Overview
What is Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp?
Building 77 Qalicb Inc CO, a Brooklyn Navy Yard Development Corp nonprofit, was established in 2014 for rehabilitating and operating a commercial property in Brooklyn, New York, totaling one million square feet. The property, owned by the City of New York and leased to the corporation, has approximately 668,394 leased square feet as of 2021 and 2022. The nonprofit sublets the space to commercial tenants and complies with NMTC program regulations to maintain tax credits. Its mission aligns with Brooklyn Navy Yard Development Corp, which promotes local economic development and job creation in the Brooklyn borough of New York City. The organization supports this mission by redeveloping underutilized areas at the Navy Yard, modernizing infrastructure and assets, and maintaining historical integrity, ultimately creating thousands of jobs for residents and the city.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 64% (Two-Star out of Four Stars)
Building 77 Qalicb Inc has received a Two-Star rating from Charity Navigator, indicating significant concerns primarily in the area of accountability and finance. The organization scored 64% in its overall evaluation, which is derived solely from its accountability measures. The lack of independent board members and a small board size are notable weaknesses that may affect governance and oversight.
On the positive side, the nonprofit demonstrates strong financial responsibility, as evidenced by a very low liabilities to assets ratio and a high program expense ratio of 97.17%. These figures suggest that the majority of its expenses are directed towards its programs rather than administrative costs. Additionally, the organization adheres to several key policies, such as conflict of interest and whistleblower protections, which are essential for transparency and accountability.
However, the organization struggles with transparency in its financial reporting, as indicated by the absence of financial statements on its website and the lack of a posted tax form. These limitations may hinder potential donors' ability to fully assess the organization’s financial health and decision-making processes. Overall, while Building 77 Qalicb Inc shows strengths in program spending, its governance and transparency practices could benefit from improvement.
This AI summary has been generated from information found on Charity Navigator.
Is Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp legitimate?
Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,917,499
For more financial information, click here
What is the mission statement of Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp?
Building 77 Qalicb Inc CO functions as a supportive organization, working in tandem with the Brooklyn Navy Yard Development Corporation (BNYDC). The primary mission of BNYDC is to foster local economic development and generate employment opportunities within New York City. In line with this objective, Building 77 Qalicb Inc CO focuses on revitalizing underutilized areas and overseeing infrastructure and asset modernization, ensuring historical preservation. By rehabilitating, redeveloping, and leasing Building 77 within the Navy Yard, thousands of jobs are created for the benefit of residents and the city.
Who is the CEO of Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp?
Paul Kelly is the Secretary, Director of Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp.
What is the revenue of Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp?
Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp's revenue in 2022 was $38,268,962.
Who are the executives of Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp and what are their salaries?
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $102,484
- Other: $17,433
- Compensation: $0
- Related: $169,629
- Other: $52,806
- Compensation: $0
- Related: $253,518
- Other: $98,773
- Compensation: $0
- Related: $253,008
- Other: $78,592
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp?
Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp
Building 77 Qalicb Inc CO, a supporting organization for the Brooklyn Navy Yard Development Corporation (BNYDC), is dedicated to advancing BNYDC's mission of fostering local economic development and job creation in the Brooklyn borough of New York City. By developing underutilized areas within the Navy Yard and overseeing infrastructure and asset modernization, Building 77 Qalicb Inc CO contributes significantly to this goal.
In pursuit of economic growth, Building 77 Qalicb Inc CO focuses on rehabilitating, redeveloping, and leasing Building 77 of the Navy Yard. This project is expected to generate thousands of jobs for both residents and the city, increasing employment opportunities and boosting the local economy. The organization's dedication to this cause extends beyond just economic development, as it also maintains the historical integrity of the Navy Yard.
At its core, Building 77 Qalicb Inc CO serves as a vital partner to BNYDC, working together to revitalize and transform underutilized areas within the Navy Yard. Through their collective efforts, they create an environment conducive to job creation and economic growth while preserving the historical significance of the Navy Yard.
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Impact
October, 2024
Building 77 Qalicb Inc plays a pivotal role in revitalizing the Brooklyn Navy Yard and fostering economic development in Brooklyn. By rehabilitating and leasing a significant commercial property, the organization contributes to job creation and enhances local economic stability.
The building, housing approximately 1,000,000 square feet of commercial rental space, supports a diverse range of businesses, fostering entrepreneurship and innovation in the area. With nearly 668,394 square feet leased as of late 2022, the impact on local employment is substantial, creating thousands of job opportunities for residents.
Additionally, the rehabilitation of underutilized spaces within the Navy Yard aligns with broader initiatives to modernize infrastructure while preserving historical significance. This balance of development and preservation not only enhances the aesthetic and functional value of the area but also attracts further investments.
By operating as a Qualified Active Low-Income Community Business under the New Markets Tax Credit program, Building 77 Qalicb Inc ensures that its economic activities have a meaningful impact on the local community, emphasizing inclusivity and support for low-income areas. Overall, its efforts in transforming the Brooklyn Navy Yard significantly contribute to the economic vitality and community improvement in Brooklyn, making it a crucial player in the region's development landscape.
This information is meant to be a general summary of Building 77 Qalicb Inc C/O Brooklyn Navy Yard Development Corp. 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: $82
- Program Service Revenue: $15,568,826
- Gross Receipts: $38,268,962
Assets and Liabilities:
- Total Assets: $191,889,432
- Total Liabilities: $13,289,469
- Net Assets: $178,599,963
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT - COMMERCIAL
Revenue
$12,333,961
OTHER RENTAL INCOME
Revenue
$3,234,865
Organization Details
Founding Year
2014
Phone
(718) 907-5900Principal Officer
Paul Kelly
Main Address
141 FLUSHING AVE 801, BROOKLYN, NY, 11205
NTEE Category
Code: S19 - Community improvement
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