Building 77 Qalicb Inc
- Assets
- $182.7m
- Revenue
- $15.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Brooklyn, NY
- Founding
- 03/2015
- Data as of
- 12/2023
- EIN
- 47-2526419
Organization Overview
Building 77 Qalicb Inc is located in Brooklyn, NY. The organization was established in 2015. According to its NTEE Classification (S19) the organization is classified as: Support N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Building 77 Qalicb 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 12/2023, Building 77 Qalicb Inc generated $15.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.3% each year.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT THE CHARITABLE ACTIVITIES OF BROOKLYN NAVY YARD DEVELOPMENT CORPORATION WHOSE MISSION IS TO PROMOTE LOCAL ECONOMIC DEVELOPMENT & JOB CREATION IN BROOKLYN BOROUGH OF NYC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUILDING 77 QALICB, INC. (THE "CORPORATION") WAS ORGANIZED ON DECEMBER 10, 2014, AS A NEW YORK NONSTOCK, NONPROFIT CORPORATION FOR THE PURPOSE OF REHABILITATING AND OPERATING A COMMERCIAL PROPERTY LOCATED IN BROOKLYN, NEW YORK. THE PROPERTY INCLUDES ONE BUILDING WHICH IS EXPECTED TO CONSIST OF 1,000,000 SQUARE FEET OF COMMERCIAL RENTAL SPACE. AS OF DECEMBER, 2023 AND 2022, 668,394 AND 668,394, RESPECTIVELY, OF SQUARE FEET WERE LEASED. THE PROPERTY IS OWNED BY THE CITY OF NEW YORK, WHICH LEASES IT TO BROOKLYN NAVY YARD DEVELOPMENT CORPORATION ("BNYDC") WHICH IN TURN LEASES TO THE CORPORATION. THE CORPORATION SUBLETS THE SPACE TO COMMERCIAL TENANTS. THE CORPORATION IS A QUALIFIED ACTIVE LOW-INCOME COMMUNITY BUSINESS IN ACCORDANCE WITH THE TERMS UNDER THE NEW MARKETS TAX CREDIT ("NMTC") PROGRAM PURSUANT TO SECTION 45D OF THE IRC. THE CORPORATION IS REQUIRED TO COMPLY WITH VARIOUS RULES AND REGULATIONS AND FAILURE TO COMPLY WITH THESE OR OTHER REQUIREMENTS COULD RESULT IN THE RECAPTURE OF NMTC ALREADY TAKEN BY THE MORTGAGE LENDERS AND POTENTIAL LOSS OF FUTURE NMTCS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shanny Spraus-Reinhardt President, Director | OfficerTrustee | 1 | $0 |
Susie Kim Vp, Director | OfficerTrustee | 1 | $0 |
Wimal Ariyawansa Treasurer, Director | OfficerTrustee | 1 | $0 |
Paul Kelly Secretary, Director | OfficerTrustee | 1 | $0 |
Wendy Rowden Director | Trustee | 1 | $0 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $15,140,818 |
| Investment income | $10,102 |
| 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 | $15,225,749 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,964,401 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,807 |
| Fees for services: Accounting | $51,711 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $44,489 |
| Office expenses | $0 |
| Information technology | $74,025 |
| Royalties | $0 |
| Occupancy | $2,960,827 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $37,141 |
| Payments to affiliates | $11,200,000 |
| Depreciation, depletion, and amortization | $5,332,906 |
| Insurance | $1,011,987 |
| All other expenses | $21,898 |
| Total functional expenses | $23,828,970 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $213,481 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,360,078 |
| 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 | $1,569,766 |
| Net Land, buildings, and equipment | $164,204,003 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,389,570 |
| Total assets | $182,736,898 |
| Accounts payable and accrued expenses | $674,584 |
| 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 | $12,065,572 |
| Total liabilities | $12,740,156 |
| Net assets without donor restrictions | $169,996,742 |
| 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 | $182,736,898 |