The Complex Sag Harbor INC EIN 85-2656502 Form 990 (PDF) Claim this org

The Complex Sag Harbor INC

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Develops real estate to build a theater supporting the local performing arts community. For fiscal year 2024 it reported $29 in revenue, $32K in expenses, and $-860K in net assets.Pt I

Type
Public charity (501(c)(3)) · Arts & Culture
Location
Riverside, CT
Filings
4 on file (2021–2024)
Revenue
$29FY2024
Expenses
$32K
Net assets
$-860K
People
3
Filings
4
Updates
0
More identity details & actions ⌄
EIN  85-2656502 Public charity (501(c)(3)) Riverside, CT
Form 990 (PDF)
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Size
<$100K
What they do
Develops real estate to build a theater supporting the local performing arts community.
Leadership
Adam Potter · President
Money in and out
$29 revenue, $32K expenses
Bottom line
74% program efficiency
Where the money goes · FY2024
Total revenue
$29
Pt VIII · Ln 12
Total expenses
$32K
Pt IX · Ln 25
Net assets
$-860K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$32K
Where spending went · Part IX cols B–D
Program services $0.74 Management & general $0.26
Program efficiency
74%
of spending reaches programs▲ +2% vs prior filing year
Operating runway
84.3mo
months of highly liquid reserves at operating expense rate▲ ×26 vs prior filing year
Surplus margin
-110076%
revenue over expenses, this year▲ +99% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$29
FY2024▲ +123%
Expenses
$32K
FY2024▼ -97%
Total assets
$15.4M
FY2024-0.2%
Total liabilities
$16.3M
FY20240%
Total revenue
$29
Pt VIII · Ln 12
Total expenses
$32K
Pt IX · Ln 25
Net assets
$-860K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$32K
Total assetsPt X · Ln 16$15.4M
Program-expense ratioPt IX · col B74%
Voting members of governing bodyPt I · Ln 33
Independent voting membersPt I · Ln 43

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CThe Complex Sag Harbor INC
EINHdr · item D85-2656502
Principal addressHdr · item CRiverside, CT
WebsiteHdr · item Jnone reported
Year of formationHdr · item Lpending
State of legal domicileHdr · item MCT
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFArts & Culture (A61)
Ruling yearIRS BMFMar 2021

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a3
Independent voting membersPt VI · Ln 1b3
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
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Mission & Programs · Part III

Where the work happens

1 program service account for $24K of program spending, described in the organization's own filed words · FY2023.
01

Acquiring real property on the eastern end of Long Island, NY and developing the real property by building a theater on the property to be dedicated to and to support and preserve the performing arts community in the area.

$24Kprogram expense

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Statement of Revenue

Part VIII
Other revenue100%$29
Total revenueLn 12$29

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.74 Management & general $0.26
Program services74%$24K
Management & general26%$8K
Total functional expensesLn 25$32K

Balance Sheet

Part X · end of year
CashLn 1$224K
Total assetsLn 16$15.4M
Total liabilitiesLn 26$16.3M
Total net assetsLn 32$-860K
Months of cash on handcomputed84.3

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $224K · Operating expenses/yr $32K
84.3 months
Where the money goes
Program services
Program services $24K · Total expenses $32K
74%
Management & General
Management & general $8K · Total expenses $32K
26%
Fundraising
Fundraising $0 · Total expenses $32K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $17K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue $29
0%
Government reliance
Government grants — · Total revenue $29
Earned-income share
Program service revenue $0 · Total revenue $29
0%
Investment reliance
Investment income $0 · Total revenue $29
0%
Program self-sufficiency
Program service revenue $0 · Total expenses $32K
0%
Growth & trend
Revenue growth (YoY)
This year $29 · Prior year $13
Prior-year revenue below floor — showing dollar change
Net-asset trend (YoY)
End of year $-860K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $29 · Expenses $32K
-110076%
Liabilities-to-Assets
Total liabilities — · Total assets $15.4M
Net-asset ratio
Net assets $-860K · Total assets $15.4M
-6%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $0 · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $15.4M
0%
People & payroll
Highest Reported Total Compensation
Individual Adam Potter · Reported title President · Highest reported compensation $0 · Total expenses $32K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $0 · Total expenses $32K
0%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 74%
Overhead ratio 26%
Revenue growth 123%
Investment management fee ratio 0%
Legal fee ratio 25%
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.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$29 revenue · viewing · ⤓ 990 PDF
FY2023$13 revenue · ⤓ 990 PDF
FY2022$50K revenue · ⤓ 990 PDF
FY2021$326K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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