Naras Properties INC FY2024 filing

Not tax-deductible

Santa Monica, CAMutual-benefit / member-servingSince 1994EIN 95-4516666

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To hold real property, collect rent therefrom and turn over the entire amount thereof, less expenses, to the national academy of recording arts & sciences, INC.

Mission: Form 990 Part I, line 1

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $3.4M a year · 71% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Cash reserves
2 mo
of spending, in cash
Fine: 1.6 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 3 voting members
Concern: none of 3 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$5.3M
+1% vs prior year
Spent
$1.6M
Net assets
$51.2M
By yearFY2020–FY2024
Revenue
$5.3M
FY2024▲ +1%
Revenue by fiscal year
FY2020$4.5M
FY2021$4.5M
FY2022$4.5M
FY2023$5.2M
FY2024$5.3M
FY2024$5.3M
Expenses
$1.6M
FY2024▼ -5%
Expenses by fiscal year
FY2020$1.2M
FY2021$1.2M
FY2022$1.3M
FY2023$1.7M
FY2024$1.6M
FY2024$1.6M
Net assets
$51.2M
FY2024▲ +8%
Net assets by fiscal year
FY2020$37.6M
FY2021$40.9M
FY2022$44.1M
FY2023$47.6M
FY2024$51.2M
FY2024$54.8M

From the FY2024 Form 990 (year ending July 2024) · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim
You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 1995.

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

Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Chief Executive Officer
$0Pt VII · Sec A
$0Pt VII · Sec A
Chief Financial Officer
$0Pt VII · Sec A
See Naras Properties 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Manages property and collects rent to support the Recording Academy.

Provided by the organization

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1 program · in their own filed words · FY2023
01

The organization collects income on real properties for the benefit of national academy of recording arts & sciences, inc.

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 FY2024 990, line by line.

1The main four
Money inPt VIII
$5.3M
Ln 12
Fees for servicesLn 2g$5.3M
Money outPt IX
$1.6M
Ln 25
Owns and owesPt X
$51.2M
net assets · Ln 32
Cash and savingsLn 1–2$222K
Total assetsLn 16$51.2M
LiabilitiesLn 26$0
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$5.3M
Total revenueLn 12$5.3M
Assets in detailPt X, end of year
CashLn 1$222K
Cash and savings togetherLn 1–2$222K
Land, buildings, equipmentLn 10c$47.1M
Other assetsLn 15$3.8M
Total assetsLn 16$51.2M
LiabilitiesLn 26$0
Net assetsLn 32$51.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJuly
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 FY24End FY24
Cash and savingsLn 1–2$115K$222K
Land, buildings, equipmentLn 10c$48.7M$47.1M
Total assetsLn 16$48.8M$51.2M
LiabilitiesLn 26$1.3M$0
Net assetsLn 32$47.6M$51.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$3K
Other fees for servicesLn 11g$55K
Depreciation, depletion and amortizationLn 22$1.6M
Other expenses (24a–d)Ln 24$1K
Total functional expensesLn 25$1.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Viewing $5.3M$1.6M$3.6M$51.2M 990 PDF
FY2023 $5.2M$1.7M$3.5M$47.6M 990 PDF
FY2022 $4.5M$1.3M$3.2M$44.1M 990 PDF
FY2021 $4.5M$1.2M$3.3M$40.9M 990 PDF
FY2020 $4.5M$1.2M$3.3M$37.6M 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 (4 parts)
Part VIII · Statement of revenue $5,260,216 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $5,260,216$5,260,216
VIII-12 Total revenueRelated to mission $5,260,216 · Unrelated business $0 · Excluded from tax $0$5,260,216
Part IX · Statement of functional expenses $1,624,564 across 4 lines filed
IX-11c Accounting fees$3,418
IX-11g Other fees for services$55,416
IX-22 Depreciation, depletion and amortization$1,564,264
IX-24 Other expenses (24a–d)$1,466
IX-25 Total functional expenses$1,624,564
Part X · Balance sheet $51,200,599 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $115,369$221,902
X-10c Land, buildings and equipment, netStart of year $48,699,937$47,145,456
X-15 Other assetsStart of year $5,515$3,833,241
X-16 Total assetsStart of year $48,820,821$51,200,599
X-25 Other liabilitiesStart of year $1,207,632$0
X-26 Total liabilitiesStart of year $1,255,874$0
X-27 Net assets without donor restrictionsStart of year $47,564,947$51,200,599
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $47,564,947$51,200,599
X-33 Total liabilities and net assetsStart of year $48,820,821$51,200,599
Part XI · Reconciliation of net assets $51,200,599 net assets at year end
XI-1 Total revenue$5,260,216
XI-2 Total expenses$1,624,564
XI-3 Revenue less expenses$3,635,652
XI-4 Net assets at start of year$47,564,947
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$51,200,599

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

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