Webster Apartments
- Assets
- $57.4m
- Revenue
- $46.0m
- Investments
- $0.0
- Employees
- 56
- Location
- Congers, NY
- Founding
- 11/1924
- Data as of
- 09/2023
- EIN
- 13-5563411
Organization Overview
Webster Apartments is located in Congers, NY. The organization was established in 1924. According to its NTEE Classification (L82) the organization is classified as: Housing Expense Reduction Support, under the broad grouping of Housing & Shelter and related organizations. As of 09/2023, Webster Apartments employed 56 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Webster Apartments 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 09/2023, Webster Apartments generated $46.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 25.8% each year . All expenses for the organization totaled $4.7m during the year ending 09/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SAFE, AFFORDABLE SHORT-TERM ACCOMMODATIONS FOR WOMEN WORKING, TRAINING AND/OR STUDYING IN NEW YORK CITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE WEBSTER APARTMENTS OFFERS SAFE AND AFFORDABLE ACCOMMODATIONS SPECIFICALLY FOR WOMEN WHO ARE WORKING, STUDYING, INTERNING, OR TRAINING IN NEW YORK CITY. ONLY WOMEN WHO ARE WORKING FULL-TIME, ENROLLED IN AN UNDERGRADUATE OR GRADUATE PROGRAM AT A COLLEGE OR UNIVERSITY, TRADE, TECHNICAL OR OTHER SCHOOL PROGRAM; OR ARE WORKING FOR AN INTERNSHIP, TRAINEESHIP, FELLOWSHIP, OR CLERKSHIP ARE ELIGIBLE TENANTS OF THE APARTMENTS. IN MARCH 2023 THE ORGANIZATION SOLD ITS LONG-TIME HOME, A 13-STORY APARTMENT BUILDING IN MANHATTAN, AND ENTERED INTO A TWO YEAR LEASE FOR A 48-ROOM PREMESIS IN MANHATTAN FOR USE AND OCCUPANCY BY PARTICIPANTS IN ITS PROGRAMS. IN MAY 2023 THE ORGANIZATION PURCHASED A FORMER HOTEL AT 229 DUFFIELD ST., BROOKLYN NEW YORK, WHICH IS CURRENTLY BEING RENOVATED FOR OCCUPANCY BY ITS GUESTS WITH A TARGET COMPLETION DATE OF DECEMBER, 2024.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roy J Bernstein President | OfficerTrustee | 3 | $0 |
Steven Gyory Vice President | OfficerTrustee | 1 | $0 |
Annette Clearwaters Treasurer | OfficerTrustee | 1 | $0 |
Andrew S Blatt Secretary | OfficerTrustee | 1 | $0 |
George Curtis Director | Trustee | 1 | $0 |
Elizabeth H Gambee Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Doyle Security Services Inc Security Services | 9/29/23 | $208,127 |
Ja Maintenance Nyc Janitorial Services | 9/29/23 | $131,643 |
Aramark Services Inc Food Services | 9/29/23 | $299,723 |
Venable Llp Legal Services | 9/29/23 | $127,950 |
Indranie Sanichar It Consulting | 9/29/23 | $111,278 |
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 | $25,502 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,502 |
| Total Program Service Revenue | $2,072,872 |
| Investment income | $481,461 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $43,427,077 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$461 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $46,006,451 |
| 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. | $319,347 |
| Compensation of current officers, directors, key employees. | $319,347 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,172,549 |
| Pension plan accruals and contributions | $121,302 |
| Other employee benefits | $159,931 |
| Payroll taxes | $203,482 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $45,489 |
| Fees for services: Accounting | $70,781 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $40,100 |
| Fees for services: Other | $427,034 |
| Advertising and promotion | $44,289 |
| Office expenses | $127,257 |
| Information technology | $141,777 |
| Royalties | $0 |
| Occupancy | $1,260,404 |
| Travel | $8,308 |
| 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 | $61,184 |
| Insurance | $53,259 |
| All other expenses | $17,607 |
| Total functional expenses | $4,731,561 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $545,495 |
| Savings and temporary cash investments | $11,367,661 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $40,545 |
| 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 | $289,254 |
| Net Land, buildings, and equipment | $43,385,133 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $11,335 |
| Other assets | $1,763,581 |
| Total assets | $57,403,004 |
| Accounts payable and accrued expenses | $445,734 |
| Grants payable | $0 |
| Deferred revenue | $129,275 |
| 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 | $1,806,005 |
| Total liabilities | $2,381,014 |
| Net assets without donor restrictions | $55,021,990 |
| 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 | $57,403,004 |