Newark Downtown District Management Corporation

Analysis

Newark Downtown District Management Corporation is a registered charity in United States, based in Newark, NJ. It received its IRS tax-exemption ruling in February 2000, 26 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 December 2023, Newark Downtown District Management Corporation reported income of $8.5m and spending of $6.6m, leaving 23% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $5.5m to $8.5m (+55%), an average of +12% a year. The sharpest change came in the year to December 2023, when income rose by 68%. Over the whole period it spent 91% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Newark Downtown District Management Corporation sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 95th percentile within NJ. Charities of a similar size with the same main cause include Peoria Production Shop Inc ($8.5m), Providence of Maryland Inc ($8.5m) and 360 Communities ($8.5m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 98% of the total. Compensation of current officers, directors and key employees was $270k (4.1% of expenses). Other salaries and wages came to $691k. At year end it held assets of $10.3m against liabilities of $8.3m, net assets of $2.0m. It reported 10 employees.