2022-04-19T09:15:17-05:00 2021-06-30 EISNER ADVISORY GROUP LLC 733 THIRD AVENUE NEW YORK NY 100172703 990 2020-07-01 133022855 Central Park Conservancy Inc % STEPHEN SPINELLI CFO CENT 2123106600 14 East 60Th Street New York NY 10022 Stephen Spinelli Chief Financial Off 2123106600 2022-04-18 true Stephen Spinelli 999009999 WILLIAM EPSTEIN P01307171 2129498700 2022-04-18 2 2020 2022-09-23 18:48:47Z Stephen Spinelli 14 East 60Th Street New York NY 10022 310385222 false X www.centralparknyc.org X 1980 NY See Schedule O, including notes on the Harlem Meer Center reconstruction and $93M of revenue related to the project. 52 50 376 1929 848221 0 39856615 134489583 13141325 14467308 11694437 22932602 -26441 816916 64665936 172706409 413688 288164 0 0 36163280 34513840 398031 342000 7403391 36285409 46146533 73260408 81290537 -8594472 91415872 389474475 502467688 49565274 22488813 339909201 479978875 X SEE SCHEDULE O, including notes on the Harlem Meer Center reconstruction and $93M of revenue related to the project. false false 24744990 6712045 DESIGN AND CONSTRUCTION IN CONNECTION WITH THE RESTORATION OF CENTRAL PARK AS AMERICA'S FOREMOST URBAN PUBLIC SPACE. THE CONSERVANCY HAS CARRIED OUT A RESTORATION MANAGEMENT PLAN FOR THE PARK, AND MANAGED THE CAPITAL RESTORATION OF A NUMBER OF SIGNIFICANT LANDSCAPES AND FACILITIES. 23569850 7682793 As the official manager of central park, the conservancy is responsible for the day-to-day maintenance operation of the park. Activities include: landscape maintenance, playground maintenance, tree care, turf care, and preservation of historic monuments. The conservancy has set new standards in excellence in park care. It has transformed central park into a model for urban parks worldwide. 3482939 72470 THE CONSERVANCY'S PUBLIC PROGRAMS TAKE ADVANTAGE OF THE INVALUABLE RESOURCES IN CENTRAL PARK PROVIDING EDUCATION, RECREATION, AND VOLUNTEER PROGRAMS THAT SERVE THE COMMUNITY. IN ADDITION, THE CONSERVANCY PROVIDES SERVICES AT THE FIVE FOLLOWING VISITOR CENTERS IN THE PARK: CHARLES A. DANA DISCOVERY CENTER, NORTH MEADOW RECREATION CENTER, BELVEDERE CASTLE, THE DAIRY VISITOR CENTER AND GIFT SHOP, AND CHESS AND CHECKERS HOUSE. 2009557 53807336 true true false true false false false false false true true true false false true true true false false false true false false true true false false true false true false false false false false false false false true false false false false false false false false true 108 0 376 true true true false false false false true true false false false false false false X 52 50 true false false false false false false true true false false true true true true true true true true false AL AK AZ AR CA CO CT DC FL GA IL KS KY ME MD MA MI MN MS MO NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI X X STEPHEN SPINELLI CFO 2123106600 14 EAST 60TH STREET New York NY 10022 Ms Elizabeth W Smith Ex-Officio (President & CEO) 35.0 0.0 X X 560172 0 45223 Mr Stephen Spinelli Chief Financial Officer 35.0 0.0 X 468958 0 57253 Mr Christopher Nolan Ex-Officio (CP Administrator) 35.0 0.0 X X 438526 0 57015 Ms Mary Caraccioli Chief Communications Officer 35.0 0.0 X 295596 0 57422 Ms Renee Porter VP of Finance 35.0 0.0 X 257480 0 43653 Mr John Dillon VP of landscape management 35.0 0.0 X 232028 0 54779 Ms Lane N Addonizio VP of Planning, Design & Const 35.0 0.0 X 222825 0 51898 Ms Abigail D Healy VP of Development 35.0 0.0 X 217460 0 53975 Ms Kathryn Ortiz Controller 35.0 0.0 X 227539 0 39567 Ms Sandra E Huber VP of Program & Project Mgmt 35.0 0.0 X 209451 0 38659 Ms Anna Caroline Greenleaf VP for Park Operations 35.0 0.0 X 195193 0 40315 Ms Leah Catherine Day Chief of Staff & VP Str. Initi 35.0 0.0 X 164971 0 51312 Ms Sheila G Kendall Assoc. VP of Human Resources 35.0 0.0 X 169558 0 36683 Mr Timothy Hassett FORMER Chief of Park Operation 0.0 0.0 X 134960 0 30470 Ms Judy Hart Angelo General Trustee 1.0 0.0 X 0 0 0 Ms Elizabeth H Atwood General Trustee 1.0 0.0 X 0 0 0 Ms Jane Bayard Vice Chair & General Trustee 1.0 0.0 X X 0 0 0 Mr Jeff T Blau General Trustee 1.0 0.0 X 0 0 0 Hon Gale A Brewer Ex-Officio (Man. Bor. Pres.) 1.0 0.0 X 0 0 0 Mrs Judith M Carson General Trustee 1.0 0.0 X 0 0 0 Mr Richard Cashin General Trustee 1.0 0.0 X 0 0 0 Ms Suzanne Cochran General Trustee 1.0 0.0 X 0 0 0 Ms Kelly C Coffey General Trustee 1.0 0.0 X 0 0 0 Mr Martin Cohen General Trustee 1.0 0.0 X 0 0 0 Mr Andrew Davis General Trustee 1.0 0.0 X 0 0 0 Dr Angela Diaz Appointed Trustee (Board) 1.0 0.0 X 0 0 0 Mr Glenn Fuhrman General Trustee 1.0 0.0 X 0 0 0 Mr Bennett Goodman General Trustee 1.0 0.0 X 0 0 0 Ms Alice Gottesman General TRustee 1.0 0.0 X 0 0 0 Mr Nicholas A Gravante Jr Appointed Trustee (Mayoral) 1.0 0.0 X 0 0 0 Mr Michael Grobstein Treasurer & General Trustee 1.0 0.0 X X 0 0 0 Mrs Anne S Harrison General Trustee 1.0 0.0 X 0 0 0 Mr Kenneth H Heitner Esq Secretary/Counsel/Gen. Trustee 1.0 0.0 X X 0 0 0 Ms Jane Heller General Trustee 1.0 0.0 X 0 0 0 Ms Damaris Hernandez Appointed Trustee (Mayoral) 1.0 0.0 X 0 0 0 Ms Amabel James General Trustee 1.0 0.0 X 0 0 0 Mr Thomas L Kempner Jr Board Chair & General Trustee 1.0 0.0 X X 0 0 0 Mr Jonathan Korngold General Trustee 1.0 0.0 X 0 0 0 Ms Jill Lafer Appointed Trustee (Mayoral) 1.0 0.0 X 0 0 0 Ms Shelly Lazarus General Trustee 1.0 0.0 X 0 0 0 Mrs Carol Sutton Lewis General Trustee 1.0 0.0 X 0 0 0 Mr Robert C Lieber Appointed Trustee (Mayoral) 1.0 0.0 X 0 0 0 Mr Jay P Mandelbaum General Trustee 1.0 0.0 X 0 0 0 Ms Nelle P Miller General Trustee 1.0 0.0 X 0 0 0 Mrs Gillian Miniter General Trustee 1.0 0.0 X 0 0 0 Mr Charles A Myers Appointed Trustee (Mayoral) 1.0 0.0 X 0 0 0 Mr Clarence Nesbitt General Trustee 1.0 0.0 X 0 0 0 Mrs Amelia Ogunlesi General Trustee 1.0 0.0 X 0 0 0 Ms Yesim Philip EX-OFFICIO/WOMEN'S COMM. PRES 1.0 0.0 X 0 0 0 Mr Joe L Roby General Trustee 1.0 0.0 X 0 0 0 Mr Eric Rudin General Trustee 1.0 0.0 X 0 0 0 Mrs Sigrid Schafer General Trustee 1.0 0.0 X 0 0 0 Mr Richard G Schneidman General Trustee 1.0 0.0 X 0 0 0 Ms Laureen E Seeger General Trustee 1.0 0.0 X 0 0 0 Ms Liz Hilton Segel General Trustee 1.0 0.0 X 0 0 0 Mr Norman C Selby General Trustee 1.0 0.0 X 0 0 0 Mr Alfred J Shuman General Trustee 1.0 0.0 X 0 0 0 Hon Mitchell J Silver EX-OFFICIO(Parks COMMISSIONER) 1.0 0.0 X 0 0 0 Mr John Steinhardt General Trustee 1.0 0.0 X 0 0 0 Ms Erana M Stennett General Trustee 1.0 0.0 X 0 0 0 Mr John Stossel General Trustee 1.0 0.0 X 0 0 0 Mr Stuart Subotnick General Trustee 1.0 0.0 X 0 0 0 Mr Jeff Tarr Jr General Trustee 1.0 0.0 X 0 0 0 Ms Anne Williams-Isom Appointed Trustee (Board) 1.0 0.0 X 0 0 0 Mr Barry Wolf General TRUSTEE 1.0 0.0 X 0 0 0 Ms Nanar N Yoseloff GENERAL TRUSTEE 1.0 0.0 X 0 0 0 3794717 0 658224 64 true true false E W HOWELL CO LLC 245 Newton Road Suite 600 PLAINVIEW NY 11803 CONSTRUCTION 4333972 GRACIANO CORPORATION 209 SIGNMA DRIVE PITTSBURGH PA 15238 Construction 4036218 MITCHELL GIURGOLA ARCHITECTS LLP 630 Ninth Avenue Suite 711 NEW YORK NY 10036 construction 2723105 KELCO CONSTRUCTION INC 25 NEWTON PLACE HAUPPAUGE NY 11788 construction 2535659 Almstead Tree Shrub Care company 58 beechwood avenue NEW ROCHELLE NY 10801 TREE CARE SERVICE 1590319 47 3807186 130682397 1649197 134489583 PROGRAM FEES 713990 58770 58770 GARDEN PERMIT FEES 713990 13700 13700 CONTRACT REVENUE 713990 7682793 7682793 PROJECT REVENUE 713990 6712045 6712045 14467308 7463182 7463182 0 19534 19534 0 0 0 153334000 136800578 16533422 15469420 15469420 614950 3807186 800865 -185915 -185915 0 0 0 192198 77370 114828 114828 DAMAGES REIMBURSEMENT 900099 20248 20248 K-1 PASS-THROUGH GAINS 525990 848221 848221 868469 172706409 14467308 848221 22901297 288164 288164 0 0 0 2679967 673071 1790589 216307 0 23993438 17278309 3954733 2760396 1302889 894877 264500 143512 4478555 3060399 958599 459557 2058991 1433262 359952 265777 0 73182 73182 131200 131200 260354 260354 342000 342000 8558347 8558347 9402207 5841100 2321283 1239824 414992 20249 274736 120007 2426342 2032223 51018 343101 0 0 1904884 1103383 192738 608763 29295 22988 3984 2323 0 164627 77666 79313 7648 0 0 1237645 1004415 136213 97017 590789 352480 56740 181569 CONSTRUCTION AND DESIGN 14730194 14730194 FIELD SUPPLIES 2040903 1518838 167230 354835 LANDSCAPE 1846359 1846359 PRINTING AND PUBLICATIONS 278098 59732 59398 158968 2057115 1569627 385701 101787 81290537 53807336 20079810 7403391 X 3993659 1278082 82783300 101597662 18892182 56536022 8517591 7188658 0 0 0 0 0 0 200009 159776 1150263 1661848 14063215 11656102 3281062 2407113 51732310 93799982 214825380 233203576 0 0 0 0 4098719 4634969 389474475 502467688 6313006 9838103 0 0 31864186 1251696 0 0 0 0 0 0 0 0 5374163 5504903 6013919 5894111 49565274 22488813 X 89247878 107037769 250661323 372941106 339909201 479978875 389474475 502467688 X 91415872 48727505 -73703 X false true X true false X 64871412 51819161 44316472 39856615 134489583 335353243 0 248063 248063 217055 217055 124031 1054267 65119475 52067224 44533527 40073670 134613614 336407510 98482650 237924860 5362647 6196301 5795324 4994455 7482716 29831443 21461 -328932 -1275361 -40271 848221 -774882 1654 0 66006 9264 20248 97172 365561243 68632372 0.65085 0.79255 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true false true 260354 260354 false false 224229313 22513000 63539000 9588000 300693313 230975313 5097000 -2508000 9335000 224229313 235824313 4985000 -701000 9133000 230975313 220430313 5708000 18018000 8332000 235824313 189159313 2944000 36719000 8392000 220430313 0.26030 0.17030 0.56940 false false 2547683 1966991 580692 11515532 9689111 1826421 2407113 LIMITED PARTNERSHIPS 233203576 F 233203576 0 DEFERRED GIFT ANNUITY LIABILITY 993367 DEFERRED COMPENSATION PLAN 457B 3001752 LONG TERM DEFERRED COMPENSATION 1145336 ACCRUED WAGES 753656 5894111 X 213448381 48727505 569147 -73703 49222949 164225432 8558347 -77370 8480977 172706409 73378707 569147 569147 72809560 8558347 -77370 8480977 81290537 SCHEDULE D, PART V, QUESTION 4 ENDOWMENTS: The conservancy's endowment consists of 91 individual funds established for the following purposes: Horticulture, Maintenance, Preservation, Visitor Services and Public Programs, education, and General Programs of the Conservancy, as well as Board Designated endowment. SCHEDULE D, PART X, QUESTION 2 INCOME TAX UNCERTAINTIES: The Conservancy follows the provisions of ASC Topic 740, Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities (ASC Topic 740), in conjunction with its adoption of the Financial Accounting Standards Board's (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes (now included in Accounting Standards Codification (ASC) Subtopic 740-10, Income Taxes - Overall). The Conservancy recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Income generated from activities unrelated to the Conservancy's exempt purpose is subject to tax. The Conservancy did not have any material unrelated business income tax liabilities for the years ended June 30, 2021 and 2020. SCHEDULE D, PART XI, LINE 2D Other Revenue (Loss): Change in VALUE OF split-interest agreements ($73,703). SCHEDULE D, PART XI AND PART XII, LINES 4B Other: Cost of goods sold included in expenses for financial statement reporting that have been included in revenue for Form 990, Part VIII, Line 10b: $77,370. Europe (Including Iceland and Greenland) Investments 43033911 Central America and the Caribbean Investments 37821901 North America Investments 12700710 Sub-Saharan Africa Investments 12622296 106178818 106178818 true false false false true false SCHEDULE F, PART I, LINE 3 Foreign Investments: The Conservancy maintains investments in foreign partnerships such as Central America/Caribbean, Europe, North America, and Sub-Saharan Africa. Amounts reported in column (f) are on the accrual basis. All related filings for these investments are completed and filed on a timely basis. X X X X X X true The Harrington Agency 375 Park Avenue 2607 New York NY 10152 Prof Fundraiser false 6488738 342000 6146738 6488738 342000 6146738 AL AK AZ AR CA CO CT DC FL GA IL KS KY ME MD MA MI MN MS MO NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WV WI FLO LUNCHEON 2941101 2851101 90000 426437 WC ANNUAL MTG 225500 218000 7500 50336 1 1255535 738085 517450 324092 4422136 3807186 614950 800865 800865 -185915 Schedule G, Part I, Line 1 The Harrington Agency is a digital agency that provides consulting services to the Conservancy with respect to its membership programs. Professional fundraisers fees are based on specific scopes of work and are not contingent on fundraising results. true NYC DEPARTMENT OF PARKS AND RECREATION 830 5TH AVENUE New York NY 10065 136400434 NYC Parks & REC 62031 Program Support THE PUBLIC THEATre 425 LAFAYETTE STREET NEW YORK NY 10033 131844852 501(c)(3) 48133 PROGRAM SUPPORT Central Park Medical Unit Inc PO BOX 440 NEW YORK NY 10028 112516283 501(C)(3) 25000 PROGRAM SUPPORT City Parks Alliance Inc 1777 Church Street NW Washington DC 20036 800015566 501(c)(3) 10000 PROGRAM SUPPORT Centennial Park Conservancy PO Box 196340 Nashville TN 37219 581609026 501(c)(3) 25000 program support Denver Park Trust PO Box 102325 Denver CO 80250 842574134 501(c)(3) 25000 program support Detroit 300 Conservancy 1 Campus Martius Suite 380 Detroit MI 48226 300002873 501(c)(3) 25000 program support FRIENDS OF MOSHOLU PARKLAND INC 3400 Reservoir Oval Norwood NY 10467 463343164 501(c)(3) 6250 program support HUDSON RIVER PARK FRIENDS INC 128 Delaware Drive Narrowsburg NY 12764 134112913 501(c)(3) 6250 program support MARINE PARK ALLIANCE CORP 3221 Avenue S Brooklyn NY 11234 463291341 501(c)(3) 6250 program support NEIGHBORSPACE 445 N Sacramento Blvd Chicago IL 60612 364105593 501(c)(3) 25000 program support THE FRIENDS OF GOVERNORS ISLAND 10 SOUTH STREET SLIP 7 New York NY 10004 454317911 501(c)(3) 6250 program support 12 PART I, LINE 2: USE OF GRANT FUNDS: The Conservancy provides assistance to a small number of mission-related organizations it partners with. The grants are determined and administered in conformance with our collaborative non-profit support policy. A number of capacity building grants were awarded to other park organizations as part of the Conservancy's Institute for Urban Parks. These grants are supported by donor-restricted funding and must be used exclusively for this purpose. PART II, LINE 1: The Conservancy made a grant to the City of New York to provide funding for salaries and benefits for the City to hire additional Park Enforcement Officers to be deployed in Central Park. X X X X X false true false false false false false false false Ms Elizabeth W Smith Ex-Officio (President & CEO) 560172 0 0 0 0 0 34311 0 10912 0 605395 0 0 0 Mr Stephen Spinelli Chief Financial Officer 468958 0 0 0 0 0 34008 0 23245 0 526211 0 0 0 Mr Christopher Nolan Ex-Officio (CP Administrator) 438526 0 0 0 0 0 33771 0 23244 0 495541 0 0 0 Ms Mary Caraccioli Chief Communications Officer 295596 0 0 0 0 0 34177 0 23245 0 353018 0 0 0 Mr John Dillon VP of landscape management 232028 0 0 0 0 0 31534 0 23245 0 286807 0 0 0 Ms Abigail D Healy VP of Development 217460 0 0 0 0 0 30731 0 23244 0 271435 0 0 0 Ms Lane N Addonizio VP of Planning, Design & Const 222825 0 0 0 0 0 30848 0 21050 0 274723 0 0 0 Ms Kathryn Ortiz Controller 227539 0 0 0 0 0 31105 0 8462 0 267106 0 0 0 Ms Sandra E Huber VP of Program & Project Mgmt 209451 0 0 0 0 0 30197 0 8462 0 248110 0 0 0 Ms Anna Caroline Greenleaf VP for Park Operations 195193 0 0 0 0 0 29403 0 10912 0 235508 0 0 0 Ms Leah Catherine Day Chief of Staff & VP Str. Initi 164971 0 0 0 0 0 28058 0 23254 0 216283 0 0 0 Ms Sheila G Kendall Assoc. VP of Human Resources 169558 0 0 0 0 0 28222 0 8461 0 206241 0 0 0 Ms Renee Porter VP of Finance 257480 0 0 0 0 0 32741 0 10912 0 301133 0 0 0 Mr Timothy Hassett FORMER Chief of Park Operation 134960 0 0 0 0 0 25356 0 5114 0 165430 0 0 0 SCHEDULE J, PART I QUESTION 3 The compensation and management development group of the Executive committee which is comprised of independent members of the governing board engaged independent expert compensation consultants to evaluate executive compensation levels and establish peer-group-based benchmarks related to the organization's mission. Trustees routinely evaluate management performance and compensation to ensure that the compensation process is appropriate and designed to attract and retain the best talent in the industry. The committee documents compensation determinations in the committee minutes. SCHEDULE J, PART I, QUESTION 4B SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: THERE IS A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN FOR CERTAIN OFFICERS OF THE CONSERVANCY. CONTRIBUTIONS TO THE PLAN MADE BY THE CONSERVANCY DURING CALENDAR YEAR 2020 TOTALED $351,000. SCHEDULE J, PART I, QUESTION 7 LONG-TERM COMPENSATION PROGRAM: The Conservancy's current senior management team has been critical to its success to date. Retaining this team and providing for the attraction and development of future leaders requires, among other things, a compensation program that: (i) aligns pay with performance against the Conservancy's strategic plan and overall objectives; and (ii) provides a pay package that is competitive with organizations that have similar profiles. Consequently, the Conservancy's compensation program is designed to: (i) motivate current high performance; (ii) recognize capabilities and experience; and (iii) provide long-term incentives to retain key management. Schedule J, Part II, column B(ii) Due to covid-19, there were no bonuses paid to the executive team. X 119 1649197 COMPARABLE SALES false true false SCHEDULE M, PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS ARE BASED ON THE NUMBER OF DONORS. Form 990, Part I, LINE 1 AND PART III, LINE 1 ORGANIZATION'S MISSION: The Central Park Conservancy oversees all aspects of the care, maintenance and restoration of New York's most iconic public space, Central Park. This work allows the Park's 843-acres to serve as source of respite and relaxation, impacting the physical and mental well-being of City residents, and all of the 40-million people who visit the Park each year. The mission of the Central Park Conservancy is to preserve and celebrate Central Park as a sanctuary from the pace and pressure of city life, enhancing the enjoyment and wellbeing of all. Our guiding principle is that Central Park is a masterpiece of landscape architecture created to provide a profoundly democratic space and green respite for the City and all its people and to establish New York as one of the great cities of the world, The Conservancy honors its commitment to this iconic public space by applying its deep expertise in urban park management; by partnering with the community and the City of New York; and by marshalling all of the resources necessary for the Park's long-term care. The Conservancy's work is founded on the belief that citizen leadership and private philanthropy are key to ensuring that the Park and its essential purpose endure. Form 990, Part I, Line 8 and 13, and Schedule A, Part II, Lines 1E and 7E, Part VI, Excess Contributions and Schedule B, Part Lines 1-4: Harlem Meer Outdoor Center: In February 2019, the Conservancy entered into pledge agreements with four donors to provide $100 million (collectively) in funding to be paid over a five-year period for the construction, operation and management of a new pool and ice rink. The pledge agreements contained provisions that the Conservancy viewed as conditional promises. Pledge payments received prior to meeting conditional promises were recorded as deferred revenue in the amount of $21 million and $15 million for fiscal years 2020 and 2019, respectively. In fiscal-year 2021, the Conservancy met the donor-imposed conditions to recognize pledged contributions for the Harlem Meer Outdoor Center as revenue in accordance with generally accepted accounting principles. For Harlem Meer Outdoor Center, the Conservancy recognized $93 million adjusted for net present value and changes in investment. Approximately $6 million in revenue was recognized in previous years for the Harlem Meer Outdoor Center planning expenses. Form 990, Part I, Line 21 and Part X, Lines 1,2,3,17,19 and Part XI, Line 1: Harlem Meer Outdoor Center: In fiscal-year 2021, the Conservancy has met the donor-imposed conditions to fully recognize pledged Contributions in accordance with GAAP; - $93 million in contributions receivable: total donor pledges, less planning expenses incurred to date - $47 million in cash and short-term investments: reclassed from deferred revenue and is available for use, restricted to the project - $42 million contributions receivable: remaining due from donors Form 990, Part III, Line 4d Program Services: The Central Park Conservancy Institute for Urban Parks is the educational arm of the Central Park Conservancy. The Institute develops programs designed to foster a deeper appreciation for urban parks and shares the Conservancy's world-class management and stewardship practices. Through the Institute for Urban Parks, the Central Park Conservancy is training and teaching urban park professionals and park stewards, globally, and locally. The Central Park Conservancy is helping other NYC Parks' throughout the five boroughs to share our best practices in Urban park management. Form 990, Part VI, Section A, Line 2 Board Relationships: A relationship questionnaire is distributed to the Conservancy's Board of Trustees on an annual basis. The following trustees disclosed inter-board relationships during fiscal-year 2021: 1. Mrs. Jane Heller has a business relationship with Ms. Judy Hart Angelo and Mrs. Leni May. 2. Mr. Joe Roby has a business relationship with Hamilton James, husband of Board Member Amabel James. 3. Mr. Jeff Blau has a business relationship with Mr. Robert Lieber and Mr. Henry Kravis. Mr. Jeff Blau's firm is a member of Wollman Park Partners LLC. 4. Ms. Nanar Yoseloff has a business relationship with Thomas L. Kempner, Jr. Form 990, Part VI, Section A, Line 11A Review of Form 990: ON March 30, 2022, Eisner Advisory Group LLC, met with the Conservancy's Chairman, Treasurer, Secretary-General Counsel, CHAIRMAN OF THE AUDIT COMMITTEE, Chairman of the Finance Committee and Management tO REVIEW THE FORM 990. The Central park conservancy's form 990 was prepared by Eisner Advisory Group LLC, the independent tax preparer, based on information provided by the organization's finance and management personnel. SUBSEQUENTLY, THE 990 WAS PROVIDED TO THE BOARD for review prior to filing the return with the IRS. Form 990, Part VI, Section B, Line 12C Conflict-of-Interest, Related Party Transaction and Ethics Policy: The Central Park Conservancy ratifies the conflict-of-interest policy annually. Each trustee, officer, and key employee is required to sign a copy of the policy and provide a certified acknowledgement that they have read and disclosed any conflicts. Copies of these signed policies along with trustee disclosures are kept on file at the central park conservancy's offices. Form 990, Part VI, Section B, Line 15 Compensation: The compensation and management development group of the executive committee which is comprised of independent members of the governing board engaged independent expert compensation consultants to evaluate executive compensation levels and establish peer-group-based benchmarks related to the organization's mission. Trustees routinely evaluate management's performance and compensation to ensure that the compensation process is appropriate and designed to attract and retain the best talent in the industry. The group documents compensation determinations in its meeting minutes. Form 990, Section C, Part VI, Line 19 Governing Documents: The by-laws, annual reports, audited financial statements, IRS Form 990 documents, conflict-of-interest policy and privacy policy of the central park conservancy are all available online at www.centralparknyc.org. Form 990, Part XI, Line 9 Other Changes in net assets: CHANGE IN value of SPLIT-INTEREST agreements ($73,703). COVID-19 AND PAYROLL PROTECTION PROGRAM (PPP) LOAN (A) COVID-19: COVID 19 has continued to impact the operations of the Conservancy, which performs an 'essential' function for the City of New York (as defined by NYS Executive order 202.6) by maintaining Central Park. The Park has remained open throughout the crisis, during which use has continued at a high level as the Park has continued to be a refuge vital to the health of New Yorkers. Failure to maintain the Park at current levels could negatively impact the Conservancy's significant investment and may cause irreparable reputational damage with its donors and the public. In March 2020, state and local governments in New York declared a State of Emergency and issued a Civil Order of Shutdown. The restrictions imposed by these orders resulted in the closure of all concessions in Central Park and imposed prohibitions on large public gatherings, which forced the Conservancy to cancel all its spring and summer fundraising events. These restrictions continued in FY 2021 causing a reduction in concessions and other revenue (gift shops, retail stores, and tours). Concessions remained closed through October and were not reopened until November 2020 at limited capacity. Contribution revenue was impacted due to social distancing restrictions that limited the scale of event based fundraising and operations contract payment to the Conservancy decreased due to changes in the management agreement with the City of New York. The Conservancy voluntarily implemented the following budget austerity measures: (a) a hiring freeze was implemented; (b) all employee salaries were frozen; (c) executive compensation was reduced; and (d) non personnel operating costs (including contracted services and consulting services) were limited. Notwithstanding implementation of the foregoing austerity measures, the Conservancy continued to maintain Central Park at pre pandemic levels as required under its Management Agreement with the City of New York and the Department of Parks and Recreation and continued to provide operational support and perform maintenance work in under resourced NYC parks in all five boroughs across NYC, incurring additional expenses to help maintain these parks at pre COVID levels. The COVID 19 pandemic has negatively affected national, state, and local economies and global financial markets. While the financial impact on the Conservancy cannot be quantified at this time, we do not anticipate that the pandemic will have a material adverse effect on the current and future financial profile and operating performance of the Conservancy. The Conservancy continues to monitor the course of the pandemic and is prepared to take additional measures to protect the health of New Yorkers and promote the continuity of the Conservancy's mission. (b) PAYROLL PROTECTION PROGRAM (PPP) LOAN: FORM 990, PART X, LINE 24: On April 10, 2020, the Conservancy received loan proceeds in the amount of $5.3 million under the Paycheck Protection Program ("PPP"). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The Conservancy used the proceeds for qualifying payroll costs consistent with the PPP guidance. After the June 30, 2021 reporting period, the Conservancy's Payroll Protection Program (PPP) loan and related accrued interest were fully authorized for forgiveness by the Small Business Administration. FORM 990 PART IX LINE 11G DESCRIPTION:CONSULTING FEES TOTAL FEES:8537656 FORM 990 PART IX LINE 11G DESCRIPTION:MAILING SERVICES TOTAL FEES:224031 FORM 990 PART IX LINE 11G DESCRIPTION:OTHER SERVICES TOTAL FEES:640520