Overview
What is Elizabeth Development Company Of New Jersey?
Elizabeth Development Company of New Jersey is a nonprofit organization situated in Elizabeth, New Jersey, with a primary focus on fostering economic growth. They achieve this by offering grant programs and providing below-market rate loans to businesses operating within Elizabeth's Urban Enterprise Zone and utilizing Community Development Block Grant (CDBG) funds. This strategy helps create jobs, attract and retain businesses, thereby contributing to the overall economic development of the city. The organization currently employs 17 individuals, contributing to the local workforce.
Official website here: www.edcnj.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
The Elizabeth Development Company of New Jersey has achieved an impressive 96% rating from Charity Navigator, reflecting strong accountability and financial performance. This score is exclusively derived from their Accountability & Finance metrics, which showcases the organization’s commitment to transparency and responsible financial management.
Key strengths of the organization include a fully independent board, robust financial oversight mechanisms, and a solid program expense ratio of 92.20%. These factors indicate that the majority of funds are effectively directed towards their programs rather than administrative costs. Additionally, the presence of comprehensive policies such as conflict of interest and whistleblower protections further enhances their credibility.
While the data is overwhelmingly positive, it is important for potential donors to consider ongoing evaluation and updates regarding program effectiveness. Overall, the Elizabeth Development Company of New Jersey exemplifies strong governance and accountability in its operations.
This AI summary has been generated from information found on Charity Navigator.
Is Elizabeth Development Company Of New Jersey legitimate?
Elizabeth Development Company Of New Jersey is a legitimate nonprofit organization registered as a 501(c)(3) entity. Elizabeth Development Company Of New Jersey 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $808,707
For more financial information, click here
Official website here: www.edcnj.org
What is the mission statement of Elizabeth Development Company Of New Jersey?
The Elizabeth Development Company of New Jersey's mission is centered around promoting economic growth. They accomplish this by offering grant and below-market rate loan programs to businesses, with the objective of fostering job creation and business retention. This initiative is carried out through the Urban Enterprise Zone and Community Development Block Grant (CDBG) funds, thereby contributing to broader economic development activities.
Official website here: www.edcnj.org
Who is the CEO of Elizabeth Development Company Of New Jersey?
William O'Dea is the Executive Director of Elizabeth Development Company Of New Jersey.
Official website here: www.edcnj.org
What is the revenue of Elizabeth Development Company Of New Jersey?
Elizabeth Development Company Of New Jersey's revenue in 2022 was $2,720,829.
Official website here: www.edcnj.org
Who are the executives of Elizabeth Development Company Of New Jersey and what are their salaries?
The average compensation at Elizabeth Development Company Of New Jersey during 2022 was $47,571. There are 17 employees and 23 volunteers at Elizabeth Development Company Of New Jersey.
Here are 20 key members and their salaries:
- Compensation: $137,234
- Related: $0
- Other: $0
- Compensation: $94,443
- Related: $0
- Other: $0
- Compensation: $117,027
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.edcnj.org
Where can I find the form 990 for Elizabeth Development Company Of New Jersey?
Elizabeth Development Company Of New Jersey's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.edcnj.org
Learn more at the official website: www.edcnj.org
Mission Statement of Elizabeth Development Company Of New Jersey
Elizabeth Development Company of New Jersey is dedicated to fostering job creation and promoting economic growth by offering grants and below-market rate loan programs to businesses. Their mission is to attract and retain businesses within their urban enterprise zone, thereby stimulating economic development activities. By leveraging resources such as Urban Enterprise Zone and Community Development Block Grant (CDBG) funds, this nonprofit organization provides financial support to eligible businesses, enabling them to thrive and contribute positively to the local economy.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Elizabeth Development Company of New Jersey plays a crucial role in enhancing the local economy through strategic job creation and business support. By leveraging grants and below-market rate loan programs, it effectively attracts and retains businesses within the City of Elizabeth's Urban Enterprise Zone. This approach not only stimulates economic growth but also fosters community improvement by ensuring that local businesses thrive.
The organization's initiatives facilitate the establishment and expansion of enterprises, thereby generating employment opportunities for residents. By focusing on economic development activities, particularly in underserved areas, the Elizabeth Development Company contributes to the overall vitality of the community, helping to create a more robust and equitable local economy. Through these efforts, it works to improve the quality of life for residents, supporting a sustainable economic environment that benefits everyone in Elizabeth, NJ.
This information is meant to be a general summary of Elizabeth Development Company Of New Jersey. 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: $278,789
- Program Service Revenue: $352,224
- Gross Receipts: $2,720,829
Assets and Liabilities:
- Total Assets: $20,192,510
- Total Liabilities: $4,975,888
- Net Assets: $15,216,622
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Projects
Revenue
$300,576
Community Development Entities
Revenue
$34,148
Consulting
Revenue
$17,500
Organization Details
Founding Year
1977
Phone
(908) 289-0262Principal Officer
William O'Dea
Main Address
205 First Street, Elizabeth, NJ, 07207
Website
www.edcnj.orgNTEE Category
Code: S300 - Community improvement
If you are a representative of Elizabeth Development Company Of New Jersey and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.