Kearny Gateway LLC: FY2021 Nonprofit Profile & Form 990 (EIN 86-2098831)

Revenue by fiscal year
FY2021	$64.9M
FY2022	$3.2M

Expenses by fiscal year
FY2021	$160K
FY2022	$68.0M

Net assets by fiscal year
FY2021	$64.8M
FY2022	$0

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2022. IRS ruling in Apr 2023.

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

Who runs it and what they're paid

1 person listed on the 990.

Part VII, Section A · reportable compensation

Patrick S Malley

Exec. VP of Manager

$0Pt VII · Sec A

See Kearny Gateway LLC executive salaries →

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

Acquires, owns, improves, leases, manages, and operates real estate for investment.

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1 program · in their own filed words · FY2021

01

The entity is organized as a title-holding company, organized solely for the limited purpose of acquiring, owning, improving, leasing, managing, operating and holding for investment purposes real estate.

Pt IX · col B

By the numbers

The FY2021 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$64.9M

Ln 12

Gifts and grantsLn 1h$60.6M

Investment incomeLn 3$4.2M

Fees for servicesLn 2g$160K

Money outPt IX

$160K

Ln 25

Owns and owesPt X

$64.8M

net assets · Ln 32

Total assetsLn 16$64.8M

LiabilitiesLn 26$0

PeoplePt VI, VII

1

listed · VII A

PaidVII A0

Voting boardVI 1a1

IndependentVI 1b1

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$60.6M

Fees for servicesLn 2g$160K

Investment incomeLn 3$4.2M

Total revenueLn 12$64.9M

Assets in detailPt X, end of year

InvestmentsLn 11–13$60.6M

Other assetsLn 15$4.2M

Total assetsLn 16$64.8M

LiabilitiesLn 26$0

Net assetsLn 32$64.8M

OperationsPt I, VI

EmployeesI 50

VolunteersI 61

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aNo

Whistleblower policyVI 13No

Records policyVI 14No

3Year over year

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

Line	Start FY21	End FY21
InvestmentsLn 11–13		$60.6M
Total assetsLn 16	$0	$64.8M
LiabilitiesLn 26	$0	$0
Net assetsLn 32	$0	$64.8M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Benefits paid to or for membersLn 4	$160K
Total functional expensesLn 25	$160K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2022 LatestFiled with the IRS Nov 10, 2023	$3.2M	$68.0M	−$64.8M	$0	990 PDF
FY2021 ViewingFiled with the IRS Apr 4, 2023	$64.9M	$160K	$64.8M	$64.8M	990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations

See the full FY2021 990 (6 parts)

Part I · Summary $64,947,478 revenue, 12 lines filed

I-8 Contributions and grants$60,559,029

I-9 Program service revenue$160,000

I-10 Investment income$4,228,449

I-11 Other revenue$0

I-12 Total revenue$64,947,478

I-13 Grants and similar amounts paid$0

I-14 Benefits paid to members$160,000

I-15 Salaries and benefits$0

I-16a Professional fundraising fees$0

I-17 Other expenses$0

I-18 Total expenses$160,000

I-19 Revenue less expenses$64,787,478

Part VI · Governance 1 of 1 board members independent, 4 to look at

VI-1a Voting members of the governing body1

VI-1b Independent voting members1

VI-12a Written conflict of interest policyNo

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

Part VIII · Statement of revenue $64,947,478 across 5 lines filed

VIII-1f All other contributions, gifts and grants$60,559,029

VIII-1h Total contributions, gifts and grants$60,559,029

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $160,000$160,000

VIII-3 Investment incomeRelated to mission $4,228,449$4,228,449

VIII-12 Total revenueRelated to mission $4,388,449 · Unrelated business $0 · Excluded from tax $0$64,947,478

Part IX · Statement of functional expenses $160,000 across 1 line filed

IX-4 Benefits paid to or for members$160,000

IX-25 Total functional expenses$160,000

Part X · Balance sheet $64,787,478 assets, 6 lines filed

X-13 Program-related investments$60,559,029

X-15 Other assetsStart of year $0$4,228,449

X-16 Total assetsStart of year $0$64,787,478

X-26 Total liabilitiesStart of year $0$0

X-32 Total net assets or fund balancesStart of year $0$64,787,478

X-33 Total liabilities and net assetsStart of year $0$64,787,478

Part XI · Reconciliation of net assets $64,787,478 net assets at year end

XI-1 Total revenue$64,947,478

XI-2 Total expenses$160,000

XI-3 Revenue less expenses$64,787,478

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$64,787,478

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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Kearny Gateway LLC FY2021 filing

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