Overview
What is Paterson New Jersey Opportunities Industrialization Center Inc?
Paterson New Jersey Opportunities Industrialization Center Inc, located at 175 Market Street, Paterson, NJ 07505, is a nonprofit organization dedicated to uplifting the unemployed individuals in Paterson, New Jersey, often referred to as the "hard-core" unemployed. Their mission involves securing both government grants and private/business funds to offer comprehensive training programs and employment opportunities. The aim is to empower these individuals and help them secure jobs, ultimately reducing their reliance on government benefits. The organization operates under the PASSAIC COUNTY ONE-STOP CENTER TANF/WFNJ/FAMILY DEVELOPMENT PROGRAM, which provides time-limited assistance to families with children to ensure their well-being and promote self-sufficiency. With a workforce of 10 individuals, Paterson New Jersey Opportunities Industrialization Center Inc is committed to contributing positively to the community.
What are the reviews and ratings of this charity?
Charity Navigator rates the Paterson New Jersey Opportunities Industrialization Center Inc at 58%, which translates to a One-Star out of Four Star rating. This score reflects significant concerns regarding the organization's accountability and financial practices. While the charity demonstrates strong governance with a fully independent board and a high program expense ratio, other critical areas such as financial transparency and compliance with recommended policies are lacking.
The organization has shown proficiency in managing its program expenses, directing nearly 89% of its budget towards programs. However, the liabilities to assets ratio is alarmingly high at 175.12%, indicating potential financial instability. This raises concerns about the organization's ability to meet its financial obligations in the long term.
Additionally, several important governance documents and policies are missing, including a conflict of interest policy and a whistleblower policy. The absence of these policies can undermine trust and accountability within the organization. Overall, while the Paterson New Jersey Opportunities Industrialization Center Inc has strengths in program spending and board independence, its financial health and governance practices require significant improvement.
This AI summary has been generated from information found on Charity Navigator.
Is Paterson New Jersey Opportunities Industrialization Center Inc legitimate?
Paterson New Jersey Opportunities Industrialization Center Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Paterson New Jersey Opportunities Industrialization Center Inc 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: $59,692
Professional Fundraising Fees: $0
Other Salaries and Wages: $382,895
For more financial information, click here
What is the mission statement of Paterson New Jersey Opportunities Industrialization Center Inc?
The Paterson Opportunities Industrialization Center Inc. is dedicated to securing both government grants and private/business funds. This financial support is utilized to offer specialized training programs and employment opportunities to individuals categorized as the "hard core" unemployed within their community. The primary objective is to empower these individuals, enabling them to secure stable employment, thereby reducing their dependence on government benefits. The center also promotes job preparedness, work, and other positive life changes, such as marriage, to enhance their overall well-being.
Who is the CEO of Paterson New Jersey Opportunities Industrialization Center Inc?
Harvey Nutter is the Chairperson/President of Paterson New Jersey Opportunities Industrialization Center Inc.
What is the revenue of Paterson New Jersey Opportunities Industrialization Center Inc?
Paterson New Jersey Opportunities Industrialization Center Inc's revenue in 2021 was $813,214.
Who are the executives of Paterson New Jersey Opportunities Industrialization Center Inc and what are their salaries?
The average compensation at Paterson New Jersey Opportunities Industrialization Center Inc during 2021 was $44,259. There are 10 employees and 5 volunteers at Paterson New Jersey Opportunities Industrialization Center Inc.
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- Compensation: $59,692
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Where can I find the form 990 for Paterson New Jersey Opportunities Industrialization Center Inc?
Paterson New Jersey Opportunities Industrialization Center Inc's most recent form 990 was submitted in 2021 and can be accessed here.
Mission Statement of Paterson New Jersey Opportunities Industrialization Center Inc
Paterson New Jersey Opportunities Industrialization Center, Inc., is an organization with a mission to attract both government grants and private/business funds. Their primary objective is to provide training programs and employment opportunities specifically tailored for the city of Paterson, New Jersey's "hard-core" unemployed individuals. The center aims to equip these individuals with the necessary skills to secure employment, ultimately reducing their reliance on government benefits. The organization's activities are centered around promoting job preparedness, work, and other transformative elements such as marriage. The ultimate goal is to help these individuals attain self-sufficiency and improve their overall quality of life.
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Impact
October, 2024
Paterson New Jersey Opportunities Industrialization Center Inc (OIC) plays a critical role in transforming the employment landscape for the economically disadvantaged population in Paterson, New Jersey. By focusing on the "hard core" unemployed, OIC addresses the barriers that individuals face in securing stable employment.
Through various training programs and employment opportunities, the center equips participants with the necessary skills to enter the workforce, thereby enhancing their job readiness and employability. This not only benefits the individuals but also stimulates economic growth in the community.
Additionally, OIC administers programs like the Passaic County One-Stop Center TANF/WFNJ/Family Development Program, which provides essential support to families in need. By promoting job preparedness, work engagement, and stable family dynamics, OIC helps families achieve self-sufficiency and reduce reliance on government assistance.
Overall, the impact of Paterson New Jersey Opportunities Industrialization Center Inc is profound, fostering a pathway towards sustainable employment and economic independence for some of the community's most vulnerable residents.
This information is meant to be a general summary of Paterson New Jersey Opportunities Industrialization Center Inc. 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 2021.
- Gross Receipts: $813,214
Assets and Liabilities:
- Total Assets: $257,017
- Total Liabilities: $89,411
- Net Assets: $167,606
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Organization Details
Founding Year
1972
Phone
(973) 881-0540Principal Officer
Harvey Nutter
Main Address
175 MARKET STREET, PATERSON, NJ, 07505
NTEE Category
Code: J20 - Employment
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