Invest Newark

Organization Overview

Invest Newark, operating under the name Invest Newark A New Jersey Nonprofit Corp, is located in Newark, NJ. The organization was established in 2008. 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 12/2022, Invest Newark A New Jersey Nonprofit Corp employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Invest Newark A New Jersey Nonprofit Corp 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 12/2022, Invest Newark A New Jersey Nonprofit Corp generated $6.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.2% each year. All expenses for the organization totaled $4.0m during the year ending 12/2022. While expenses have increased by 1.0% per year over the past 8 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

INVEST NEWARK'S MISSION TO RETAIN AND GROW BUSINESSES, ENHANCE SMALL AND MINORITY CAPACITY, INITIATE AND EXECUTE ECONOMIC DEVELOPMENT ACTIVITIES, PRODUCE AND SUSTAIN ECONOMIC GROWTH.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SMALL MINORITY BUSINESS DEV/INVESTMENTS & LENDING: INVEST NEWARK FACILITATED SMALL BUSINESS LOANS AND EXPANDED AN INITIATIVE TO GIVE SMALL AND MINORITY BUSINESSES MORE ACCESS TO CREDIT, CONTRACTING OPPORTUNITIES AND TECHNICAL ASSISTANCE TO PROMOTE SMALL MINORITY BUSINESS DEVEOPMENT.


REAL ESTATE DEV/LAND BANK: THE AGENCY HELPED BOTH DEVELOPERS AND BUSINESSES ACCESS NEWARK'S VAST DEVELOPMENT OPPORTUNITIES BY ASSISTING WITH A WIDE RANGE OF SERVICES INCLUDING SITE SELECTION, PERMITTING, APPROVALS, AND FINANCING. ADDITIONALLY, THE AGENCY MANAGED REAL ESTATE PROJECTS ON BEHALF OF THE CITY SUCH AS THE NEWARK RIVERFRONT PARK PROJECT.IN JULY 2019, THE STATE OF NEW JERSEY PASSED AN ACT (P.L.2019, C.159 (C.40A:12A-74 ET SEQ.) KNOWN AS THE "NEW JERSEY LAND BANK LAW." IN THE MONTH OF APRIL 2020, THE CITY COUNCIL OF THE CITY OF NEWARK PASSED ORDINANCE 18:15:1 ESTABLISHMENT OF LAND BANK. AS A RESULT OF THE PASSAGE OF THESE TWO PIECES OF LEGISLATION, THE CITY OF NEWARK AND INVEST NEWARK ENTERED INTO A LAND BANK AGREEMENT, WHICH DESIGNATED INVEST NEWARK AS THE LAND BANK ENTITY. INVEST NEWARK OPERATES THE NEWARK LAND BANK THAT WILL STRATEGICALLY ACQUIRE, MAINTAIN, AND REPURPOSE VACANT, ABANDONED, AND FORECLOSED PROPERTIES, AND EFFICIENTLY RETURN THEM TO PRODUCTIVE USE IN ORDER TO BOOST HOMEOWNERSHIP; REDUCE BLIGHT; INCREASE MWBE DEVELOPER OR SUBCONTRACTOR CAPACITY; INCREASE PROPERTY VALUES AND IMPROVE THE QUALITY OF LIFE FOR NEWARK RESIDENTS.


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Board, Officers & Key Employees

Name (title)Compensation
Cedric Bennet
Member
$0
Kevin Lyons
Member
$0
Lamonica Mciver
Member
$0
Allison Ladd
Chairperson
$0
Joe Freiser
Co-Chairperson
$0
Richard Cammarieri
Member
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Amber Transport Llc
Garbage Removal
$918,078
Avatar Management Llc
Fiber Optics Services
$710,634
Llsr Llc
Garbage Removal
$492,604
Exquisite Property Services
Property Cleaning
$216,594
Avatarius
Fiber Optics Services
$185,000
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $5,000,000
All other contributions, gifts, grants, and similar amounts not included above$1,016,767
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$6,016,767
Total Program Service Revenue$714,867
Investment income $0
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$33,434
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $6,698,200

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