2023-11-13T09:19:25-06:00 2022-12-31 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2022-01-01 133062214 The New York Community Trust % DOMINICK IMPEMBA NEWY 2126860010 909 Third Avenue Suite 22nd Fl New York NY 10022 Dominick Impemba COO, CFO & Treasurer 2126860010 2023-11-15 Dominick Impemba XXX-XX-XXXX Daniel Romano PARTNER P00504182 2125990100 2023-11-15 2 2022 2023-04-26 12:10:37Z Amy Freitag 909 Third Avenue 22nd Fl New York NY 10022 989413778 false X www.nycommunitytrust.org X 1924 NY The Trust is a grantmaking foundation dedicated to improving the lives of residents of New York City, Long Island, and Westchester. 11 11 64 42 0 0 195862938 129949678 0 0 244481417 184674431 2511544 51582 442855899 314675691 247711876 198055982 0 0 13189616 12848824 0 0 1838145 26505460 27182084 287406952 238086890 155448947 76588801 3500445837 2933076201 53080347 75304951 3447365490 2857771250 X See Schedule O. false false 209073781 198055982 OUR COMPETITIVE GRANTS PROGRAM SEEKS TO PROMOTE HEALTHY LIVES, EXPAND OPPORTUNITIES, STRENGTHEN FAMILIES, DEVELOP CHILDREN AND YOUTH, AND CREATE STRONG, VITAL COMMUNITIES. OUR GOVERNING BOARD HAS APPROVED FOUR CATEGORIES OF ACTIVITY TO CARRY OUT THESE OBJECTIVES. THEY ARE SUMMARIZED IN SCHEDULE O. 209073781 true true false true false true false false false true true true false false true false false true false false true true false false false false false true true true false false false false false false false false true false false false false true true true false false true X 63 0 true 64 true true false false false false false false true 2 false false false false false false false false X 11 11 false false false false false false false true true false false true true true true true true true true false AL AK AR CO CT FL IL KS KY ME MD MA MI MN MS NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI X X DOMINICK IMPEMBA 2126860010 909 THIRD AVENUE 22ND FL New York NY 10022 X Lorie A Slutsky President (Thru 7/22) 45.0 5.0 X 784355 0 134205 Amy Freitag President (as of 7/22) 45.0 5.0 X 407064 0 61260 Kerry E McCarthy VP & Asst. Secy 45.0 0.0 X 310912 0 132872 Shawn V Morehead VP & Asst. Secy 45.0 0.0 X 333083 0 103435 Carrie Trowbridge General Counsel & Secy 45.0 5.0 X 380607 0 47759 Tatiana Pohotsky CIO & Asst. Treasurer 45.0 5.0 X 282961 0 65653 Marie D'Costa VP & Asst. Secy 45.0 0.0 X 220761 0 85005 Carolyn M Weiss CPA CFO & Treasurer (Thru 9/22) 45.0 5.0 X 219386 0 74588 Ayanna Russell VP & Asst. Secy (as of 4/22) 45.0 5.0 X 205137 0 84070 John J Oddy VP & Asst. Secy 45.0 0.0 X 231129 0 52624 Irfan Hasan Deputy VP & Asst. Secy 45.0 0.0 X 196238 0 83398 David Okorn LICF Executive Director 45.0 0.0 X 207134 0 67702 Martin Lipp Director of Communications 45.0 0.0 X 191258 0 77689 Laura Rossi WCF Executive Director 45.0 0.0 X 185534 0 78764 Wen Weng CPA Controller & Asst. Treasurer 45.0 5.0 X 176998 0 81715 Patricia Swann Program Director 45.0 0.0 X 167727 0 89647 Roderick Jenkins Program Director 45.0 0.0 X 155554 0 76284 Mercedes Leon VP & Asst. Secy. (Thru 3/22) 45.0 5.0 X 145165 0 34954 Leisle Lin CFO & Treasurer (as of 9/22) 45.0 5.0 X 132639 0 26810 Valerie S Peltier Chair 3.0 1.5 X X 0 0 0 Jamie Drake Director 2.0 1.0 X 0 0 0 Stephen P Robinson Director 2.0 1.0 X 0 0 0 Judith O Rubin Director 2.0 1.0 X 0 0 0 Barron M Tenny Director 2.0 1.0 X 0 0 0 Ann Unterberg Director 2.0 1.0 X 0 0 0 Obaid Khan Director 2.0 1.0 X 0 0 0 Mali Sananikone Gaw Director 2.0 1.0 X 0 0 0 Fernando A Bohorquez Director 2.0 1.0 X 0 0 0 Mahmoud A Mamdani Director 2.0 1.0 X 0 0 0 Jane E Salmon MD Director 2.0 1.0 X 0 0 0 Erana M Stennett Director (Thru 10/22) 2.0 1.0 X 0 0 0 4933642 0 1458434 37 false true false CommonFund Capital 15 Old Danbury Road WILTON CT 06897 Investment Advisor 3352566 JPMorgan Chase Bank 270 Park Avenue NEW YORK NY 10017 Trstee/Inv Advisor 3084467 The Bank of New York Mellon 240 Greenwich Street NEW YORK NY 10286 Trstee/Inv Advisor 1415096 HSBC USA NA 452 Fifth Avenue NEW YORK NY 10018 Trstee/Inv Advisor 1412834 Warburg Pincus Private Equity 450 Lexington Avenue NEW YORK NY 10017 Trstee/Inv Advisor 1068283 36 53033 129896645 45960377 129949678 0 63083411 -4111614 67195025 0 0 0 0 0 796329107 674738087 121591020 121591020 520731 121070289 0 0 0 0 0 0 0 0 0 FINANCIAL & ADMIN SERVICES 561000 51582 51582 51582 314675691 -3590883 188316896 197284865 197284865 230267 230267 540850 540850 0 5094783 2697141 2018637 379005 0 4867978 2746225 1907368 214385 2126834 1169759 850733 106342 190569 104813 76227 9529 568660 325855 215827 26978 0 193295 55707 137588 118051 118051 36000 36000 0 19312826 19312826 2346897 1777800 569097 997576 28098 84085 885393 533441 258325 245619 29497 665438 359423 273340 32675 0 2189947 1204471 875979 109497 39585 16173 19489 3923 0 213436 28925 162598 21913 0 0 116733 64203 46693 5837 263420 144881 105368 13171 UBIT 101896 101896 OTHER EXPENSES 53543 53543 238086890 209073781 27174964 1838145 0 0 71713699 42158394 356981 485037 152009 655543 0 0 0 0 0 0 0 0 0 0 1736039 1151699 701073 584340 3019054087 2475664815 407128079 395684751 0 0 0 0 1339909 17843321 3500445837 2933076201 638979 603888 47718769 56622500 0 0 0 0 0 0 0 0 0 0 0 0 4722599 18078563 53080347 75304951 X 3447365490 2857771250 0 0 3447365490 2857771250 3500445837 2933076201 X 76588801 -670089656 3906615 X false true X true false X 77890041 77047357 199036899 195862938 129949678 679786913 0 0 77890041 77047357 199036899 195862938 129949678 679786913 52759588 627027325 68677960 73882135 56390639 59119733 67317916 325388383 3884223 1320763 540505 0 0 5745491 61590 60986 59870 44373 51582 278401 1011199188 0.62008 0.62359 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 137468 532536 670004 216265915 216935919 1000000 250000 1000000 1000000 1000000 1000000 4000000 6000000 760500 278250 775500 670004 2484254 250000 250000 250000 250000 1000000 1500000 98000 41400 249630 137468 526498 Part IV - SUPPLEMENTAL INFORMATION In 2022, the Trust made several grants for lobbying. For example, some of these grants helped advocate for housing policies, supported effective implementation of climate legislation, and raised awareness and educated voters about the New York State environmental bond act. 1329 33 94145937 5168834 125520358 10821638 1068443937 22466366 true true 3447365490 129949678 -485415225 198055982 2408686 33664025 2857771250 3104443850 195862938 427355522 247711876 2097996 30486948 3447365490 2854717691 199036899 354934739 264036437 1805014 38404028 3104443850 2500046229 77047357 486948498 172671689 1796634 34856070 2854717691 2732139179 77890041 -117599173 160152547 1841282 30389989 2500046229 0.53270 0.46730 false false 926760 386150 540610 809279 765549 43730 584340 HEDGE FUNDS 173730233 F PRIVATE EQUITY 135783834 F FIXED INCOME 55640218 F U.S. EQUITIES 100205 F REAL ESTATE 29863805 F OTHER 566456 F 395684751 0 ACCRUED POSTRETIREMENT BENEFIT 3080577 LEASE LIABILITIES 14997986 18078563 Part V, Line 4 - Intended Uses for Endowment Funds While the balance sheet in Part X classifies the Trust's net assets as without donor restrictions (see explanation in Schedule O: Form 990 - Net Assets), Part IV, Line 10 is answered as "yes,Schedule D, Part V is completed because The Trust does have "permanent funds" within the meaning of the term used in the Form 990 (as distinguished from the accounting standards, where the existence of the Board's variance power affects the classification of the assets for accounting purposes). Indeed, the Trust's stewardship of its endowment funds, so that they continue to support the community in perpetuity, is one of the Trust's most important functions. Part X, Line 2 The Trust had no uncertain tax positions and as prescribed by FASB ASC 740, a footnote was not required in the audited financial statements. true Central America and the Caribbean 0 0 Investments 89927625 Europe (Including Iceland and Greenland) 0 0 Investments 777755 Europe (Including Iceland and Greenland) 0 0 Grantmaking 533850 North America 0 0 Grantmaking 7000 0 0 0 0 91246230 91246230 Europe (Including Iceland and Greenland) program support 500000 check Europe (Including Iceland and Greenland) program support. 15000 ACH North America scholarship award. 6000 check Europe (Including Iceland and Greenland) program support. 18250 ACH 4 0 true false false true true false Part I, Line 2 - Procedures for Monitoring the Use of Grant Funds Prior to making a grant to a foreign organization, the Trust determines that the potential grantee is recognized as a charity by the foreign country or is a U.S. 501(c)(3) equivalent organization. Foreign grantees are required to submit a report detailing the use of the funds. The report is reviewed to confirm that the funds were used for the intended charitable purpose. Any funds not used for the purpose described are required to be repaid to the Trust. Prior to making a grant to a foreign individual recommended by an advisory committee (based on the specific fund's purposes), the Trust cross-references the individual with the U.S. Treasury Department's specially designated nationals list, and determines that the individual has a J1 Visa and Tax Identification Number. In 2022, the Trust did not make any grants to foreign individuals. true See attached Schedule I 197284865 various 2328 1 Fellowships and awards 49 230267 Part I, Line 2 - Procedures for Monitoring the Use of Grant Funds The Trust's procedures for monitoring the use of grant funds in the United States include checking every proposed grantee to confirm that it is a recognized charitable organization. Each grantee must meet charitable standards for programmatic, governance and financial soundness. For grants made in response to an organization's grant proposal, The Trust issues a grant letter requiring that the grantee use the grant funds in accordance with the budget included in its proposal and that any funds not used for the approved purpose are required to be repaid to The Trust. The grantee is required to issue a formal report to The Trust providing an accounting of the use of the funds and a narrative describing the outcome of the project. Failure to provide this report may preclude future grants. For those grants originating from donor advised funds, the grantee is instructed in writing that no one associated with the fund may receive any benefit as a result of the grant and by accepting the check the organization will comply with these instructions. There were no non-cash grants to governments or organizations in the United States in 2022. Grants to an individual are made pursuant to Advisory Committee recommendation. X X true true X X X X X false false false false false false false true true true Lorie A Slutsky President (Thru 7/22) 462256 60000 262099 123574 10631 918560 Mercedes Leon VP & Asst. Secy. (Thru 3/22) 126451 15000 3714 30457 4497 180119 Carolyn M Weiss CPA CFO & Treasurer (Thru 9/22) 216463 2923 49835 24753 293974 Wen Weng CPA Controller & Asst. Treasurer 173646 2000 1352 50772 30943 258713 Kerry E McCarthy VP & Asst. Secy 307377 3535 99019 33853 443784 Shawn V Morehead VP & Asst. Secy 329082 4001 74406 29029 436518 David Okorn LICF Executive Director 204606 2528 49206 18496 274836 Marie D'Costa VP & Asst. Secy 218233 2528 52359 32646 305766 John J Oddy VP & Asst. Secy 228601 2528 46047 6577 283753 Martin Lipp Director of Communications 183790 7468 47711 29978 268947 Carrie Trowbridge General Counsel & Secy 373476 7131 41557 6202 428366 Tatiana Pohotsky CIO & Asst. Treasurer 282313 648 43400 22253 348614 Irfan Hasan Deputy VP & Asst. Secy 193710 2528 65012 18386 279636 Amy Freitag President (as of 7/22) 403997 3067 44847 16413 468324 Leisle Lin CFO & Treasurer (as of 9/22) 132007 632 24329 2481 159449 Ayanna Russell VP & Asst. Secy (as of 4/22) 204255 882 55488 28582 289207 Laura Rossi WCF Executive Director 183006 2528 51230 27534 264298 Patricia Swann Program Director 156174 5000 6553 71528 18119 257374 Roderick Jenkins Program Director 147290 2000 6264 68185 8099 231838 Part I, Line 1a To help offset the high cost of maintaining an apartment in New York City, and in keeping with compensation practices in other New York City organizations, the board of directors approved, as part of the determination of reasonable compensation that is described in Schedule O, a housing allowance as a component of the former President's aggregate compensation. The housing allowance is included in the former President's taxable income. As part of her responsibilities, the President is required to entertain donors and potential donors. To provide an appropriate venue for this entertainment, the Board Chairman has approved that the President may belong to a social club for which The Trust will reimburse for dues and business usage. Amounts are reimbursed upon submission of an approved expense report with required supporting documentation. This cost is considered to be a valid business expense and is not included in taxable income. Part I, Line 7 BONUSES ARE BASED ON A NUMBER OF VARIABLES INCLUDING BUT NOT LIMITED TO INDIVIDUAL GOAL ACHIEVEMENTS AS WELL AS ORGANIZATION OPERATION ACHIEVEMENTS. THE FINAL DETERMINATION OF THE BONUS AMOUNT IS DETERMINED AND APPROVED BY THE APPLICABLE BOARD AS PART OF THE OVERALL COMPENSATION REVIEW. Part I, Line 8 The current President entered into an employment contract with the Organization on March 29, 2022, and commenced her employment on July 6, 2022. Part II, Column b(iii) The prior President's compensation for 2022 includes the value of vacation days that had accrued but were not used during her tenure and is reflected in Column B(iii). Form 990, Part VII/Schedule J The IRS Requires that the Trust include for each individual the actuarially imputed increase in the value of his or her share of the defined benefit plan. X 255 41747772 Avg of high & low X 1 100045 Est of sale price X 5 4112560 FMV of asset 2 false true true Part I, column (b) The Trust is reporting the number of contributions received. Part I, line 32b The Trust does not utilize the services of a third party to solicit any contributions of publicly traded securities. For all non-cash gifts, the Trust utilizes the services of a third party to process and liquidate the position as quickly as possible. Form 990 - Additional Information This is a consolidated return for The New York Community Trust (13-3062214) and Community Funds, Inc. (13-6089923). The above named taxpayers were granted permission by the IRS to file a consolidated return. The main office for both is located at 909 Third Avenue, New York, NY 10022. Form 990 - Organization Mission Form 990, Part III, Line 1 The Trust is a grantmaking foundation dedicated to improving the lives of residents of New York City, Long Island, and Westchester. We bring together individuals, families, foundations, and businesses to build a better community and support nonprofits that make a difference. We apply knowledge, creativity, and resources to the most challenging issues in an effort to ensure meaningful opportunities and a better quality of life for all New Yorkers, today and tomorrow. Form 990 - Program Service Accomplishments FORM 990, PART III, LINE 4A HEALTHY LIVES: AS HEALTH CARE CHANGES, THE TRUST IS HELPING PROVIDERS DELIVER EFFICIENT, COST-EFFECTIVE SERVICES TO ALL NEW YORKERS. THE TRUST MADE $11 MILLION IN GRANTS TO SUPPORT INITIATIVES THAT IMPROVE QUALITY OF CARE, STRENGTHEN HEALTH CARE PROVIDERS, ADDRESS COSTS AND HEALTH DISPARITIES, AND DEVELOP THE SKILLS AND INDEPENDENCE OF PEOPLE WITH DISABILITIES. AS THE CORONAVIRUS PANDEMIC ABATED, GRANTS HELPED ENSURE PEOPLE RETAINED HEALTH COVERAGE AND HELPED YOUNG PEOPLE COPE WITH MENTAL HEALTH CHALLENGES EXACERBATED BY THE PANDEMIC. THE TRUST ALSO MADE GRANTS TO PROMOTE THE WELFARE OF THE CITY'S COMPANION AND WILD ANIMALS. PROMISING FUTURES: WE MADE GRANTS TO VARIOUS ORGANIZATIONS TOTALING $23.2 MILLION TO BUILD PROMISING FUTURES BY HELPING YOUNG PEOPLE PROSPER BY PROVIDING JOB TRAINING AND PLACEMENT; MAKING OUR EDUCATIONAL AND JUSTICE SYSTEMS WORK FOR EVERYONE; ALLEVIATING HUNGER AND HOMELESSNESS; AND IMPROVING FAMILY AND CHILD WELFARE SERVICES. IN PARTICULAR, GRANTS CONTINUED TO ASSIST ORGANIZATIONS' EFFORTS TO IMPROVE WORKFORCE TRAINING PROGRAMS AT THE CITY'S PUBLIC COMMUNITY COLLEGES, DEVELOP YOUNG LEADERS, IMPROVE SOCIAL WORK POLICY AND PRACTICE, AND PROVIDE LEGAL AND OTHER HELP TO THE CITY'S IMMIGRANTS. THRIVING COMMUNITIES: WE MADE $19.4 MILLION IN GRANTS TO NONPROFIT ORGANIZATIONS THAT PROTECT AND CREATE AFFORDABLE HOUSING, PROMOTE EQUITY IN THE ARTS, IMPROVE CIVIC ENGAGEMENT, AND PROTECT OUR ENVIRONMENT. WE SUPPORT NONPROFIT ORGANIZATIONS AND GOVERNMENT AGENCIES WORKING ON THE DEVELOPMENT OF STRATEGIES TO COMBAT THESE ISSUES AT THE NEIGHBORHOOD LEVEL. WE ALSO SUPPORT EFFORTS TO IMPROVE THE FUNCTIONING OF THESE NONPROFITS AND GOVERNMENT AGENCIES. GRANTS CONTINUED TO HELP NONPROFITS ADAPT TO THE LINGERING EFFECTS OF THE PANDEMIC, ENCOURAGE PEOPLE TO PARTICIPATE IN ELECTIONS, AND REDUCE CLIMATE POLLUTION AS WELL AS PROMOTE CLEAN ENERGY. SPECIAL PROJECTS AND PHILANTHROPY: WE MADE $4.7 MILLION IN GRANTS TO ADDRESS UNMET NEEDS, AND LEVERAGE SUPPORT FOR EMERGING ISSUES. GRANTS SOUGHT TO HELP IMPROVE THE AVAILABILITY AND QUALITY OF EARLY CHILD CARE AS WELL AS SUPPORT MIGRANTS ARRIVING IN THE CITY. AS A LEADING COMMUNITY FOUNDATION, OUR ACTIVE PARTICIPATION IN ASSOCIATIONS OF GRANTMAKERS AND CHARITABLE 'WATCHDOG' GROUPS, OUR COOPERATIVE PROJECTS WITH OTHER FOUNDATIONS, AND OUR CONTINUING DIALOGUE WITH FEDERAL, STATE, AND LOCAL GOVERNMENT OFFICIALS, HELP ENSURE THAT OUR RESOURCES ARE USED STRATEGICALLY. Form 990 - Oranization's Process to Review Form 990 Form 990, Part VI, Section B, line 11b The Form 990 is prepared internally and reviewed by the finance team and the COO/CFO of the Trust. It is also reviewed by external counsel and an independent public accounting firm who signs the 990 as paid preparer. The form is distributed to the full voting board in advance of filing with the IRS. Form 990 - Enforcement of Conflicts Policy Form 990, Part VI, Section B, line 12c On an annual basis, all members of the governing board, officers, and senior staff are required to review the conflict of interest policy and complete a questionnaire concerning compliance. The forms are reviewed by the General Counsel to ensure ongoing compliance, and to determine whether or not a conflict exists. A conflict with respect to a potential transaction is required to be disclosed, and the conflicted staff or board member is excluded from participating in deliberations and decisions concerning the matter. Form 990 - Compensation Process for Top Official Form 990, Part VI, Section B, line 15a The Trust has established a Compensation Committee comprised of several independent members of the Board of Directors to set compensation of the President after reviewing comparability data provided by a compensation consultant engaged to evaluate the President's compensation package and compare the President's compensation to industry standards. The Committee uses this information to provide a recommendation to the full Board of Directors, which determines the President's compensation for the year. Form 990 - Compensation Process for Officers Form 990, Part VI, Section B, line 15b Officers receive annual performance appraisals from the President, or their supervisor if the supervisor is not the President. Officer compensation is evaluated for reasonableness after review of the comparability data, through review of salary surveys and the periodic engagement of an independent compensation consultant to compare salaries to industry standards. The Board of Directors approves compensation for officers as a component of annual budgets. Form 990 - Governing Documents Disclosure Explanation Form 990, Part VI, Section C, line 19 The Trust makes its Form 990 and financial statements available for public inspection upon request and on the Trust's website www.nycommunitytrust.org. The Trust makes its Form 1023, Resolution & Declaration of Trust, Certificate of Incorporation, and conflict of interest policy available for public inspection upon request. Form 990 - Other Changes in Net Assets Explanation Form 990, Part XI, line 9 Other changes in net assets or fund balances represent other pension and postretirement medical changes of $2,547,952 and other components of net periodic cost of $1,358,663. Form 990 - Net Assets Per the Accounting Standards Codification (ASC) net assets without donor restrictions are net assets which are not subject to donor-imposed stipulations, or the restrictions have expired and/or have been satisfied. Accounting standards further provide that if the governing body of an organization has the ability to remove a donor restriction, the contributions should be classified as net assets without donor restrictions. While many of the Trust's assets are subject to donor-imposed purpose and/or endowment restrictions, as a community foundation The Trust's governing documents provide for the exercise of "variance power," which is the Board's power to lift one or more restrictions in a gift instrument where changed circumstance have rendered literal compliance with the restriction unnecessary, undesirable, impractical, or impossible. Accounting standards further provide that if the governing body of an organization has the ability to remove a donor restriction, the contributions should be classified as net assets without donor restrictions. Accordingly, Part X, Line 27 classifies net assets of the Trust as net assets without donor restrictions, consistent with the audited financial statements. The James Foundation 21506 Maramec Spring Drive St James MO 65559 131614951 Park mgmt. MO 501(c)(3) 10 NYCT true CHARITABLE LEAD ANNUITY TRUST (1) CHARITABLE NY NYCT Trust 59979 341347 0.05998 true true true false false false false false false false false false false false false false true false false The James Foundation b 621000 Cash Charitable Lead Annuity Trust a 59979 FMV