Seventh Regiment Armory Conservancy INC: Nonprofit Profile, Financials & Form 990 (EIN 13-4086800)

Revenue by fiscal year
FY2020	$23.3M
FY2021	$25.9M
FY2022	$25.8M
FY2023	$23.0M
FY2024	$28.7M

Expenses by fiscal year
FY2020	$23.0M
FY2021	$27.7M
FY2022	$39.9M
FY2023	$35.1M
FY2024	$33.4M

Net assets by fiscal year
FY2020	$209.3M
FY2021	$299.9M
FY2022	$273.1M
FY2023	$267.1M
FY2024	$264.0M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 2000.

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

Where the money goes

85 cents of each dollar spent went to programs.

85%

Program services 85% · $28.3M Management & general 8% · $2.8M Fundraising 7% · $2.4M

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

38 people listed on the 990; $2.8M paid to officers and key staff.

Part VII, Section A · reportable compensation

Rebecca Robertson

President/Director

$605,503Pt VII · Sec A

Michael Lonergan

Chief Artistic Producer

$317,045Pt VII · Sec A

Patrick Galvin

Chief Development Officer

$266,568Pt VII · Sec A

Paul King

Director of Production

$265,661Pt VII · Sec A

Judith Rubin

Chief Financial Officer

$239,652Pt VII · Sec A

Thomas Trayer

Director of Marketing

$201,541Pt VII · Sec A

Oku Okoko

Director of Info. Technology

$184,297Pt VII · Sec A

Karen Quigley

VP, Capital Proj & Facilities

$180,704Pt VII · Sec A

Rebecca Robertson’s $606K as President/Director is at the 86th percentile of top reported officer pay among 749 $10–100M arts & culture 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	FY2024	FY2023	FY2022	FY2021	FY2020
Rebecca Robertson	$605,503	$593,163	$566,100	$577,326	$519,042
Melanie Forman	—	$308,441	$294,209	$289,381	$318,881
Michael Lonergan	$317,045	$276,716	$271,419	$205,419	$213,135
Patrick Galvin	$266,568	—	—	—	—
Paul King	$265,661	$249,911	$253,236	$242,869	$248,301
Judith Rubin	$239,652	$36,912	—	—	—
Jennifer Kim	—	$233,773	$228,311	$175,294	—
Elizabeth Frenkel	—	—	—	—	$224,740

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.

See Seventh Regiment Armory Conservancy INC executive salaries →

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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

Restores and revitalizes the historic Park Avenue Armory, transforming it into a vibrant contemporary arts institution for the public.

Provided by the organization

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1 program · $28.3M · in their own filed words · FY2024

01

See schedule o.

$28.3Mprogram 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 · FY2025

Wescustogo FoundationFY2025$100K

David L Klein JR FoundationFY2025$10K

Total grants receivedfrom 2 funders$110K

By the numbers

The FY2024 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$28.7M

Ln 12

Fees for servicesLn 2g$12.6M

Gifts and grantsLn 1h$10.3M

Investment incomeLn 3$6.4M

Money outPt IX

$33.4M

Ln 25

Programscol B$28.3M

Managementcol C$2.8M

Fundraisingcol D$2.4M

Owns and owesPt X

$264.0M

net assets · Ln 32

Cash and savingsLn 1–2$2.4M

Total assetsLn 16$268.3M

LiabilitiesLn 26$4.3M

PeoplePt VI, VII

38

listed · VII A

PaidVII A11

Voting boardVI 1a28

IndependentVI 1b27

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$10.3M

Government grantsLn 1e$155K

Noncash giftsLn 1g$963K

Fundraising eventsLn 1c$1.9M

Fees for servicesLn 2g$12.6M

Investment incomeLn 3$6.4M

Gains on assetsLn 7$4.9M

Total revenueLn 12$28.7M

Assets in detailPt X, end of year

CashLn 1$1.7M

SavingsLn 2$651K

Cash and savings togetherLn 1–2$2.4M

InvestmentsLn 11–13$80.7M

Land, buildings, equipmentLn 10c$93.5M

Other assetsLn 15$85.9M

Total assetsLn 16$268.3M

LiabilitiesLn 26$4.3M

Net assetsLn 32$264.0M

OperationsPt I, VI

EmployeesI 5486

VolunteersI 637

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

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

Line	Start FY24	End FY24
Cash and savingsLn 1–2	$2.8M	$2.4M
InvestmentsLn 11–13	$76.9M	$80.7M
Land, buildings, equipmentLn 10c	$101.0M	$93.5M
Total assetsLn 16	$271.9M	$268.3M
LiabilitiesLn 26	$4.9M	$4.3M
Net assetsLn 32	$267.1M	$264.0M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$0
Grants to domestic individualsLn 2	$0
Grants and assistance to foreign recipientsLn 3	$0
Benefits paid to or for membersLn 4	$0
Pay of current officers, directors and key staffLn 5	$2.0M	$1.4M	$268K	$357K
Pay of disqualified personsLn 6	$0
Other salaries and wagesLn 7	$6.5M	$4.5M	$850K	$1.1M
Pension plan contributionsLn 8	$232K	$161K	$30K	$41K
Other employee benefitsLn 9	$964K	$669K	$127K	$169K
Payroll taxesLn 10	$579K	$402K	$76K	$101K
Management feesLn 11a	$0
Legal feesLn 11b	$274K		$274K
Accounting feesLn 11c	$123K		$123K
Lobbying feesLn 11d	$0
Professional fundraising feesLn 11e	$0
Investment management feesLn 11f	$406K		$406K
Other fees for servicesLn 11g	$3.0M	$2.9M	$121K	$3K
Advertising and promotionLn 12	$1.7M	$1.4M	$77K	$219K
Office expensesLn 13	$506K	$274K	$52K	$180K
Information technologyLn 14	$0
RoyaltiesLn 15	$0
OccupancyLn 16	$896K	$876K	$16K	$4K
TravelLn 17	$951K	$893K	$38K	$20K
Travel and entertainment for public officialsLn 18	$0
Conferences, conventions and meetingsLn 19	$0
InterestLn 20	$0
Payments to affiliatesLn 21	$0
Depreciation, depletion and amortizationLn 22	$9.4M	$9.2M	$174K	$47K
InsuranceLn 23	$893K	$847K	$42K	$4K
Other expenses (24a–d)Ln 24	$4.9M	$4.7M	$61K	$114K
All other expensesLn 24e	$63K	$24K	$31K	$8K
Total functional expensesLn 25	$33.4M	$28.3M	$2.8M	$2.4M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest Viewing	$28.7M	$33.4M	−$4.7M	$264.0M	990 PDF
FY2023	$23.0M	$35.1M	−$12.1M	$267.1M	990 PDF
FY2022	$25.8M	$39.9M	−$14.1M	$273.1M	990 PDF
FY2021	$25.9M	$27.7M	−$1.9M	$299.9M	990 PDF
FY2020	$23.3M	$23.0M	$311K	$209.3M	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 FY2024 990 (6 parts)

Part I · Summary $28,748,363 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $8,831,234$10,262,650

I-9 Program service revenuePrior year $11,410,971$12,588,881

I-10 Investment incomePrior year $3,483,574$6,429,750

I-11 Other revenuePrior year −$713,166−$532,918

I-12 Total revenuePrior year $23,012,613$28,748,363

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 $9,816,578$10,293,195

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

I-17 Other expensesPrior year $25,315,325$23,134,283

I-18 Total expensesPrior year $35,131,903$33,427,478

I-19 Revenue less expensesPrior year −$12,119,290−$4,679,115

Part VI · Governance 27 of 28 board members independent, no flags

VI-1a Voting members of the governing body28

VI-1b Independent voting members27

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

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

Part VIII · Statement of revenue $28,748,363 across 13 lines filed

VIII-1c Fundraising events$1,935,071

VIII-1e Government grants$154,520

VIII-1f All other contributions, gifts and grants$8,173,059

VIII-1g Noncash contributions (included above)$963,445

VIII-1h Total contributions, gifts and grants$10,262,650

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $12,588,881$12,588,881

VIII-3 Investment incomeUnrelated business $20,174 · Excluded from tax $1,540,957$1,561,131

VIII-5 Royalties$0

VIII-6 Net rental income or loss$0

VIII-7 Net gain or loss on sales of assetsExcluded from tax $4,868,619$4,868,619

VIII-8 Net income from fundraising eventsExcluded from tax −$569,369−$569,369

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $0 · Excluded from tax $36,451$36,451

VIII-12 Total revenueRelated to mission $12,588,881 · Unrelated business $20,174 · Excluded from tax $5,876,658$28,748,363

Part IX · Statement of functional expenses $33,427,478 across 31 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 staffPrograms $1,414,353 · Management $267,516 · Fundraising $356,945$2,038,814

IX-6 Pay of disqualified persons$0

IX-7 Other salaries and wagesPrograms $4,494,459 · Management $850,095 · Fundraising $1,134,279$6,478,833

IX-8 Pension plan contributionsPrograms $160,800 · Management $30,414 · Fundraising $40,582$231,796

IX-9 Other employee benefitsPrograms $668,962 · Management $126,529 · Fundraising $168,828$964,319

IX-10 Payroll taxesPrograms $401,961 · Management $76,028 · Fundraising $101,444$579,433

IX-11a Management fees$0

IX-11b Legal feesManagement $274,113$274,113

IX-11c Accounting feesManagement $123,275$123,275

IX-11d Lobbying fees$0

IX-11e Professional fundraising fees$0

IX-11f Investment management feesManagement $405,681$405,681

IX-11g Other fees for servicesPrograms $2,911,291 · Management $121,219 · Fundraising $3,497$3,036,007

IX-12 Advertising and promotionPrograms $1,420,857 · Management $77,355 · Fundraising $219,422$1,717,634

IX-13 Office expensesPrograms $274,169 · Management $51,908 · Fundraising $179,720$505,797

IX-14 Information technology$0

IX-15 Royalties$0

IX-16 OccupancyPrograms $875,633 · Management $15,928 · Fundraising $4,325$895,886

IX-17 TravelPrograms $893,196 · Management $37,872 · Fundraising $19,736$950,804

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 $9,152,304 · Management $173,976 · Fundraising $47,240$9,373,520

IX-23 InsurancePrograms $847,126 · Management $41,608 · Fundraising $4,373$893,107

IX-24 Other expenses (24a–d)Programs $4,720,492 · Management $61,282 · Fundraising $113,698$4,895,472

IX-24e All other expensesPrograms $24,035 · Management $31,262 · Fundraising $7,690$62,987

IX-25 Total functional expensesPrograms $28,259,638 · Management $2,766,061 · Fundraising $2,401,779$33,427,478

Part X · Balance sheet $268,295,225 assets, 24 lines filed

X-1 Cash, non-interest-bearingStart of year $2,555,991$1,705,607

X-2 Savings and temporary cash investmentsStart of year $239,023$651,385

X-3 Pledges and grants receivableStart of year $2,964,236$4,309,827

X-4 Accounts receivableStart of year $852,253$894,848

X-8 Inventories for sale or useStart of year $0$0

X-9 Prepaid expenses and deferred chargesStart of year $683,505$561,719

X-10c Land, buildings and equipment, netStart of year $100,987,599$93,546,494

X-11 Publicly traded securitiesStart of year $66,900,959$65,214,772

X-12 Other securitiesStart of year $9,950,675$15,490,064

X-13 Program-related investmentsStart of year $0$0

X-14 Intangible assetsStart of year $0$0

X-15 Other assetsStart of year $86,771,683$85,920,509

X-16 Total assetsStart of year $271,905,924$268,295,225

X-17 Accounts payable and accrued expensesStart of year $1,968,678$1,873,817

X-18 Grants payableStart of year $0$0

X-19 Deferred revenueStart of year $2,884,134$2,388,701

X-20 Tax-exempt bond liabilitiesStart of year $0$0

X-24 Unsecured notes and loans payableStart of year $0$0

X-25 Other liabilitiesStart of year $0$0

X-26 Total liabilitiesStart of year $4,852,812$4,262,518

X-27 Net assets without donor restrictionsStart of year $101,492,508$94,062,494

X-28 Net assets with donor restrictionsStart of year $165,560,604$169,970,213

X-32 Total net assets or fund balancesStart of year $267,053,112$264,032,707

X-33 Total liabilities and net assetsStart of year $271,905,924$268,295,225

Part XI · Reconciliation of net assets $264,032,707 net assets at year end

XI-1 Total revenue$28,748,363

XI-2 Total expenses$33,427,478

XI-3 Revenue less expenses−$4,679,115

XI-4 Net assets at start of year$267,053,112

XI-5 Net unrealized gains (losses) on investments$1,658,710

XI-10 Net assets at end of year$264,032,707

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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