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 06/2022, New 42nd Street Inc employed 324 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 06/2022, New 42nd Street Inc generated $24.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $19.3m during the year ending 06/2022. While expenses have increased by 0.9% per year over the past 7 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
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:
THE NEW VICTORY THEATER'S MUCH ANTICIPATED RETURN TO LIVE PERFORMANCES WAS ON NOVEMBER 5, 2021, WITH AUDIENCES AND STAFF THRILLED TO SEE THE HISTORIC STAGE AND THEATER ONCE AGAIN FILLED WITH LIFE. THE 2021-22 NEW VICTORY SEASON COMPRISED FIVE SHOWS, INCLUDING TWO WORKS THAT WERE DEVELOPED IN THE NEW VICTORY LABWORKS PROGRAM. THE PRESENTATIONS INSPIRED AUDIENCES THROUGH IMAGINATIVE PUPPETRY, THEATER, CIRCUS AND MORE. SEVERAL WORKS ALSO ENGAGED PATRONS IN DISCUSSIONS ON TIMELY TOPICS SUCH AS SOCIAL JUSTICE, AND ALL SHOWS HELPED STUDENTS, KIDS, AND FAMILIES DISCOVER THE JOYOUS EXPERIENCE OF THE PERFORMING ARTS. ALTHOUGH 41 PERFORMANCES WERE CANCELED DUE TO COVID RELATED CIRCUMSTANCES, THE THEATER WELCOMED 11,582 KIDS AND FAMILIES INTO THE HISTORIC NEW VICTORY THEATER IN THE 2021-22 SEASON. (CON'T ON SCH O)IN ADDITION TO OFFERING A WONDERFUL SEASON OF LIVE SHOWS, THE NEW VICTORY WAS THRILLED TO SHARE THE 2021-22 SEASON DIGITALLY THROUGH RECORDED PERFORMANCES AVAILABLE TO STREAM VIA THE THEATER'S WEBSITE. DIGITAL PRESENTATIONS ENABLED NEW VICTORY TO REACH WIDER AUDIENCES, AND ENSURED TICKET-BUYING AUDIENCES WERE STILL ABLE TO ENJOY THE SHOWS DURING THOSE PERFORMANCES THAT WERE UNFORTUNATELY CANCELED DUE TO COVID. IN ADDITION TO VIDEOS OF THE FIVE LIVE PRESENTATIONS DURING THE THEATER'S 2021-22 SEASON, NINE ADDITIONAL SHOWS WERE AVAILABLE FOR FAMILIES AND CLASSROOMS TO VIEW AT ANY TIME. IN TOTAL, THE LINEUP OF DIGITAL SHOWS RECEIVED 1,936 VIEWS. DURING THE 2021-22 SEASON, NEW 42 CONTINUED ITS MISSION OF PROVIDING ACCESSIBLE PERFORMING ARTS PROGRAMS TO KIDS AND FAMILIES LOCALLY, NATIONALLY AND INTERNATIONALLY VIA THE CREATION OF 16 NEW EPISODES OF THE POPULAR ONLINE PERFORMING ARTS PROGRAM, NEW VICTORY ARTS BREAK. IN THE 2021-22 SEASON, 73 PARTNER SCHOOLS FROM ACROSS NEW YORK CITY PARTICIPATED IN THE NEW VICTORY EDUCATION PROGRAM, WHICH PROVIDED 25,839 PRE-K THROUGH 12TH GRADE STUDENTS WITH SAFE, COVID-CONSCIOUS IN-PERSON WORKSHOPS, DIGITAL ARTS PROGRAMMING (WHICH RECEIVED 50,000 VIDEO VIEWS) AND LIVE PRESENTATIONS OF THREE SHOWS OF THE NEW VICTORY SEASON. STAFF NOTED THAT STUDENTS AND TEACHERS WERE THRILLED AT THEIR RETURN TO THE THEATER FOR STUNNING PERFORMING ARTS EXPERIENCES, WITH MANY OF THE YOUNGER STUDENTS MARVELING AT THE THEATER AND ONE TEACHER EMPHATICALLY ANNOUNCING, "...IT'S BEEN TOO LONG. WE ARE COMING TO EVERY SHOW THIS SEASON!" IN TOTAL, 819 STUDENTS AND CHAPERONES ATTENDED NINE EDUCATION PERFORMANCES. DIGITAL RECORDINGS OF THE SEASON WERE PLAYED 429 TIMES IN PARTNER CLASSROOMS, ENGAGING 10,725 STUDENTS. TWO-MEMBER TEAMS OF NEW VICTORY TEACHING ARTISTS CONDUCTED 315 CLASSROOM WORKSHOPS, 301 OF WHICH WERE CONDUCTED IN-PERSON AND 14 OF WHICH WERE CONDUCTED VIRTUALLY. IN SUMMER 2021, NEW VICTORY DANCE WAS DEVISED AS A DIGITAL PROGRAM WITH SUBSTANTIAL IN-PERSON ACTIVITIES. THE PROGRAM WAS BASED UPON THE TREMENDOUS WORK OF FIVE STELLAR NYC-BASED DANCE COMPANIES. EACH COMPANY WAS ENGAGED TO RECORD 10-MINUTE EXCERPTS OF THEIR WORK ON THE NEW VICTORY THEATER STAGE, WHICH WERE THEN EDITED TOGETHER INTO A SINGLE VIDEO COMPLETE WITH INTERSTITIALS LED BY NEW VICTORY TEACHING ARTISTS THAT ENCOURAGED VIEWERS TO GET UP AND MOVE. THE NEW VICTORY DANCE DIGITAL PROGRAM WAS HOSTED ON THE NEW VICTORY WEBSITE, WHERE IT WAS AVAILABLE FOR ALL FAMILIES TO VIEW AT NO COST. NVD'S DIGITAL PRESENTATION WAS VIEWED 1,007 TIMES BY 717 HOUSEHOLDS, AND WAS ALSO SHARED WITH 900 KIDS ACROSS 30+ SUMMER PARTNER ORGANIZATIONS. DURING THE 2021-22 SEASON, THE NEW 42 YOUTH CORPS PROGRAMS SERVED A TOTAL OF 54 YOUNG NEW YORKERS AGED 16+ THROUGH 4,819 HOURS OF PAID EMPLOYMENT, JOB TRAINING AND MENTORSHIP. THE THREE BRANCHES OF THE NEW 42 YOUTH CORPS INCLUDE THE NEW VICTORY USHERS, THE COLLEGE CORPS USHERS AND THE NEW 42 FELLOWS. NEW VICTORY LABWORKS SUPPORTS ARTISTS WHO IDENTIFY AS BLACK, INDIGENOUS, PEOPLE OF COLOR, AND WHO MAY ALSO IDENTIFY AS LGBTQ+ AND/OR DISABLED, IN THEIR CREATIVE PROCESS AND PROFESSIONAL DEVELOPMENT. IN FY22, NEW VICTORY LABWORKS SUPPORTED THE WORK OF FIVE ARTISTS EXCITED TO CREATE ART FOR CHILDREN AND FAMILY AUDIENCES. ARTISTS RECEIVED A SUBSTANTIAL FEE, REHEARSAL SPACE, RESOURCES, DRAMATURGICAL FEEDBACK AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES. THE 2021-22 ARTISTS PRACTICED AN ARRAY OF ARTISTIC DISCIPLINES, INCLUDING DANCE, KHOREOPOETRY, PUPPETRY AND MORE. 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 AND FOUR NON-PROFIT ARTS ORGANIZATIONS. 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 2021-22, NEW 42ND STREET STUDIOS WERE REOPENED WITH STRICT COVID GUIDELINES PUT FORTH BY FEDERAL, CITY AND STATE AGENCIES AS WELL AS THE ACTORS EQUITY UNION. ADMINISTRATIVE STAFF MEMBERS WERE ABLE TO OCCUPY SELECT OFFICE SPACES ON A HYBRID WORK SCHEDULE WHILE ADHERING TO THESE PROTOCOLS.AS LANDLORD TO COMMERCIAL AND NONPROFIT CULTURAL INSTITUTIONS SUB-LEASING FIVE HISTORIC PROPERTIES ON 42ND STREET, NEW 42 CONTINUED TO WORK 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 |
---|---|---|---|
Fiona Howe Rudin Chair | OfficerTrustee | 1 | $0 |
Shahara Ahmad-Llewellyn Co-Vice Chair | OfficerTrustee | 1 | $0 |
Marc A Spilker Co-Vice Chair | OfficerTrustee | 1 | $0 |
Andrew Sommers Treasurer | OfficerTrustee | 1 | $0 |
Stefanie Katz Rothman Secretary | OfficerTrustee | 1 | $0 |
Yemi Benedict-Vatel Director | Trustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Kasirer Llc Lobbying Fees | 6/29/22 | $120,000 |
Half Of Fifty Cents Production Services | 6/29/22 | $101,250 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $1,496,117 |
Related organizations | $0 |
Government grants | $7,530,910 |
All other contributions, gifts, grants, and similar amounts not included above | $4,027,230 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $13,054,257 |
Total Program Service Revenue | $10,954,292 |
Investment income | $2,605 |
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 | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $24,084,587 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
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. | $1,300,432 |
Compensation of current officers, directors, key employees. | $138,294 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $7,392,656 |
Pension plan accruals and contributions | $267,342 |
Other employee benefits | $1,354,827 |
Payroll taxes | $686,567 |
Fees for services: Management | $0 |
Fees for services: Legal | $82,208 |
Fees for services: Accounting | $95,822 |
Fees for services: Lobbying | $120,000 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $1,250,518 |
Advertising and promotion | $587,924 |
Office expenses | $813,353 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $1,455,659 |
Travel | $2,680 |
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 | $2,230,113 |
Insurance | $250,830 |
All other expenses | $0 |
Total functional expenses | $19,341,066 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $4,508,340 |
Savings and temporary cash investments | $10,574,731 |
Pledges and grants receivable | $2,296,847 |
Accounts receivable, net | $916,016 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $16,631 |
Prepaid expenses and deferred charges | $418,152 |
Net Land, buildings, and equipment | $30,660,773 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $49,391,490 |
Accounts payable and accrued expenses | $1,671,538 |
Grants payable | $0 |
Deferred revenue | $1,523,715 |
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 | $0 |
Other liabilities | $120,458 |
Total liabilities | $5,818,171 |
Net assets without donor restrictions | $40,074,419 |
Net assets with donor restrictions | $3,498,900 |
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 | $49,391,490 |