Overview
What is Jersey City Economic Development Corp?
The Jersey City Economic Development Corp is a New Jersey-based nonprofit organization located at 298 Academy Street, Jersey City. Their primary mission is to foster the industrial, commercial, and economic growth of Jersey City, thereby increasing trade, creating employment opportunities, and broadening the tax base. To accomplish this, the organization provides marketing and advertising services to promote tourism in the city. With a dedicated workforce of four individuals, Jersey City Economic Development Corp plays a significant role in enhancing the city's economic landscape.
Official website here: www.jcedc.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 81% (Three-Star out of Four Star rating).
The Jersey City Economic Development Corp has achieved an 81% rating, reflecting a solid performance in accountability and finance. The organization benefits from a fully independent board, which is a strong indicator of governance quality, and it has established comprehensive policies on conflicts of interest and whistleblower protections. Additionally, the charity maintains an impressive program expense ratio of 95.30%, suggesting that a significant portion of its funds is directed towards its programs rather than administrative costs.
Strengths of the organization include its commitment to transparency, with its website listed on tax forms and thorough documentation of board meeting minutes. The absence of material diversion of assets and a low liabilities to assets ratio (7.67%) further highlight its financial health. These elements contribute positively to the organization's reputation and its ability to carry out its mission effectively.
However, while the overall score is commendable, it is important for potential donors to consider the factors that contribute to the rating. The high score is solely derived from accountability and finance, meaning that aspects such as program impact and outcomes are not evaluated in this score. Therefore, while the financial practices are sound, interested parties may want to seek additional information regarding the efficacy and reach of the organization's programs.
This AI summary has been generated from information found on Charity Navigator.
Is Jersey City Economic Development Corp legitimate?
Jersey City Economic Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Jersey City Economic Development 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: $289,615
Professional Fundraising Fees: $0
Other Salaries and Wages: $26,664
For more financial information, click here
Official website here: www.jcedc.org
What is the mission statement of Jersey City Economic Development Corp?
The Jersey City Economic Development Corp's mission is focused on promoting, encouraging, and aiding in the industrial, commercial, and economic development of a city. This initiative aims to boost the city's commercial trade, leading to the creation of more employment opportunities and expanding the tax base. By facilitating economic growth, the corporation ultimately strives to enhance the city's overall prosperity. Additionally, the corporation provides marketing and advertising services to strengthen the city's tourism business.
Official website here: www.jcedc.org
Who is the CEO of Jersey City Economic Development Corp?
Suraj Kaufman is the Treasurer of Jersey City Economic Development Corp.
Official website here: www.jcedc.org
What is the revenue of Jersey City Economic Development Corp?
Jersey City Economic Development Corp's revenue in 2022 was $2,488,701.
Official website here: www.jcedc.org
Who are the executives of Jersey City Economic Development Corp and what are their salaries?
The average compensation at Jersey City Economic Development Corp during 2022 was $79,070. There are 4 employees at Jersey City Economic Development Corp.
Here are 14 key members and their salaries:
- Compensation: $90,000
- Related: $0
- Other: $0
- Compensation: $75,000
- Related: $0
- Other: $0
- Compensation: $69,615
- Related: $0
- Other: $0
- Compensation: $55,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.jcedc.org
Where can I find the form 990 for Jersey City Economic Development Corp?
Jersey City Economic Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.jcedc.org
Learn more at the official website: www.jcedc.org
Mission Statement of Jersey City Economic Development Corp
Jersey City Economic Development Corp, in its mission, strives to foster, encourage, and assist in the industrial, commercial, and economic development of the city. Its primary objective is to boost the commercial and trading activities within the city, thereby creating more employment opportunities and broadening the tax base. This nonprofit organization aims to contribute significantly to the city's economic growth, ultimately enhancing its overall development. Additionally, the New Jersey Division of Tourism collaborates with Jersey City Economic Development Corp to develop marketing and advertising services, thereby promoting and enhancing the tourism business in the city. This partnership aims to attract more visitors and contribute to the city's economic growth.
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Impact
October, 2024
The Jersey City Economic Development Corporation plays a vital role in enhancing the economic landscape of Jersey City by focusing on industrial, commercial, and economic development. By promoting and facilitating growth in these sectors, it directly increases commercial activity, creating a broader tax base and generating greater employment opportunities for the residents.
The organization significantly contributes to the tourism sector, collaborating with the New Jersey Division of Tourism to develop marketing and advertising services aimed at promoting Jersey City as a desirable destination. This effort not only enhances the local economy by attracting visitors but also supports the businesses and services within the area, further stimulating job creation.
Through its initiatives, the Jersey City Economic Development Corporation fosters community improvement and encourages a vibrant local economy, ultimately aiming to elevate the quality of life for all Jersey City residents.
This information is meant to be a general summary of Jersey City Economic Development 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: $21,588
- Program Service Revenue: $5,010
- Gross Receipts: $2,488,701
Assets and Liabilities:
- Total Assets: $2,457,867
- Total Liabilities: $142,057
- Net Assets: $2,315,810
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM RELATED INTERES
Revenue
$5,010
Organization Details
Founding Year
1980
Phone
(201) 333-7797Principal Officer
Suraj Kaufman
Main Address
298 ACADEMY STREET, JERSEY CITY, NJ, 07306
Website
www.jcedc.orgNTEE Category
Code: S310 - Community improvement
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