Foundation for the New Jersey Hall of Fame Inc

Analysis

Foundation for the New Jersey Hall of Fame Inc is a registered charity in United States, based in Newark, NJ. It received its IRS tax-exemption ruling in January 2018, 8 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. 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 June 2023, Foundation for the New Jersey Hall of Fame Inc reported income of $11.2m and spending of $2.0m, leaving 82% of income unspent that year. Across the 5 years on record, from June 2019 to June 2023, income grew from $1.1m to $11.2m (+938%), an average of +80% a year. The sharpest change came in the year to June 2021, when income rose by 300%. Over the whole period it spent 25% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Foundation for the New Jersey Hall of Fame 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 95th percentile, and in the 96th percentile within NJ. Charities of a similar size with the same main cause include San Antonio African American Community Archive and Museum ($11.2m), Society for Advancement of Chicanos & Native Americans in Science Inc ($11.2m) and 19th News ($11.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 98% and program service revenue 1.7% of the total. Compensation of current officers, directors and key employees was $143k (7.3% of expenses). Other salaries and wages came to $184k. At year end it held assets of $23.8m against liabilities of $9.6m, net assets of $14.2m. It reported 2 employees.