New Water Street Corporation
- Assets
- $819.8m
- Revenue
- $159.6m
- Investments
- $0.0
- Employees
- 54
- Location
- New York, NY
- Founding
- 06/1995
- Data as of
- 12/2019
- EIN
- 51-0292269
Organization Overview
New Water Street Corporation is located in New York, NY. The organization was established in 1995. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2019, New Water Street Corporation employed 54 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2019, New Water Street Corporation generated $159.6m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $116.1m during the year ending 12/2019. While expenses have increased by 2.4% per year over the past 5 years. They've been increasing with an increasing level of total revenue. 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION OWNS AND LEASES AN OFFICE BUILDING. THE NET PROFITS ARE DISTRIBUTED FOR THE BENEFIT OF A QUALIFIED PENSION FUND FOR EMPLOYEES OF STATE OF ALABAMA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OWNS AND LEASES AN OFFICE BUILDING. THE NET PROFITS ARE DISTRIBUTED FOR THE BENEFIT OF A QUALIFIED PENSION FUND OF THE STATE OF ALABAMA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Palino Executive Vice-President, | Officer | 40 | $334,188 |
Timothy Salvemini Chief Financial Officer | Officer | 40 | $299,897 |
Dennis Gomez Key Employee | Officer | 40 | $222,559 |
Bryan Boylan Employee | 40 | $203,402 | |
Scott Bridgwood Vice-President Of Operatio | Officer | 40 | $191,365 |
William Paolini Employee | 40 | $178,902 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Structural Preservation System Llc Building Maintenance | 12/30/19 | $1,551,520 |
Fried Frank Harris Shriver Legal Services | 12/30/19 | $511,790 |
Tf Final Mile Llc Logistics | 12/30/19 | $233,241 |
Msa Security Security | 12/30/19 | $241,044 |
Harvard Protection Services Llc It Security | 12/30/19 | $3,764,687 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $157,871,046 |
| Investment income | $1,686,116 |
| 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 | $159,557,162 |
| 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. | $1,116,892 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,165,409 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,843,452 |
| Payroll taxes | $340,352 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $297,312 |
| Fees for services: Accounting | $153,898 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $54,352 |
| Advertising and promotion | $160,031 |
| Office expenses | $262,593 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $27,953,982 |
| Travel | $1,830 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $35,049,358 |
| Insurance | $6,141,720 |
| All other expenses | $0 |
| Total functional expenses | $116,095,343 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,547,882 |
| Savings and temporary cash investments | $69,768,962 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,600,383 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $237,174,229 |
| Net Land, buildings, and equipment | $490,687,843 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $819,779,299 |
| Accounts payable and accrued expenses | $21,090,479 |
| Grants payable | $0 |
| Deferred revenue | $5,483,627 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $26,574,106 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $186 |
| Paid-in or capital surplus, or land, building, or equipment fund | $419,604,822 |
| Retained earnings, endowment, accumulated income, or other funds | $373,600,185 |
| Total liabilities and net assets/fund balances | $819,779,299 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New York Independent System Operator Inc Rensselaer, NY | $572,900,275 | $198,696,118 |
New Water Street Corporation New York, NY | $819,779,299 | $159,557,162 |
Vermont Electric Cooperative Inc Johnson, VT | $196,995,451 | $85,903,869 |
Adams Electric Cooperative Inc Gettysburg, PA | $196,165,383 | $69,108,645 |
Tri-County Rural Electric Cooperative Inc Mansfield, PA | $105,968,434 | $33,532,307 |
United Electric Cooperative Inc Du BOIS, PA | $107,908,138 | $28,179,563 |
Central Electric Cooperative Inc Parker, PA | $117,271,252 | $27,173,900 |
Sussex Rural Electric Cooperative Inc Sussex, NJ | $47,880,366 | $22,049,218 |
Tm Forum Parsippany, NJ | $14,255,056 | $21,268,418 |
Somerset Rural Electric Cooperative Inc Somerset, PA | $42,860,966 | $24,160,288 |
Rea Energy Cooperative Inc Indiana, PA | $128,322,658 | $25,029,088 |
Valley Rural Electric Cooperative Inc Huntingdon, PA | $93,863,837 | $21,313,347 |