Greater Newark Enterprises Corporation

Analysis

Greater Newark Enterprises Corporation is a registered charity in United States, based in Newark, NJ. It received its IRS tax-exemption ruling in September 2007, 19 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Greater Newark Enterprises Corporation reported income of $1.6m and spending of $1.8m, spending 110% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $460k to $1.6m (+256%), an average of +37% a year. The sharpest change came in the year to December 2020, when income rose by 241%. Over the whole period it spent 60% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Greater Newark Enterprises Corporation sits at the 83rd percentile: it is larger than about 83% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 86th percentile within NJ. Charities of a similar size with the same main cause include Destination Caldwell Inc ($1.6m), The Catalyst Center for Business & Entrepreneurship ($1.6m) and Quality Life Center of Southwest Florida Inc ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 93% and program service revenue 6.9% of the total. Compensation of current officers, directors and key employees was $220k (12% of expenses). Other salaries and wages came to $395k. At year end it held assets of $5.1m against liabilities of $856k, net assets of $4.2m. It reported 7 employees.