Civic 411 Wales Corporation
- Assets
- $43.0m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 12/2018
- Data as of
- 12/2023
- EIN
- 82-2312084
Organization Overview
Civic 411 Wales Corporation is located in New York, NY. The organization was established in 2018. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Civic 411 Wales Corporation 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, Civic 411 Wales Corporation generated $3.3m in total revenue. All expenses for the organization totaled $3.6m during the year ending 12/2023.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION WAS FORMED AS A 501(C)(3) ORGANIZATION FOR THE PURPOSE OF FURTHERING THE CHARITABLE PURPOSES OF CIVIC BUILDERS, INC., A 501(C)(3) ORGANIZATION THAT PROVIDES TURN-KEY SOLUTIONS FOR CHARTER SCHOOL REAL ESTATE NEEDS. SPECIFICALLY, THIS CORPORATION WAS FORMED TO SECURE FINANCING, MAKE AN INVESTMENT, LEASE, RENOVATE, AND SUBLEASE A CHARTER SCHOOL BUILDING LOCATED AT 411 WALES AVENUE, BRONX, NY. RENOVATION WAS COMPLETED AND THE CHARTER SCHOOL SUBTENANTS TOOK OCCUPANCY IN AUGUST 2019.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE TURN-KEY REAL ESTATE SOLUTIONS FOR CHARTER SCHOOLSEXPENSES WERE INCURRED IN CONNECTION WITH DEVELOPING, FINANCING, LEASING, AND SUBLEASING A CHARTER SCHOOL BUILDING LOCATED AT 411 WALES AVENUE, BRONX, NY WHICH IS OCCUPIED BY TWO CHARTER SCHOOLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Umansky President | OfficerTrustee | 1 | $0 |
Brahm Cramer Director | Trustee | 1 | $0 |
David Loo Vice Chair & Treasurer | OfficerTrustee | 1 | $0 |
Alan Sage Director | Trustee | 1 | $0 |
Khary Barnes Secretary | OfficerTrustee | 1 | $0 |
Ron Beit Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Transwestern Commercial Services New Yor Real Estate Brokerage | 12/30/18 | $832,000 |
Kss Architects Llp Architect | 12/30/18 | $722,772 |
Baker Tilly Capital Llc Finance | 12/30/18 | $315,000 |
Cannon Heyman & Weiss Llp Legal | 12/30/18 | $129,870 |
Applegate & Thorne-thomsen Pc Legal | 12/30/18 | $105,000 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $3,291,344 |
| Investment income | $17,489 |
| 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 | $3,308,833 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $66,000 |
| Fees for services: Legal | $4,736 |
| Fees for services: Accounting | $53,911 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,351,431 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,318,601 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $799,880 |
| Insurance | $29,915 |
| All other expenses | $25 |
| Total functional expenses | $3,624,499 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $349,018 |
| Savings and temporary cash investments | $1,262,226 |
| Pledges and grants receivable | $0 |
| 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 | $127,812 |
| Net Land, buildings, and equipment | $38,614,456 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,631,714 |
| Total assets | $42,985,226 |
| Accounts payable and accrued expenses | $143,783 |
| Grants payable | $0 |
| Deferred revenue | $203,000 |
| 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 | $26,347,057 |
| Other liabilities | $16,543,408 |
| Total liabilities | $43,237,248 |
| Net assets without donor restrictions | -$252,022 |
| 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 | $42,985,226 |