Hoboken Business Alliance Inc

Analysis

Hoboken Business Alliance Inc is a registered charity in United States, based in Hoboken, NJ. It received its IRS tax-exemption ruling in April 2020, 6 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 June 2024, Hoboken Business Alliance Inc reported income of $2.7m and spending of $2.8m, spending 105% of its income. Across the 5 years on record, from December 2020 to June 2024, income grew from $1.3m to $2.7m (+104%), an average of +20% a year. The sharpest change came in the year to June 2023, when income rose by 111%. 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, Hoboken Business Alliance Inc sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 90th percentile within NJ. Charities of a similar size with the same main cause include Labfour Career Training Institute ($2.7m), Downstate Technology Center Inc ($2.7m) and Massanetta Springs Inc ($2.7m).

On its Form 990 for the period ending June 2024, revenue came from program service revenue 100% of the total. Compensation of current officers, directors and key employees was $234k (8.3% of expenses). Other salaries and wages came to $266k. At year end it held assets of $1.7m against liabilities of $67k, net assets of $1.6m. It reported 5 employees.