Phipps Community Development Corporation in New York, New York (NY)

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Phipps Community Development Corporation
Employer Identification Number (EIN)132707665
Name of OrganizationPhipps Community Development Corporation
Address902 Broadway Fl 13, New York, NY 10010-6033
ActivitiesOther activity aimed t combating community deterioration, Combat juvenile delinquency, Other recreational activities
SubsectionCharitable Organization
Ruling Date03/1973
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
Exempt Organization StatusUnconditional Exemption
Tax Period12/2011
Assets$10,000,000 to $49,999,999
Income$10,000,000 to $49,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$16,187,608
Amount of Income$18,508,524
Form 990 Revenue Amount$19,372,758

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Financial snapshot ($)

Revenue for 2010

Assets for 2010

Analysis of Revenue and Expenses (for 2010)
Revenue and expenses per booksNet investment incomeAdjusted net incomeDisbursements for charitable purposes (cash basis only)
Total revenue$19,372,758$156,805$157,571
Contributions, gifts, grants, etc., received$19,215,187
Interest on savings and temporary cash investments$206
Dividends and interest from securities$117,587
Gross rents$0
Gross profit from sales of goods$0
Other income$766
Total expenses and disbursements$17,823,237$0$184,195$17,129,483
Compensation of officers, directors, trustees, etc.$0
Total operating and administrative expenses$17,823,237$0$17,129,483
Contributions, gifts, grants paid$0
Excess of revenue over expenses and disbursements$1,549,521
Net investment income$156,805
Adjusted net income$0
Balance Sheets (for 2010)
Book ValueFair Market Value
Total assets$16,555,688$16,555,688
Cash - non-interest-bearing$870,228
Investments-U.S. and state government obligations$1,609,830
Investments-corporate stock$2,295,847
Investments-corporate bonds$257,551
Investments-mortgage loans$0
Total liabilities$4,361,277
Mortgages and other notes payable$0
Total liabilities and net assets/fund balances$12,194,411
Capital Gains and Losses for Tax on Investment Income (for 2010)
Capital gain net income$39,012
Net capital loss$0
Excise Tax Based on Investment Income (for 2010)
Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income)No
Tax based on investment income$0
Total credits and payments$0
Any penalty for underpayment of estimated tax$0
Tax due$0
Amount to be credited to 2011 estimated tax$0
Statements Regarding Activities (for 2010)
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it participate or intervene in any political campaign?No
Was there a liquidation, termination, dissolution, or substantial contraction during the year?No
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for calendar year 2010 or the taxable year beginning in 2010?Yes
Statements Regarding Activities for Which Form 4720 May Be Required (for 2010)
During the year did the foundation (either directly or indirectly):
Engage in the sale or exchange, or leasing of property with a disqualified person?No
Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person?No
Furnish goods, services, or facilities to (or accept them from) a disqualified person?No
Pay compensation to, or pay or reimburse the expenses of, a disqualified person?No
Transfer any income or assets to a disqualified person (or make any of either available for the benefit or use of a disqualified person)?No
Agree to pay money or property to a government official?No
At the end of tax year 2010, did the foundation have any undistributed income for tax year(s) beginning before 2010?No
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year?No
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?No
During the year did the foundation pay or incur any amount to:
Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?No
Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive?No
Provide a grant to an individual for travel, study, or other similar purposes?No
Provide a grant to an organization other than a charitable, etc., organization described in section 509(a)(1), (2), or (3), or section 4940(d)(2)?No
Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals?No
Minimum Investment Return (for 2010)
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes$5,305,392
Net value of noncharitable-use assets$5,225,820
Minimum investment return$261,291
Distributable Amount (for 2010)
Distributable amount$0
Undistributed Income (for 2010)
Distributable amount for 2010$0
Undistributed income for 2010. This amount must be distributed in 2011$0
Private Operating Foundations (for 2010)
The lesser of the adjusted net income or the minimum investment return$261,291$0$0$0$261,291
Qualifying distributions made directly for active conduct of exempt activities$16,505,607$15,700,057$14,028,352$13,522,534$59,756,550
Value of all assets$16,555,688$13,360,637$13,718,285$13,772,880$57,407,490
Value of assets qualifying under section 4942(j)(3)(B)(i)$0$0$0$0$0
2/3 of minimum investment return$174,194$173,692$198,709$237,857$784,452
Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties)$0$0$0$0$0
Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)$0$0$0$0$0
Gross investment income$0$0$0$0$0
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