Governors Island Corporation
- Assets
- $379.5m
- Revenue
- $65.2m
- Investments
- $0.0
- Employees
- 106
- Location
- New York, NY
- Founding
- 11/2010
- Data as of
- 06/2023
- EIN
- 27-2683349
Organization Overview
Governors Island Corporation, operating under the name The Trust For Governors Island, is located in New York, NY. The organization was established in 2010. According to its NTEE Classification (D30) the organization is classified as: Wildlife Preservation & Protection, under the broad grouping of Animal-Related and related organizations. As of 06/2023, Trust For Governors Island employed 106 individuals. This organization is an itermediate organization (such as a geographic headquarters) for a national or regional group of organizations. Trust For Governors Island 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, Trust For Governors Island generated $65.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $54.1m during the year ending 06/2023. While expenses have increased by 7.4% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE TRUST FOR GOVERNORS ISLAND (THE "TRUST OR "TGI") IS A NONPROFIT CORPORATION CREATED BY THE CITY OF NEW YORK CHARGED WITH THE PLANNING, REDEVELOPMENT AND ONGOING OPERATIONS OF 150 ACRES OF GOVERNORS ISLAND. THE TRUST'S MISSION IS TO TRANSFORM GOVERNORS ISLAND INTO A VIBRANT YEAR-ROUND RESOURCE FOR NEW YORK CITY, MAKING THE ISLAND A DESTINATION WITH EXTRAORDINARY PUBLIC OPEN SPACE, DIVERSE CULTURAL AND RECREATIONAL ACTIVITIES, AS WELL AS EDUCATIONAL, NOT-FOR-PROFIT AND COMMERCIAL FACILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE TRUST IS RESPONSIBLE FOR THE OPERATION, PLANNING AND REDEVELOPMENT OF 150 ACRES OF GOVERNORS ISLAND. THE TRUST PROVIDES FERRY, SECURITY AND MAINTENANCE SERVICES FOR THE ISLAND, ITS VISITORS AND TENANTS, AS WELL AS THE URBAN ASSEMBLY HARBOR SCHOOL LOCATED ON THE ISLAND. AS OF FY 2023, GOVERNORS ISLAND IS OPEN TO THE PUBLIC YEAR ROUND, AND EVERY SEASON VISITORS MAY EXPERIENCE AN ARRAY OF ARTS, CULTURAL AND RECREATIONAL PROGRAMS, AS WELL AS FOOD AND BEVERAGES ON OFFER FROM ISLAND VENDORS. THROUGH AN INITIAL CAPITAL IMPROVEMENT PROGRAM, THE TRUST BUILT 30 ACRES OF NEW PARK SPACE, WHICH OPENED IN 2014, FOLLOWED BY AN EXPANSION IN 2016, WHEN THE HILLS WERE OPENED. ADDITIONAL CAPITAL INVESTMENTS, COMPLETED AND ONGOING, INCLUDE WORK ON THE FERRY INFRASTRUCTURE (DOCKS AND VESSELS), SEAWALL, ELECTRICAL SYSTEM, POTABLE WATER AND OTHER UTILITY SYSTEMS, AS WELL AS NUMEROUS HISTORIC BUILDING STABILIZATION PROJECTS. THE NEXT MAJOR PHASE OF DEVELOPMENT INVOLVES THE CREATION OF A CENTER FOR CLIMATE RESEARCH ON THE ISLAND, A PUBLIC-PRIVATE PROJECT THAT WILL INCLUDE ACADEMIC, RESEARCH AND OTHER PARTNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alice Blank Board Member | Trustee | 1 | $0 |
Alicia Glen Chair | OfficerTrustee | 1 | $0 |
Benjamin Lawsky Board Member | Trustee | 1 | $0 |
Carl Weisbrod Board Member | Trustee | 1 | $0 |
Carolee Fink Board Member | Trustee | 1 | $0 |
Christian Braneon Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Liro Group Construction Management | 6/29/23 | $12,696,912 |
Conrad Shipyard Llc Building The New Vehicle Ferry | 6/29/23 | $4,067,663 |
Allied Universal Security Services Security Services | 6/29/23 | $2,272,596 |
Intelligent Crowd Solutions (Icrowd) Llc Emergency Medical Technician/ambulance S | 6/29/23 | $734,151 |
Elliott Bay Design Group Ferry Construction | 6/29/23 | $480,680 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $52,445,816 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,765,083 |
| Noncash contributions included in lines 1a–1f | $47,292 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $56,210,899 |
| Total Program Service Revenue | $8,749,913 |
| Investment income | $195,535 |
| 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 | $65,206,529 |
| 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. | $1,063,992 |
| Compensation of current officers, directors, key employees. | $180,002 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,048,316 |
| Pension plan accruals and contributions | $365,776 |
| Other employee benefits | $1,893,144 |
| Payroll taxes | $1,028,332 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,236,510 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $22,500 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,555,047 |
| Advertising and promotion | $31,400 |
| Office expenses | $73,588 |
| Information technology | $150,716 |
| Royalties | $0 |
| Occupancy | $1,292,789 |
| Travel | $120,089 |
| 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 | $25,508,189 |
| Insurance | $145,354 |
| All other expenses | $64,892 |
| Total functional expenses | $54,135,369 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $170 |
| Savings and temporary cash investments | $5,217,219 |
| Pledges and grants receivable | $5,303,152 |
| Accounts receivable, net | $1,121,427 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $38,731,643 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $94,085 |
| Net Land, buildings, and equipment | $314,327,197 |
| Investments—publicly traded securities | $6,183,311 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,547,987 |
| Total assets | $379,526,191 |
| Accounts payable and accrued expenses | $13,910,710 |
| Grants payable | $0 |
| Deferred revenue | $1,491,881 |
| 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 | $40,201,738 |
| Total liabilities | $55,604,329 |
| 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 | $314,327,197 |
| Retained earnings, endowment, accumulated income, or other funds | $9,594,665 |
| Total liabilities and net assets/fund balances | $379,526,191 |