Overview
What is Prospect Park Alliance Inc?
Prospect Park Alliance Inc, based at 95 Prospect Park West, Brooklyn, New York, is a dedicated nonprofit organization that collaborates with the City of New York and the local community to restore, develop, and manage Prospect Park. With a workforce of 195 employees, the Alliance enhances the park's natural environment and preserves its historic design. They cater to park visitors by offering various recreational activities, events, and food services. Annually, Prospect Park attracts over 10 million visits, and the Alliance serves these visitors through fee-based activities such as a year-round tennis center and carousel rides, food and beverage services, and event coordination. The Alliance also sublicenses the LeFrak Center and works in harmony with the operator to provide diverse recreational opportunities.
Official website here: www.prospectpark.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 100% (Four-Star out of Four Star rating)
Prospect Park Alliance Inc has achieved an impressive Four-Star rating on Charity Navigator, reflecting a perfect score in the Accountability & Finance category. This rating indicates a strong commitment to transparency and effective financial management, with the organization demonstrating best practices in governance, oversight, and ethical standards, such as maintaining a majority independent board and comprehensive conflict of interest policies.
The organization excels in its financial ratios, showcasing a program expense ratio of 75.94% and a fundraising efficiency of $0.15, highlighting its effective allocation of resources towards its mission. Furthermore, the low liabilities to assets ratio of 6.98% indicates a stable financial position, ensuring the Alliance can sustain its operations and programs in the long term.
While the rating is outstanding, it is important for potential donors to continually review the organization's performance and impact in the community. However, the data indicates that Prospect Park Alliance is well-managed, with multiple checks in place to ensure accountability and transparency, making it a trustworthy nonprofit for support.
This AI summary has been generated from information found on Charity Navigator.
Is Prospect Park Alliance Inc legitimate?
Prospect Park Alliance Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Prospect Park Alliance Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,195,868
Professional Fundraising Fees: $326,475
Other Salaries and Wages: $6,223,089
For more financial information, click here
Official website here: www.prospectpark.org
What is the mission statement of Prospect Park Alliance Inc?
The Prospect Park Alliance works in collaboration with the City of New York and the community to restore, develop, and manage Prospect Park, ensuring its enjoyment for all. They prioritize the preservation of the natural environment and historic design, while providing facilities and programs to serve the public. The Alliance offers various fee-based recreational activities, hosts public and private events, and provides food service operations to enhance visitors' experiences. They also sublease the LeFrak Center, working closely with the operator to offer a range of year-round recreational activities.
Official website here: www.prospectpark.org
What is the revenue of Prospect Park Alliance Inc?
Prospect Park Alliance Inc's revenue in 2024 was $18,186,735.
Official website here: www.prospectpark.org
Who are the executives of Prospect Park Alliance Inc and what are their salaries?
The average compensation at Prospect Park Alliance Inc during 2024 was $34,995. There are 212 employees and 2595 volunteers at Prospect Park Alliance Inc.
Here are 39 key members and their salaries:
- Compensation: $295,385
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- Other: $41,846
- Compensation: $131,810
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- Other: $36,840
- Compensation: $142,712
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- Other: $19,079
- Compensation: $147,239
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- Other: $2,945
- Compensation: $126,692
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Official website here: www.prospectpark.org
Where can I find the form 990 for Prospect Park Alliance Inc?
Prospect Park Alliance Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.prospectpark.org
Learn more at the official website: www.prospectpark.org
Mission Statement of Prospect Park Alliance Inc
The Prospect Park Alliance, a dedicated partnership between the City of New York and the community, takes on the responsibility of restoring, developing, and operating Prospect Park for the enjoyment of all. Through their commitment to preserving the natural environment and historic design, they ensure the park remains a cherished and thriving space for visitors.
By caring for the park's landscape and historic structures, the Prospect Park Alliance enhances the public's experience and creates facilities that cater to various recreational activities. With over 10 million annual visitors, the organization offers a range of fee-based recreational activities, public and private events, and food service operations. These offerings include a year-round tennis center, summer carousel rides, and food and beverage services to refresh and recharge visitors. Prospect Park Alliance also serves as the sublicensor of the LeFrak Center, collaborating closely with the operator to provide an array of year-round recreational activities for parkgoers.
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Impact
October, 2024
Prospect Park Alliance Inc significantly enhances the experience of millions of visitors to Prospect Park, a vital green space in Brooklyn, NY. With over 10 million visits annually, the Alliance provides diverse recreational opportunities and facilities, ensuring that the park remains a cherished destination for relaxation and enjoyment. Through their year-round tennis center, seasonal carousel rides, and various public events, the Alliance fosters community engagement and promotes active lifestyles.
The organization plays a critical role in maintaining and developing the park, ensuring the preservation of its historic design while caring for its natural environment. By offering fee-based recreational activities and food services, they create a vibrant atmosphere that supports both private and public gatherings.
Furthermore, the Alliance collaborates closely with city officials and the community to enhance the park experience, thus contributing to the overall well-being of local residents and visitors alike. The amalgamation of recreational activities, community events, and environmental stewardship showcases the profound impact of Prospect Park Alliance Inc on the cultural and ecological fabric of Brooklyn.
This information is meant to be a general summary of Prospect Park Alliance Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $1,622,665
- Program Service Revenue: $8,645,211
- Gross Receipts: $18,902,468
Assets and Liabilities:
- Total Assets: $40,316,245
- Total Liabilities: $3,062,541
- Net Assets: $37,253,704
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Visitor services and events
Revenue
$6,154,563
Design and construction services
Revenue
$2,436,915
Field operations
Revenue
$53,733
Public programs
Revenue
$0
Organization Details
Founding Year
1987
Principal Officer
Morgan Monaco
Website
www.prospectpark.orgNTEE Category
Code: N32I - Recreation
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