Carnegie Hall Evicts!

About fifty tenants of the Carnegie Hall Studio Towers are facing eviction as the organization decides to convert the apartments to its own use.

One of the perils of additional sources of income (which we talked about recently) is that every income source has to be managed.  Example: the Carnegie Hall Corporation (EIN 13-1923626 Form 990) is in the process of evicting some fifty tenants of its two towers, so that it can renovate the space for its own programs (or offices, depending on whom you believe.) 

The AP story about the plight of the tenants and their plans to fight back was picked up by a number of newspapers, including the Washington Post, but I could only find all the pictures of the apartments that went along with the story in the Modesto Bee (captionless, unfortunately), and that only by way of the Google cache.  The New Yorker Talk of the Town section also ran a vignette.   But as far as I can tell, the New York Times has remained mum (could show what kind of power speaks to the Times).

Carnegie Hall has a complex support structure that also involves the Carnegie Hall Society (EIN 13-6136259 Form 990), and both organizations were set up to save the venue from demolition in 1960 (the official Carnegie Hall press kit tells the story of how Isaac Stern saved the it from being replaced by a red skyscraper). 

There are no executive salaries listed for either Carnegie Hall organization in the June, 2005 returns.  The only salaries shown are for five stagehands, listed in schedule A as earning from $294,030 to $396,648 in direct compensation, plus benefits.  However, the New York Better Business Bureau report indicates that Clive Gillinson,  the Executive and Artistic Director, earns $600,000 a year. 

The NYBBB was working with more current information than is available through Guidestar.  Mr. Gillinson did not start work until July, 2005.  The 2005-2006 Form 990s are currently available only on the Carnegie Hall web site.  They show that the organization also has a CFO, Richard Matlaga, earning $256,325.  At Carnegie Hall, the CFO makes less than the stage hands (and less than half that of the artistic director). 

The corporation return shows $8.9 million in rental income, with an associated rental expense of $9.9 million, yielding a million-dollar loss in the year ended June 30, 2005.  There's no way to tell whether this is only the rental of the apartment towers.   The NYBBB report notes that the corporation does not provide enough detail in its annual report, and I would concur. 

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