Brooklyn Navy Yard Development Corporation: Nonprofit Profile, Financials & Form 990 (EIN 11-2137138)

Revenue by fiscal year
FY2020	$71.4M
FY2021	$68.4M
FY2022	$82.2M
FY2023	$119.3M
FY2024	$129.6M
FY2025	$157.2M

Expenses by fiscal year
FY2020	$68.8M
FY2021	$79.4M
FY2022	$104.7M
FY2023	$91.3M
FY2024	$100.7M
FY2025	$96.7M

Net assets by fiscal year
FY2020	$371.2M
FY2021	$360.1M
FY2022	$337.7M
FY2023	$365.5M
FY2024	$394.3M
FY2025	$453.9M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 1982.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

77 cents of each dollar spent went to programs.

77%

23%

Program services 77% · $74.7M Management & general 23% · $22.0M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

50 people listed on the 990; $4.2M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Lindsay Greene

President and CEO

$287,172Pt VII · Sec A

Naser Gjeloshi

EVP and COO

$277,192Pt VII · Sec A

Paul Kelly

Gen. Counsel and EVP

$268,956Pt VII · Sec A

Wimal Ariyawansa

CFO and EVP

$267,364Pt VII · Sec A

Gbenga Dawodu

Creo (term 04/11/25)

$265,497Pt VII · Sec A

Shanny Spraus-Reinhardt

Chief Impact Officer & EVP

$264,212Pt VII · Sec A

Ari Schneiderman

SR. VP, Technology

$212,825Pt VII · Sec A

Kerry a Keegan

SR. VP, Design & Construction

$207,776Pt VII · Sec A

Lindsay Greene’s $287K as President and CEO is at the 7th percentile of top reported officer pay among 44 $100M+ community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
David Ehrenberg	—	—	$189,479	$298,401	$297,690	$292,144
Lindsay Greene	$287,172	$291,282	$227,061	—	—	—
Naser Gjeloshi	$277,192	$271,732	$261,656	$243,478	$220,923	$167,462
Paul Kelly	$268,956	$264,367	$253,008	$244,069	$226,261	$223,400
Wimal Ariyawansa	$267,364	$262,290	$253,518	$244,849	$227,297	$223,557
Gbenga Dawodu	$265,497	—	—	—	—	—
Johanna Greenbaum	—	—	$264,837	$252,555	$234,482	—
Shanny Spraus-Reinhardt	$264,212	$259,181	—	—	—	—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Manages the Brooklyn Navy Yard to create jobs by supporting small businesses.

Provided by the organization

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1 program · $74.7M · in their own filed words · FY2024

01

To manage the brooklyn navy yard for the city of new york, specifically to expand job opportunites for new yorkers by fostering the development of small businesses.

$74.7Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record

Grants received · FY2024

Tiger FoundationFY2024$250K

Robin Hood FoundationFY2024$150K

Solon E Summerfield Foundation INCFY2024$50K

The Blackbaud Giving FundFY2024$20K

TD Charitable FoundationFY2024$20K

Total grants receivedfrom 5 funders$490K

See all 5 funders →

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$157.2M

Ln 12

Gifts and grantsLn 1h$82.2M

Fees for servicesLn 2g$67.5M

Other incomeLn 4–11$4.6M

Money outPt IX

$96.7M

Ln 25

Programscol B$74.7M

Managementcol C$22.0M

Owns and owesPt X

$453.9M

net assets · Ln 32

Cash and savingsLn 1–2$11.1M

Total assetsLn 16$1.1B

LiabilitiesLn 26$630.1M

PeoplePt VI, VII

50

listed · VII A

PaidVII A19

Voting boardVI 1a27

IndependentVI 1b27

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$82.2M

Government grantsLn 1e$66.5M

Fees for servicesLn 2g$67.5M

Investment incomeLn 3$2.8M

Other incomeLn 4–11$4.6M

Gains on assetsLn 7$1.5M

Total revenueLn 12$157.2M

Assets in detailPt X, end of year

CashLn 1$2K

SavingsLn 2$11.1M

Cash and savings togetherLn 1–2$11.1M

InvestmentsLn 11–13$157.8M

Land, buildings, equipmentLn 10c$351.8M

Other assetsLn 15$491.5M

Total assetsLn 16$1.1B

LiabilitiesLn 26$630.1M

Net assetsLn 32$453.9M

OperationsPt I, VI

EmployeesI 5432

VolunteersI 625

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13No

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$13.7M	$11.1M
InvestmentsLn 11–13	$157.8M	$157.8M
Land, buildings, equipmentLn 10c	$305.7M	$351.8M
Total assetsLn 16	$1.07B	$1.08B
LiabilitiesLn 26	$676.5M	$630.1M
Net assetsLn 32	$394.3M	$453.9M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Pay of current officers, directors and key staffLn 5	$4.3M		$4.3M
Other salaries and wagesLn 7	$17.6M	$11.8M	$5.8M
Pension plan contributionsLn 8	$1.4M	$482K	$965K
Other employee benefitsLn 9	$4.4M	$1.2M	$3.2M
Payroll taxesLn 10	$1.7M	$425K	$1.3M
Legal feesLn 11b	$1.0M		$1.0M
Accounting feesLn 11c	$106K		$106K
Other fees for servicesLn 11g	$975K	$975K
Advertising and promotionLn 12	$157K		$157K
Office expensesLn 13	$412K		$412K
Information technologyLn 14	$1.4M		$1.4M
OccupancyLn 16	$10.8M	$10.8M
TravelLn 17	$8K		$8K
InterestLn 20	$15.2M	$15.2M
Depreciation, depletion and amortizationLn 22	$19.3M	$19.3M
InsuranceLn 23	$4.5M	$4.4M	$72K
Other expenses (24a–d)Ln 24	$11.3M	$9.4M	$1.9M
All other expensesLn 24e	$2.0M	$762K	$1.3M
Total functional expensesLn 25	$96.7M	$74.7M	$22.0M	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$157.2M	$96.7M	$60.4M	$453.9M	990 PDF
FY2024	$129.6M	$100.7M	$28.9M	$394.3M	990 PDF
FY2023	$119.3M	$91.3M	$28.0M	$365.5M	990 PDF
FY2022	$82.2M	$104.7M	−$22.4M	$337.7M	990 PDF
FY2021	$68.4M	$79.4M	−$11.0M	$360.1M	990 PDF
FY2020	$71.4M	$68.8M	$2.7M	$371.2M	990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2025 990 (6 parts)

Part I · Summary $157,153,274 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $55,451,281$82,218,580

I-9 Program service revenuePrior year $69,310,247$67,463,039

I-10 Investment incomePrior year $2,969,110$2,824,361

I-11 Other revenuePrior year $1,829,659$4,647,294

I-12 Total revenuePrior year $129,560,297$157,153,274

I-13 Grants and similar amounts paidPrior year $0$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $28,602,358$29,494,422

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $72,074,853$67,251,394

I-18 Total expensesPrior year $100,677,211$96,745,816

I-19 Revenue less expensesPrior year $28,883,086$60,407,458

Part VI · Governance 27 of 27 board members independent, 1 to look at

VI-1a Voting members of the governing body27

VI-1b Independent voting members27

VI-13 Written whistleblower policyNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $157,153,274 across 10 lines filed

Lines not itemized here account for $277,930 of total revenue; see the IRS return.

VIII-1d Related organizations$14,890,000

VIII-1e Government grants$66,537,133

VIII-1f All other contributions, gifts and grants$791,447

VIII-1h Total contributions, gifts and grants$82,218,580

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $67,463,039$67,463,039

VIII-3 Investment incomeExcluded from tax $1,309,553$1,309,553

VIII-6 Net rental income or lossExcluded from tax $618,720$618,720

VIII-7 Net gain or loss on sales of assetsRelated to mission $1,514,808$1,514,808

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $3,750,644$3,750,644

VIII-12 Total revenueRelated to mission $73,006,421 · Unrelated business $0 · Excluded from tax $1,928,273$157,153,274

Part IX · Statement of functional expenses $96,745,816 across 18 lines filed

IX-5 Pay of current officers, directors and key staffManagement $4,341,015$4,341,015

IX-7 Other salaries and wagesPrograms $11,802,898 · Management $5,809,815$17,612,713

IX-8 Pension plan contributionsPrograms $482,328 · Management $964,686$1,447,014

IX-9 Other employee benefitsPrograms $1,199,412 · Management $3,160,412$4,359,824

IX-10 Payroll taxesPrograms $425,353 · Management $1,308,503$1,733,856

IX-11b Legal feesManagement $1,024,046$1,024,046

IX-11c Accounting feesManagement $105,825$105,825

IX-11g Other fees for servicesPrograms $975,186$975,186

IX-12 Advertising and promotionManagement $157,350$157,350

IX-13 Office expensesManagement $412,442$412,442

IX-14 Information technologyManagement $1,418,084$1,418,084

IX-16 OccupancyPrograms $10,814,089$10,814,089

IX-17 TravelManagement $8,474$8,474

IX-20 InterestPrograms $15,210,986$15,210,986

IX-22 Depreciation, depletion and amortizationPrograms $19,266,184$19,266,184

IX-23 InsurancePrograms $4,442,891 · Management $72,327$4,515,218

IX-24 Other expenses (24a–d)Programs $9,356,231 · Management $1,939,140$11,295,371

IX-24e All other expensesPrograms $761,711 · Management $1,286,428$2,048,139

IX-25 Total functional expensesPrograms $74,737,269 · Management $22,008,547 · Fundraising $0$96,745,816

Part X · Balance sheet $1,084,013,549 assets, 16 lines filed

Asset lines not itemized here account for $21,232,376; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $2,099$2,100

X-2 Savings and temporary cash investmentsStart of year $13,735,036$11,092,660

X-3 Pledges and grants receivableStart of year $4,355,804$8,291,589

X-4 Accounts receivableStart of year $36,374,655$37,023,491

X-9 Prepaid expenses and deferred chargesStart of year $3,929,210$5,209,084

X-10c Land, buildings and equipment, netStart of year $305,664,387$351,811,820

X-13 Program-related investmentsStart of year $157,805,564$157,805,564

X-15 Other assetsStart of year $527,706,354$491,544,865

X-16 Total assetsStart of year $1,070,805,485$1,084,013,549

X-17 Accounts payable and accrued expensesStart of year $15,194,601$14,267,961

X-19 Deferred revenueStart of year $14,003,476$27,893,270

X-24 Unsecured notes and loans payableStart of year $138,105,793$135,213,934

X-25 Other liabilitiesStart of year $509,240,030$452,728,804

X-26 Total liabilitiesStart of year $676,543,900$630,103,969

X-32 Total net assets or fund balancesStart of year $394,261,585$453,909,580

X-33 Total liabilities and net assetsStart of year $1,070,805,485$1,084,013,549

Part XI · Reconciliation of net assets $453,909,580 net assets at year end

XI-1 Total revenue$157,153,274

XI-2 Total expenses$96,745,816

XI-3 Revenue less expenses$60,407,458

XI-4 Net assets at start of year$394,261,585

XI-8 Prior period adjustments−$759,463

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$453,909,580

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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