Choose New Jersey Inc
- Assets
- $10.6m
- Revenue
- $8.2m
- Investments
- $0.0
- Employees
- 26
- Location
- Newark, NJ
- Founding
- 06/2011
- Data as of
- 12/2022
- EIN
- 27-2903875
Organization Overview
Choose New Jersey Inc is located in Newark, NJ. The organization was established in 2011. 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, Choose New Jersey Inc employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Choose New Jersey 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 12/2022, Choose New Jersey Inc generated $8.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $7.4m during the year ending 12/2022. While expenses have increased by 8.9% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOP AND IMPLEMENT INITIATIVES, ETC., TO ECONOMICALLY BENEFIT NJ AND ITS RESIDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS ATTRACTION AND RETENTION EFFORTS - CHOOSE NEW JERSEY IS KEENLY FOCUSED ON NURTURING ECONOMIC GROWTH IN NEW JERSEY BY STIMULATING JOB CREATION AND CAPITAL INVESTMENT. WORKING WITH GOVERNMENTAL ENTITIES, CHOOSE NEW JERSEY DESIGNS AND EXECUTES BUSINESS DEVELOPMENT STRATEGIES AIMED AT SPECIFIC COMPANIES, WITH A FOCUS ON SEVERAL KEY SECTORS, INCLUDING: INNOVATION & TECHNOLOGY; LIFE SCIENCES; CLEAN ENERGY; ADVANCED MANUFACTURING; LOGISTICS; AND FOOD & AGRICULTURE. WORKING JOINTLY WITH NEW JERSEY'S BUSINESS LEADERS AND COMMUNITY GROUPS, CHOOSE NEW JERSEY ENGAGES DIRECTLY WITH BUSINESS DECISION MAKERS TO COMMUNICATE THE UNIQUE VALUE PROPOSITION FOR DOING BUSINESS IN THE GARDEN STATE. THESE EFFORTS INCLUDE DIRECT NEGOTIATIONS, ECONOMIC DEVELOPMENT MISSIONS, AND NATIONAL AND INTERNATIONAL TRADE SHOWS.
AS A CONTINUATION OF ACCOMPLISHMENTS AND SUCCESSES FROM THE FIRST PORTION OF THE STATE OF INNOVATION GRANT, CHOOSE NEW JERSEY HAS BEEN AWARDED A $5 MILLION BUSINESS MARKETING GRANT FROM THE NEW JERSEY DEPARTMENT OF STATE. THE INITIATIVE AIMED TO HIGHLIGHT THE BENEFITS OF DOING BUSINESS IN THE STATE OF NEW JERSEY AND TO ENCOURAGE NATIONAL AND INTERNATIONAL BUSINESS ENTITIES TO RELOCATE AND EXPAND IN THE STATE. THE SCOPE OF WORK OF THIS CAMPAIGN INCLUDES DEVELOPMENT OF CAMPAIGN STRATEGY, DESIGN AND PRODUCTION OF CREATIVE ASSETS, CREATING A NEW BRAND IDENTITY, AND IDENTIFICATION OF TARGET AUDIENCES WITHIN THE COHORTS OF BUSINESS DECISION MAKERS, SITE SELECTORS AND, ENTREPRENEURS AND STARTUPS; IDENTIFICATION OF GEOGRAPHIC TARGET MARKETS AND ASSESSMENT OF THE MEDIA LANDSCAPE TO IDENTIFY APPROPRIATE AD PLACEMENT OPPOURTUNITIES. THIS PERIOD ALSO FOCUSED ON THE DEVELOPMENT OF ASSSETS AND CUSTOM CONTENT TO PUSH OUT ON GOOGLE ADS, LINKEDIN, YOUTUBE AND FACEBOOK/INSTAGRAM; AND, THE CREATION OF THE FIRST VIDEO MARKETING THE STATE FOR BUSINESS ATTRACTION.
INTEGRATED MARKETING AND MEDIA RELATIONS - CHOOSE NEW JERSEY SUCCESSFULLY AND WIDELY PROMOTES THE BENEFITS OF CONDUCTING BUSINESS IN THE STATE OF NEW JERSEY TO BUSINESSES AND CORPORATE LEADERS IN OTHER STATES AND OTHER COUNTRIES. MARKETING ACTIVITIES INCLUDE PAID ADVERTISING IN BOTH PRINT AND DIGITAL PUBLICATIONS; EVENT PLANNING AND SPONSORSHIPS, INCLUDING PROPRIETARY POLICY SYMPOSIA, NETWORKING EVENTS AND PUBLIC FORUMS; AND WEBSITE DEVELOPMENT AND SOCIAL MEDIA STRATEGIES. MEDIA RELATION ACTIVITIES INCLUDE INTERACTION WITH BRIEFINGS WITH NEWS MEDIA, INTERVIEWS, PRESS RELEASE DISTRIBUTION, AND COORDINATION OF PRESS CONFERENCES TO PROMOTE INITIATIVES, MARKET DEVELOPMENTS AND TRADE MISSIONS.
CHOOSE NEW JERSEY WAS AWARDED A $5 MILLION BUSINESS MARKETING GRANT FROM THE NEW JERSEY DEPARTMENT OF STATE. THIS INITIATIVE WILL HIGHLIGHT THE BENEFITS OF DOING BUSINESS IN THE STATE OF NEW JERSEY AND TO ENCOURAGE NATIONAL AND INTERNATIONAL BUSINESS ENTITES TO RELOCATE AND EXPAND IN THE STATE. THE PRELIMINARY WORK ON THE CAPAIGN, ENTITLED, "THE STATE OF INNOVATION," INCLUDES DEVELOPMENT OF CAMPAIGN STRATEGY, DESIGN AND PRODUCTION OF CREATIVE ASSETS, CREATING A NEW BRAND IDENTITY, AND IDENTIFICATION OF TARGET AUDIENCES WITHIN THE COHORTS OF BUSINESS DECISION MAKERS, SITE SELECTORS AND, ENTREPRENEURS AND STARTUPS; IDENTIFICATION OF GEOGRAPHIC TARGET MARKETS AND ASSESSMENT OF THE MEDIA LANDSCAPE TO IDENTIFY APPROPRIATE AD PLACEMENT OPPORTUNITIES. THIS PERIOD ALSO SAW THE CREATION OF THE LANDING PAGE NJINNOVATION.COM; THE DEVLOPMENT OF LANDING PAGES FOR EACH SECTOR AND KEY SUBSECTORS; AND THE DEVELOPMENT OF ASSETS AND CUSTOM CONTENT TO PUSH OUT ON GOOGLE ADS, LINKEDIN, YOUTUBE AND FACEBOOK/INSTAGRAM; AND, THE CREATION OF THE FIRST VIDEO MARKETING THE STATE FOR BUSINESS ATTRACTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Weland Director | Trustee | 1 | $0 |
Barry Ostrowsky Director | Trustee | 1 | $0 |
Braxton Plummer Director | Trustee | 1 | $0 |
Charles Lowrey Director | Trustee | 1 | $0 |
Colin Newman Director | Trustee | 1 | $0 |
Dan Lynch Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Today's Business Marketing | 12/30/22 | $297,645 |
Narrative Media Advertising | 12/30/22 | $135,800 |
Npsg Marketing Consulting | 12/30/22 | $123,400 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,052,487 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,145,177 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,197,664 |
| Total Program Service Revenue | $0 |
| Investment income | $36,348 |
| 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 | $8,239,156 |
| 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. | $716,201 |
| Compensation of current officers, directors, key employees. | $148,172 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,490,944 |
| Pension plan accruals and contributions | $12,365 |
| Other employee benefits | $103,002 |
| Payroll taxes | $127,011 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,010 |
| Fees for services: Accounting | $88,836 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $311,122 |
| Advertising and promotion | $166,391 |
| Office expenses | $91,333 |
| Information technology | $30,725 |
| Royalties | $0 |
| Occupancy | $300,501 |
| Travel | $329,360 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $24,426 |
| Conferences, conventions, and meetings | $391,263 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $131,229 |
| Insurance | $10,173 |
| All other expenses | $65,384 |
| Total functional expenses | $7,436,499 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,619,912 |
| Savings and temporary cash investments | $3,824,979 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $420,979 |
| 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 | $62,604 |
| Net Land, buildings, and equipment | $831,041 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,888,792 |
| Other assets | $0 |
| Total assets | $10,648,307 |
| Accounts payable and accrued expenses | $487,602 |
| Grants payable | $0 |
| Deferred revenue | $3,711,152 |
| 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 | $2,633,772 |
| Total liabilities | $6,832,526 |
| Net assets without donor restrictions | $3,815,781 |
| 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 | $10,648,307 |