Building 77 Qalicb Inc
Public records show a registered, tax-exempt organization in good standing.
What it says it does
THE ORGANIZATION'S EXEMPT MISSION IS TO SERVE AS A SUPPORTING ORGANIZATION TO BNYDC, WHOSE MISSION IS TO PROMOTE LOCAL ECONOMIC DEVELOPMENT AND JOB CREATION IN THE BROOKLYN BOROUGH OF NEW YORK CITY, TO DEVELOP UNDERUTILIZED AREAS OF THE BROOKLYN NAVY YARD AND TO OVERSEE MODERNIZATION OF THE NAVY YARD'S INFRASTRUCTURE AND ASSETS, WHILE ALSO MAINTAINING ITS HISTORICAL INTEGRITY. THE ORGANIZATION WILL ENGAGE IN ECONOMIC DEVELOPMENT, SPECIFICALLY, BY REHABILITATING, REDEVELOPING AND LEASING BUILDING 77 OF THE NAVY YARD, THEREBY CREATING THOUSANDS OF JOBS FOR RESIDENTS AND THE CITY OF NEW YORK.
- Income
- $16.6 million
- Spending
- $28.9 million
- Spent on programs
- 100%
- Reserves
- -5 months of spending
- Largest source of income
- fees for its services, 100%
- Employees
- 0
- Volunteers
- 1
- Highest pay
- $378,496, treasurer, director
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Weak: 46 out of 100. Higher than 17% of charities in its peer group (community improvement, $10m to $100m).
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
16 of 20It owes 16% of what it owns.
Living within its means
0 of 15Spending exceeded income by 73% of income.
Income trend
15 of 15Income rose 6% on the year before.
Spending floor
15 of 15100% of spending went to programs.
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Fair: 50 out of 100. Higher than 1% of charities in its peer group (community improvement, $10m to $100m).
Independent board
5 of 251 of 5 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
0 of 10Did not give the board a copy of this return before filing it.
Pay set independently
0 of 5Reports no independent review process for its chief executive's pay.
Independent check of accounts
0 of 15Its accounts were not audited or reviewed by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 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)
- $28.8 million spent. BUILDING 77 QALICB, INC. (THE "CORPORATION") WAS ORGANIZED ON DECEMBER 10, 2014, AS A NEW YORK NONSTOCK, NONPROFIT CORPORATION FOR THE PURPOSE OF REHABILITATING AND OPERATING A COMMERCIAL PROPERTY LOCATED IN BROOKLYN, NEW YORK. THE PROPERTY INCLUDES ONE BUILDING WHICH IS EXPECTED TO CONSIST OF 1,000,000 SQUARE FEET OF COMMERCIAL RENTAL SPACE. AS OF DECEMBER, 2023 AND 2022, 668,394 AND 668,394, RESPECTIVELY, OF SQUARE FEET WERE LEASED. THE PROPERTY IS OWNED BY THE CITY OF NEW YORK, WHICH LEASES IT TO BROOKLYN NAVY YARD DEVELOPMENT CORPORATION ("BNYDC") WHICH IN TURN LEASES TO THE CORPORATION. THE CORPORATION SUBLETS THE SPACE TO COMMERCIAL TENANTS. THE CORPORATION IS A QUALIFIED ACTIVE LOW-INCOME COMMUNITY BUSINESS IN ACCORDANCE WITH THE TERMS UNDER THE NEW MARKETS TAX CREDIT ("NMTC") PROGRAM PURSUANT TO SECTION 45D OF THE IRC. THE CORPORATION IS REQUIRED TO COMPLY WITH VARIOUS RULES AND REGULATIONS AND FAILURE TO COMPLY WITH THESE OR OTHER REQUIREMENTS COULD RESULT IN THE RECAPTURE OF NMTC ALREADY TAKEN BY THE MORTGAGE LENDERS AND POTENTIAL LOSS OF FUTURE NMTCS.
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
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 September 7, 2026.
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 September 30, 2026.
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 September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since March 2015.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
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 7, 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.