Paterson Restoration Corporation
- Assets
- $19.9m
- Revenue
- $165.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Paterson, NJ
- Founding
- 02/1978
- Data as of
- 05/2023
- EIN
- 22-2188180
Organization Overview
Paterson Restoration Corporation is located in Paterson, NJ. The organization was established in 1978. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Paterson Restoration 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 05/2023, Paterson Restoration Corporation generated $165.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (25.9%) each year. All expenses for the organization totaled $125.1k during the year ending 05/2023. As we would expect to see with falling revenues, expenses have declined by (19.8%) per year over the past 4 years. 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
TO ENCOURAGE RESTORATION IN THE CITY OF PATERSON. TO PROVIDE LOW INTEREST LOANS TO FACILITATE THE PATERSON COMMUNITY CONSTRUCTION AND RESTORATION PROJECTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE GREAT FALLS HISTORIC DISTRICT- TITLE IX FUND- WAS ESTABLISHED IN 1984 BY CITY COUNCIL RESOLUTION. THE CITY OF PATERSON DREW DOWN THE BALANCE OF FUNDS AVAILABLE TO IT ACCORDING TO THE CITY'S GRANT AGREEMENT WITH THE USEDA. THE FUNDS WERE TRANSFERRED TO THE PRC AND ARE TO BE ENCUMBERED FOR USE ONLY IN THE GREAT FALLS HISTORIC DISTRICT.
DEVELOPMENT OF LOW AND MIDDLE INCOME HOUSING AND NEIGHBORHOOD PRESERVATION PROGRAM ACTIVITIES WITHIN THE CITY OF PATERSON.THE GREAT FALLS HISTORIC DISTRICT - TITLE IX FUND - WAS ESTABLISHED IN 1984 BY CITY COUNCIL RESOLUTION. THE CITY OF PATERSON DREW DOWN THE BALANCE OF FUNDS AVAILABLE TO IT ACCORDING TO THE CITY'S GRANT AGREEMENT WITH THE USEDA. THE FUNDS WERE TRANSFERRED TO THE PRC AND ARE TO BE ENCUMBERED FOR USE ONLY IN THE GREAT FALLS HISTORIC DISTRICT. THIS YEAR THE EXPENDITURES FOR THE PROGRAM AMOUNTED TO ZERO.
INDUSTRIAL RELOCATION EXPENSES INCURRED FOR PROMOTION AND RESEARCH TO ATTRACT MORE BUSINESS ENTERPRISES TO RELOCATE TO THE CITY OF PATERSON, UNDERWRITING COSTS TO PROVIDE LOANS TO BUSINESSES.
UEZ PROJECT PROGRAM - THIS PROGRAM FACILITATES THE FUNDING OF MANY UEZ STATE APPROVED PROJECTS. THE FUNDS ARE HELD IN A RESTRICTED BANK ACCOUNT TO BE USED FOR PAYMENT TO VENDORS IN CONNECTION WITH AN APPROVED PROJECT AND SUPPORTING DOCUMENTATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mario Tommolillo Trustee | Trustee | 2 | $0 |
George Mcloof Trustee | Trustee | 2 | $0 |
Dr Steve Rose Trustee | Trustee | 2 | $0 |
Abdul Hamdan Trustee | Trustee | 2 | $0 |
Orlando Cruz Board Chairman | Officer | 2 | $0 |
Jeffrey Levine Secretary | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $75,613 |
| 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 | $75,613 |
| Total Program Service Revenue | $8,574 |
| Investment income | $42,155 |
| 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 | $165,732 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $887 |
| Fees for services: Accounting | $27,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,300 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,000 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $294 |
| 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 | $0 |
| Insurance | $1,509 |
| All other expenses | $0 |
| Total functional expenses | $125,148 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,394,769 |
| Savings and temporary cash investments | $5,347,617 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $676,915 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $938,536 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,509,793 |
| Total assets | $19,867,630 |
| Accounts payable and accrued expenses | $7,054 |
| Grants payable | $0 |
| Deferred revenue | $598,491 |
| 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 | $54,261 |
| Total liabilities | $659,806 |
| Net assets without donor restrictions | $19,207,824 |
| 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 | $19,867,630 |