2021-03-29T12:14:37-05:00 2020-06-30 EISNERAMPER LLP 733 THIRD AVENUE NEW YORK NY 100172703 990 2019-07-01 133022855 Central Park Conservancy Inc % STEPHEN SPINELLI CFO CENT 2123106600 14 East 60Th Street New York NY 10022 ELIZABETH W SMITH PRESIDENT & CEO 2123106600 2021-03-18 true WILLIAM EPSTEIN P01307171 2129498700 2019 2022-09-23 18:48:47Z ELIZABETH W SMITH 14 East 60Th Street New York NY 10022 212663964 false X www.centralparknyc.org X 1980 NY See Schedule O. 52 50 452 2533 -40271 -40521 44316472 39856615 10133628 13141325 12889333 11694437 -1667894 -26441 65671539 64665936 607231 413688 0 0 32654160 36163280 298062 398031 7710623 43855370 36285409 77414823 73260408 -11743284 -8594472 388990197 389474475 28143366 49565274 360846831 339909201 X See Schedule O. false false 20603751 4120743 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. 20893438 8887672 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. 6901880 132910 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. 1652792 50051861 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 186 0 452 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 650173 0 45944 Mr Stephen Spinelli Chief Financial Officer 35.0 0.0 X 495718 0 53020 Mr Christopher Nolan Ex-Officio (CP Administrator) 35.0 0.0 X X 427340 0 54545 Ms Laura Hall VP of WC & S/E thru 6/19/19 0.0 0.0 X 348655 0 13556 Ms Mary Caraccioli Chief Communications Officer 35.0 0.0 X 288193 0 59010 Mr John Dillon VP of landscape managemnent 35.0 0.0 X 227379 0 56109 Ms Abigail D Healy VP of Development 35.0 0.0 X 223768 0 55708 Ms Lane N Addonizio VP of Planning, Design & Const 35.0 0.0 X 229447 0 39035 Ms Kathryn Ortiz Controller 35.0 0.0 X 223799 0 41601 Ms Sandra E Huber VP of Program & Project Mgmt 35.0 0.0 X 206003 0 40524 Mr Timothy Hassett Chief Park Offi. Thru 3/31/20 35.0 0.0 X 201839 0 36044 Ms Mila Brogan VP of Administr. THRU 6/3/19 0.0 0.0 X 190624 0 21392 Ms Sheila G Kendall Assoc. VP of Human Resources 35.0 0.0 X 168026 0 18685 Ms Beth M Haskell Assoc. VP of Information Tech 35.0 0.0 X 164531 0 18460 Ms Renee Porter VP of Finance 35.0 0.0 X 95738 0 29030 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 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 Ms Maxine Griffith App.Trus.(Mayoral)thru 9/19/19 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 Ms Alexia Leuschen Ex-Off(W Comm.Pres)thru 6/9/20 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 Mrs Leni May General Trustee Thru 6/9/20 1.0 0.0 X 0 0 0 Mr Eugene Mercy Jr General Trustee THRU 11/30/19 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 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 Ms Deborah Roberts General Trustee thru 6/9/20 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 AJC Smith General Trustee Thru 6/9/20 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 Mary Wallach General Trustee Thru 6/9/20 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 4141233 0 582663 50 true true false E W HOWELL CO LLC PO BOX 645438 CINCINNATI OH 452645438 CONSTRUCTION 3844944 GRACIANO CORPORATION 209 SIGNMA DRIVE PITTSBURGH PA 15238 Construction 2930154 MITCHELL GIURGOLA ARCHITECTS LLP 630 NORTH AVENUE SUITE 711 NEW YORK NY 10036 construction 2791815 FGI CORPORATION 1901 AMETHYST STREET BRONX NY 10462 construction 2259895 ALMSTEAD TREE SHRUB CARE COMPANY 58 BEECHWOOD AVENUE NEW ROCHELLE NY 10801 Construction 1576367 64 1240912 38615703 708468 39856615 PROGRAM FEES 713990 104510 104510 GARDEN PERMIT FEES 713990 28400 28400 CONTRACT REVENUE 713990 8887672 8887672 PROJECT REVENUE 713990 4120743 4120743 13141325 4813553 4813553 0 41019 41019 0 0 0 153334000 146732881 6601119 6880884 6880884 129025 1240912 800886 -671861 -671861 0 0 0 1099669 464261 635408 635408 DAMAGES REIMBURSEMENT 900099 9264 9264 K-1 PASS-THROUGH LOSSES 525990 -40271 -40271 -31007 64665936 13141325 -40271 11708267 413688 413688 0 0 0 0 0 3129160 989658 1741312 398190 0 24755301 18416258 3630783 2708260 1638929 1101464 350673 186792 4484174 3142164 859498 482512 2155716 1548203 331512 276001 0 0 113000 113000 218071 218071 398031 398031 4331077 4331077 10057465 5630633 2904302 1522530 204830 26855 20756 157219 2643505 2324519 46950 272036 0 0 1790079 1038593 178925 572561 60299 36158 6746 17395 0 463454 244318 191728 27408 0 0 1145187 862152 227075 55960 423475 248497 41661 133317 CONSTRUCTION AND DESIGN 8986111 8986111 FIELD SUPPLIES 1482205 1054407 139646 288152 LANDSCAPE 1998319 1998319 PRINTING AND PUBLICATIONS 253269 105286 43786 104197 2115063 1884578 120423 110062 73260408 50051861 15497924 7710623 X 1758817 3993659 61651335 82783300 19925052 18892182 11564901 8517591 0 0 0 0 0 0 236898 200009 1197618 1150263 13699519 10418457 2835376 3281062 82515851 51732310 203545287 214825380 0 0 0 0 3759062 4098719 388990197 389474475 9491857 6313006 0 0 13112871 31864186 0 0 0 0 0 0 0 0 0 5374163 5538638 6013919 28143366 49565274 X 95774694 89247878 265072137 250661323 360846831 339909201 388990197 389474475 X -8594472 -12318296 -24862 X false true X true false X 33938682 64871412 51819161 44316472 39856615 234802342 0 248063 248063 248063 217055 217055 1178299 34186745 65119475 52067224 44533527 40073670 235980641 30240837 205739804 3056949 5362647 6196301 5795324 4994455 25405676 -257279 21461 -328932 -1275361 -40271 -1880382 10182 1654 0 66006 9264 87106 259593041 65523189 0.79255 0.80065 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true false false false false true false true 218071 218071 false false 230975313 5097000 -2508000 9335000 224229313 235824313 4985000 -701000 9133000 230975313 220430313 5708000 18018000 8332000 235824313 189159313 2944000 36719000 8392000 220430313 198211313 2910000 -4276000 7686000 189159313 0.28820 0.49680 0.21500 false false 2519302 1782713 736589 11180217 8635744 2544473 3281062 LIMITED PARTNERSHIPS 214825380 F 214825380 0 DEFERRED GIFT ANNUITY LIABILITY 1049201 DEFERRED COMPENSATION PLAN 457B 2487891 LONG TERM DEFERRED COMPENSATION 1103027 ACCRUED WAGES 1373800 6013919 X 49288730 -12318296 832768 -24862 -11510390 60799120 4331077 -464261 3866816 64665936 70226360 832768 832768 69393592 4331077 -464261 3866816 73260408 SCHEDULE D, PART V, QUESTION 4 ENDOWMENTS: The conservancy's endowment consists of 89 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, 2020 and 2019. SCHEDULE D, PART XI, LINE 2D Other Revenue (Loss): Change in VALUE OF split-interest agreements ($24,862). 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: $464,261. Central America and the Caribbean Investments 16279696 Europe (Including Iceland and Greenland) Investments 32698642 North America Investments 13325150 Sub-Saharan Africa Investments 8576991 70880479 70880479 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 M R Strategic Service Inc 1101 Connecticut Ave NW 7TH FLOO Washington DC 20036 Prof Fundraiser false 17031 17031 Creative Direct Response 16900 Science Drive Suite 210 Bowie MD 20715 Prof Fundraiser false 1076530 96000 980530 The Harrington Agency 375 Park Ave 2607 New York NY 10152 Prof Fundraiser false 5039163 285000 4754163 6115693 398031 5751724 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 FALL GALA 845775 790425 55350 589896 WC ANNUAL MTNG 403112 366812 36300 100811 1 121050 83675 37375 110179 1369937 1240912 129025 800886 800886 -671861 Schedule G, Part I, Line 1 M&R Strategic Service, Inc. and the Harrington Agency are digital agencies that provide consulting services to the Conservancy with respect to its membership programs. Creative Direct Response provides consulting services for web design. All three 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 90064 Program Support THE PUBLIC THEATre 425 LAFAYETTE STREET NEW YORK NY 10033 131844852 501(c)(3) 44270 PROGRAM SUPPORT Museum of the city of New York 1220 Fifth Avenue New York NY 10029 131624098 501(c)(3) 38500 Program Support New Yorkers for Parks 55 Broad Street 23rd Floor NEW YORK NY 10004 136167879 501(c)(3) 26000 program support Central Park Medical Unit Inc PO BOX 440 NEW YORK NY 10028 112516283 501(C)(3) 25000 PROGRAM SUPPORT Parks & People Foundation Inc 2100 Liberty Heights Avenue Baltimore MD 21217 521349346 501(c)(3) 25000 program support Downtown Austin Alliance Foundation 515 Congress Ave Suite 2150 Austin TX 78701 742862219 501(C)(3) 25000 PROGRAM SUPPORT Balboa Park Conservancy 1549 El Prado Suite 1 San Diego CA 92101 950850465 501(c)(3) 25000 program support Forest Park Conservancy 833 SW 11th Avenue Suite 800 Portland OR 97205 943103055 501(c)(3) 25000 program support City of Detroit 18100 Meyers Lower Level Detroit MI 48235 386004606 501(c)(3) 25000 PROGRAM SUPPORT City Parks Alliance Inc 1777 Church Street NW Washington DC 20036 800015566 501(c)(3) 20000 PROGRAM SUPPORT Gowanus Canal Conservancy Inc 248 Third Street Brooklyn NY 10463 260681729 501(c)(3) 8651 PROGRAM SUPPORT Van Cortlandt Park Alliance Inc 80 Van Cortlandt Park South Ste E1 BRONX NM 10463 133843182 501(c)(3) 8641 PROGRAM SUPPORT City Parks Foundation 830 Fifth Avenue New York NY 10065 133561657 501(c)(3) 8333 PROGRAM SUPPORT New York Chapter of American Society of Landscape 205 E 42nd Street 14th Floor New york NY 10017 136154205 501(c)(3) 5600 PROGRAM SUPPORT 15 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 true false Ms Elizabeth W Smith Ex-Officio (President & CEO) 486713 0 163460 0 0 0 36293 0 9651 0 696117 0 0 0 Mr Stephen Spinelli Chief Financial Officer 443718 0 52000 0 0 0 30594 0 22426 0 548738 0 0 0 Mr Christopher Nolan Ex-Officio (CP Administrator) 412340 0 15000 0 0 0 32119 0 22426 0 481885 0 0 0 Ms Laura Hall VP of WC & S/E thru 6/19/19 318655 0 30000 0 0 0 12929 0 627 0 362211 0 0 0 Ms Mary Caraccioli Chief Communications Officer 278193 0 10000 0 0 0 36282 0 22728 0 347203 0 0 0 Mr John Dillon VP of landscape managemnent 217379 0 10000 0 0 0 33685 0 22424 0 283488 0 0 0 Ms Abigail D Healy VP of Development 203768 0 20000 0 0 0 33284 0 22424 0 279476 0 0 0 Ms Lane N Addonizio VP of Planning, Design & Const 209447 0 20000 0 0 0 33510 0 5525 0 268482 0 0 0 Ms Kathryn Ortiz Controller 212950 0 10849 0 0 0 33252 0 8349 0 265400 0 0 0 Ms Sandra E Huber VP of Program & Project Mgmt 196003 0 10000 0 0 0 32175 0 8349 0 246527 0 0 0 Mr Timothy Hassett Chief Park Offi. Thru 3/31/20 201839 0 0 0 0 0 29058 0 6986 0 237883 0 0 0 Ms Mila Brogan VP of Administr. THRU 6/3/19 172624 0 18000 0 0 0 9875 0 11517 0 212016 0 0 0 Ms Sheila G Kendall Assoc. VP of Human Resources 159871 0 8155 0 0 0 10336 0 8349 0 186711 0 0 0 Ms Beth M Haskell Assoc. VP of Information Tech 156553 0 7978 0 0 0 10112 0 8348 0 182991 0 0 0 SCHEDULE J, PART I QUESTION 3 The compensation and management development 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 2019 TOTALED $209,000. 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. The Conservancy's compensation program includes: (i) base salary; (ii) annual performance awards; and (iii) a Long-term Incentive Compensation Plan ("Plan") - the program is tied to long-term strategic and retention objectives. All incentive payments associated with the Plan are deferred for four years to ensure performance and retention milestones are met. The Plan was adopted by the Board in 2010. The long-term payments are reflected in the Base Compensation column. X 69 708468 FMV false true false 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 Yorks most iconic public space, Central Park. This work allows the Parks 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. 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 Parks long-term care. The Conservancys 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 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 2020: 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. 4. Mr. Richard Cashin has a business relationship with Thomas L. Kempner, Jr. Form 990, Part VI, Section A, Line 11A Review of Form 990: ON March 1, 2021, EisnerAmper LLP 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 EisnerAmper LLP, 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, Whistleblower 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 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 committee documents compensation determinations in the committee 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 ($24,862). FORM 990, SCHEDULE B, PART I DONOR 1, 8, AND 9 REPRESENT THE PRO RATA RELEASE OF DEFERRED REVENUE RELATED TO THE CONSERVANCY'S HARLEM MEER PROJECT CENTER DESIGN COSTS. COVID-19 AND PAYROLL PROTECTION PROGRAM (PPP) LOAN (A) COVID-19: COVID-19 HAS IMPACTED THE OPERATIONS OF MANY PHILANTHROPIC ORGANIZATIONS, INCLUDING THOSE LIKE 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 NOT DECREASED 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 CAPITAL 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. FURTHERMORE, THE CONSERVANCY IS FORECASTING FOR FISCAL YEAR 2021, CONTINUED CANCELLATIONS OF FUNDRAISING EVENTS AND A REDUCTION IN NYC FUNDING PURSUANT TO ITS AGREEMENT WITH THE CITY DUE TO THE SHUTDOWN OF PARK CONCESSIONS. Budget adjustments have been implemented to mitigate the revenue impacts, including a hiring freeze, reducing executive compensation, freezing employee salaries, and limiting contracted and consulting expenses. Given the relative size of the Conservancys annual operating budget and the projected loss of fundraising revenue and funding from the City, the Conservancy concluded that in view of the current economic uncertainty, relying solely upon its own assets would threaten the Conservancys near-term operations. (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 $5,360,760 UNDER THE PAYROLL PROTECTION PROGRAM ("PPP"). THE PPP, ESTABLISHED AS PART OF THE CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY ACT ("CARES ACT"), PROVIDES FOR LOANS TO QUALIFIYING BUISNESSES FOR AMOUNTS UP TO 2.5 TIMES OF THE AVERAGE MONTHLY PAYROLL EXPENSES OF THE QUALIFYING BUSINESS. The loan and accrued interest are forgivable after eight weeks that begins on the first day of the organizations first pay period following their PPP loan disbursement date and ends no later than December 31, 2020, as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the eight-week period. The Conservancy used the proceeds for qualifying payroll costs consistent with the PPP guidance. The Conservancy believes that its use of the loan proceeds has met the conditions for forgiveness; however, no assurance can be provided that the Conservancy will be eligible for forgiveness, in whole, or in part. The Conservancy has accrued interest in the amount of $13,403 as of June 30, 2020. Any amount of the PPP loan that is unforgiven is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. The Conservancy is unable to determine if there will be material adverse effect on its operating results of financial position beyond fiscal year 2021. FORM 990 PART IX LINE 11G DESCRIPTION:CONSULTING SERVICES TOTAL FEES:8318103 FORM 990 PART IX LINE 11G DESCRIPTION:MAILING SERVICES TOTAL FEES:491854 FORM 990 PART IX LINE 11G DESCRIPTION:OTHER SERVICES TOTAL FEES:1247508