Grace Institute Of New York Inc is located in New York, NY. The organization was established in 2016. According to its NTEE Classification (J30) the organization is classified as: Vocational Rehabilitation, under the broad grouping of Employment and related organizations. As of 12/2023, Grace Institute Of New York Inc employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grace Institute Of New York 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, Grace Institute Of New York Inc generated $3.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $3.2m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (2.1%) per year over the past 7 years. 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
EMPOWERING UNDERSERVED WOMEN IN THE NY AREA TO ACHIEVE EMPLOYMENT AND ECONOMIC SELF-SUFFICIENCY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2023, GRACE INSTITUTE SERVED 210 WOMEN THROUGH OUR WORKFORCE TRAINING PROGRAMS AND SUCCESSFULLY GRADUATED 183 (87%). WE WILL PLACE 75% OF OUR GRADUATES IN A VARIETY OF INDUSTRIES INCLUDING HEALTH CARE, LEGAL, HOSPITALITY AND NONPROFIT. OUR GRADUATES WILL INCREASE THEIR PERSONAL INCOME FIVE FOLD AFTER COMPLETING THE PROGRAM.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Patricia Montgomerie Chair | OfficerTrustee | 10 | $0 |
Iva Vukina Secretary | OfficerTrustee | 2 | $0 |
Brendan Doyle Treasurer | OfficerTrustee | 2 | $0 |
Katia Bouazza Director | Trustee | 2 | $0 |
Patrick Grace Director | Trustee | 2 | $0 |
Suzanne Lindquist Director | Trustee | 2 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $251,535 |
Related organizations | $0 |
Government grants | $549,090 |
All other contributions, gifts, grants, and similar amounts not included above | $2,935,334 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $3,735,959 |
Total Program Service Revenue | $2,465 |
Investment income | $32,683 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $81,000 |
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 | $3,852,158 |
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. | $234,548 |
Compensation of current officers, directors, key employees. | $23,455 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $1,797,072 |
Pension plan accruals and contributions | $32,901 |
Other employee benefits | $143,485 |
Payroll taxes | $160,810 |
Fees for services: Management | $0 |
Fees for services: Legal | $18,988 |
Fees for services: Accounting | $15,150 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $88,108 |
Advertising and promotion | $2,552 |
Office expenses | $42,135 |
Information technology | $15,676 |
Royalties | $0 |
Occupancy | $304,690 |
Travel | $2,622 |
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 | $42,448 |
Insurance | $96,259 |
All other expenses | $1,133 |
Total functional expenses | $3,184,140 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $287,166 |
Savings and temporary cash investments | $2,061,351 |
Pledges and grants receivable | $954,569 |
Accounts receivable, net | $0 |
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 | $25,769 |
Net Land, buildings, and equipment | $129,369 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $1,241 |
Total assets | $3,459,465 |
Accounts payable and accrued expenses | $75,341 |
Grants payable | $0 |
Deferred revenue | $13,500 |
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 | $13,500 |
Total liabilities | $102,341 |
Net assets without donor restrictions | $2,428,518 |
Net assets with donor restrictions | $928,606 |
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 | $3,459,465 |