Overview
What is Greater Newark Enterprises Corp?
Greater Newark Enterprises Corp, based in Newark, New Jersey, is a nonprofit organization dedicated to fostering entrepreneurship and financial growth in urban communities. They achieve this by providing financial assistance and technical support to small businesses, particularly those owned by women, low-income individuals, and minorities. Their strategies include offering loans and investments, financial services, training and mentoring, information, and referral support. The organization hosts seminars covering topics such as taxes, marketing, sales, purchasing, and inventory. With a team of seven employees, Greater Newark Enterprises Corp aims to empower local businesses and contribute to the economic development of its community.
Official website here: www.gnecorp.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97% (Four-Star out of Four Stars)
Greater Newark Enterprises Corp has received a high rating from Charity Navigator, reflecting its strong accountability and financial practices. With an impressive Impact & Measurement score of 100, the organization demonstrates a commitment to effectively assessing and improving its programs. The majority of its board members are independent, contributing to transparency and governance.
The nonprofit also excels in feedback collection and usage, scoring a perfect 100 in both categories, which indicates that it actively seeks and implements input from stakeholders. It shows a proactive approach to leadership development and adaptability, ensuring that it remains responsive to community needs.
However, while the organization has a strong financial standing with a program expense ratio of over 81%, its Culture & Community score is relatively lower at 87. This suggests there may be areas for improvement in community engagement or internal culture, though overall, Greater Newark Enterprises Corp is positioned as a well-managed and impactful organization.
This AI summary has been generated from information found on Charity Navigator.
Is Greater Newark Enterprises Corp legitimate?
Greater Newark Enterprises Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Greater Newark Enterprises Corp submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $170,200
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.gnecorp.org
What is the mission statement of Greater Newark Enterprises Corp?
Greater Newark Enterprises Corporation (GNEC) focuses on supporting urban communities by making loans and investments in programs that employ various wealth-creation strategies. These strategies include providing financial services, offering loans and investments, delivering training and mentoring, and supplying information and referral support. GNEC also conducts seminars covering topics such as taxes, marketing and sales, purchasing, and inventory. The corporation aims to empower these communities to create wealth and improve their economic status.
Official website here: www.gnecorp.org
Who is the CEO of Greater Newark Enterprises Corp?
Victor Salama is the Executive Director of Greater Newark Enterprises Corp.
Official website here: www.gnecorp.org
What is the revenue of Greater Newark Enterprises Corp?
Greater Newark Enterprises Corp's revenue in 2022 was $2,347,648.
Official website here: www.gnecorp.org
Who are the executives of Greater Newark Enterprises Corp and what are their salaries?
The average compensation at Greater Newark Enterprises Corp during 2022 was $24,314. There are 7 employees at Greater Newark Enterprises Corp.
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Official website here: www.gnecorp.org
Where can I find the form 990 for Greater Newark Enterprises Corp?
Greater Newark Enterprises Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.gnecorp.org
Learn more at the official website: www.gnecorp.org
Mission Statement of Greater Newark Enterprises Corp
Greater Newark Enterprises Corporation (GNEC) is an organization dedicated to making investments and providing loans to programs in urban communities. Its mission is centered around promoting wealth creation strategies through various channels. These strategies include offering financial services, loans, and investments, as well as providing training, mentoring, and information referral support. GNEC seminars cover crucial topics such as taxes, marketing and sales, and purchasing and inventory, aiming to equip these urban communities with the necessary tools for economic growth and development. By engaging in these wealth-creation strategies, GNEC seeks to contribute to the betterment of these communities, fostering financial stability and empowerment.
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Impact
October, 2024
Greater Newark Enterprises Corp has a significant impact on urban communities by fostering entrepreneurship and economic development. Through targeted loans and investments, it empowers small businesses, particularly those owned by women, minorities, and low-income individuals.
The organization provides essential financial services and resources, which play a crucial role in helping entrepreneurs establish and grow their businesses. By offering training and mentoring programs, Greater Newark Enterprises Corp equips clients with valuable skills in areas such as marketing, sales, and inventory management. Additionally, its seminars on taxes and business operations enhance the knowledge base of entrepreneurs, enabling them to navigate the complexities of running a business effectively.
Overall, Greater Newark Enterprises Corp promotes wealth creation and community improvement, helping to develop a robust local economy and create opportunities for underserved populations in Newark, NJ.
This information is meant to be a general summary of Greater Newark Enterprises Corp. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $439
- Program Service Revenue: $167,256
- Gross Receipts: $2,347,648
Assets and Liabilities:
- Total Assets: $5,136,041
- Total Liabilities: $743,588
- Net Assets: $4,392,453
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME - LOANS
Revenue
$88,623
PROGRAM INCOME
Revenue
$66,618
SERVICE FEES
Revenue
$12,015
Organization Details
Founding Year
2005
Phone
(973) 242-5563Principal Officer
Victor Salama
Main Address
211 WARREN STREET 423, NEWARK, NJ, 07103
Website
www.gnecorp.orgNTEE Category
Code: S43 - Community improvement
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