2026-03-27T16:22:25-05:00 2025-06-30 873707167 CBIZ ADVISORS LLC 685 THIRD AVENUE NEW YORK NY 10017 990 2024-07-01 273731338 NEW YORK CITY ENERGY EFFICIENCY CORPORATION NEWY 2123124259 1359 BROADWAY 19TH FLOOR NEW YORK NY 10018 CURTIS PROBST PRESIDENT 2123124259 2026-03-18 1 1 MAGDALENA CZERNIAWSKI P00535099 2125038800 2026-03-18 2024 2025-03-06 01:10:19Z CURTIS PROBST 1359 BROADWAY 19TH FLOOR NEW YORK NY 10018 61959638 0 X HTTPS://NYCEEC.COM X 2010 NY DELIVERING FINANCING SOLUTIONS AND ADVANCING MARKETS FOR ENERGY EFFICIENCY AND CLEAN ENERGY. 15 15 21 15 0 0 1766679 2569036 2169960 2209379 307387 373669 0 0 4244026 5152084 277500 60000 0 0 3074611 3451523 0 0 108058 4137086 2356977 7489197 5868500 -3245171 -716416 47387838 50701440 21474211 25484648 25913627 25216792 NYCEEC'S MISSION IS TO DELIVER FINANCING SOLUTIONS AND ADVANCE MARKETS FOR ENERGY EFFICIENCY AND CLEAN ENERGY IN COMMUNITIES. 0 0 4580317 60000 2209379 THROUGH THE END OF FY 2025, NYCEEC HAS MOBILIZED MORE THAN $630 MILLION IN CAPITAL SINCE LAUNCHING ITS OPERATIONS. NYCEEC CONTINUED TO SERVE LOW-TO-MODERATE INCOME (LMI) POPULATIONS, GREENING MORE THAN 18,635 AFFORDABLE HOUSING UNITS TO-DATE, WITH APPROXIMATELY 85% OF NYCEEC-FINANCED PROJECTS BEING IN OR SUPPORTING LMI COMMUNITIES. IN ADDITION, NYCEEC CONTINUED TO DEEPEN AND EXPAND PARTNERSHIP WITH DEVELOPERS, HOUSING AGENCIES, CONTRACTORS, AND GOVERNMENT PROGRAMS. IN FY25 NYCEEC ALSO CONTINUED TO DEVELOP AND ADMINISTER THE CITY OF NEW YORK'S COMMERCIAL PROPERTY ASSESSED CLEAN ENERGY (C-PACE) PROGRAM, FOR WHICH NYCEEC IS THE PROGRAM ADMINISTRATOR. IN FY25 NYCEEC ALSO HELPED LAUNCH THE CITY OF NEW YORK'S AFFORDABLE HOUSING REINVESTMENT FUND (AHRF) PROGRAM, FOR WHICH NYCEEC IS THE PROGRAM ADMINISTRATOR. 4580317 1 1 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 19 0 1 21 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X JAY MERVES DIR OF BUS DEVTREASURER 6467974630 1359 BROADWAY 19TH FLOOR NEW YORK NY 10018 ASHOK GUPTA BOARD MEMBER (OUTGOING) 1.00 X 0 0 0 BRUCE SCHLEIN BOARD MEMBER 1.00 X 0 0 0 ELIZABETH ZELDIN BOARD MEMBER 1.00 X 0 0 0 J GREGORY HALE BOARD MEMBER 1.00 X 0 0 0 JEFFREY I BRODSKY BOARD MEMBER AND CHAIRPERSON 1.00 X X 0 0 0 JOE CHAVEZ BOARD MEMBER 1.00 X 0 0 0 JOHN RICE BOARD MEMBER 1.00 X 0 0 0 JUDY HERBSTMAN BOARD MEMBER 1.00 X 0 0 0 KELLI M KEENAN BOARD MEMBER 1.00 X 0 0 0 KIMBERLY DARGA BOARD MEMBER 1.00 X 0 0 0 MALINI NAYAR BOARD MEMBER 1.00 X 0 0 0 MARC KHOUZAMI BOARD MEMBER 1.00 X 0 0 0 MARK ZULUAGA BOARD MEMBER 1.00 X 0 0 0 REBECCA KOEPNICK BOARD MEMBER 1.00 X 0 0 0 RENWICK PAIGE BOARD MEMBER 1.00 X 0 0 0 SADIE MCKEOWN BOARD MEMBER (OUTGOING) 1.00 X 0 0 0 SUSAN LEEDS BOARD MEMBER AND SECRETARY 1.00 X X 0 0 0 CURTIS PROBST CEO, PRESIDENT 36.00 X 223707 0 74012 JAY MERVES DIR. OF BUSINESS DEV., TREASURER 40.00 X 233705 0 71545 APARAJITHA JANARDHANAN DIRECTOR 40.00 X 163482 0 16444 ERANGI DIAS DIR. OF BUSINESS DEV. (OUTGOING) 40.00 X 174031 0 10066 MARIAN L WEBER DIRECTOR 40.00 X 171050 0 13851 MICHAEL KERSTETTER GENERAL COUNSEL/DIRECTOR 40.00 X 207762 0 10875 NAEEMAH E LAJOIE DIRECTOR OF OPERATIONS 40.00 X 187806 0 49378 1361543 0 246171 15 0 1 0 BURCHMAN TERRIO GEBHARDT & QUIST LLC PO BOX 22528 NEW YORK NY 10087 ACCOUNTING SERVICES 182750 1 1409036 1160000 2569036 PROGRAM INTEREST 900099 1763795 1763795 FEE INCOME 900099 445584 445584 2209379 81223 81223 57100000 56807554 292446 292446 292446 5152084 2209379 0 373669 60000 60000 608869 420298 157828 30743 2309807 1818208 435404 56195 77459 61264 14364 1831 253282 203196 45959 4127 202106 155678 40650 5778 178500 87123 91377 190010 190010 368956 262330 106626 132958 104401 25130 3427 52920 25829 27091 152276 119570 28781 3925 25414 19956 4803 655 623606 621666 1940 1885 1480 356 49 51517 40452 9737 1328 PROVISION FOR LOAN LOSS 556607 556607 MISCELLANEOUS 22328 22259 69 5868500 4580317 1180125 108058 1542524 4128228 16625909 6433256 923153 1498049 283753 576491 27214159 25706709 81936 104868 154214 154214 1885 0 11731436 714519 522403 47387838 50701440 1165674 1187683 124378 99378 15877790 22758000 3721305 1024190 585064 415397 21474211 25484648 X 4014766 4133350 21898861 21083442 25913627 25216792 47387838 50701440 -716416 19581 0 X X 0 1 X 1 1 1 X 2828491 2687502 2764030 1766679 2569036 12615738 2828491 2687502 2764030 1766679 2569036 12615738 2742585 9873153 2038 1560 111254 142923 81223 338998 12954736 10417266 0.76210 0.81640 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 141045 141045 0 13169 13169 0 0 OPERATING LEASE LIABILITIES 415397 415397 X 5171665 19581 19581 5152084 0 5152084 5868500 0 5868500 0 5868500 PART IV, LINE 2B: TWO NYCEEC BORROWERS HAVE CONTRIBUTED FUNDS TO CAPITALIZE CERTAIN LOSS RESERVES IN RESPECT OF FINANCED PROJECTS. THE FIRST BORROWER MAKES MONTHLY PAYMENTS TO FUND RESERVE BALANCES AND QUARTERLY PRINCIPAL AND INTEREST PAYMENTS ON THE LOAN. DURING EACH OF THE YEARS ENDED JUNE 30, 2025 AND 2024, THERE WERE NO PAYMENTS OR INTEREST ACCRUED. TO THE EXTENT THAT SUCH FUNDS ARE NOT USED TO REPAY ANY AMOUNTS OWED AND UNPAID TO NYCEEC UNDER THE LOAN AGREEMENT, A PORTION WILL BE RETURNED TO THE BORROWER ON AN ANNUAL BASIS AND THE BALANCE AT THE TERM OF THE TRANSACTION, BASED ON THE LOAN AGREEMENT. THE SECOND BORROWER HAS FUNDED CERTAIN RESERVES DURING CONSTRUCTION OF APPROXIMATELY $99,000 AS PER SCHEDULES ESTABLISHED IN THE ASSOCIATED LOAN AGREEMENTS. AS OF BOTH JUNE 30, 2025 AND 2024, SUCH RESERVES ARE HELD IN ESCROW IN RESPECT OF THE FINANCED PROJECTS. PART X, LINE 2: NYCEEC BELIEVES IT HAD NO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2025 AND 2024 IN ACCORDANCE WITH FASB ASC TOPIC 740 ("INCOME TAXES"), WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. 1 UNIVERSITY OF NEW HAMPSHIRECARSEY SCHOOL OF PUBLIC POLICY 73 MAIN ST HUDDESTON HALL DURHAM NH 03824 026000937 501(C)(3) 35000 0 THE CENTER FOR IMPACT FINANCE WILL CONVENE THE FINANCIAL INNOVATION ROUNDTABLE IN CALENDAR YEAR 2025 AT THE FEDERAL RESERVE BANK OF NY. THE FUNDS FROM HSBC WILL BE USED TO SUPPORT THE VARIOUS COSTS ASSOCIATED WITH CONVENING AND FOLLOW-UP ACTIVITIES FROM CONVENING CEC STUYVESANT COVE INC DBA SOLAR ONE 9-03 44TH ROAD UNIT 201 LONG ISLAND CITY NY 11101 522440116 501(C)(3) 25000 0 SOLAR ONE WILL SUPPORT NYCEEC IN: (I) ENGAGING THE COMMUNITY THROUGH EDUCATION BY PROVIDING EDUCATIONAL RESOURCES TO A RANGE OF COMMUNITY STAKEHOLDERS, FOSTERING GREATER LEVELS OF COMMUNITY INPUT AND OWNERSHIP IN CLEAN ENERGY INITIATIVES; (II) DEVELOPING A TRAINED CLEAN ENERGY WORKFORCE, PROVIDING TRAINING OPPORTUNITIES ESPECIALLY WHERE THEY HAVE NOT BEEN EVENLY DISTRIBUTED, BUILDING CAPACITY AND INCREASING NUMBERS OF COMMUNITY MEMBERS QUALIFIED AND READY TO PARTICIPATE IN THE WORKFORCE, SUPPORTING ENERGY EFFICIENCY AND CLEAN ENERGY PROJECTS. 2 PART I, LINE 2: THE ORGANIZATION MONITORS THE USE OF GRANT FUNDS BY HAVING REGULAR CALLS AND MEETINGS WITH THE GRANTEES. X X X X 0 0 0 0 0 0 0 1 0 JAY MERVES DIR. OF BUSINESS DEV., TREASURER 211955 0 21750 0 0 0 9699 0 61846 0 305250 0 0 0 CURTIS PROBST CEO, PRESIDENT 223707 0 0 0 0 0 9409 0 64603 0 297719 0 0 0 NAEEMAH E LAJOIE DIRECTOR OF OPERATIONS 170056 0 17750 0 0 0 7215 0 42163 0 237184 0 0 0 MICHAEL KERSTETTER GENERAL COUNSEL/DIRECTOR 189262 0 18500 0 0 0 7675 0 3200 0 218637 0 0 0 MARIAN L WEBER DIRECTOR 156879 0 14171 0 0 0 0 0 13851 0 184901 0 0 0 ERANGI DIAS DIR. OF BUSINESS DEV. (OUTGOING) 161342 0 12689 0 0 0 6577 0 3489 0 184097 0 0 0 APARAJITHA JANARDHANAN DIRECTOR 153950 0 9532 0 0 0 6393 0 10051 0 179926 0 0 0 PART I, LINE 7 EACH YEAR THE CEO (WITH THE ASSISTANCE OF ASTRON, NYCEEC'S HR CONSULTANT) DOES AN ANALYSIS OF COMPARABLE ORGANIZATIONS TO TRY TO EVALUATE WHAT IS "MARKET" FOR THAT YEAR IN TERMS OF OVERALL COMPENSATION NUMBERS, TRENDS, ETC. A SLIDE-DECK LAYING OUT THIS ANALYSIS AND MAKING ASTRON'S RECOMMENDATIONS (DEVELOPED IN CONSULTATION WITH THE CEO) FOR THE OVERALL STAFF COMPENSATION PROGRAM/STRATEGY IS PRESENTED TO THE BOARDS' GOVERNANCE AND HUMAN RESOURCE COMMITTEE, ALONG WITH ASTRON'S RECOMMENDATIONS FOR THE EXECUTIVES' COMPENSATION (WHICH INCLUDES BONUSES). AT THE MEETING, THE COMMITTEE DISCUSSES THE ANALYSIS AND PROPOSED STAFF COMPENSATION PLAN WITH ASTRON AND THE CEO. THE COMMITTEE APPROVES THE OVERALL STAFF COMPENSATION PROGRAM/STRATEGY AND LEAVES IT TO THE CEO TO LATER DETERMINE THE SPECIFIC DETAILS OF EACH EMPLOYEE'S PARTICULAR COMPENSATION FOR THE APPLICABLE YEAR. THE COMMITTEE ALSO REVIEWS, DISCUSSES (JUST WITH ASTRON) AND IS RESPONSIBLE FOR APPROVING THE EXECUTIVES' COMPENSATION AS WELL. NO NYCEEC EMPLOYEE OR MEMBER OF MANAGEMENT IS PRESENT FOR THE COMMITTEE'S REVIEW OR APPROVAL OF THE EXECUTIVES' COMPENSATION. THIS ANNUAL PROCESS IS IN ADDITION TO BENCHMARKING EXERCISES THAT ASTRON PERFORMS ON BEHALF OF NYCEEC MANAGEMENT EVERY FEW YEARS TO TRY TO ASCERTAIN COMPENSATION LEVELS FOR NYCEEC ROLES AT COMPARABLE ORGANIZATIONS BASED UPON NYCEEC JOB DESCRIPTIONS. THESE PRACTICES ARE CONSISTENT WITH THE RELEVANT PROVISIONS OF NYCEEC'S BY-LAWS (SECTION 3.03) AND THE POLICIES AND PROCEDURES MANUAL (SECTION 12.4.2). SPECIFICALLY, UNDER NYCEEC'S BY-LAWS, THE COMMITTEE HAS GENERAL OVERSIGHT AND APPROVAL AUTHORITY OVER STAFF COMPENSATION AND BENEFITS PROGRAMS AND THE OVERALL COMPENSATION STRATEGY. THE COMMITTEE IS NOT, HOWEVER, CHARGED WITH REVIEWING OR APPROVING SPECIFIC COMPENSATION NUMBERS FOR NYCEEC'S STAFF; THAT FUNCTION IS RESERVED FOR THE CEO. UNDER THE BY-LAWS, HOWEVER, THE COMMITTEE ITSELF IS RESPONSIBLE FOR EVALUATING THE PERFORMANCE OF NYCEEC'S EXECUTIVES (I.E. THE "DISQUALIFIED PERSONS") AND APPROVING THEIR COMPENSATION AMOUNTS, WHICH INCLUDES BONUSES. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION DELEGATED CONTROL OVER MANAGEMENT DUTIES CUSTOMARILY PERFORMED BY OR UNDER THE DIRECT SUPERVISION OF OFFICERS, DIRECTORS, TRUSTEES OR KEY EMPLOYEES TO BURCHMAN TERRIO GEBHARDT & QUIST LLC. THE ORGANIZATION COMPENSATED THEM $178,500 FOR THEIR SERVICES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT THAT REPORTS TO THE BOARD OF DIRECTORS. AFTER THE DRAFT 990 IS PREPARED, IT IS REVIEWED AND APPROVED BY NYCEEC'S MANAGEMENT TEAM. THE APPROVED DRAFT 990 IS THEN DISTRIBUTED TO THE GOVERNING BODY ELECTRONICALLY OR AS A PAPER COPY, IF REQUESTED, WITH A REQUEST TO REVIEW AND RESPOND WITH ANY QUESTIONS OR COMMENTS THAT THEY MAY HAVE. THE FORM 990 IS FINALIZED AFTER THE BOARD HAS HAD REASONABLE OPPORTUNITY TO REVIEW THE DRAFT AND RAISE QUESTIONS OR SHARE COMMENTS. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST DISCLOSURE STATEMENT IS FURNISHED ANNUALLY TO THE BOARD AND EACH DIRECTOR AND OFFICER. THE DISCLOSURE STATEMENTS ARE REVIEWED ANNUALLY BY THE GENERAL COUNSEL OF THE CORPORATION. EACH DIRECTOR AND OFFICER MUST REPORT PROMPTLY TO THE CORPORATION ANY POTENTIAL CONFLICT OF INTEREST WHEN IT ARISES. FORM 990, PART VI, SECTION B, LINE 15 EACH YEAR ASTRON, NYCEEC'S HR CONSULTANT, DOES AN ANALYSIS OF COMPARABLE ORGANIZATIONS TO TRY TO EVALUATE WHAT IS "MARKET" FOR THAT YEAR IN TERMS OF OVERALL COMPENSATION NUMBERS, TRENDS, ETC. ASTRON'S RECOMMENDATIONS FOR EXECUTIVES' COMPENSATION, INCLUDING THAT OF THE CEO AND OFFICERS, ARE PRESENTED TO INDEPENDENT MEMBERS OF THE BOARD OF DIRECTORS, SPECIFICALLY THE GOVERNANCE AND HUMAN RESOURCE COMMITTEE. THE COMMITTEE ALSO REVIEWS AND IS RESPONSIBLE FOR APPROVING THE EXECUTIVES' COMPENSATION WITH THEIR DETERMINATION DOCUMENTED ON A TIMELY BASIS. NO NYCEEC EMPLOYEE OR MEMBER OF MANAGEMENT IS PRESENT FOR THE COMMITTEE'S REVIEW OR APPROVAL OF THE EXECUTIVES' COMPENSATION. THESE PRACTICES ARE CONSISTENT WITH THE RELEVANT PROVISIONS OF NYCEEC'S BY-LAWS (SECTION 3.03). SPECIFICALLY, UNDER THE BY-LAWS, THE COMMITTEE ITSELF IS RESPONSIBLE FOR EVALUATING THE PERFORMANCE OF NYCEEC'S EXECUTIVES (I.E. THE "DISQUALIFIED PERSONS") AND APPROVING THEIR COMPENSATION AMOUNTS. FORM 990, PART VI, SECTION C, LINE 19 THE NYCEEC POLICIES AND PROCEDURES DOCUMENT, GOVERNING DOCUMENTS, CONFLICT OF INTEREST, AND FINANCIAL STATEMENTS ARE AVAILABLE IN HARD COPY AT NYCEEC OFFICES IN ITS PUBLIC FILE, LOCATED AT 1359 BROADWAY, 19TH FLOOR, NEW YORK, NY 10018. THE NYCEEC FINANCIAL STATEMENTS ARE PUBLICLY AVAILABLE ON NYCEEC'S WEBSITE (HTTPS://NYCEEC.COM/REGULATORY-AND-FINANCIAL-MATTERS). FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. NYCEEC FUEL CONVERSION RECEIVABLES LLC 1359 BROADWAY 19TH FLOOR NEW YORK NY 10018 300740142 INACTIVE NY 0 0 NEW YORK CITY ENERGY EFFICIENCY CORPORATION