Newark Workforce Investment Board Inc
- Assets
- $1.2m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 6
- Location
- Newark, NJ
- Founding
- 02/2002
- Data as of
- 06/2022
- EIN
- 22-3784963
Organization Overview
Newark Workforce Investment Board Inc is located in Newark, NJ. The organization was established in 2002. According to its NTEE Classification (O02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Youth Development and related organizations. As of 06/2022, Newark Workforce Investment Board Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Newark Workforce Investment Board 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 06/2022, Newark Workforce Investment Board Inc generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 15.9% each year . All expenses for the organization totaled $916.2k during the year ending 06/2022. While expenses have increased by 11.0% per year over the past 5 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE A PROGRESSIVE AND INNOVATIVE WORKFORCE DEVELOPMENT SYSTEM THAT EFFECTIVELY LEVERAGES COMMUNITY ASSETS TO ENSURE THE SUCCESS OF NEWARK BUSINESSES AND RESIDENTS. DEVELOPS STRATEGY, ESTABLISHES POLICIES AND PROVIDES DIRECTION AND OVERSIGHT OF WIOA PROGRAMS AND SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IDENTIFY THE NEEDS OF THE LOCAL JOB MARKETS AND LEVERAGE COMMUNITY ASSETS TO ENSURE THE EDUCATIONAL, PROFESSIONAL AND ECONOMIC SUCCESS OF NEWARK RESIDENTS AND BUSINESSES. WORK IN CONJUNCTION WITH ECONOMIC DEVELOPMENT AND RELATED ORGANIZATIONS TO PROMOTE ECONOMIC GROWTH AND INTEGRATE PUBLICLY FUNDED WORKFORCE SERVICES AND JOB TRAINING PROGRAMS INTO A SYSTEM THAT IS FLEXIBLE, SEAMLESS, ACCOUNTABLE, AND RESPONSIVE TO THE NEEDS OF BOTH WORKERS AND BUSINESSES. OVERSIGHT AND MONITORING RESPONSIBILITIES UNDER THE WORKFORCE INVESTMENT ACT AND MORE RECENTLY, THE WORKFORCE INNOVATION AND OPPORTUNITY ACT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Adams Board Member | Trustee | 1 | $0 |
Nathaly Agosto Filion Board Member | Trustee | 1 | $0 |
Latoya Ball Board Member | Trustee | 1 | $0 |
Glenn Best Board Member | Trustee | 1 | $0 |
Sybil Bost Board Member | Trustee | 1 | $0 |
Earl Brown Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $812,041 |
| All other contributions, gifts, grants, and similar amounts not included above | $430,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,242,041 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $1,242,041 |
| 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 | $277,834 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $436,712 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,725 |
| Travel | $0 |
| 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 | $19,238 |
| All other expenses | $0 |
| Total functional expenses | $916,192 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $989,252 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $195,726 |
| Accounts receivable, net | $5,434 |
| 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 | $3,000 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,193,412 |
| Accounts payable and accrued expenses | $142,068 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $142,068 |
| Net assets without donor restrictions | $578,067 |
| Net assets with donor restrictions | $473,277 |
| 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 | $1,193,412 |