Joint Ownership Entity New York City Corp
- Assets
- $156.0m
- Revenue
- $17.4m
- Investments
- $0.0
- Employees
- 2
- Location
- New York, NY
- Founding
- 11/2015
- Data as of
- 12/2020
- EIN
- 47-5044823
Organization Overview
Joint Ownership Entity New York City Corp is located in New York, NY. The organization was established in 2015. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2020, Joint Ownership Entity New York City Corp employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Joint Ownership Entity New York City Corp 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 12/2020, Joint Ownership Entity New York City Corp generated $17.4m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 59.5% each year . All expenses for the organization totaled $17.4m during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE PRIMARY PURPOSES OF JOE NYC ARE TO STRENGTHEN ITS MEMBERS' ABILITY TO DEVELOP, MAINTAIN, AND MANAGE AFFORDABLE HOUSING AND SERVE AS A VEHICLE TO MAINTAIN LONG-TERM AFFORDABILITY OF EXISTING AND FUTURE AFFORDABLE HOUSING UNITS IN SUPPORT OF THEIR MISSIONS AS COMMUNITY-BASED ORGANIZATIONS THAT ALIGN THEIR HOUSING DEVELOPMENT AND MANAGEMENT WORK WITH THE NEEDS AND RESOURCES OF THE COMMUNITIES SERVED AND FOCUS ON RESIDENT SERVICES AND SUPPORT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REAL ESTATE ASSET MANAGEMENT: MONITOR INCOME AND EXPENSES OF REAL ESTATE PORTFOLIO AND IDENTIFY EXPENSE REDUCTION MEASURES.REAL ESTATE PORTFOLIO DEVELOPMENT: UNDERTAKE PROCESS OF TRANSFERRING OWNERSHIP INTEREST OF PROPERTIES OWNED BY COMMUNITY DEVELOPMENT CORPORATIONS IN THE THE JOINT OWNERSHIP ENTITY; ACQUIRE PROPERTIES THROUGH REAL ESTATE ACQUSITIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Madden Executive Director | Officer | 40 | $140,464 |
Allison Van Hee Director Of Asset Management | 40 | $112,754 | |
David Gilcrist Chair | OfficerTrustee | 2 | $0 |
Hope Burgess Treasurer | OfficerTrustee | 2 | $0 |
Isemene Speliotis Secretary | OfficerTrustee | 2 | $0 |
Bernell Grier Vice Chair | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Forsyth Street Advisors Management Services | 12/30/18 | $413,838 |
Goldstein Hall Pllc Legal Services | 12/30/18 | $285,000 |
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 | $341,800 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $341,800 |
| Total Program Service Revenue | $13,405,555 |
| Investment income | $72,369 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,915,795 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,434,025 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $675,000 |
| 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. | $151,666 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $112,754 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $2,703,650 |
| Fees for services: Legal | $141,010 |
| Fees for services: Accounting | $258,622 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $112,874 |
| Advertising and promotion | $1,875 |
| Office expenses | $274,024 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,532,739 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,581,956 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,130,248 |
| Insurance | $875,151 |
| All other expenses | $0 |
| Total functional expenses | $17,449,567 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,252,103 |
| Savings and temporary cash investments | $26,775,160 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,289,334 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,024,590 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $636,822 |
| Net Land, buildings, and equipment | $110,767,219 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,249,811 |
| Total assets | $155,995,039 |
| Accounts payable and accrued expenses | $5,054,043 |
| Grants payable | $0 |
| Deferred revenue | $652,276 |
| 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 | $128,275,828 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,095,238 |
| Total liabilities | $147,077,385 |
| Net assets without donor restrictions | $8,407,821 |
| Net assets with donor restrictions | $509,833 |
| 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 | $155,995,039 |
Grants Awarded
Over the last fiscal year, Joint Ownership Entity New York City Corp has awarded $675,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Brooklyn, NY PURPOSE: TO SUPPORT THE ORGANIZATION'S MISSION | $285,914 |
Bronx, NY PURPOSE: TO SUPPORT THE ORGANIZATION'S MISSION | $211,088 |
New York, NY PURPOSE: TO SUPPORT THE ORGANIZATION'S MISSION | $177,998 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Joint Ownership Entity New York City Corp has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Mufg Union Bank Foundation Ag Phoenix, AZ PURPOSE: CHARITABLE | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Allegheny Council To Improve Our Neighborhoods-Housing Incorporated Pittsburgh, PA | $58,739,057 | $67,049,805 |
Commission On Economic Opportunity Of Luzerne County Wilkesbarre, PA | $24,684,280 | $41,061,242 |
Community First Fund Lancaster, PA | $129,035,730 | $44,963,943 |
Neighborhood Assistance Corporation Of America Boston, MA | $267,784,866 | $49,655,624 |
Womens Housing And Economic Development Corporation Bronx, NY | $29,527,353 | $27,859,543 |
Joint Ownership Entity New York City Corp New York, NY | $155,995,039 | $17,434,025 |
Breaking Ground Housing Development Fund Corporation New York, NY | $193,138,085 | $25,961,669 |
Highland Park Community Development Corporation Brooklyn, NY | $3,265,910 | $15,414,103 |
Centerboard Inc Lynn, MA | $21,186,335 | $15,673,773 |
Beyond Owners Group Inc Willow Street, PA | $131,731,512 | $8,827,345 |
Springpoint Senior Living Inc Cherry Hill, NJ | $72,542,176 | $10,591,630 |
Interstate I Affordable Housing Inc New York, NY | $783,725 | $8,991,908 |