2024-03-18T14:28:53-04:00 2023-06-30 133952752 DESANTIS KIEFER SHALL & SARCONE LLP 1675 RICHMOND ROAD STATEN ISLAND NY 103042317 990 2022-07-01 202849260 FAC CENTER LOCAL DEVELOPMENT CORPORATION FACC 7182372017 621 DEGRAW STREET BROOKLYN NY 11217 MICHELLE DE LA UZ SECRETARY 7182372017 2024-03-18 true MICHELLE DE LA UZ 999009999 false NICOLE M BULCROFT CPA P01463209 7183512233 2024-03-18 2022 2023-04-26 12:10:37Z MICHELLE DE LA UZ 621 DEGRAW STREET BROOKLYN NY 11217 3338292 false X N/A X 2004 NY THE MISSION OF THE ORGANIZATION IS TO REDUCE UNEMPLOYMENT AND EXPAND JOB OPPORTUNITIES IN THE SOUTH BROOKLYN AREA. 3 3 0 0 0 710159 717037 175 2539479 81776 710334 3338292 0 0 0 0 0 543844 805147 543844 805147 166490 2533145 4397685 6759552 3288365 3117087 1109320 3642465 THE MISSION OF THE ORGANIZATION IS TO REDUCE UNEMPLOYMENT AND EXPAND JOB OPPORTUNITIES IN THE SOUTH BROOKLYN AREA. false false 791147 717037 THE ORGANIZATION SERVES AS A COMMUNITY CENTER IN SOUTH BROOKLYN TO TRAIN INDIVIDUALS ON IMPROVING THEIR JOB SKILLS AND EMPLOYEE MARKETABILITY, ATTRACT OUT OF THE AREA BUSINESSES AND AGENCIES TO RELOCATE OR GROW TO THE LOCAL AREA AND REATIN LOCAL BUSINESSES AND AGENCIES. 791147 true false false false false false false false false false true false false true true true true false false false false false false false false false false false false true false false false false false false false false false false false false false true false false false true 7 0 0 false false false false false false false false X 3 3 false true false false true true true true true false false true true true true false true false false false NY X FIFTH AVENUE COMMITTEE INC 7182372017 621 DEGRAW STREET BROOKLYN NY 11217 MICHELLE DE LA UZ SECRETARY 0.50 34.50 X X 0 233154 10691 DANY CUNNIGHAM PRESIDENT 2.00 X X 0 0 0 JESSICA YAGER TREASURER 0.50 34.50 X X 0 0 0 233154 10691 false true false X RENTAL INCOME 531110 717037 717037 717037 493 493 2538986 2538986 2538986 2538986 PROPERTY TAX REFUND 81776 81776 81776 3338292 3337799 493 2515 2515 14000 14000 188 188 213994 213994 155688 155688 13074 13074 ASSET MANAGEMENT FEES 250000 250000 MANAGEMENT FEES 57525 57525 REPAIRS & MAINTENANCE 36777 36777 CLEANING SERVICE 35526 35526 25860 25860 805147 791147 14000 0 177273 1886417 254 1418 1452 6134536 2483035 3734615 3651501 484379 1219928 4397685 6759552 45783 76265 9975 3164432 2972647 68175 68175 3288365 3117087 X 1109320 3642465 1109320 3642465 4397685 6759552 X 2533145 X false true X true false X 695288 701396 707904 707392 717037 3529017 695288 701396 707904 707392 717037 3529017 3529017 41 176 70 175 493 955 41 176 70 175 493 955 1042 162130 2767 81776 247715 696371 863702 707974 710334 799306 3777687 0.93420 0.95470 0.00000 0.00000 X PART III, LINE 12 REIMBURSEMENTS 13,432 PROPERTY TAX REFUNDS 234,283 390000 390000 5744536 2483035 3261501 3651501 REPLACEMENT RESERVE 876407 DEFERRED RENT RECEIVABLE 237278 TENANT SECURITY DEPOSIT 68175 UNAMORTIZED LEASING COSTS 38068 1219928 TENANT SECURITY PAYABLE 68175 68175 X 3338292 3338292 3338292 805147 805147 805147 SCHEDULE D, PAGE 3, PART X ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE CORPORATION AND RECOGNIZE A TAX LIABILITY IF THE CORPORATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CORPORATION AND HAS DETERMINED THAT AS OF JUNE 30, 2023, THERE WERE NO MATERIAL UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. GENERALLY, THE LAST THREE YEARS OF THE CORPORATION CAN BE OPEN TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, BUT MANAGEMENT DOES NOT BELIEVE AN EXAMINATION WOULD HAVE A MATERIAL ADVERSE EFFECT ON THE CORPORATION. SCHEDULE D, PAGE 4, PART XII, LINE 4B BOOK / TAX DEPRECIATION DIFFERENCE 11,585 false false false false false false false false false MICHELLE DE LA UZ SECRETARY 233154 10647 44 243845 FORM 990, PAGE 6, PART VI, LINE 3 BOOKKEEPING, ACCOUNTING, MANAGEMENT REPORTING, COORDIANTE EFFORTS WITH THE OUTSIDE AUDITOR, MAINTAIN THE COMMON ELEMENTS OF THE PROPERTY, MANAGE TENANT ISSUES AND OTHER PROJECTS ON AN AS NEEDED BASIS. FORM 990, PAGE 6, PART VI, LINE 6 THE SOLE MEMBER OF THE ORGANIZATION IS FIFTH AVENUE COMMITTEE INC. FORM 990, PAGE 6, PART VI, LINE 7A THE DIRECTORS OF THE ORGANIZATION ARE ELECTED BY THE SOLE MEMBER DURING THE ANNUAL MEETING. FORM 990, PAGE 6, PART VI, LINE 7B MAJOR DECISIONS ARE DISCUSSED AND VOTED UPON BY BOARD MEMBERS. AT TIMES, THE BOARD MEMBERS SEEK THE OPINIONS OF THE MANAGEMENT COMPANY, LAWYERS, OUTSIDE AUDITOR AND OTHERS IN THE DECISION MAKING PROCESS. FORM 990, PAGE 6, PART VI, LINE 11B THE OUTSIDE AUDITOR PREPARES A DRAFT SET OF TAX RETURNS TO BE REVIEWED BY THE DIRECTOR OF FINANCE & IT. CORRECTIONS AND EDITS ARE DISCUSSED AND MADE, IF NECESSARY. THE OUTSIDE AUDITOR PREPARES A FINAL SET OF TAX RETURNS FOR SIGNATURE. FORM 990, PAGE 6, PART VI, LINE 12C THE ORGANIZATION HAS ADOPTED THE CONFLICT OF INTEREST POLICY AS USED BY THE SPONSOR/MANAGER OF THE ORGANIZATION WHICH IS ALSO A 501(C)(3). THE DIRECTOR OF FINANCE & IT OF THE MANAGEMENT COMPANY IS RESPONSIBLE FOR FINANCIAL RELATIONSHIPS BETWEEN THE ORGANIZATION AND OTHER ENTITIES. IF A POTENTIAL CONFLICT OF INTEREST ISSUE ARISES, THE DIRECTOR OF FINANCE & IT FOR FAC ADDRESSES THIS MATTER WITH THE DIRECTOR OF PROPERTY MANAGEMENT FOR RESOLUTION. AT TIMES, THE MANAGEMENT COMPANY CONSULTS WITH THE OUTSIDE AUDITOR ABOUT POTENTIAL CONFLICTS. FORM 990, PAGE 6, PART VI, LINE 19 UPON REQUEST, THE ORGANIZATION PROVIDES COPIES OF ITS GOVERNING DOCUMENTS, POLICIES AND AUDITED FINANCIAL STATEMENTS. FORM 990, PART VIII GAIN ON THE SALE OF AIR RIGHTS DURING THE YEAR ENDED JUNE 30, 2023, THE CORPORATION SOLD AIR RIGHTS, RECOGNIZING A GAIN OF 2,538,986. THE CORPORATION INCURRED AN ASSET MANAGEMENT FEE OF 250,000 RELATED TO THE SALE OF THE AIR RIGHTS, WHICH IT PAID TO A RELATED PARTY, FIFTH AVENUE COMMITTEE, INC. FOR THE YEAR ENDED JUNE 30, 2023. THE CORPORATION INTENDS TO USE THE PROCEEDS FROM THIS SALE TO PAY FOR BUILDING IMPROVEMENTS OVER THE NEXT SEVERAL YEARS. FORM 990, PART XI, LINE 9 BOOK / TAX DEPRECIATION DIFFERENCE 11,585 FIFTH AVENUE COMMITTEE INC 621 DEGRAW STREET BROOKLYN NY 11217 112475743 ADVANCE EC NY 501C3 7 N/A false false false false false false false false false false true false false true false false false false false false FIFTH AVENUE COMMITTEE INC M 307525 COST FIFTH AVENUE COMMITTEE INC J 387515 LEASE