd Street Inc employed 311 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New 42nd Street Inc 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 06/2020, New 42nd Street Inc generated $18.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $19.9m during the year ending 06/2020. While expenses have increased by 1.5% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE NEW 42ND STREET, INC. CATALYZES THE POWER OF PERFORMING ARTS TO SPARK NEW PERSPECTIVES, INCUBATE NEW WORKS AND CREATE NEW OPPORTUNITIES FOR US ALL. THROUGH THE NONPROFIT'S SIGNATURE PROJECTS, NEW 42 MAKES EXTRAORDINARY PERFORMING ARTS A VITAL PART OF EVERYONE'S LIFE, FROM THE EARLIEST YEARS ONWARD. THE ORGANIZATION ALSO STEWARDS SEVEN HISTORIC THEATER PROPERTIES ON 42ND STREET, ENSURING THE LEGACY AND VITALITY OF AMERICA'S MOST ICONIC THEATER DISTRICT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2020-21-THE NEW VICTORY THEATER'S 25TH ANNIVERSARY SEASON-NEW 42 RETROFITTED ANNUAL PROGRAMS ONTO DIGITAL PLATFORMS, LAUNCHED NEW PROGRAMS TO ADDRESS PROBLEMS PRECIPITATED BY COVID-19, AND ADJUSTED PRIORITIES TO HELP ADDRESS ISSUES OF ISOLATION, TRAUMA AND SYSTEMIC RACISM WITHIN THE PERFORMING ARTS WORLD. CITTED TO THE SAFETY AND WELLBEING OF NEW YORK STUDENTS, FAMILIES AND ARTISTS, NEW 42 PROVIDED THE 2020-21 SEASON ENTIRELY VIA WEB-BASED PLATFORMS FREE OF CHARGE TO FAMILIES AND SCHOOLS. NEW 42 CONTINUED NEW VICTORY ARTS BREAK, A FREE, WEEKLY, WEB-BASED PERFORMING ARTS ENGAGEMENT PROGRAM, WHICH WAS LAUNCHED IN MARCH OF 2020 WHEN SCHOOLS AND THEATERS WERE ..(SEE SCHEDULE O FOR CONTINUATION) CLOSED IN RESPONSE TO THE PANDEMIC. ARTS BREAK ALSO SHARED WORK BY NYC ARTISTS WHO WERE DEVELOPING NEW PERFORMING ARTS SHOWS FOR KIDS AND FAMILIES AS PART OF THE NEW VICTORY LABWORKS PROGRAM. ARTS BREAK GARNERED 494,411 VIDEO VIEWS ON NEW VICTORY PLATFORMS IN 2020-21, AND WAS SEEN BY THOUSANDS MORE FAMILIES ON PBS STATIONS ACROSS THE COUNTRY THROUGH THE THEATER'S PARTNERSHIP WITH WNET.IN SUMMER 2020, NEW 42'S POPULAR NEW VICTORY DANCE PROGRAM WAS PRESENTED DIGITALLY FROM JULY 21 - AUGUST 11. NEW 42 PUBLISHED ONE OR TWO 20-MINUTE VIDEOS PER WEEK, WITH EACH VIDEO FEATURING A DIFFERENT DANCE COMPANY OR ARTIST. NEW VICTORY DANCE VIDEOS WERE VIEWED 6,966 TIMES THROUGHOUT THE 2020-21 SEASON. IN SUMMER 2020, NEW VICTORY EDUCATION PROVIDED "VIRTUAL FIELD TRIPS" TO 720 YOUNG PEOPLE AT 16 PARTNER INSTITUTIONS, INCLUDING NYC DEPARTMENT OF EDUCATION SUMMER SCHOOL PROGRAMS AND SUBSIDIZED DAY CAMPS. VIRTUAL FIELD TRIPS WERE SUPPORTED BY 53 LIVE AND/OR PRE-RECORDED CLASSROOM WORKSHOPS. EDUCATION PARTNERS ALSO RECEIVED NEW VICTORY SCHOOL TOOL RESOURCE GUIDES, WHICH SHARED INFORMATION ABOUT NEW VICTORY DANCE COMPANIES, ARTISTS, AND CHOREOGRAPHERS FEATURED, AND THE TYPES OF DANCE USED IN EACH SHOW.IN AN EFFORT TO HELP DIVERSIFY THE FIELD OF PERFORMING ARTS FOR YOUNG AUDIENCES, BEGINNING IN 2020-21, NEW VICTORY LABWORKS SPECIFICALLY SERVED FOUR ARTISTS WHO IDENTIFY AS BLACK, INDIGENOUS AND/OR PEOPLE OF COLOR (BIPOC). EACH ARTIST RECEIVED A FEE OF $15,000, PROFESSIONAL DEVELOPMENT OPPORTUNITIES, ACCESS TO FREE REHEARSAL SPACE AND MORE.DURING THE 2020-21 SEASON, NEW VICTORY EDUCATION PARTNERED WITH 102 NEW YORK CITY SCHOOLS TO PROVIDE 26,009 PRE-K - 12TH GRADE STUDENTS WITH INNOVATIVE, DIGITAL ARTS EDUCATION INITIATIVES THAT WERE STREAMED DIRECTLY INTO THEIR IN-PERSON AND/OR VIRTUAL CLASSROOMS. SCHOOL PARTNERS CAME FROM ALL FIVE NEW YORK CITY BOROUGHS, WITH SOME OUTER-BOROUGH SCHOOLS ABLE TO PARTICIPATE VIRTUALLY FOR THE FIRST TIME. NEW VICTORY TEACHING ARTISTS LED 366 SYNCHRONOUS VIRTUAL CLASSROOM WORKSHOPS TO ENCOURAGE THE CREATIVE EXPLORATION OF 7,320 STUDENTS. A LIBRARY OF 75+ ASYNCHRONOUS, MODULAR LESSON PLANS AND INSTRUCTIONAL VIDEOS WERE ALSO SHARED WITH HUNDREDS OF TEACHERS ACROSS NEW YORK CITY.NEW 42 YOUTH CORPS-COMPRISING THE USHER CORPS, COLLEGE CORPS AND FELLOWS CORPS-IS A CREATIVE YOUTH DEVELOPMENT PROGRAM OFFERING NEW YORKERS AGES 16+ A PATHWAY OF SUPPORT FROM HIGH SCHOOL, THROUGH COLLEGE, AND INTO PROFESSIONAL CAREERS. IN 2020-21, NEW 42 YOUTH CORPS SUPPORTED 59 HIGH SCHOOL AND COLLEGE-AGED YOUTH. YOUTH CORPS MEMBERS WERE PAID TO PARTICIPATE IN VIRTUAL JOB TRAINING, PROFESSIONAL DEVELOPMENT AND MENTORSHIP SESSIONS. SOME MEMBERS ALSO HELPED CREATE DIGITAL CONTENT FOR NEW VICTORY ARTS BREAK AND NEW VICTORY DANCE. IN TOTAL, YOUTH CORPS MEMBERS WERE PAID FOR A COLLECTIVE 9,076 HOURS.THE 10-STORY NEW 42ND STREET STUDIOS BUILDING COMPRISES 14 STATE-OF-THE-ART REHEARSAL STUDIOS, THE DUKE ON 42ND STREET BLACK BOX THEATER, AND OFFICE SPACES FOR NEW 42. THE STUDIOS BUILDING PLAYS A VITAL ROLE IN THE PERFORMING ARTS COMMUNITY, AND TYPICALLY SERVES 14,000 ARTISTS FROM NOT-FOR-PROFIT ORGANIZATIONS AND COMMERCIAL BROADWAY, OFF-BROADWAY AND TOURING PRODUCTIONS EACH YEAR. IN 2020-21, NEW 42ND STREET STUDIOS LARGELY REMAINED SHUTTERED DUE TO COVID-19. AS LANDLORD TO COMMERCIAL AND NONPROFIT CULTURAL INSTITUTIONS SUB-LEASING FIVE HISTORIC PROPERTIES ON 42ND STREET, NEW 42 ALSO WORKED HAND-IN-HAND WITH ITS TENANTS DURING THIS CHALLENGING TIME TO COLLECTIVELY BUILD TOWARDS THE REVITALIZATION OF TIMES SQUARE, NEW YORK CITY AND THE PERFORMING ARTS INDUSTRY.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Russell Granet President | OfficerTrustee | 40 | $426,929 |
Cora Cahan Former President | 40 | $399,581 | |
Lisa Post Chief Operating Officer | Officer | 40 | $247,725 |
Mary Rose Director Of Artistic Programming | 40 | $194,475 | |
Elizabeth Hines To June 2021 Vice President, Finance | Officer | 40 | $192,311 |
Jessica Baker Vodoor Vice President Operations | Officer | 40 | $157,654 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Paul Weiss Rifkind Wharton & Garrison Ll Legal Fees | 6/29/21 | $437,725 |
Kasirer Llc Lobbying Fees | 6/29/21 | $120,000 |
Statement of Revenue | |
---|---|
Total Revenue from Contributions, Gifts, Grants & Similar | $5,262,893 |
Investment income | $2,349 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $48,781 |
Miscellaneous Revenue | $0 |
Total Revenue | $18,353,998 |
Statement of Expenses | |
---|---|
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. | $1,508,095 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $7,762,285 |
Pension plan accruals and contributions | $321,495 |
Other employee benefits | $1,498,726 |
Payroll taxes | $740,021 |
Fees for services: Management | $0 |
Fees for services: Legal | $485,836 |
Fees for services: Accounting | $67,101 |
Fees for services: Lobbying | $108,150 |
Fees for services: Fundraising | $36,000 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $756,335 |
Advertising and promotion | $896,757 |
Office expenses | $495,497 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $1,100,949 |
Travel | $66,523 |
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 | $2,253,405 |
Insurance | $215,718 |
All other expenses | $0 |
Total functional expenses | $19,870,498 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $1,859,283 |
Savings and temporary cash investments | $6,787,034 |
Pledges and grants receivable | $2,798,136 |
Accounts receivable, net | $1,836,847 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $15,134 |
Prepaid expenses and deferred charges | $260,852 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $46,201,671 |
Accounts payable and accrued expenses | $1,154,487 |
Grants payable | $0 |
Deferred revenue | $834,579 |
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 | $2,502,460 |
Unsecured mortgages and notes payable | $2,146,700 |
Other liabilities | $2,921,732 |
Total liabilities | $9,559,958 |
Net assets without donor restrictions | $0 |
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 |
Total liabilities and net assets/fund balances | $36,641,713 |
Over the last fiscal year, we have identified 1 grants that New 42nd Street Inc has recieved totaling $50,000.
Awarding Organization | Amount |
---|---|
Gray Foundation Cohoes, NY PURPOSE: TO FURTHER THE EXEMPT PURPOSE OF THE ORGANIZATION. | $50,000 |
Organization Name | Assets | Revenue |
---|---|---|
New 42nd Street Inc New York, NY | $46,201,671 | $18,353,998 |
Aperture Foundation Inc New York, NY | $9,605,645 | $6,905,866 |
Amherst Cinema Arts Center Inc Amherst, MA | $3,509,173 | $1,727,890 |
National Alliance For Musical Theatre Inc New York, NY | $552,202 | $908,126 |
Arts Boston Inc Boston, MA | $648,220 | $633,950 |
Actors Studio New York, NY | $8,695,389 | $223,717 |
Philadelphia Young Playwrights Philadelphia, PA | $987,040 | $626,381 |
Renew Theaters Inc Doylestown, PA | $868,141 | $641,608 |
Stage Directors & Choreographers Workshop Foundation Inc New York, NY | $702,465 | $616,439 |
Shakespeare Globe Centre - Usa Inc New York, NY | $62,511 | $158,136 |
The Foundation For Judaeo-Christian Studies South Orange, NJ | $7,179,943 | $236,488 |
2nd Act Org Inc Boston, MA | $407,047 | $263,995 |