March of Dimes puts national headquarters in White Plains up for sale
Akiko MatsudaWHITE PLAINS - March of Dimes, a well-known nonprofit, is selling its national headquarters building on Mamaroneck Avenue.
March of Dimes has been based in the 113,000-square-foot office building on 11 acres for the past three decades.
"After careful evaluation of our office in White Plains, the March of Dimes building at 1275 Mamaroneck Avenue has been placed for sale on the real estate market," said Michele Kling, director of media relations for the nonprofit, in an email statement.
"The March of Dimes has a long history working in the greater White Plains area and will maintain a presence in the near proximity."
Kling would not elaborate on the listing, including details on the asking price. The property hasn't been publicly listed online as of Friday.
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The nonprofit — whose mission is to improve the health of babies by preventing birth defects, premature birth and infant mortality — was originally founded by President Franklin Roosevelt in 1938 as the National Foundation for Infantile Paralysis.
It has been supported by donations and fundraising events, such as a charitable walk called March for Babies.
But the organization is facing mounting financial woes.
According to March of Dimes' Form 990 filed with the U.S. Internal Revenue Service, its annual expenses exceeded revenues by millions of dollars every year from 2012 to 2016, amid ballooning pension costs and investment losses.
In 2016, the nonprofit reported a negative fund balance — or assets less liabilities — of nearly $13 million.
As of 2016, March of Dimes had about 1,500 employees nationwide, according to its financial report, though it was unclear Friday how many of them are based in White Plains. The size of organization may be shrinking: At least one regional office in Ardmore, Oklahoma, was recently shut down due to budget cuts, according to KXII-TV
March of Dimes' bottom line may have been affected by the dominance of other popular charities, such as the ALS Association's Ice Bucket Challenge and the American Cancer Association's Relay for Life.
Todd Dezen, a spokesman for March of Dimes, said the group is addressing the issue.
"As the March of Dimes approaches our 80th anniversary, we’re taking action to transform into a modern and sustainable organization that will be around for at least the next 80 years to support pregnant women, families, and babies across the country," he wrote in an email statement.
The challenges facing March of Dimes aren't unique in this constantly changing environment, said Alisa Kesten, executive director for Volunteer NY, a Tarrytown-based nonprofit.
"Nonprofits need to be very nimble and always look for new friends, new sources of revenue especially because government resources can't be depended on as they were in the past, whether you’re talking about local, state or federal," she said.
Property sale can help cash flow
If successful, the sale of the Mamaroneck Avenue property would help the nonprofit with a cash flow, even though it may be a short-term solution.
The property is in the "campus office" zone under the city's zoning, while most of the abutting properties are zoned residential.
"It will be very interesting to see what happens to this property," said Howard Greenberg, president of Howard Properties and a commercial real estate expert in White Plains. "It's on an office corridor. But given the reality of the office market, there may be more interest in redeveloping for another use."
Kling, the spokeswoman, would not comment on where the headquarters is moving. Asked what would happen to those employees who are currently based in the White Plains office, she wrote in an email response, saying that many of the nonprofit's employees "have embraced a virtual working model."
"A virtual office reduces staff commute time and increases flexibility, and improvements in technology mean we can maintain effective communications through video conferencing, social media, and many online tools," she said.
The current name, March of Dimes, stems from a radio appeal by Comedian Eddie Cantor, who encouraged people to donate for the organization, saying, "nearly everyone can send in a dime or several dimes. However, it takes only 10 dimes to make a dollar and if a million people send only one dime, the total will be $100,000," according to the organization's website.