New York City Energy Efficiency Corporation
- Assets
- $44.3m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 15
- Location
- New York, NY
- Founding
- 11/2012
- Data as of
- 06/2023
- EIN
- 27-3731338
Organization Overview
New York City Energy Efficiency Corporation is located in New York, NY. The organization was established in 2012. According to its NTEE Classification (C35) the organization is classified as: Energy Resources Conservation & Development, under the broad grouping of Environment and related organizations. As of 06/2023, New York City Energy Efficiency Corporation employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New York City Energy Efficiency Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, New York City Energy Efficiency Corporation generated $4.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.9%) each year. All expenses for the organization totaled $6.1m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
DELIVERING FINANCING SOLUTIONS AND ADVANCING MARKETS FOR ENERGY EFFICIENCY AND CLEAN ENERGY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THROUGH THE END OF FY 2023, NYCEEC HAD MOBILIZED MORE THAN $445 MILLION IN CAPITAL SINCE LAUNCHING OPERATIONS. NYCEEC CONTINUED TO SERVE LOW-TO MODERATE INCOME (LMI) POPULATIONS, GREENING MORE THAN 15,000 AFFORDABLE HOUSING UNITS TO-DATE, WITH 85% NYCEEC-FINANCED PROJECTS IN FY 2023 BEING AFFORDABLE. NYCEEC INVESTED IN START-UP EFFORTS FOR THE CITY OF NEW YORK'S COMMERCIAL PROPERTY ASSESSED CLEAN ENERGY (C-PACE) PROGRAM, WHICH SAW CUMULATIVE VOLUME OF $117 MILLION THROUGH FY 2023.IN ADDITION, NYCEEC CONTINUED TO DEEPEN AND EXPAND PARTNERSHIPS WITH DEVELOPERS, HOUSING AGENCIES, CONTRACTORS, AND GOVERNMENT PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ashok Gupta Board Member | Trustee | 1 | $0 |
Bruce Schlein Board Member | Trustee | 1 | $0 |
Elizabeth Zeldin Board Member | Trustee | 1 | $0 |
J Gregory Hale Board Member | Trustee | 1 | $0 |
Jeffrey I Brodsky Board Member And Chairperson | OfficerTrustee | 1 | $0 |
Joe Chavez Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Burchman Terrio Quist Llc Accounting Serivces | 6/29/19 | $146,074 |
Otterbourg Legal Services | 6/29/19 | $136,312 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,192,855 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,571,175 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,764,030 |
| Total Program Service Revenue | $1,979,379 |
| Investment income | $111,254 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,854,663 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $570,094 |
| Compensation of current officers, directors, key employees. | $99,492 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,488,240 |
| Pension plan accruals and contributions | $757 |
| Other employee benefits | $137,402 |
| Payroll taxes | $149,703 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $91,939 |
| Fees for services: Accounting | $35,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $387,153 |
| Advertising and promotion | $0 |
| Office expenses | $85,917 |
| Information technology | $77,152 |
| Royalties | $0 |
| Occupancy | $173,964 |
| Travel | $20,404 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $574,142 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,827 |
| Insurance | $40,575 |
| All other expenses | $0 |
| Total functional expenses | $6,098,812 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,027,665 |
| Savings and temporary cash investments | $13,568,082 |
| Pledges and grants receivable | $1,093,066 |
| Accounts receivable, net | $201,323 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $24,365,448 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $116,485 |
| Net Land, buildings, and equipment | $4,711 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $874,956 |
| Total assets | $44,251,736 |
| Accounts payable and accrued expenses | $947,777 |
| Grants payable | $0 |
| Deferred revenue | $60,734 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $124,378 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $13,311,790 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $739,999 |
| Total liabilities | $15,184,678 |
| Net assets without donor restrictions | $3,304,318 |
| Net assets with donor restrictions | $25,762,740 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $44,251,736 |