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Norcorp INC FY2021 filing

Tax-deductible

Westbury, NY501(c)(3)EIN 13-3366748

To hold real or personal property on behalf of northern westchester hospital association.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
Is it a real charity?
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Are gifts tax-deductible?
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Is it filing on time?
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 years looks good.
IRS e-file · Filing history
Is it financially stable?
0 of 5
years in the black
Concern: 5 of the last 5 filings show a deficit.
Pt I · Ln 19 · 5 filings
How much reaches the programs?
100%
of spending
Looks good: 100% of spending went to programs; 75% or more looks good.
Pt IX · Ln 25 · col B
Do they carry debt?
$1.6M
liabilities
Looks good: debts are 42% of assets; 50% or less looks good.
Pt X · Ln 26
Who oversees it?
1
independent of 2 voting board members
Worth a look: 1 of 2 voting members are independent, not a majority.
Pt VI · Ln 1a–1b
Looks goodWorth a lookConcernTap a box for the reason.
Revenue
$126K
-0.6% vs prior year
Spent
$203K
To programs
100%
Net assets
$2.2M
By yearFY2020–FY2024
Revenue
$126K
FY2021▼ -0.6%
Revenue by fiscal year
FY2020$127K
FY2021$126K
FY2022$116K
FY2023$113K
FY2024$123K
Expenses
$203K
FY2021▼ -3%
Expenses by fiscal year
FY2020$208K
FY2021$203K
FY2022$203K
FY2023$203K
FY2024$203K
Net assets
$2.2M
FY2021▼ -3%
Net assets by fiscal year
FY2020$2.3M
FY2021$2.2M
FY2022$2.1M
FY2023$2.0M
FY2024$1.9M

From the FY2021 Form 990 · see the original

Form 990 (PDF) Claim
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Status and standing

Is it real, and can you give to it?

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Legal name (IRS)Hdr · item CNorcorp INC
EINHdr · item D13-3366748
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFJul 1987
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CWestbury, NY
NTEE classificationIRS BMFNonprofit

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $1.00
Program services100%$203K
Total functional expensesLn 25$203K

Financial health

Is it on solid ground?

Net inflow
-61%
revenue over expenses, this year
Pass-through gifts
0%
of revenue from contributions
Program spending
100%
of expenses reach stated programs

Summary of the Filing

Part I · fiscal year 2021 · Form 990
Total assets
$3.7M
FY2021▼ -5%
Total assets by fiscal year
FY2020$3.9M
FY2021$3.7M
FY2022$3.5M
FY2023$3.3M
FY2024$3.1M
Total liabilities
$1.6M
FY2021▼ -7%
Total liabilities by fiscal year
FY2020$1.7M
FY2021$1.6M
FY2022$1.4M
FY2023$1.3M
FY2024$1.2M
Revenue less expensesPt I · Ln 19−$77K
Total assetsPt X · Ln 16$3.7M
Program-expense ratioPt IX · col B100%
Voting members of governing bodyPt I · Ln 32
Independent voting membersPt I · Ln 41

Balance Sheet

Part X · end of year
CashLn 1—
Total assetsLn 16$3.7M
Total liabilitiesLn 26$1.6M
Total net assetsLn 32$2.2M

Statement of Revenue

Part VIII
Program service revenue100%$126K
Total revenueLn 12$126K

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves — · Operating expenses/yr $203K
Highly liquid reserves (cash & marketable securities on Pt X) ÷ monthly operating expenses (Pt IX total, less non-cash grants & depreciation when reported).
Where the money goes
Program services
Program services $203K · Total expenses $203K
100%
Management & General
Management & general $0 · Total expenses $203K
0%
Fundraising
Fundraising $0 · Total expenses $203K
0%
Cost to raise $1
Fundraising expense (2-yr avg) $0 · Solicited contributions (2-yr avg) $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue $126K
0%
Government reliance
Government grants — · Total revenue $126K
—
Earned-income share
Program service revenue $126K · Total revenue $126K
100%
Investment reliance
Investment income $0 · Total revenue $126K
0%
Program self-sufficiency
Program service revenue $126K · Total expenses $203K
62%
Growth & trend
Revenue growth (YoY)
This year $126K · Prior year $127K
-0.6%
Net-asset trend (YoY)
End of year $2.2M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $126K · Expenses $203K
-61%
Liabilities-to-Assets
Total liabilities — · Total assets $3.7M
—
Net-asset ratio
Net assets $2.2M · Total assets $3.7M
58%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $0 · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $3.7M
0%
People & payroll
Highest Reported Total Compensation
Individual Joel Seligman · Reported title President · Highest reported compensation $0 · Total expenses $203K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $0 · Total expenses $203K
0%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 100%——
Overhead ratio 0%——
Revenue growth -0.6%——
Investment management fee ratio 0%——
Legal fee ratio 0%——
Accounting fee ratio 0%——
Fundraising fee ratio 0%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Joel Seligman
President
$0Pt VII · Sec A
Michael Schwartz
Chairman/Director
$0Pt VII · Sec A
See Norcorp INC executive salaries →

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Governance & Policies

Part VI
  • 2Voting board membersPt VI · Ln 1a
  • 1Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aYes
  • Whistleblower policyPt VI · Ln 13Yes
  • Document retention policyPt VI · Ln 14Yes
  • Top official’s pay independently reviewedPt VI · Ln 15aYes
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Holds property for Northern Westchester Hospital Association.

Provided by the organization

This section is blank until Norcorp INC claims this page.

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Mission & Programs · Part III

Where the work happens

1 program service account for $203K of program spending, described in the organization's own filed words · FY2021.
01

Norcorp's primary program service activity is to receive and administer funds (rental income), and to hold real or personal property on behalf of northern westchester hospital association.

$203Kprogram expense

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Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2024 Latest $123K$203K+9% 990 PDF
FY2023 $113K$203K-3% 990 PDF
FY2022 $116K$203K-8% 990 PDF
FY2021 Viewing $126K$203K-0.6% 990 PDF
FY2020 $127K$208K 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

Full filing: Form 990 for FY2021

Every line we hold from the return, cited to its Part and line.
Part IX · Statement of functional expenses $202,800 across 29 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$0
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$0
IX-8 Pension plan contributions$0
IX-9 Other employee benefits$0
IX-10 Payroll taxes$0
IX-11a Management fees$0
IX-11b Legal fees$0
IX-11c Accounting fees$0
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for services$0
IX-12 Advertising and promotion$0
IX-13 Office expenses$0
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$0
IX-17 Travel$0
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortizationPrograms $202,800$202,800
IX-23 Insurance$0
IX-25 Total functional expensesPrograms $202,800 · Management $0 · Fundraising $0$202,800

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2021IRS
Classification, formation year, addressIRS Business Master File
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