Community Loan Fund of New Jersey Inc

Analysis

Community Loan Fund of New Jersey Inc is a registered charity in United States, based in New Brunswick, NJ. It received its IRS tax-exemption ruling in May 1988, 38 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 (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Community Loan Fund of New Jersey Inc reported income of $19.1m and spending of $18.1m, spending 95% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $13.2m to $19.1m (+44%), an average of +9.6% a year. The sharpest change came in the year to September 2020, when income rose by 37%. Over the whole period it spent 83% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Community Loan Fund of New Jersey Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 97th percentile, and in the 98th percentile within NJ. Charities of a similar size with the same main cause include Farestart ($19.1m), Upper Des Moines Opportunity Inc ($19.1m) and Carpenters and Joiners Apprenticeship and Journeymen ($19.0m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 35% and program service revenue 51% of the total. Compensation of current officers, directors and key employees was $2.1m (11% of expenses). Other salaries and wages came to $2.7m. At year end it held assets of $224.7m against liabilities of $155.6m, net assets of $69.1m. It reported 81 employees.