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Corenet Global INC FY2020 filing

Not tax-deductible

New York, NY501(c)(6)Community Development EIN 45-5051907Revenue $1.3M in FY2020

On file with the IRSnewyorkcity.corenetglobal.org380 Lexington Ave Rm 5105, 10168-4703 · New York, NYTax-exempt since Aug 2014

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Chapter focused on education and providing a forum for corporate real estate executives

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
72¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average deficit $5K a year · under 1% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
72%
of spending
Fine: 72% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 2.4 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $7K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$29K
5% of total assets
Looks good: liabilities are 5% of assets; 50% or less.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.3M
Spent
$1.7M
To programs
72%
Net assets
$568K
By yearFY2020–FY2025
Revenue
$1.3M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$1.3M
FY2021$439K
FY2022$1.0M
FY2023$1.4M
FY2024$1.9M
FY2025$1.7M
Expenses
$1.7M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$1.7M
FY2021$407K
FY2022$1.0M
FY2023$956K
FY2024$1.9M
FY2025$1.8M
Net assets
$568K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$568K
FY2021$627K
FY2022$630K
FY2023$1.0M
FY2024$1.0M
FY2025$983K

From the FY2020 Form 990 (year ending March 2020) · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 2014.

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

Where the money goes

72 cents of each dollar spent went to programs.

Program services 72% · $1.3M Management & general 28% · $482K

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

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
$0Pt VII · Sec A
Neil Austin
President
$0Pt VII · Sec A
Frank Cuevas
Treasurer
$0Pt VII · Sec A
Sarah Brown
Secretary
$0Pt VII · Sec A
Tommy O'Halloran
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Corenet Global 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 15aNo

Programs and updates

Educates corporate real estate executives and provides a forum for them.

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Provided by the organization

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1 program · $1.3M · in their own filed words · FY2019
01

The organization held several events for its members. The main event included an annual dinner which produced a combined attendance of over 700 guests. Other smaller events throughout the fiscal year including programs which are held quarterly and are designed to present industry topics that are current in nature and promote discussions…

$1.3Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2020
Carpenter Contractor Alliance of Metropolitan New York INCFY2020$7K
Total grants receivedfrom 1 funder$7K
Grants paid · 5 grants · $44K · 2019–2019
Coro New York Leadership CenterNY · FY2019$20,000
Fordham UniversityNY · FY2019$6,000
New York UniversityNY · FY2019$6,000
The Trustees of Columbia University in the City of New YorkNY · FY2019$6,000
Pratt InstituteNY · FY2019$6,000

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.3M
Ln 12
Fees for servicesLn 2g$1.2M
Other incomeLn 4–11$68K
Investment incomeLn 3$18K
Money outPt IX
$1.7M
Ln 25
Programscol B$1.3M
Managementcol C$482K
Owns and owesPt X
$568K
net assets · Ln 32
Cash and savingsLn 1–2$347K
Total assetsLn 16$597K
LiabilitiesLn 26$29K
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.2M
Investment incomeLn 3$18K
Other incomeLn 4–11$68K
Gains on assetsLn 7$7K
Total revenueLn 12$1.3M
Assets in detailPt X, end of year
CashLn 1$282K
SavingsLn 2$65K
Cash and savings togetherLn 1–2$347K
InvestmentsLn 11–13$250K
Total assetsLn 16$597K
LiabilitiesLn 26$29K
Net assetsLn 32$568K
OperationsPt I, VI
EmployeesI 50
VolunteersI 611
Fiscal year endsHeaderMarch
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$522K$347K
InvestmentsLn 11–13$500K$250K
Total assetsLn 16$1.0M$597K
LiabilitiesLn 26$40K$29K
Net assetsLn 32$982K$568K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$44K$44K
Other fees for servicesLn 11g$125K$20K$105K
Office expensesLn 13$25K$11K$14K
Information technologyLn 14$4K$4K
TravelLn 17$539$410$129
Other expenses (24a–d)Ln 24$1.5M$1.1M$353K
All other expensesLn 24e$57K$51K$6K
Total functional expensesLn 25$1.7M$1.3M$482K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.7M$1.8M−$64K$983K 990 PDF
FY2024 $1.9M$1.9M$7K$1.0M 990 PDF
FY2023 $1.4M$956K$410K$1.0M 990 PDF
FY2022 $1.0M$1.0M−$3K$630K 990 PDF
FY2021 $439K$407K$32K$627K 990 PDF
FY2020 Viewing $1.3M$1.7M−$413K$568K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $1,318,813 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $1,316,091$1,233,387
I-10 Investment incomePrior year $30,334$17,640
I-11 Other revenuePrior year $67,438$67,786
I-12 Total revenuePrior year $1,413,863$1,318,813
I-13 Grants and similar amounts paidPrior year $41,500$44,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,647,325$1,688,131
I-18 Total expensesPrior year $1,688,825$1,732,131
I-19 Revenue less expensesPrior year −$274,962−$413,318
Part VI · Governance 11 of 11 board members independent, 3 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members11
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $1,318,813 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,233,387$1,233,387
VIII-3 Investment incomeExcluded from tax $10,680$10,680
VIII-7 Net gain or loss on sales of assetsExcluded from tax $6,960$6,960
VIII-8 Net income from fundraising eventsExcluded from tax $67,786$67,786
VIII-12 Total revenueRelated to mission $1,233,387 · Unrelated business $0 · Excluded from tax $85,426$1,318,813
Part IX · Statement of functional expenses $1,732,131 across 7 lines filed
IX-1 Grants to domestic organizationsPrograms $44,000$44,000
IX-11g Other fees for servicesPrograms $19,500 · Management $105,061$124,561
IX-13 Office expensesPrograms $11,103 · Management $14,115$25,218
IX-14 Information technologyManagement $4,117$4,117
IX-17 TravelPrograms $410 · Management $129$539
IX-24 Other expenses (24a–d)Programs $1,123,771 · Management $352,773$1,476,544
IX-24e All other expensesPrograms $51,495 · Management $5,657$57,152
IX-25 Total functional expensesPrograms $1,250,279 · Management $481,852 · Fundraising $0$1,732,131
Part X · Balance sheet $596,629 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $474,711$281,646
X-2 Savings and temporary cash investmentsStart of year $47,342$64,983
X-11 Publicly traded securitiesStart of year $500,000$250,000
X-16 Total assetsStart of year $1,022,053$596,629
X-17 Accounts payable and accrued expensesStart of year $13,757$1,651
X-19 Deferred revenueStart of year $26,328$26,850
X-26 Total liabilitiesStart of year $40,085$28,501
X-27 Net assets without donor restrictionsStart of year $981,968$568,128
X-32 Total net assets or fund balancesStart of year $981,968$568,128
X-33 Total liabilities and net assetsStart of year $1,022,053$596,629
Part XI · Reconciliation of net assets $568,128 net assets at year end
XI-1 Total revenue$1,318,813
XI-2 Total expenses$1,732,131
XI-3 Revenue less expenses−$413,318
XI-4 Net assets at start of year$981,968
XI-9 Other changes in net assets−$522
XI-10 Net assets at end of year$568,128

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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