New Jersey Bankers Association
- Assets
- $5.1m
- Revenue
- $4.1m
- Investments
- $483.9k
- Employees
- 13
- Location
- Cranford, NJ
- Founding
- 06/1942
- Data as of
- 06/2022
- EIN
- 22-1152260
Organization Overview
New Jersey Bankers Association is located in Cranford, NJ. The organization was established in 1942. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, New Jersey Bankers Association employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Jersey Bankers Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, New Jersey Bankers Association generated $4.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $4.0m during the year ending 06/2022. While expenses have increased by 6.6% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE NJ BANKERS ASSOCIATION'S PRIMARY MISSION IS TO REPRESENT ITS MEMBERSHIPS' INTERESTS BEFORE STATE AND FEDERAL GOVERNMENT AND REGULATORY AUTHORITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ANNUAL CONVENTION: EDUCATION FOR SENIOR MANAGEMENT IN THE BANKING INDUSTRY AND ANNUAL MEETING TO PROVIDE INFORMATION AND COORDINATE ACTIVITIES AFFECTING MEMBER ASSOCIATIONS.
SENIOR MANAGEMENT CONFERENCE: EDUCATION FOR SENIOR MANAGEMENT IN THE BANKING INDUSTRY.
DIRECTORS & OFFICERS CONFERENCE: EDUCATION FOR SENIOR MANAGEMENT IN THE BANKING INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Mcweeney Jr President/ceo(through 6/30/22) | OfficerTrustee | 35 | $507,471 |
Michael Affuso Evp-Gov't Relations | Officer | 35 | $284,442 |
Jennifer Zorn Vp/educ/dir Bus Development | Officer | 35 | $162,707 |
John S Fitzgerald Chairman (until 5/18/2022) | OfficerTrustee | 1 | $0 |
Christopher Maher Fvc Then Chairman (5/18/2022) | OfficerTrustee | 1 | $0 |
Steven Klein Svc Then Fvc (5/18/2022) | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cadwalader Wickersham & Taft Legal Services | 6/29/21 | $225,000 |
Williams & Connolly Llp Legal Services | 6/29/21 | $135,426 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $3,608,391 |
| Investment income | $25,328 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $117,979 |
| Net Rental Income | $32,400 |
| Net Gain/Loss on Asset Sales | $6,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,072,636 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $29,456 |
| 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. | $1,114,784 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $677,907 |
| Pension plan accruals and contributions | $65,771 |
| Other employee benefits | $118,180 |
| Payroll taxes | $103,608 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $85,205 |
| Fees for services: Accounting | $27,600 |
| Fees for services: Lobbying | $89,754 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $76,089 |
| Advertising and promotion | $0 |
| Office expenses | $145,432 |
| Information technology | $114,620 |
| Royalties | $0 |
| Occupancy | $175,427 |
| Travel | $10,366 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $963,170 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $59,772 |
| Insurance | $68,326 |
| All other expenses | $0 |
| Total functional expenses | $3,967,057 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $567,270 |
| Savings and temporary cash investments | $3,468,873 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $313,773 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $85,000 |
| Net Land, buildings, and equipment | $124,556 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $483,875 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,528 |
| Total assets | $5,053,875 |
| Accounts payable and accrued expenses | $215,880 |
| Grants payable | $0 |
| Deferred revenue | $274,133 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $490,013 |
| Net assets without donor restrictions | $4,563,862 |
| Net assets with donor restrictions | $0 |
| 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 | $5,053,875 |