2025-07-31T13:48:40-05:00 2024-12-31 221914888 NISIVOCCIA LLP 200 VALLEY RD SUITE 300 MT ARLINGTON NJ 07856 990 2024-01-01 223141480 PARK AVENUE FOUNDATION INC PARK 9739441442 184 PARK AVENUE FLORHAM PARK NJ 07932 ANDREW BOLES PRESIDENT 9739441442 2025-07-31 1 0 RYAN A HYNSON CPA P03062772 9733281825 2025-07-31 2024 2025-03-06 01:10:19Z ANDREW BOLES 184 PARK AVENUE FLORHAM PARK NJ 07932 833589 0 X HTTPS://WWW.PARKAVENUEFOUNDATION.ORG/ X 1991 NJ TO RAISE FUNDS EXCLUSIVELY FOR THE BENEFIT OF AND SUPPORT OF THE MEMBER NON-PROFITS. 10 10 0 25 0 0 53761 93057 0 0 88824 91889 347023 345408 489608 530354 0 0 0 0 0 0 0 0 33169 702217 828825 702217 828825 -212609 -298471 13933005 13517947 4726289 4766083 9206716 8751864 TO RAISE FUNDS EXCLUSIVELY FOR THE BENEFIT OF AND SUPPORT OF THE MEMBER NON-PROFITS. 0 0 743658 TO RAISE FUNDS TO BE DISTRIBUTED TO VARIOUS CHARITABLE ORGANIZATIONS. 743658 1 1 0 0 0 0 0 0 0 1 1 0 0 1 0 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 8 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 NJ X WILLIAM F MARKERT 9739604898 6 PARK HILL COURT MORRIS PLAINS NJ 07950 X ANDREW BOLES PRESIDENT 5.00 X X 0 0 0 PETER DONNELLY VICE PRESIDENT - OPERATIONS 1.00 X X 0 0 0 PATRICIA SLY VICE PRESIDENT - DEVELOPMENT 1.00 X X 0 0 0 GERALD MALONEY TREASURER 1.00 X X 0 0 0 SHELBY C RHODES SECRETARY 1.00 X 0 0 0 WILLIAM VIERBUCHEN TRUSTEE 1.00 X 0 0 0 JOSEPH PAWELCZYK TRUSTEE 1.00 X 0 0 0 RICHARD KURLAND TRUSTEE 1.00 X 0 0 0 CHARLES RUBIN TRUSTEE 1.00 X 0 0 0 THOMAS LOUGHMAN TRUSTEE 1.00 X 0 0 0 0 0 0 0 0 0 0 0 88430 4627 93057 91889 91889 275751 0 275751 275751 275751 238762 238762 0 0 134130 88430 64473 69657 69657 530354 275751 0 161546 40353 40353 9000 9000 1512 145 1367 299835 299835 392438 392438 2643 2643 WRITEOFF OF DEFERRED LO 48597 48597 INDIRECT EXPENSES FOR S 33169 33169 LICENSE AND PERMITS 780 780 MISCELLANEOUS 498 498 828825 743658 51998 33169 1318866 1324273 798927 642538 4031 16382689 7557440 9042288 8825249 2772924 2721856 13933005 13517947 2642 41239 85157 4723647 4639687 4726289 4766083 X 9206466 8751864 250 0 9206716 8751864 13933005 13517947 X -298471 -6381 -150000 X X 0 1 X 1 0 X X 12 BOYS AND GIRLS CLUBS OF NEWARK IN 221515405 7 1 42990 0 CAMP NEJEDA FOUNDATION INC 220019138 7 1 3750 0 THE COMMUNITY FOODBANK OF NEW JERSEY INC 222423882 7 1 16905 0 FAMILY RESOURCE NETWORK INC 134205042 7 1 7500 0 HARTMANN RHODES CHARITIES 822430029 7 1 3750 0 JERSEY BATTERED WOMEN'S SERVICE INC 222170048 7 1 5070 0 MORRIS HABITAT FOR HUMANITY INC 222675802 7 1 5070 0 MUSEUM OF EARLY TRADES & CRAFTS INC 237029776 7 1 7500 0 PATRIOTS PATH COUNCIL INC 223661431 7 1 25350 0 PG CHAMBERS SCHOOL 221551480 7 1 16905 0 THE MORRIS MUSEUM INC 221514241 7 1 10140 0 WHARTON INSTITUTE FOR THE PERFORMING ARTS INC 222609457 7 1 5070 0 12 150000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 250 250 140000 250 140000 250 141500 15000 16500 140000 141500 141500 157300 15000 30800 141500 0.00000 0.00000 1.00000 0 0 2242432 2242432 13734417 7209728 6524689 30500 10505 19995 348913 337207 11706 26427 26427 8825249 DUE FROM PARK AVENUE CLUB, INC. 2721856 2721856 X 490804 -6381 -6381 497185 33169 33169 530354 795656 0 795656 33169 33169 828825 PART V, LINE 4: THE FOUNDATION REPORTS CONTRIBUTIONS AS TEMPORARILY RESTRICTED SUPPORT IF THEY ARE RECEIVED WITH DONOR STIPULATIONS THAT LIMIT THE USE OF THE DONATED ASSETS. WHEN A DONOR STIPULATE EXPIRES, THAT IS, WHEN A STIPULATED TIME RESTRICTION ENDS OR THE PURPOSE OF THE RESTRICTION IS ACCOMPLISHED, TEMPORARILY RESTRICTED NET ASSETS ARE RECLASSIFIED TO UNRESTRICTED NET ASSETS AND REPORTED IN THE STATEMENT OF ACTIVITIES AS NET ASSETS RELEASED FROM RESTRICTIONS. PART X, LINE 2: THE FOUNDATION IS A NOT-FOR-PROFIT CORPORATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. THE FOUNDATION IS ALSO EXEMPT UNDER TITLE 15 OF THE STATE OF NEW JERSEY CORPORATIONS AND ASSOCIATIONS NOT FOR PROFIT ACT. ACCORDINGLY, NO PROVISION FOR FEDERAL OR STATE INCOME TAX HAS BEEN PRESENTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE FOUNDATION FOLLOWS THE PROVISIONS OF FASB ASC, INCOME TAXES. THE STANDARD PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION AS THEY RELATE TO THOSE TAX POSITIONS. THE FOUNDATION DOES NOT EXPECT A SIGNIFICANT INCREASE OR DECREASE TO THE TOTAL AMOUNTS OF UNRECOGNIZED TAX POSITIONS DURING THE YEAR ENDED DECEMBER 31, 2024. HOWEVER, THE FOUNDATION IS SUBJECT TO AUDIT BY TAX AUTHORITIES, INCLUDING A REVIEW OF ITS NONPROFIT STATUS WHICH MANAGEMENT BELIEVES WOULD BE UPHELD UPON EXAMINATION. THE FOUNDATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE POSITIONS TAKEN ON ITS TAX RETURNS. NONETHELESS, THE AMOUNTS ULTIMATELY PAID, IF ANY, UPON RESOLUTION OF THE ISSUES RAISED BY THE TAXING AUTHORITIES MAY DIFFER MATERIALLY FROM THE AMOUNTS ACCRUED FOR EACH YEAR. AS REQUIRED BY LAW, THE FOUNDATION FILES INFORMATIONAL RETURNS WITH BOTH THE FEDERAL AND NEW JERSEY STATE GOVERNMENTS ON AN ANNUAL BASIS - FORM 990 WITH THE INTERNAL REVENUE SERVICE, AND FORM CRI-300R WITH THE STATE. THESE RETURNS ARE SUBJECT TO EXAMINATION BY THESE AUTHORITIES WITHIN CERTAIN STATUTORILY DEFINED PERIODS FOR FEDERAL AND FOR NEW JERSEY. PART XI, LINE 4B - OTHER ADJUSTMENTS: INDIRECT EXPENSES FOR SPECIAL EVENTS 33,169. PART XII, LINE 4B - OTHER ADJUSTMENTS: INDIRECT EXPENSES FOR SPECIAL EVENTS 33,169. GALA 156540 36660 119880 26568 8500 GOLF OUTING 66020 51770 14250 2100 14250 13055 222560 88430 134130 2100 14250 39623 8500 64473 69657 FORM 990, PART VI, SECTION A, LINE 6 THE PARK AVENUE FOUNDATION, INC. WAS INCORPORATED AS A MEMBERSHIP ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 7A THE FOUNDATION MEMBERS APPROVE THE ELECTION, RE-ELECTION, APPOINTMENT, REAPPOINTMENTS, AND REMOVAL OF ALL OFFICERS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS HAVE THE RIGHT TO: - AMEND, REVISE OR RESTATE THE CORPORATION'S CERTIFICATE OF INCORPORATION AND BY-LAWS, AND TO APPROVE ALL AMENDMENTS OR REVISIONS TO THE CORPORATION'S CERTIFICATE OF INCORPORATION AND BY-LAWS THAT MAY BE PROPOSED BY THE BOARD OF TRUSTEES BEFORE THEY BECOME EFFECTIVE - CONSOLIDATE OR MERGE THE CORPORATION WITH ANOTHER CORPORATION OR ENTITY OR TO ACQUIRE SUBSTANTIALLY ALL OF THE ASSETS OF ANOTHER CORPORATION OR ENTITY - APPROVE ANY CAPITAL EXPENDITURE BY THE CORPORATION IN EXCESS OF $50,000, UNLESS SPECIFICALLY AUTHORIZED IN THE CORPORATION'S APPROVED BUDGETS - BORROW MONEY AND LEND MONEY IN THE AMOUNT OF $50,000 OR MORE, WHETHER IN A SINGLE TRANSACTION OR SERIES OF RELATED TRANSACTIONS, AND WHETHER OR NOT SUCH BORROWINGS ARE TO BE SECURED BY A MORTGAGE, PLEDGE OR OTHER LIEN ON THE CORPORATIONS CURRENT OR FUTURE PROPERTY - AUTHORIZE THE CORPORATION TO ENTER, AMEND OR MODIFY OR TERMINATE ANY AGREEMENT FOR THE MANAGEMENT OF THE PROPERTY LEASED BY THE CORPORATION TO THE PARK AVENUE CLUB, INC. FORM 990, PART VI, SECTION B, LINE 11B PARK AVENUE FOUNDATION INC. HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS PROVIDED TO THE MEMBERS OF THE ORGANIZATIONS GOVERNING BODY FOR ANY COMMENTS PRIOR TO ITS SUBMISSION. THE GOVERNING BODY IS PROVIDED WITH A REASONABLE AMOUNT OF TIME TO REVIEW THE FORM 990. ANY COMMENTS ARE THEN GROUPED, SUMMARIZED AND PROVIDED THROUGH MANAGEMENT TO THE OUTSIDE ACCOUNTING FIRM. ANY APPLICABLE ISSUES ARE ADDRESSED PRIOR TO THE RETURN BEING FINALIZED AND APPROVED FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C PARK AVENUE FOUNDATION, INC. CURRENTLY HAS IN PLACE A CONFLICT OF INTEREST POLICY WHICH IT REGULARLY MONITORS AND ENFORCES. THE BOARD MANDATES THAT ALL MEMBERS OF MANAGEMENT AND THE GOVERNING BODY ANNUALLY SIGN A CONFLICT OF INTEREST POLICY AND DISCLOSE ANY POTENTIAL OR ACTUAL CONFLICTS THAT MAY EXIST. IF A POTENTIAL OR ACTUAL CONFLICT OF INTEREST EXISTS, GOVERNING BODY AND MANAGEMENT WILL INVESTIGATE THE ISSUE. IF A CONFLICT OF INTEREST IS DETERMINED TO EXIST MANAGEMENT AND THE GOVERNING BODY WILL BE NOTIFIED IMMEDIATELY. THE MEMBER WILL NOT BE ALLOWED TO VOTE OR BE A PART OF ANY DECISIONS ABOUT ANY SUCH TRANSACTIONS THAT HAVE TO DO WITH THE CONFLICT UNTIL SUCH TIME THAT THERE IS NO LONGER A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE ORGANIZATIONS OFFICERS OR KEY EMPLOYEES IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES, AN INDEPENDENT BODY. FORM 990, PART VI, SECTION C, LINE 19 PARK AVENUE FOUNDATION INC. MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE UPON WRITTEN REQUEST AT THE ORGANIZATIONS OFFICE AT 184 PARK AVENUE FLORHAM PARK, NJ 07932. IN ADDITION FORM 1023 AS WELL AS THE FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON WRITTEN REQUEST AT THE ORGANIZATIONS OFFICE AT 184 PARK AVENUE FLORHAM PARK, NJ 07932. FORM 990, PART XI, LINE 9: GRANTS TO MEMBER NON-PROFITS -150,000. FORM 990, PART XII, LINE 2C NO CHANGE FROM THE PRIOR YEAR.