Cumberland Empowerment Zone Corporation
- Assets
- $11.4m
- Revenue
- $553.5k
- Investments
- $0.0
- Employees
- 2
- Location
- Millville, NJ
- Founding
- 04/1999
- Data as of
- 12/2023
- EIN
- 22-3697249
Organization Overview
Cumberland Empowerment Zone Corporation is located in Millville, NJ. The organization was established in 1999. According to its NTEE Classification (M24) the organization is classified as: Fire Prevention, under the broad grouping of Public Safety, Disaster Preparedness & Relief and related organizations. As of 12/2023, Cumberland Empowerment Zone Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cumberland Empowerment Zone 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 12/2023, Cumberland Empowerment Zone Corporation generated $553.5k 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 (7.2%) each year. All expenses for the organization totaled $487.6k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (9.4%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Cumberland Empowerment Zone Corporation has awarded 13 individual grants totaling $773,892. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
COMMUNITY ECONOMIC DEVELOPMENT. IMPLEMENTATION OF EMPOWERMENT ZONE PROGRAM PROVIDING LOANS AND GRANTS TO COMMUNITY ORGANIZATIONS AND BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY ECONOMIC DEVELOPMENT. IMPLEMENTATION OF EMPOWERMENT ZONE PROGRAM PROVIDING LOANS AND GRANTS TO COMMUNITY ORGANIZATIONS AND BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward Bethea President | Officer | 0.5 | $0 |
Preston Centuolo Vice-Preside | Officer | 0.5 | $0 |
Albert Kelly Treasurer | Officer | 0.5 | $0 |
Anthony Fanucci Secretary | Officer | 0.5 | $0 |
Cindy Angelo Program Dire | Trustee | 40 | $95,040 |
Denise Jackson Executive Di | Trustee | 40 | $78,846 |
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 | $224,657 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $224,657 |
| Total Program Service Revenue | $38,013 |
| Investment income | $290,851 |
| 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 | $553,521 |
| 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 | $176,605 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $58,771 |
| Payroll taxes | $15,899 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,178 |
| Fees for services: Accounting | $19,255 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,749 |
| Advertising and promotion | $4,319 |
| Office expenses | $14,153 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,108 |
| Travel | $1,001 |
| 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 | $3,015 |
| Insurance | $0 |
| All other expenses | $811 |
| Total functional expenses | $487,610 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,518,935 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $108,736 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,431,542 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $15,072 |
| Investments—publicly traded securities | $5,305,066 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,285 |
| Total assets | $11,382,636 |
| Accounts payable and accrued expenses | $85,258 |
| Grants payable | $0 |
| Deferred revenue | $509,761 |
| 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 | $595,019 |
| Net assets without donor restrictions | $10,787,617 |
| 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 | $11,382,636 |
Grants Awarded
Over the last fiscal year, Cumberland Empowerment Zone Corporation has awarded $280,344 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
BRIDGETON PUBLIC SCHOOLS PURPOSE: EDUCATION | $69,134 |
COMMERCIAL TOWNSHIP PURPOSE: EDUCATION | $68,716 |
MILLVILLE BOARD OF EDUCATION PURPOSE: EDUCATION | $74,134 |
VINELAND PUBLIC SCHOOLS PURPOSE: EDUCATION | $68,360 |