Overview
What is 47th Street Business Improvement District Inc?
The 47th Street Business Improvement District Inc, located in New York City, is a nonprofit organization primarily focused on enhancing the aesthetic and safety of the Diamond District. Established by local merchants and landlords, its main objective is to boost the economic development activities within the Diamond District. To achieve this, the organization undertakes various initiatives, such as maintaining clean streets, removing garbage and graffiti, and improving the overall appearance of the district through projects like lighting and public fixtures. Additionally, the 47th Street Business Improvement District provides security and marketing services, serving to enhance the experience for both merchants and consumers in the area. With a dedicated workforce of one individual, the organization strives to make the Diamond District a safer, cleaner, and more beautiful place to conduct business and shop.
Official website here: www.diamonddistrict.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 96% (Four-Star out of Four Star rating)
The 47th Street Business Improvement District Inc has received a commendable Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The score, which is entirely derived from the Accountability & Finance beacon, highlights the organization’s commitment to transparency and effective financial management, crucial for donor trust.
The nonprofit boasts an impressive score of 96% in accountability, with a fully independent board consisting of 24 members and no material diversion of assets. Furthermore, the organization meets all necessary requirements for financial oversight, including an Audit and Oversight Committee and established policies on conflict of interest and whistleblowing, which strengthens its governance practices.
While the organization excels in financial practices, the summary does not provide insights into program effectiveness or impact, which are critical for understanding the overall effectiveness of its initiatives. Nonetheless, its financial health appears robust, with a high program expense ratio indicating that a significant portion of its funds is directed towards its mission-related activities.
This AI summary has been generated from information found on Charity Navigator.
Is 47th Street Business Improvement District Inc legitimate?
47th Street Business Improvement District Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. 47th Street Business Improvement District 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: $156,168
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.diamonddistrict.org
What is the mission statement of 47th Street Business Improvement District Inc?
The 47th Street Business Improvement District was established by merchants and landlords in the Diamond District to boost the economic development activities in the area. The primary objective of this organization is to enhance the safety, cleanliness, and aesthetic appeal of the district, making it an appealing destination for both merchants and consumers who conduct business within the Diamond District. The 47th Street Business Improvement District focuses on providing security, sanitation, and marketing services to contribute to the overall well-being and success of the jewelry merchants in the area.
Official website here: www.diamonddistrict.org
Who is the CEO of 47th Street Business Improvement District Inc?
Fertig Avi is the President of 47th Street Business Improvement District Inc.
Official website here: www.diamonddistrict.org
What is the revenue of 47th Street Business Improvement District Inc?
47th Street Business Improvement District Inc's revenue in 2022 was $1,395,715.
Official website here: www.diamonddistrict.org
Who are the executives of 47th Street Business Improvement District Inc and what are their salaries?
The average compensation at 47th Street Business Improvement District Inc during 2022 was $156,168. There is 1 employee and 25 volunteers at 47th Street Business Improvement District Inc.
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- Compensation: $152,000
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Official website here: www.diamonddistrict.org
Where can I find the form 990 for 47th Street Business Improvement District Inc?
47th Street Business Improvement District Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.diamonddistrict.org
Learn more at the official website: www.diamonddistrict.org
Mission Statement of 47th Street Business Improvement District Inc
The 47th Street Business Improvement District Inc was established by merchants and landlords in New York's Diamond District with a mission to enhance the economic development activities within the area. This organization, known as the 47th Street BID, aims to achieve three primary objectives: providing security, ensuring cleanliness, and promoting marketing services. The ultimate goal is to make the Diamond District a safer, cleaner, and more attractive destination for both merchants and consumers who conduct business and shop within the district. By fulfilling these objectives, the 47th Street BID seeks to contribute to the overall success and growth of the Diamond District.
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Impact
October, 2024
The impact of the 47th Street Business Improvement District Inc. is substantial in enhancing the economic vitality and overall environment of New York's Diamond District. By providing essential services such as security, sanitation, and marketing for jewelry merchants, the organization plays a crucial role in maintaining a safe and inviting atmosphere for both businesses and consumers.
Their efforts in sanitation and streetscape maintenance ensure that the area remains clean and visually appealing. This includes the regular removal of garbage and graffiti, as well as initiatives aimed at improving public spaces through better lighting and aesthetics. Such enhancements not only contribute to a more beautiful environment but also foster a sense of pride among merchants and make the district more attractive to shoppers.
Furthermore, by focusing on the economic development activities of the Diamond District, the organization helps to strengthen the community of jewelry merchants and landlords, promoting collaboration and resilience within the area. Overall, the 47th Street Business Improvement District Inc. significantly contributes to a safer, cleaner, and more beautiful district, benefiting businesses and enhancing the shopping experience for all visitors.
This information is meant to be a general summary of 47th Street Business Improvement District 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 2022.
- Investment Income: $211
- Program Service Revenue: $1,360,504
- Gross Receipts: $1,395,715
Assets and Liabilities:
- Total Assets: $549,223
- Total Liabilities: $26,102
- Net Assets: $523,121
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENT REVENUE
Revenue
$900,000
PROGRAM SERVICE INCOME
Revenue
$460,504
Organization Details
Founding Year
1997
Phone
(212) 302-5739Principal Officer
Fertig Avi
Main Address
580 5TH AVE 323, NEW YORK, NY, 100364701
Website
www.diamonddistrict.orgNTEE Category
Code: S31 - Community improvement
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