Bayonne Economic Opportunity Foundation
- Assets
- $2.5m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 63
- Location
- Bayonne, NJ
- Founding
- 10/1966
- Data as of
- 01/2024
- EIN
- 22-1811616
Organization Overview
Bayonne Economic Opportunity Foundation is located in Bayonne, NJ. The organization was established in 1966. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 01/2024, Bayonne Economic Opportunity Foundation employed 63 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bayonne Economic Opportunity Foundation 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 01/2024, Bayonne Economic Opportunity Foundation generated $4.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $5.3m during the year ending 01/2024. While expenses have increased by 4.4% 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE SERVICES TO LOW-INCOME CITIZENS, SENIOR CITIZENS AND HANDICAPPED RESIDENTS OF BAYONNE, NJ THROUGH VARIOUS PROGRAMS SUCH AS HEADSTART, NUTRITION, MEALS ON WHEELS, WEATHERIZATION, TRANSPORATION AND COMMUNITY OUTREACH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO EMPOWER FAMILIES AND NURTURE AND EDUCATE YOUNG CHILDREN BETWEEN THE AGES OF 3 AND 5. THE PROGRAM IS A COMPREHENSIVE MEDICAL, DENTAL, PSYCHOLOGICAL, NUTRITIONAL AS WELL AS EDUCATIONAL PROGRAM. BEOF HEAD START PARTNERS WITH COMMUNITIES OF UNDERPRIVILEGED CHILDREN IN BAYONNE, NJ. TO ADDRESS THE NEEDS OF SPECIAL NEEDS CHILDREN, THE BEOF OFFERS AN ON-SITE INCLUSION PROGRAM IN COOPERATION WITH THE BAYONNE BOARD OF EDUCATION. DURING THE 2023-24 SCHOOL YEAR THERE WERE 162 CHILDREN ENROLLED IN THE HEAD START PROGRAM, INCLUDING 9 CHILDREN WITH DISABILITIES. DURING THE YEAR THE PROGRAM RECEIVED $503,654 IN IN-KIND SUPPORT, INCLUDING RENT FROM BAYONNE CITY AND VARIOUS CONTRIBUTED EDUCATIONAL AND PROFESSIONAL SERVICES.
TO PROVIDE ASSISTANCE TO LOW-INCOME INDIVIDUALS AND FAMILIES IN NEED. SOME OF THE OTHER SERVICES OFFERED TO ELIGIBLE RESIDENTS OF BAYONNE CITY INCLUDE: WEATHERIZATION ASSISTANCE, ENERGY ASSISTANCE, NUTRITIOUS MEALS SERVED AT TWO NUTRITION SITES, MEALS-ON-WHEELS, TRANSPORTATION FOR ELDERLY AND/OR HANDICAPPED RESIDENTS, HOMELESS PREVENTION, FAIR HOUSING, AND COMMUNITY OUTREACH. DURING THE YEAR THE PROGRAM RECEIVED $978,908 IN IN-KIND SUPPORT
ADMINISTER AND FACILITATE THE CITY OF BAYONNE'S COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM.PROVIDING A ZERO INTEREST DEFERRED LOAN FOR LOW TO MODERATE INCOME HOME OWNERS TO MAKE CODE, HEALTH AND SAFETY REPAIRS TO OWNER OCCUPIED HOUSES.THE MAJORITY OF THE HOMES IN BAYONNE ARE MORE THAN 50 YEARS OLD, THIS BENEFICIAL SERVICE IS AN INVESTMENT HOME AND THE CITY SAFER AS WELL AS SUCCESSFULLY PROVIDING A BETTER QUALITY OF LIFE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Samantha Howard Executive Director | Officer | 37.5 | $184,305 |
Anthony Segarra Chief Financial Officer | Officer | 37.5 | $160,932 |
Michelle E Byrd Chairman | OfficerTrustee | 1 | $0 |
Denise Dorans Vice Chairman | OfficerTrustee | 1 | $0 |
Chester Banks Treasurer | OfficerTrustee | 1 | $0 |
Kenneth Poesl Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $18,000 |
| Related organizations | $0 |
| Government grants | $4,400,044 |
| All other contributions, gifts, grants, and similar amounts not included above | $60,121 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,478,165 |
| Total Program Service Revenue | $220,000 |
| Investment income | $95 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$13,279 |
| Net Income from Gaming Activities | $1,602 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,686,583 |
| 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. | $345,237 |
| Compensation of current officers, directors, key employees. | $27,646 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,581,883 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $551,626 |
| Payroll taxes | $252,748 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $43,650 |
| Fees for services: Accounting | $28,736 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $408,155 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $79,607 |
| Travel | $27,372 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $40,663 |
| Insurance | $151,651 |
| All other expenses | $0 |
| Total functional expenses | $5,259,517 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $37,724 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $321,091 |
| Accounts receivable, net | $0 |
| 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 | $20,747 |
| Net Land, buildings, and equipment | $371,335 |
| Investments—publicly traded securities | $83,702 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,625,236 |
| Total assets | $2,459,835 |
| Accounts payable and accrued expenses | $483,628 |
| Grants payable | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $818,925 |
| Other liabilities | $83,702 |
| Total liabilities | $1,386,255 |
| Net assets without donor restrictions | $822,170 |
| Net assets with donor restrictions | $251,410 |
| 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 | $2,459,835 |