2024-09-20T16:00:05-05:00 2023-12-31 873231666 PKF O'CONNOR DAVIES ADVISORY LLC 500 MAMARONECK AVENUE SUITE 301 HARRISON NY 105281633 990 2023-01-01 132644507 WORLD TRADE CENTERS ASSOCIATION INC WORL 2124322704 115 BROADWAY 1202 NEW YORK NY 10006 JAMES T PERRY GENERAL COUNSEL 2124322704 2024-09-20 1 1 MELISSA MODELSON P01603524 9143818900 2024-09-20 2023 2024-08-08 14:25:15Z JAMES T PERRY 115 BROADWAY 1202 NEW YORK NY 10006 8624291 0 X WWW.WTCA.ORG X 1969 DE TO PROMOTE WORLD TRADE THROUGH THE CONCEPT OF WORLD TRADE CENTERS ESTABLISHED IN CITIES THROUGHOUT THE WORLD. 24 24 13 25 0 0 0 0 6051622 5730060 472129 648279 558188 24383 7081939 6402722 0 15000 0 0 1939769 2071133 0 0 0 3362887 4863747 5302656 6949880 1779283 -547158 23512294 23857209 1999645 1788390 21512649 22068819 X THE WORLD TRADE CENTERS ASSOCIATION MISSION IS TO FOSTER A GLOBAL WORLD TRADE CENTER NETWORK THAT ENHANCES THE BRAND AND PROMOTES PROSPERITY THROUGH TRADE. 0 0 THE WORLD TRADE CENTERS ASSOCIATION ("WTCA") MEMBER SERVICES DEPARTMENT MAINTAINS AND DEVELOPS RESOURCES, EVENTS, AND PROGRAMS FOR THE WTCA MEMBERSHIP WITH THE PURPOSE OF FACILITATING CONNECTIONS AND TRADE AND INVESTMENT OPPORTUNITIES WORLDWIDE. ACTIVITIES CONDUCTED DURING 2023 INCLUDED THE FOLLOWING: GENERAL ASSEMBLY - ONE OF THE ASSOCIATION'S FLAGSHIP EVENTS, GATHERING REPRESENTATIVES FROM OUR WORLDWIDE NETWORK OF MEMBER WORLD TRADE CENTER BUSINESSES AND THEIR CLIENT NETWORKS. IN 2023, THE WTCA OFFERED A HYBRID EVENT, FEATURING THREE DAYS OF IN-PERSON AND LIVESTREAM PROGRAMMING AND A WEEK OF B2B VIRTUAL MEETING OPPORTUNITIES VIA A COMPLIMENTARY ARTIFICIAL INTELLIGENCE (AI)-POWERED MATCHMAKING PLATFORM. MEMBER FORUM - THE OTHER OF THE ASSOCIATION'S 2023 FLAGSHIP EVENTS WAS THE WTCA MEMBER FORUM; A GATHERING OF REPRESENTATIVES FROM OUR WORLDWIDE MEMBERSHIP AS WELL AS RENOWNED EXPERTS. IN 2023, THE WTCA PRESENTED A HYBRID EVENT - BOTH IN-PERSON IN NEW YORK, NEW YORK AS WELL AS LIVESTREAMING OF THE ENTIRE EVENT - WITH KEYNOTES, PANELS, AND WORKSHOPS FOCUSED ON TRAINING AND EDUCTIONAL OPPORTUNITIES FOR MEMBERS. THE THREE-DAY EVENT ALSO INCLUDED NETWORKING OPPORTUNITIES FOR MEMBERS, STIMULATING GLOBAL CONNECTIONS AND RAISING VISIBILITY OF THE WTCA BRAND. 0 0 0 1 0 0 0 0 0 1 1 0 0 1 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 21 0 13 1 0 1 CH HK 0 0 0 0 0 0 X 24 24 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X ZACHARY WELLS 2124322704 115 BROADWAY 1202 NEW YORK NY 10006 JOHN DREW CHAIRMAN 4.00 0.00 X X 0 0 0 LUCIANO MENEZEZ VICE CHAIR & SECRETARY 2.00 0.50 X X 0 0 0 REMY SWAAB VICE CHAIR & TREASURER 2.00 0.00 X X 0 0 0 GHAZI ABU NAHL DIRECTOR 1.00 0.00 X 0 0 0 TOGBE AFEDE XIV DIRECTOR 1.00 0.00 X 0 0 0 EDWARD ALLISON-WRIGHT DIRECTOR 1.00 0.00 X 0 0 0 IVAN BARRIOS DIRECTOR 1.00 0.00 X 0 0 0 SCOTT CENTER DIRECTOR 2.00 0.00 X 0 0 0 IGNACIO DEL DIRECTOR 1.00 0.50 X 0 0 0 ROLF DRAAK DIRECTOR 1.00 0.00 X 0 0 0 MEHRAN EFTEKHAR DIRECTOR 2.00 0.00 X 0 0 0 FREERK FABER DIRECTOR 1.00 0.00 X 0 0 0 KAREN GERWITZ DIRECTOR 1.00 0.00 X 0 0 0 IRMOHIZAM IBRAHIM DIRECTOR 1.00 0.00 X 0 0 0 VIJAY KALANTRI DIRECTOR 1.00 0.50 X 0 0 0 HALUK KANCA DIRECTOR 1.00 0.00 X 0 0 0 CATHERINE LEE DIRECTOR 1.00 1.00 X 0 0 0 PAMELA D PASCUAL DIRECTOR 1.00 0.50 X 0 0 0 EUGENIO REYES GUZMAN DIRECTOR 1.00 0.00 X 0 0 0 CRISTINA SBAIZERO DIRECTOR 1.00 0.00 X 0 0 0 CHRISTINA SHEN DIRECTOR 1.00 0.00 X 0 0 0 AHMED TIBAOUI DIRECTOR 1.00 0.00 X 0 0 0 KHAIR ULL-NISSA SHEIKH DIRECTOR, THRU SEPT 2023 1.00 0.50 X 0 0 0 VINEET VERMA DIRECTOR 1.00 0.00 X 0 0 0 SIMON WANG DIRECTOR 1.00 0.00 X 0 0 0 JAMES T PERRY GENERAL COUNSEL 37.00 3.00 X 274992 0 70815 CRYSTAL EDN EXECUTIVE DIR-MEMBER SERVICES 40.00 0.00 X 171207 0 29606 ROBIN VAN PUYENBROECK EXECUTIVE DIR-BUSINESS DEVLMT 39.00 1.00 X 299884 0 74185 SCOTT RICHIE SECRETARY TO THE BOARD 19.00 1.00 X 180549 0 48009 ZACHARY WELLS FINANCIAL CONTROLLER 40.00 0.00 X 9093 0 714 CLARK LACKERT DEPUTY GENERAL COUNSEL 40.00 0.00 X 156145 0 9375 SCOTT WANG VP, ASIA-PACIFIC 39.00 1.00 X 166524 0 39171 CHANELLE DIMALANTA SR. COMMUNICATIONS MANAGER 40.00 0.00 X 103600 0 6398 JERRY HAFEEZ ACCOUNTING MANAGER, THRU SEPT 2023 40.00 0.00 X 100347 0 61301 1462341 0 339574 8 0 1 0 MARIETTE MULAIRE 181 MASSON ST WINNIPEG MANITOBA CA R2H0H3 BOARD ADVISORY SERVICES 162638 VIOLET COMMUNICATIONS LLC 33 PLYMOUTH ST LL2 MONTCLAIR NJ 07042 PUBLIC RELATIONS 160258 CARLOS RONDEROS CARRERA 7 74 - 21 OFICINA 306 BOGOTA CUDINAMARCA CO 11021 REGIONAL SALES & MEMBER ENGAGEMENT 128117 JAYMIE SCOTTO AND ASSOCIATES LLC 8 HILLSIDE AVENUE SUITE LL1 MONTCLAIR NJ 07042 PUBLIC RELATIONS 125000 ANAIS JAN MANUEL SILVELA 12 4 IZQUIERDA MADRID SP SALES COORDINATOR 114825 9 MEMBERSHIP DUES 541990 3985060 3985060 LICENSES FEES 541990 1695000 1695000 OPTIONS FEES 541990 50000 50000 5730060 460775 460775 2409073 2221569 187504 187504 187504 BAD DEBT RECOVERY 900099 18449 18449 SEMINAR FEES/OTHER 900099 5934 5934 24383 6402722 5730060 0 672662 15000 1499084 320660 46833 86284 118272 373667 93013 91189 262447 490103 74945 239653 294378 266920 567091 15311 16838 73454 REGIONAL EXPENSES 1182716 BAD DEBT EXPENSES 777872 LICENSING COMMISSION 37500 OTHER OPERATING EXPENSE 6650 6949880 4346912 550155 490618 3817179 839948 503780 184202 178702 157604 106856 69202 50748 11460064 12965532 1315353 1216421 310509 236430 4495486 3532049 0 806213 23512294 23857209 489822 264009 340979 319902 1168844 1204479 1999645 1788390 X 21512649 22068819 21512649 22068819 23512294 23857209 X -547158 1126992 -23664 0 X X 0 1 X 1 0 0 1 0 28897 18060 10837 106431 66520 39911 22276 22276 0 50748 ALTERNATIVE INVESTMENT - HEDGE FUND 1030050 F ALTERNATIVE INVESTMENT - PRIVATE EQUITY 186371 F 1216421 LEASE LIABILITY - OPERATING LEASE 826479 REFUNDABLE LICENSE FEES 378000 1204479 X 7425745 1126992 2531 1129523 6296222 91189 15311 106500 6402722 6895472 52092 52092 6843380 91189 15311 106500 6949880 PART X, LINE 2: MANAGEMENT HAS EVALUATED THE ASSOCIATION'S TAX POSITIONS FOR ALL OPEN TAX YEARS AND HAS CONCLUDED THAT THE ASSOCIATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT OR DISCLOSURE TO THE CONSOLIDATED FINANCIAL STATEMENTS. GENERALLY, THE ASSOCIATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2020, WHICH IS THE STANDARD STATUTE OF LIMITATIONS LOOK-BACK PERIOD. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE ATTRIBUTED TO CONSOLIDATED AFFILIATES 2,531. PART XI, LINE 4B - OTHER ADJUSTMENTS: ACCRUED INTEREST EXPENSES REPORTED ON FORM 990, PART IX 6,500. AMORTIZATION BOND EXPENSES REPORTED ON FORM 990, PART IX 8,811. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES ATTRIBUTED TO CONSOLIDATED AFFILIATES 52,092. PART XII, LINE 4B - OTHER ADJUSTMENTS: ACCRUED INTEREST EXPENSES REPORTED ON FORM 990, PART IX 8,811. AMORTIZATION BOND EXPENSES REPORTED ON FORM 990, PART IX 6,500. 0 EAST ASIA AND THE PACIFIC 1 2 PROGRAM SERVICES FACILITATE MEMBERSHIP SERVICES FOR MEMBERS IN CHINA AND ASIA PACIFIC 539300 MIDDLE EAST AND NORTH AFRICA 0 1 PROGRAM SERVICES FACILITATE MEMBERSHIP SERVICES FOR MEMBERS IN AFRICA & MIDDLE EAST 80724 EUROPE 0 2 PROGRAM SERVICES FACILITATE MEMBERSHIP SERVICES FOR MEMBERS IN EUROPE 266138 NORTH AMERICA 0 1 PROGRAM SERVICES FACILITATE MEMBERSHIP SERVICES FOR MEMBERS IN NORTH AMERICA 222783 SOUTH AMERICA 0 2 PROGRAM SERVICES FACILITATE MEMBERSHIP SERVICES FOR MEMBERS IN SOUTH & CENTRAL AMERICA 273907 SOUTH ASIA 0 1 PROGRAM SERVICES FACILITATE MEMBERSHIP SERVICES FOR MEMBERS IN INDIA 45900 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 236430 EUROPE 0 0 GRANTMAKING 15000 1 9 0 0 1 9 1680182 0 1680182 EUROPE EARTHQUAKE RELIEF DONATION 15000 WIRE TRANSFER 0 0 1 0 0 1 0 0 0 PART I, LINE 3: THE ORGANIZATION USES THE ACCRUAL METHOD TO ACCOUNT FOR EXPENDITURES. PART IV, LINE 3: THE ORGANIZATION IS REQUIRED TO FILE FORM 5471 BECAUSE IT MEETS THE APPLICABLE THRESHOLD OWNERSHIP REQUIREMENT. X X X X 1 0 0 ROBIN VAN PUYENBROECK EXECUTIVE DIR-BUSINESS DEVLMT 186384 0 78550 0 34950 0 12225 0 61960 0 374069 0 0 0 JAMES T PERRY GENERAL COUNSEL 236865 0 0 0 38127 0 11326 0 59489 0 345807 0 0 0 SCOTT RICHIE SECRETARY TO THE BOARD 162443 0 0 0 18106 0 5172 0 42837 0 228558 0 0 0 SCOTT WANG VP, ASIA-PACIFIC 136588 0 0 0 29936 0 6890 0 32281 0 205695 0 0 0 CRYSTAL EDN EXECUTIVE DIR-MEMBER SERVICES 146684 0 0 0 24523 0 6084 0 23522 0 200813 0 0 0 CLARK LACKERT DEPUTY GENERAL COUNSEL 139300 0 0 0 16845 0 6246 0 3129 0 165520 0 0 0 JERRY HAFEEZ ACCOUNTING MANAGER, THRU SEPT 2023 63730 0 0 0 36617 0 3417 0 57884 0 161648 0 0 0 PART I, LINE 4A PURSUANT TO THE TERMS AND CONDITIONS OF JERRY HAFEEZ'S, ACCOUNTING MANAGER, SEPARATION AGREEMENT, THE ORGANIZATION MADE SEVERANCE PAYMENT TO HIM IN THE AMOUNT OF $23,056 IN 2023. THE PAYMENTS WERE TREATED AS TAXABLE COMPENSATION TO THE RECIPIENT. FORM 990, PART VI, SECTION A, LINE 2 MEHRAN EFTEKHAR, DIRECTOR, HAS A BUSINESS RELATIONSHIP WITH GHAZI ABU NAHL, DIRECTOR. FORM 990, PART VI, SECTION A, LINE 6 THE ASSOCIATION HAS TWO CLASSES OF MEMBERSHIP: REGULAR MEMBERS: MEMBERSHIP AS A REGULAR MEMBER IN THE ASSOCIATION IS OPEN ONLY TO THOSE LEGALLY CONSTITUTED BODIES, PUBLIC OR PRIVATE, INCLUDING AGENCIES, AUTHORITIES, BOARDS, COMMISSIONS, CORPORATIONS, DEPARTMENTS, DIVISIONS, GOVERNMENTS, OR GOVERNMENTAL BODIES OF ANY TYPE OR CHARACTER, WHETHER INTERNATIONAL, NATIONAL, REGIONAL, STATE OR MUNICIPAL, AND ANY OTHER ORGANIZATION OF WHATEVER TYPE, KIND OR DESCRIPTION, INVOLVED IN OPERATING, DEVELOPING OR PLANNING A WORLD TRADE CENTER, DESIGNED FOR THE CENTRALIZED ACCOMMODATION OF ACTIVITIES DEVOTED TO WORLD TRADE. AFFILIATE MEMBERS: MEMBERSHIP AS AN AFFILIATE IS OPEN TO ORGANIZATIONS WHICH DO NOT WANT TO ESTABLISH A WORLD TRADE CENTER BUT WHICH PROVIDE CERTAIN TRADE CENTER-RELATED FACILITIES OR SERVICES OR REPRESENT MEMBERSHIP ORGANIZATIONS OF INTERNATIONAL BUSINESS PEOPLE WHICH COMPLEMENT THE ACTIVITIES OF THE ASSOCIATION. SUCH ORGANIZATIONS INCLUDE GOVERNMENT TRADE OFFICES, EXHIBIT FACILITIES, INTERNATIONAL TRADE CLUBS, ECONOMIC DEVELOPMENT ORGANIZATIONS, CHAMBERS OF COMMERCE AND SIMILAR MEMBERSHIP ORGANIZATIONS. FORM 990, PART VI, SECTION A, LINE 7A WTCA'S REGULAR MEMBERS HAVE THE POWER TO ELECT MEMBERS OF THE GOVERNING BODY. (AFFILIATE MEMBERS DO NOT HAVE SUCH RIGHTS.) NOTICES ARE SENT TO THE WTCA'S REGULAR MEMBERS FOR BOARD ELECTIONS. BALLOTS ARE CAST VIA A SECURE INTERNET SITE, FACSIMILE OR E-MAIL TO THE DESIGNATED ELECTION MONITOR AND IN PERSON AT THE GENERAL ASSEMBLY. BALLOTING CLOSES PROMPTLY AT 5PM ON THE CLOSE OF THE ELECTION PERIOD AND NO BALLOTS WILL BE ACCEPTED AFTER THAT TIME. THE BALLOTS ARE CAST; NO BALLOTS ARE DOUBLE COUNTED IF THEY ARE SUBMITTED TWICE. BASED ON THE COUNTS THE NEW BOARD MEMBERS ARE ELECTED BY GEOGRAPHIC REGIONS WITH THE MOST VOTES AND THEN WINNERS ARE CONFIRMED. VOTING RECORDS ARE MAINTAINED IN CONFIDENCE. FORM 990, PART VI, SECTION A, LINE 7B IN ADDITION TO HAVING THE AUTHORITY TO ELECT THE MEMBERS OF THE GOVERNING BODY, REGULAR MEMBERS MAY VOTE ON ANY OTHER MATTER THAT THE BOARD OF DIRECTORS DESIGNATES IN ADVANCE OF THE GENERAL ASSEMBLY AND HAVE AUTHORITY TO ALTER OR AMEND THE CERTIFICATE OF INCORPORATION AND BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 REVIEW IS PERFORMED BY THE AUDIT & RISK COMMITTEE OF THE BOARD AND WTCA'S FINANCE DEPARTMENT WITH COMPARISON TO THE AUDITED FINANCIAL STATEMENTS AND SCHEDULES PROVIDED TO THE TAX PREPARER. THE FINAL FORM 990 IS DISTRIBUTED TO ALL BOARD MEMBERS FOR THEIR REVIEW PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY BY REQUIRING ALL OFFICERS, DIRECTORS AND KEY EMPLOYEES TO ANNUALLY RE-AFFIRM THE POLICY BY SIGNING A CONFLICT OF INTEREST DISCLOSURE FORM, WHICH INCLUDES AN UPDATED LIST OF ALL VENDORS WITH WHICH WTCA OR ANY WTCA AFFILIATE TRANSACTS BUSINESS. BASED ON THE SUBMITTED DISCLOSURE FORMS, THE BOARD SECRETARY COMPILES A MASTER CHART OF EVERY ENTITY WITH WHICH EACH OFFICER, DIRECTOR AND KEY EMPLOYEE (OR THEIR IMMEDIATE RELATIVES) HAS A FINANCIAL INTEREST, AND PROVIDES THAT CHART TO THE AUDIT & RISK COMMITTEE FOR REVIEW. COPIES OF THE DISCLOSURE FORMS ARE KEPT BY THE BOARD SECRETARY. ANY OFFICER, DIRECTOR OR KEY EMPLOYEE IS RECUSED FROM PARTICIPATING IN ANY MATTER THAT PRESENTS A POTENTIAL RELATED PARTY TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 THE NOMINATION AND COMPENSATION COMMITTEE RECOMMENDS ALL COMPENSATION TO THE INDEPENDENT BOARD OF DIRECTORS FOR APPROVAL. DURING THE BUDGETING PROCESS, THERE IS A DETAILED REVIEW OF COMPENSATION AND FRINGE BENEFITS FOR THE EXECUTIVE DIRECTOR-MEMBER SERVICES, EXECUTIVE DIRECTOR-BUSINESS DEVELOPMENT, AND GENERAL COUNSEL, AS WELL AS OTHER EMPLOYEES AND NEW HIRES. THE METHOD USED COMPARES BENCHMARKS, SURVEYS AND ANALYSIS OF OTHER NONPROFIT ASSOCIATIONS WITH SIMILAR BUSINESS OPERATIONS IN THE NEW YORK CITY AREA. THE BOARD OF DIRECTORS APPROVES ALL COMPENSATION AND DECISIONS ARE DOCUMENTED IN THE MINUTES OF THE BOARD MEETING. THE PROCESS WAS LAST CONDUCTED IN 2023. COMPENSATION BENCHMARKING FOR KEY EMPLOYEES IS CONDUCTED ANNUALLY BY THE BOARD SECRETARY AND GENERAL COUNSEL USING ECONOMIC RESEARCH INSTITUTE (ERI) DATA. ERI COMPILES AND PUBLISHES COMPENSATION STUDIES AND DATA FROM SIMILARLY SITUATED COMPANIED IN THE NYC AREA, THAT ARE NOT FOR PROFIT, WITH SIMILAR SALES FIGURES. THE SALARIES FOR KEY POSITIONS IN THE ASSOCIATION IS COMPARED TO THESE FIGURES AND PROVIDED TO THE WTCA BOARD NOMINATIONS & COMPENSATION COMMITTEE TO EVALUATE WHETHER ANY COMPENSATION ADJUSTMENTS SHOULD BE MADE. IF THE COMMITTEE APPROVES AN ADJUSTMENT IN COMPENSATION FOR ANY KEY EMPLOYEE, IT IS NOTED IN THE EXECUTIVE SESSION MINUTES AND COMMUNICATED BY THE BOARD SECRETARY TO THE FINANCIAL CONTROLLER AND FINANCE COORDINATOR. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART XI, LINE 8, PRIOR YEAR ADJUSTMENTS: THE ORGANIZATION REPORTED PRIOR PERIOD ADJUSTMENT OF ($23,664) TO REFLECT ADJUSTMENTS FROM RELATED PARTY INCLUDED ON PRIOR YEAR FORM 990. WORLD TRADE CENTERS ASSOCIATION FOUNDATION 115 BROADWAY SUITE 1202 NEW YORK NY 10006 261591065 GRANTMAKING DE 501(C)(3) PF WORLD TRADE CENTERS ASSOCIATION INC 1 WTCA HOLDINGS LIMITED ROOM 801-2 8/F EASEY COMMERCIAL B HENNESSY RD WANCHAI, HONG KON CH PROVIDE FACILITY DEVELOPMENT AND TRADE SERVICES TO WTCA MEMBERS CH WORLD TRADE CENTERS ASSOCIATION INC C 1516 464547 1.00000 1 WORLD TRADE CENTER (BEIJING) BUSINESS SERVICES CO LTD SUITE 2115 TOWER C MINSHENG FINANC NO JIANGUOMENNEI AVENUE DONGCHENG DISTRIC CH PROVIDE FACILITY DEVELOPMENT AND TRADE SERVICES TO WTCA MEMBERS CH WTCA HOLDINGS LIMITED C 80 49056 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0