New Water Street Corporation
- Assets
- $813.8m
- Revenue
- $168.6m
- Investments
- $0.0
- Employees
- 49
- Location
- New York, NY
- Founding
- 06/1995
- Data as of
- 12/2021
- EIN
- 51-0292269
Organization Overview
New Water Street Corporation is located in New York, NY. The organization was established in 1995. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, New Water Street Corporation employed 49 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2021, New Water Street Corporation generated $168.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $116.6m during the year ending 12/2021. While expenses have increased by 1.8% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION OWNS AND LEASES AN OFFICE BUILDING. THE NET PROFITS ARE DISTRIBUTED FOR THE BENEFIT OF A QUALIFIED PENSION FUND FOR EMPLOYEES OF STATE OF ALABAMA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OWNS AND LEASES AN OFFICE BUILDING. THE NET PROFITS ARE DISTRIBUTED FOR THE BENEFIT OF A QUALIFIED PENSION FUND OF THE STATE OF ALABAMA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Palino Executive Vice-President, | Officer | 40 | $374,397 |
Timothy Salvemini Chief Financial Officer | Officer | 40 | $300,637 |
William Paolini Vice President Of Construction | 40 | $202,729 | |
Scott Bridgwood Vice-President Of Operatio | Officer | 40 | $195,957 |
Dennis Gomez Chief Engineer | Officer | 40 | $195,258 |
Frank Grady Sr Project Manager I | 40 | $189,257 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Harvard Protection Services Llc It Security | 12/30/21 | $1,696,284 |
Timbil Mechanical Llc Hvac Maintenance | 12/30/21 | $423,257 |
Msa Security Security Services | 12/30/21 | $271,539 |
Tf Final Mile Llc Delivery Services | 12/30/21 | $267,749 |
Phillips Floral Landscaping | 12/30/21 | $205,823 |
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 | $168,465,501 |
| Investment income | $166,491 |
| 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 | $168,631,992 |
| 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. | $1,146,373 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,679,048 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,997,636 |
| Payroll taxes | $368,128 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $257,755 |
| Fees for services: Accounting | $199,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $208,172 |
| Advertising and promotion | $77,179 |
| Office expenses | $409,483 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $24,821,924 |
| Travel | $0 |
| 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 | $36,149,499 |
| Insurance | $6,505,898 |
| All other expenses | $0 |
| Total functional expenses | $116,563,543 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,233,650 |
| Savings and temporary cash investments | $65,937,837 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,327,365 |
| 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 | $253,902,550 |
| Net Land, buildings, and equipment | $475,399,039 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $813,800,441 |
| Accounts payable and accrued expenses | $12,271,840 |
| Grants payable | $0 |
| Deferred revenue | $5,212,646 |
| 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 | $17,484,486 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $186 |
| Paid-in or capital surplus, or land, building, or equipment fund | $419,604,822 |
| Retained earnings, endowment, accumulated income, or other funds | $376,710,947 |
| Total liabilities and net assets/fund balances | $813,800,441 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New York Independent System Operator Inc Rensselaer, NY | $628,580,444 | $195,505,613 |
New Water Street Corporation New York, NY | $813,800,441 | $168,631,992 |
Vermont Electric Cooperative Inc Johnson, VT | $204,848,762 | $87,075,764 |
Adams Electric Cooperative Inc Gettysburg, PA | $218,291,432 | $70,869,610 |
Tri-County Rural Electric Cooperative Inc Mansfield, PA | $151,909,574 | $33,038,928 |
United Electric Cooperative Inc Du BOIS, PA | $114,867,848 | $31,031,818 |
Central Electric Cooperative Inc Parker, PA | $123,976,880 | $28,207,685 |
Somerset Rural Electric Cooperative Inc Somerset, PA | $44,691,676 | $24,950,814 |
Sussex Rural Electric Cooperative Inc Sussex, NJ | $50,512,661 | $23,931,586 |
Tm Forum Parsippany, NJ | $17,539,747 | $22,734,515 |
School And Municipal Energy Cooperative Of Western New York West Seneca, NY | $5,155,004 | $20,423,578 |
Rea Energy Cooperative Inc Indiana, PA | $139,260,164 | $26,641,958 |