Hudson Yards Development Corporation
- Assets
- $2.3m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 4
- Location
- New York, NY
- Founding
- 02/2007
- Data as of
- 06/2023
- EIN
- 14-1941768
Organization Overview
Hudson Yards Development Corporation is located in New York, NY. The organization was established in 2007. 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 06/2023, Hudson Yards Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hudson Yards Development 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 06/2023, Hudson Yards Development Corporation generated $4.7m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 36.4% each year . All expenses for the organization totaled $4.7m during the year ending 06/2023. While expenses have increased by 35.9% per year over the past 4 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
MANAGES THE IMPLEMENTATION OF THE CITY OF NEW YORK'S ECONOMIC INITIATIVES FOR THE REDEVELOPMENT OF THE HUDSON YARDS AREA OF MANHATTAN, INCLUDING EXTENSION OF NO. 7 SUBWAY TO WEST 34TH ST, CONSTRUCTION OF PUBLIC AMENITIES INCLUDING PARKS AND PROPERTY ACQUISITION AS NECESSARY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION CONTRACTS WITH OUTSIDE LEGAL COUNSEL AND OTHER CONSULTANTS FOR SERVICES IN SUPPORT OF PROPERTY ACQUISITION, DEVELOPMENT AND DESIGN SERVICES, PROPERTY MANAGEMENT AND CONSTRUCTION MANAGEMENT SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adolfo Carrion Jr Director | Trustee | 1 | $0 |
Adrienne Adams Director | Trustee | 1 | $0 |
Andrew Kimball Director | Trustee | 1 | $0 |
Brad Lander Director | Trustee | 1 | $0 |
Dan Garodnick Director | Trustee | 1 | $0 |
Erik Bottcher Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,692,400 |
| 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 | $4,692,400 |
| Total Program Service Revenue | $0 |
| Investment income | $2,153 |
| 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 | $4,694,553 |
| 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. | $730,037 |
| Compensation of current officers, directors, key employees. | $730,037 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $107,794 |
| Pension plan accruals and contributions | $12,583 |
| Other employee benefits | $16,266 |
| Payroll taxes | $41,015 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,621 |
| Advertising and promotion | $0 |
| Office expenses | $10,090 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,570 |
| Travel | $1,593 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $80 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,907 |
| All other expenses | $0 |
| Total functional expenses | $4,680,665 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $141,060 |
| Pledges and grants receivable | $113 |
| Accounts receivable, net | $2,190,583 |
| 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 | $2,643 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,334,399 |
| Accounts payable and accrued expenses | $2,258,844 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $2,258,844 |
| Net assets without donor restrictions | $75,555 |
| 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 | $2,334,399 |