Special Improvement District Borough Of Redbank Inc
- Assets
- $1.1m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 5
- Location
- Red Bank, NJ
- Founding
- 02/1993
- Data as of
- 12/2023
- EIN
- 22-3133371
Organization Overview
Special Improvement District Borough Of Redbank Inc is located in Red Bank, NJ. The organization was established in 1993. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Special Improvement District Borough Of Redbank Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Special Improvement District Borough Of Redbank Inc 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, Special Improvement District Borough Of Redbank Inc generated $1.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $670.7k during the year ending 12/2023. 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
RED BANK RIVERCENTER IS THE MANAGEMENT ORGANIZATION FOR THE ENTIRE DOWNTOWN BUSINESS DISTRICT. IT MANAGES BUSINESS RECRUITMENT, PROMOTIONAL EVENTS AND CAPITAL PROJECTS IN ADDITION TO BUSINESS ASSISTANCE AND WORK WITH THE BOROUGH OF RED BANK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RIVERCENTER 2023 ACTIVITIES AND ACCOMPLISHMENTSIN 2023 RED BANK RIVERCENTER (THE ORGANIZATION THAT MANAGES THE SPECIAL IMPROVEMENT DISTRICT FOR THE BOROUGH OF RED BANK) CONTINUED TO ADVANCE ITS MISSION TO CULTIVATE AND PROMOTE A THRIVING ECONOMIC ENVIRONMENT IN DOWNTOWN RED BANK. TO FURTHER THIS GOAL, WE CONTINUED TO FOLLOW THE GUIDELINES OF THE FIVE-YEAR STRATEGIC PLAN DEVELOPED BACK IN 2018,WITH 2023 CONSTITUTING THE FIFTH YEAR, AND FURTHERED OUR MULTI-PRONGED APPROACH WITH PROGRAMS THAT CENTER ON BUSINESS RECRUITMENT AND RETENTION, MARKETING AND PROMOTIONS, DESIGN AND INFRASTRUCTURE, AND ENGAGING THE COMMUNITY. 2023 ACTIVITIES INCLUDED THE SUCCESSFUL SEARCH AND HIRING OF A NEW FULL-TIME EVENTS AND MARKETING MANAGER.
BUSINESS RECRUITMENT AND RETENTION:RIVERCENTER FOCUSED OUR BUSINESS RECRUITMENT AND RETENTION EFFORTS ON PROGRAMS THAT KEPT OUR BUSINESS DISTRICT COMPETITIVE WITH OTHER NEARBY SHOPPING CENTERS, STRIP MALLS, AND DOWNTOWNS. WE MET WITH SEVERAL PROSPECTIVE NEW BUSINESS OWNERS AND INTRODUCED THEM TO LANDLORDS AND BROKERS WHO SHOWED THEM POTENTIAL SPACES WHERE THEY COULD SITE THEIR BUSINESSES. WE ATTENDED PLANNING AND ZONING BOARD HEARINGS TO SUPPORT APPLICATIONS FOR NEW BUSINESSES AND MIXED-USE PROPERTIES THAT WOULD BRING IN MORE FOOT TRAFFIC FOR OUR CURRENT BUSINESSES. WE ALSO SPOTLIGHTED NEW BUSINESSES BY PROMOTING THEM THROUGH OUR SOCIAL MEDIA AND OUR DIGITAL COMMUNICATIONS CHANNELS AND BY HELPING THEM MOUNT SUCCESSFUL RIBBON-CUTTING CEREMONIES.
MARKETING & PROMOTIONS: WE CONTINUED TO MARKET THE DOWNTOWN RED BANK BUSINESS DISTRICT TO OUR OWN RESIDENTS, NEIGHBORING COMMUNITIES AND COUNTIES, AND STATEWIDE.RIVERCENTER ACCOMPLISHED THE FOLLOWING IN 2023: - GREW THE AUDIENCE FOR OUR WEEKLY DIGITAL NEWSLETTER, THE RED BANK BEAT,FEATURING NEW AND EXISTING BUSINESSES AND SPECIAL EVENTS TAKING PLACE DOWNTOWN. THE RED BANK BEAT HAS BECOME AN EXTREMELY POPULAR MARKETING TOOL WITH OVER 7,000 SUBSCRIBERS. - CONTINUED OUR EXPANSION OF SOCIAL MEDIA, GARNERING NEARLY 12,000 TOTAL FOLLOWERS ON FACEBOOK AND OVER 16,000 TOTAL FOLLOWERS ON INSTAGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Zuckerman Exec. Director | 40 | $100,000 | |
Jason Daniels Director | Trustee | 2 | $0 |
Debbie Eisenstein Director | Trustee | 2 | $0 |
Stephen Catania Director | Trustee | 2 | $0 |
Darren Mcconnell Director | Trustee | 2 | $0 |
Louis Andrianos Treasurer | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $365,450 |
| 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 | $365,450 |
| Total Program Service Revenue | $654,012 |
| Investment income | $21,213 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,547 |
| Net Income from Fundraising Events | $3,674 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,051,896 |
| 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. | $100,000 |
| Compensation of current officers, directors, key employees. | $50,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $97,543 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $14,719 |
| Payroll taxes | $16,509 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $51,048 |
| Office expenses | $23,646 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $37,142 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,823 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,067 |
| Insurance | $13,554 |
| All other expenses | $30,429 |
| Total functional expenses | $670,711 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,135 |
| Savings and temporary cash investments | $855,824 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,751 |
| 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 | $5,314 |
| Net Land, buildings, and equipment | $1,706 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $131,608 |
| Total assets | $1,055,338 |
| Accounts payable and accrued expenses | $14,775 |
| 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 | $495,113 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $131,608 |
| Total liabilities | $641,496 |
| Net assets without donor restrictions | $413,842 |
| 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 | $1,055,338 |