New Community Corporation
- Assets
- $92.2m
- Revenue
- $16.8m
- Investments
- $0.0
- Employees
- 335
- Location
- Newark, NJ
- Founding
- 02/1974
- Data as of
- 12/2021
- EIN
- 22-1911104
Organization Overview
New Community Corporation is located in Newark, NJ. The organization was established in 1974. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, New Community Corporation employed 335 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Community 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 12/2021, New Community Corporation generated $16.8m 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 (6.8%) each year. All expenses for the organization totaled $13.1m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.5%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, New Community Corporation has awarded 35 individual grants totaling $9,237,645. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOPMENT, CONSTRUCTION AND MANAGEMENT OF COMMUNITY HOUSING AND RELATED SUPPORT FACILITIES FOR LOW TO MODERATE INCOME FAMILIES AND SENIOR CITIZENS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPMENT, CONSTRUCTION AND MANAGEMENT OF COMMUNITY HOUSING AND RELATED SUPPORT FACILITIES FOR LOW TO MODERATE INCOME FAMILIES AND SENIOR CITIZENS AND ECONOMIC DEVELOPMENT FOR LIMITED INCOME PEOPLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elizabeth Mbakaya CFO | Officer | 40 | $230,650 |
Richard Rohrman CEO | Officer | 40 | $228,421 |
Winton Tolles Director Of Re Development | 40 | $175,351 | |
Fred Hunter COO | Officer | 40 | $167,341 |
Madge Wilson Board Member | Trustee | 40 | $55,000 |
Diane Johnson Board Member | Trustee | 8 | $40,700 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lp Solutions Llc Consulting | 12/30/15 | $2,059,959 |
Withum Smith Brown Accounting | 12/30/15 | $555,138 |
Mcgeough Lending Llc Loan Brokers | 12/30/15 | $560,849 |
Louis L Berg Wholesale Trade | 12/30/15 | $306,516 |
Pepper Hamilton Llp Legal | 12/30/15 | $628,088 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,830,605 |
| All other contributions, gifts, grants, and similar amounts not included above | $845,949 |
| Noncash contributions included in lines 1a–1f | $79,985 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,676,554 |
| Total Program Service Revenue | $9,592,691 |
| Investment income | $2,154,365 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $42,935 |
| Net Gain/Loss on Asset Sales | $917,752 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,838,314 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $617,386 |
| Grants and other assistance to domestic individuals. | $5,907 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $579,389 |
| Compensation of current officers, directors, key employees. | $106,803 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,610,395 |
| Pension plan accruals and contributions | $132,042 |
| Other employee benefits | $1,452,682 |
| Payroll taxes | $560,133 |
| Fees for services: Management | $2,715 |
| Fees for services: Legal | $171,803 |
| Fees for services: Accounting | $135,285 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $134,036 |
| Fees for services: Other | $411,569 |
| Advertising and promotion | $0 |
| Office expenses | $373,568 |
| Information technology | $48,244 |
| Royalties | $0 |
| Occupancy | $447,846 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,103 |
| Interest | $102,734 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $168,287 |
| Insurance | $152,866 |
| All other expenses | $0 |
| Total functional expenses | $13,089,542 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,500,969 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,239,104 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,763,550 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,569,338 |
| Net Land, buildings, and equipment | $1,211,473 |
| Investments—publicly traded securities | $29,839,117 |
| Investments—other securities | $0 |
| Investments—program-related | $33,285,514 |
| Intangible assets | $0 |
| Other assets | $7,813,567 |
| Total assets | $92,222,632 |
| Accounts payable and accrued expenses | $2,619,827 |
| 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 | $2,548,930 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $176,248 |
| Total liabilities | $5,345,005 |
| Net assets without donor restrictions | $86,450,076 |
| Net assets with donor restrictions | $427,551 |
| 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 | $92,222,632 |
Grants Awarded
Over the last fiscal year, New Community Corporation has awarded $617,386 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
NEW COMMUNITY FEDERAL CREDIT UNION PURPOSE: GENERAL OPERATING SUPPORT. | $200,788 |
Newark, NJ PURPOSE: GENERAL OPERATING SUPPORT | $200,000 |
Newark, NJ PURPOSE: GENERAL OPERATING SUPPORT | $116,598 |
Newark, NJ PURPOSE: GENERAL OPERATING SUPPORT | $100,000 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that New Community Corporation has recieved totaling $1,591,327.
| Awarding Organization | Amount |
|---|---|
Victoria Foundation Inc Newark, NJ PURPOSE: RENEWAL: GENERAL OPERATING | $800,000 |
Victoria Foundation Inc Newark, NJ PURPOSE: TO SUPPORT GENERAL OPERATING PURPOSES | $400,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $119,929 |
The Partnership For Maternal And Child Health Of Northern Nj Inc Newark, NJ PURPOSE: SUB-GRANTEE PROGRAM SUPPORT | $92,492 |
Nonprofit Finance Fund New York, NY PURPOSE: NEWARK NONPROFIT CAPACITY ACCELERATOR PROGRAM | $55,000 |
Healthcare Foundation Of New Jersey Inc Millburn, NJ PURPOSE: CULTIVATING HEALTHY COMMUNITIES (CHC) | $47,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
First Chinese Presbyterian Community Affairs Home Attendant C New York, NY | $26,741,134 | $40,973,137 |
Corporation For Supportive Housing New York, NY | $191,922,281 | $44,983,722 |
Community Options New York Inc Princeton, NJ | $30,057,554 | $34,330,215 |
Lantern Community Services Inc New York, NY | $8,603,902 | $30,172,757 |
Pathstone Corporation Rochester, NY | $88,645,469 | $21,347,590 |
1260 Housing Development Corporation Philadelphia, PA | $75,955,661 | $16,577,131 |
Services For The Underserved Inc New York, NY | $8,662,192 | $15,624,121 |
Hudson River Housing Poughkeepsie, NY | $27,296,400 | $16,670,773 |
Division Housing Corporation Brooklyn, NY | $37,066,960 | $16,618,579 |
Affordable Housing Alliance Inc Neptune, NJ | $23,008,220 | $15,041,931 |
New Community Corporation Newark, NJ | $92,222,632 | $16,838,314 |
Boston Tremont Housing Development Fund Corporation New York, NY | $28,761,784 | $24,917,100 |