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Local 79 Realty Corp FY2022 filing

New York, NYMutual-benefit / member-servingSince 2017 EIN 82-2946166Revenue $720K in FY2022

On file with the IRS131 W 33rd Street 7th Floor, 10001-2908 · New York, NYTax-exempt since Jun 2018

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The purpose of the building Corp is to act as nominee for the union by holding the title to real estate.

Mission: Form 990 Part I, line 1

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
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
0 of 6
filings with a surplus
Average deficit $318K a year · 51% of revenue · last 6 filings
Concern: a surplus in 0 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.8 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$21.4M
110% of total assets
Concern: liabilities are 110% of assets; over 80%.
Pt X · Ln 26
Independent board members
0
of 2 voting members
Concern: none of 2 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$720K
<0.01% vs prior year
Spent
$958K
Net assets
−$1.9M
By yearFY2020–FY2025
Revenue
$720K
FY2022<0.01%
Tap a bar for its year
Revenue by fiscal year
FY2020$101K
FY2021$720K
FY2022$720K
FY2023$720K
FY2024$742K
FY2025$764K
Expenses
$958K
FY2022▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2020$929K
FY2021$911K
FY2022$958K
FY2023$947K
FY2024$940K
FY2025$988K
Net assets
−$1.9M
FY2022▼ -14%
Tap a bar for its year
Net assets by fiscal year
FY2020−$1.5M
FY2021−$1.7M
FY2022−$1.9M
FY2023−$2.1M
FY2024−$2.3M
FY2025−$2.5M

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2022 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 Jun 2018.

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

Who runs it and what they're paid

2 people listed on the 990.

Part VII, Section A · reportable compensation
Michael J Prohaska
Director/President
$0Pt VII · Sec A
Anthony J Vita
Director/Secretary/Treas
$0Pt VII · Sec A
See Local 79 Realty Corp 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

Holds title to real estate as nominee for the union.

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1 program · in their own filed words · FY2022
01

The purpose of the building corp is to act as nominee for the union by holding the title to real estate.

Pt IX · col B

Funders

Who pays for it.

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

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$720K
Ln 12
Fees for servicesLn 2g$720K
Investment incomeLn 3$8
Money outPt IX
$958K
Ln 25
Owns and owesPt X
−$1.9M
net assets · Ln 32
Cash and savingsLn 1–2$66K
Total assetsLn 16$19.5M
LiabilitiesLn 26$21.4M
PeoplePt VI, VII
2
listed · VII A
PaidVII A0
Voting boardVI 1a2
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$720K
Investment incomeLn 3$8
Total revenueLn 12$720K
Assets in detailPt X, end of year
CashLn 1$36K
SavingsLn 2$30K
Cash and savings togetherLn 1–2$66K
Land, buildings, equipmentLn 10c$19.3M
Total assetsLn 16$19.5M
LiabilitiesLn 26$21.4M
Net assetsLn 32−$1.9M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
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
LineStart FY22End FY22
Cash and savingsLn 1–2$40K$66K
Land, buildings, equipmentLn 10c$19.8M$19.3M
Total assetsLn 16$19.9M$19.5M
LiabilitiesLn 26$21.6M$21.4M
Net assetsLn 32−$1.7M−$1.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$6K
Depreciation, depletion and amortizationLn 22$507K
Other expenses (24a–d)Ln 24$444K
Total functional expensesLn 25$958K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $764K$988K−$224K−$2.5M 990 PDF
FY2024 $742K$940K−$198K−$2.3M 990 PDF
FY2023 $720K$947K−$227K−$2.1M 990 PDF
FY2022 Viewing $720K$958K−$238K−$1.9M 990 PDF
FY2021 $720K$911K−$191K−$1.7M 990 PDF
FY2020 $101K$929K−$829K−$1.5M 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 FY2022 990 (6 parts)
Part I · Summary $720,008 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $720,000$720,000
I-10 Investment incomePrior year $2$8
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $720,002$720,008
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 $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $910,977$957,722
I-18 Total expensesPrior year $910,977$957,722
I-19 Revenue less expensesPrior year −$190,975−$237,714
Part VI · Governance 0 of 2 board members independent, 1 to look at
VI-1a Voting members of the governing body2
VI-1b Independent voting members0
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
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $720,008 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $720,000$720,000
VIII-3 Investment incomeExcluded from tax $8$8
VIII-12 Total revenueRelated to mission $720,000 · Unrelated business $0 · Excluded from tax $8$720,008
Part IX · Statement of functional expenses $957,722 across 3 lines filed
IX-11c Accounting fees$6,250
IX-22 Depreciation, depletion and amortization$507,172
IX-24 Other expenses (24a–d)$444,300
IX-25 Total functional expenses$957,722
Part X · Balance sheet $19,473,887 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $10,092$35,940
X-2 Savings and temporary cash investmentsStart of year $29,726$29,732
X-9 Prepaid expenses and deferred chargesStart of year $81,566$91,856
X-10c Land, buildings and equipment, netStart of year $19,804,849$19,316,359
X-16 Total assetsStart of year $19,926,233$19,473,887
X-17 Accounts payable and accrued expensesStart of year $6,000$6,249
X-25 Other liabilitiesStart of year $21,571,144$21,356,263
X-26 Total liabilitiesStart of year $21,577,144$21,362,512
X-27 Net assets without donor restrictionsStart of year −$1,650,911−$1,888,625
X-32 Total net assets or fund balancesStart of year −$1,650,911−$1,888,625
X-33 Total liabilities and net assetsStart of year $19,926,233$19,473,887
Part XI · Reconciliation of net assets −$1,888,625 net assets at year end
XI-1 Total revenue$720,008
XI-2 Total expenses$957,722
XI-3 Revenue less expenses−$237,714
XI-4 Net assets at start of year−$1,650,911
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$1,888,625

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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