Overview
What is New Water Street Corp?
New Water Street Corp is a nonprofit organization headquartered in New York City, specifically at 55 Water Street in Manhattan, New York 10041. The primary mission of this organization is to generate profits by owning and leasing an office building. These net profits are then distributed to a qualified pension fund of the State of Alabama, aiming to benefit the employees of the state. The organization's workforce consists of approximately 50 individuals.
Official website here: www.55water.com
Is New Water Street Corp legitimate?
New Water Street Corp is a legitimate nonprofit organization registered as a 501(c)(25) entity. New Water Street 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: $1,221,242
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,696,695
For more financial information, click here
Official website here: www.55water.com
What is the mission statement of New Water Street Corp?
New Water Street Corp is an organization that manages an office building. The primary objective of the corporation is to generate net profits from the property's lease and distribute these earnings to a qualified pension fund for the benefit of Alabama state employees. By operating the office building, the organization contributes to the financial wellbeing of the pension fund and, by extension, the employees it supports. The organization's commitment to its mission ensures continuous revenue generation to maintain the building and provide for the pension fund. Through the successful management of the office building, New Water Street Corp plays a crucial role in the financial security of the state's employees.
Official website here: www.55water.com
Who is the CEO of New Water Street Corp?
Tim Salvemini is the President & Chairman of New Water Street Corp.
Official website here: www.55water.com
What is the revenue of New Water Street Corp?
New Water Street Corp's revenue in 2022 was $174,105,576.
Official website here: www.55water.com
Who are the executives of New Water Street Corp and what are their salaries?
The average compensation at New Water Street Corp during 2022 was $98,359. There are 50 employees at New Water Street Corp.
Here are 15 key members and their salaries:
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- Compensation: $325,060
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- Other: $40,239
- Compensation: $395,666
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- Other: $33,871
- Compensation: $210,898
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- Other: $8,361
- Compensation: $207,146
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- Compensation: $184,707
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- Compensation: $186,745
- Related: $0
- Other: $27,826
- Compensation: $194,497
- Related: $0
- Other: $17,499
- Compensation: $185,318
- Related: $0
- Other: $17,241
- Compensation: $209,170
- Related: $0
- Other: $28,386
Official website here: www.55water.com
Where can I find the form 990 for New Water Street Corp?
New Water Street Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.55water.com
Learn more at the official website: www.55water.com
Mission Statement of New Water Street Corp
New Water Street Corp, a mission-driven organization, channels its energy and resources towards the management and leasing of an office building. The primary objective of this corporation is not for personal gain but rather to contribute to the welfare of a qualified pension fund for the employees of the State of Alabama.
The organization's core activity revolves around owning and leasing an office building, generating net profits that are subsequently distributed for the sole purpose of bolstering the pension fund. By doing so, New Water Street Corp plays a pivotal role in ensuring the financial security and stability of Alabama's state employees in their retirement years.
This unique business model allows New Water Street Corp to combine its commercial operations with a socially responsible mission. By focusing on the long-term benefits of its tenants and the state's workforce, the organization encapsulates a strong commitment to community development and the wellbeing of its stakeholders.
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Impact
October, 2024
New Water Street Corp plays a significant role in supporting the financial well-being of employees in the State of Alabama through the operation of its office building. By managing this property and leasing it to tenants, the organization generates net profits that are strategically directed towards a qualified pension fund. This funding is crucial for providing retirement benefits to state employees, thereby enhancing their long-term security and stability.
Additionally, the corporation contributes to community improvement by maintaining a valuable real estate asset in New York, which can have positive economic implications for local businesses and the area. The net profits generated not only support the pension fund but also underscore the importance of responsible property management and investment in sustaining the livelihoods of state employees. Through its operations, New Water Street Corp effectively bridges the gap between real estate management and meaningful contributions to the community's future.
This information is meant to be a general summary of New Water Street 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: $968,773
- Program Service Revenue: $173,136,803
- Gross Receipts: $174,105,576
Assets and Liabilities:
- Total Assets: $813,065,701
- Total Liabilities: $21,849,259
- Net Assets: $791,216,442
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CONTRACTUAL RENT
Revenue
$150,776,592
RECOVERIES AND TENANT REIMBURSEME
Revenue
$22,360,211
Organization Details
Founding Year
1986
Phone
(212) 747-9120Principal Officer
Tim Salvemini
Main Address
55 WATER STREET, NEW YORK, NY, 10041
Website
www.55water.comNTEE Category
Code: S47 - Community improvement
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