New Economy Project
- Assets
- $7.5m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 18
- Location
- New York, NY
- Founding
- 04/1996
- Data as of
- 06/2022
- EIN
- 13-3842270
Organization Overview
New Economy Project is located in New York, NY. The organization was established in 1996. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, New Economy Project employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Economy Project is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, New Economy Project generated $2.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.3%) each year. All expenses for the organization totaled $1.8m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, New Economy Project has awarded 12 individual grants totaling $103,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
NEW ECONOMY PROJECT'S MISSION IS TO BUILD AN ECONOMY THAT WORKS FOR ALL NEW YORKERS, ROOTED IN RACIAL AND SOCIAL JUSTICE, COOPERATION, NEIGHBORHOOD EQUITY AND ECOLOGICAL SUSTAINABILTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ORGANIZING, STRATEGIC AND LEGAL SUPPORT ON A BROAD RANGE OF ECONOMIC JUSTICE AND COMMUNITY-BASED ECONOMIC DEVELOPMENT MATTERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah I Ludwig Founder/co-Dir. | Officer | 40 | $138,006 |
Deyanira Del Rio Co-Director | Officer | 40 | $129,018 |
Jonathan Springer Treasurer | OfficerTrustee | 1 | $0 |
Catherine Barnett President | OfficerTrustee | 2 | $0 |
Jennifer Ching Vice President | OfficerTrustee | 1 | $0 |
Azadeh Khalili Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $871,812 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,344,883 |
| Noncash contributions included in lines 1a–1f | $86,036 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,216,695 |
| Total Program Service Revenue | $66,450 |
| Investment income | $24,015 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,539,843 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $33,567 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $279,234 |
| Compensation of current officers, directors, key employees. | $49,224 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $865,757 |
| Pension plan accruals and contributions | $27,290 |
| Other employee benefits | $132,075 |
| Payroll taxes | $80,899 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,845 |
| Information technology | $10,531 |
| Royalties | $0 |
| Occupancy | $156,434 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,000 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $644 |
| Insurance | $9,144 |
| All other expenses | $15,069 |
| Total functional expenses | $1,791,931 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,249,471 |
| Savings and temporary cash investments | $2,685,701 |
| Pledges and grants receivable | $1,171,262 |
| Accounts receivable, net | $200 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $130,039 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,577 |
| Investments—publicly traded securities | $42,841 |
| Investments—other securities | $0 |
| Investments—program-related | $1,175,090 |
| Intangible assets | $0 |
| Other assets | $27,407 |
| Total assets | $7,483,588 |
| Accounts payable and accrued expenses | $23,089 |
| Grants payable | $12,000 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $42,841 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $77,930 |
| Net assets without donor restrictions | $3,749,019 |
| Net assets with donor restrictions | $3,656,639 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,483,588 |
Grants Awarded
Over the last fiscal year, New Economy Project has awarded $14,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Brooklyn, NY PURPOSE: SEE PART IV | $7,000 |
New York, NY PURPOSE: SEE PART IV | $7,000 |
Grants Recieved
Over the last fiscal year, we have identified 17 grants that New Economy Project has recieved totaling $1,044,300.
| Awarding Organization | Amount |
|---|---|
Robin Hood Foundation New York, NY PURPOSE: POVERTY RELIEF | $267,000 |
Ford Foundation New York, NY PURPOSE: CORE SUPPORT FOR THE PUBLIC BANK CAMPAIGN TO BUILD A BROADER BASE OF SUPPORT FOR LOCAL STATE-CHARTERED PUBLIC BANKS AS A MEANS TO ACHIEVE SHARED PROSPERITY AND ECONOMIC SECURITY FOR ALL NEW YORKERS | $225,000 |
Scherman Foundation Inc New York, NY PURPOSE: PUBLIC BANK NYC | $92,000 |
Stolper Fertik Family Foundation New York, NY PURPOSE: GENERAL | $75,000 |
Bernard F And Alva B Gimbel Foundation Inc New York, NY PURPOSE: GENERAL SUPPORT | $50,000 |
Bernard F And Alva B Gimbel Foundation Inc New York, NY PURPOSE: GENERAL SUPPORT | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Homestart Inc Boston, MA | $5,713,584 | $14,864,192 |
The Community Action Agency Of Western Connecticut Inc Danbury, CT | $3,614,776 | $12,103,732 |
Massachusetts Manufacturing Extension Partnership Inc Auburn, MA | $5,456,400 | $10,807,956 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
Dorchester Bay Economic Development Corporation Dorchester, MA | $50,118,730 | $16,286,134 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Newark Downtown District Management Corporation Newark, NJ | $7,203,712 | $5,205,083 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |
Pittsburgh Downtown Partnership Pittsburgh, PA | $5,197,454 | $6,457,703 |
Grow America Fund Inc Brooklyn, NY | $143,748,091 | $12,181,976 |