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New 42nd Street Inc

EIN 13-3584032 · New York, NY

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthGood83 out of 100GovernanceStrong100 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

SEE SCHEDULE O.

Income
$24.6 million
Spending
$22.8 million
Spent on programs
75%
Reserves
8.6 months of spending
Largest source of income
fees for its services, 66%
Employees
396
Volunteers
32
Highest pay
$673,756, president & ceo

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Good: 83 out of 100. Higher than 59% of charities in its peer group (arts and culture, $10m to $100m).

  • Reserves

    28 of 35

    Spendable reserves would cover 8.6 months of spending.

  • Debt

    20 of 20

    It owes 6% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 7% of income.

  • Income trend

    5 of 15

    Income fell 12% on the year before.

  • Spending floor

    15 of 15

    75% of spending went to programs and raising each dollar of donations cost 21 cents.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Strong: 100 out of 100. Higher than 34% of charities in its peer group (arts and culture, $10m to $100m).

  • Independent board

    25 of 25

    29 of 32 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (1)
  1. $17.2 million spent. THE NEW 42ND STREET, INC. (D/B/A NEW 42) WAS ESTABLISHED IN 1990 BY THE CITY AND STATE OF NEW YORK AS A NON-PROFIT ORGANIZATION AND WAS ENTRUSTED WITH 99-YEAR LEASES OF SEVEN HISTORIC THEATERS AND TWO INFILL PROPERTIES ON 42ND STREET BETWEEN 7TH AND 8TH AVENUES IN NEW YORK CITY. GUIDED BY THE PUBLIC GOAL OF RETURNING 42ND STREET TO ITS FORMER STATUS AS A LIVELY CULTURAL AND ENTERTAINMENT DESTINATION, NEW 42 OPERATES PROGRAMMING OUT OF TWO BUILDINGS UNDER ITS STEWARDSHIP: NEW VICTORY THEATER AND NEW 42 STUDIOS. NEW 42 HAS STRATEGICALLY SUBLEASED ITS REMAINING PROPERTIES TO GENERATE EARNED INCOME AND ENSURE THE ONGOING VIBRANCY OF 42ND STREET. IN OUR 2024-25 SEASON, NEW 42 MADE (CONTINUED ON SCHEDULE O) EXTRAORDINARY PERFORMING ARTS EXPERIENCES POSSIBLE FOR OVER 91,000 KIDS, FAMILIES AND ARTISTS. THROUGH OUR COMMITMENT TO ENSURE ACCESS FOR ALL, NEW VICTORY THEATER PROVIDED FREE TICKETS FOR FAMILIES RESIDING IN NEW YORK CITY HOUSING AUTHORITY (NYCHA) SITES, $2 TICKETS TO STUDENTS AS THE LARGEST PROVIDER OF LIVE PERFORMING ARTS FOR NEW YORK CITY PUBLIC SCHOOLS, AND TICKETS AVERAGING UNDER $35 FOR ALL FAMILIES DUE TO FUNDER SUBSIDIES THAT ENABLE LOW TICKET PRICES. NEW 42 STUDIOS PROVIDED REHEARSAL SPACE FOR 134 BROADWAY, OFF-BROADWAY, REGIONAL AND TOURING COMPANIES, AND THE DUKE ON 42ND STREET WELCOMED OVER 19,000 PATRONS. NEW 42 WAS RECOGNIZED FOR ITS BROAD COMMUNITY IMPACT WITH THE 2025 TONY HONOR FOR EXCELLENCE IN THE THEATRE.NEW VICTORY THEATER: THE SUMMER NEW VICTORY DANCE FESTIVAL KICKED OFF THE YEAR, SHOWCASING NINE NEW YORK-BASED DANCE COMPANIES AND ARTISTS WHO SHARED THE POWER OF DANCE WITH AUDIENCES OF ALL AGES. THE NEW VICTORY SEASON THEN PRESENTED NINE WORKS FROM FOUR COUNTRIES THAT INCLUDED SIX NEW YORK OR INTERNATIONAL PREMIERES AND INTRODUCED PUBLIC AND STUDENT AUDIENCES TO THRILLING ACROBATICS, DANCE THEATER, SHADOW PUPPETRY, FOLKLORE AND MORE. EACH PRODUCTION WAS ACCOMPANIED BY PRE- AND POST-SHOW ACTIVITIES LED BY NEW VICTORY TEACHING ARTISTS WHO ENGAGED KIDS IN ART-MAKING AND COMMUNITY-BUILDING.NEW VICTORY EDUCATION: IN THE 2024-25 SEASON, 141 PARTNER SCHOOLS FROM ACROSS ALL FIVE NEW YORK CITY BOROUGHS ENJOYED THE FULL SEASON OF BREATHTAKING PERFORMANCES THROUGH STUDENT MATINEES OFFERED BY THE NEW VICTORY THEATER FOR THE SUBSIDIZED PRICE OF $2 PER TICKET - A PRICE THAT HASN'T CHANGED SINCE THE THEATER OPENED IN 1995. CLASSROOM WORKSHOPS LED BY NEW VICTORY TEACHING ARTISTS, AND A SERIES OF EARLY CHILDHOOD ARTS EDUCATION RESOURCE GUIDES, PROMOTED ARTISTIC INQUIRY AND CREATIVITY WITHIN SCHOOL CURRICULA AND PROVIDED TEACHERS WITH PROFESSIONAL DEVELOPMENT OPPORTUNITIES. NEW 42 YOUTH CORPS: NYC'S FIRST AND LARGEST THEATER EMPLOYMENT AND SKILLS-BUILDING PROGRAM FOR YOUTH, THE YOUTH CORPS PROVIDES TARGETED, PERSONALIZED SUPPORT SYSTEMS FOR YOUNG PEOPLE AS THEY TRANSITION FROM HIGH SCHOOL THROUGH COLLEGE AND INTO THEIR CHOSEN CAREERS IN AND BEYOND THE ARTS SECTOR. THROUGH PAID PART-TIME EMPLOYMENT, LIFE/JOB SKILLS TRAINING, COLLEGE MATRICULATION AND GRADUATION ASSISTANCE, AND DIRECT MENTORSHIP WITH ARTS PROFESSIONALS, YOUTH CORPS IN 2024-25 SUPPORTED 63 YOUNG NEW YORKERS, AGES 16-24, AS THEY BEGAN TO NAVIGATE THE CHALLENGES FACED DURING THE OFTEN DIFFICULT TRANSITION INTO ADULTHOOD.

Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending June 2025.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since October 1990.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.