Greater Newark Enterprises Corporation
- Assets
- $5.1m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 7
- Location
- Newark, NJ
- Founding
- 09/2007
- Data as of
- 12/2023
- EIN
- 20-2247312
Organization Overview
Greater Newark Enterprises Corporation is located in Newark, NJ. The organization was established in 2007. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Greater Newark Enterprises Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Newark Enterprises Corporation 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 12/2023, Greater Newark Enterprises Corporation generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 13.1% each year . All expenses for the organization totaled $1.8m during the year ending 12/2023. While expenses have increased by 15.2% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE GREATER NEWARK ENTERPRISES CORPORATION (GNEC) MAKES LOANS AND INVESTMENTS IN PROGRAMS IN URBAN COMMUNITIES ENGAGED IN THE FOLLOWING WEALTH-CREATION STRATEGIES: PROVIDING FINANCIAL SERVICES, LOANS AND INVESTMENTS, OFFERING TRAINING AND MENTORING, INFORMATION AND REFERRAL SUPPORT. THE GNEC SEMINARS COVERS TAXES, MARKETING AND SALES, PURCHASING AND INVENTORY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE GREATER NEWARK ENTERPRISES CORPORATION (GNEC) PROVIDED FINANCIAL AND TECHNICAL ASSISTANCE TO NUMEROUS CLIENTS WHICH INCLUDE SMALL BUSINESSES OWNED BY WOMEN, LOW INCOME INDIVIDUALS AND MINORITIES TO ENCOURAGE ENTREPRENEURSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Victor Salama Executive Director | 40 | $220,116 | |
Yane Arias Trustee | Trustee | 0.2 | $0 |
Tamara Mangum-Thomas Trustee | Trustee | 0.2 | $0 |
Chip Hallock Trustee | Trustee | 0.2 | $0 |
Chris Murphy Trustee | Trustee | 0.2 | $0 |
Therone Hopkins Trustee | Trustee | 0.2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,500,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $19,844 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,519,844 |
| Total Program Service Revenue | $112,087 |
| Investment income | $3,530 |
| 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 | $1,635,461 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $220,116 |
| Compensation of current officers, directors, key employees. | $110,058 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $394,931 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $35,461 |
| Payroll taxes | $44,505 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,925 |
| Fees for services: Accounting | $13,399 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $343,535 |
| Advertising and promotion | $32,970 |
| Office expenses | $15,686 |
| Information technology | $26,239 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $11,604 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,534 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,712 |
| Insurance | $3,586 |
| All other expenses | $6,573 |
| Total functional expenses | $1,793,174 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $616,710 |
| Savings and temporary cash investments | $1,585,472 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,172 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,145,647 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $33,504 |
| Net Land, buildings, and equipment | $31,309 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $654,689 |
| Total assets | $5,090,503 |
| Accounts payable and accrued expenses | $102,245 |
| Grants payable | $0 |
| Deferred revenue | $63,476 |
| 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 | $650,450 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $39,592 |
| Total liabilities | $855,763 |
| Net assets without donor restrictions | $3,662,905 |
| Net assets with donor restrictions | $571,835 |
| 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 | $5,090,503 |