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. |