Overview
What is Invest Newark A New Jersey Nonprofit Corp?
Invest Newark A New Jersey Nonprofit Corp, located at 111 Mulberry Street LL, Newark, NJ 07102, is a dedicated organization focused on fostering small business development, particularly for minorities. Their mission encompasses retaining and expanding existing businesses, enhancing the capacity of small and minority enterprises, executing economic development activities, and promoting sustainable economic growth. To achieve these goals, Invest Newark facilitates small business loans, expands initiatives to provide minority businesses with more access to credit, contracting opportunities, and technical assistance. Additionally, they promote home ownership through their land bank and real estate programs. With a team of 19 employees, Invest Newark is committed to empowering and supporting small and minority businesses in Newark, New Jersey.
Official website here: www.investnewark.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 91%
Invest Newark A New Jersey Nonprofit Corp has received a strong Four-Star out of Four Star rating from Charity Navigator, reflecting its commitment to accountability and finance. The organization scored an impressive 91% in this category, indicating effective management of its resources and adherence to strong financial practices. This rating is derived solely from its Accountability & Finance metrics, highlighting the nonprofit's focus on transparency and fiscal responsibility.
One of the key strengths noted is the 100% independence of its board members, which is critical for maintaining an objective oversight of the organization. Furthermore, the nonprofit has robust financial controls in place, including a well-structured audit and oversight committee, complete conflict of interest policies, and documented board meeting minutes, all of which contribute to its high accountability score.
However, there is room for improvement in the program expense ratio, which stands at 66.38%. While this indicates a substantial portion of expenses are directed towards programs, the score could be improved to reflect even higher efficiency in allocating funds towards its mission. Overall, Invest Newark demonstrates a strong commitment to sound financial practices and governance, making it a reliable choice for potential donors.
This AI summary has been generated from information found on Charity Navigator.
Is Invest Newark A New Jersey Nonprofit Corp legitimate?
Invest Newark A New Jersey Nonprofit Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Invest Newark A New Jersey Nonprofit 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: $1,482,079
Professional Fundraising Fees: $0
Other Salaries and Wages: $430,870
For more financial information, click here
Official website here: www.investnewark.org
What is the mission statement of Invest Newark A New Jersey Nonprofit Corp?
Invest Newark, a New Jersey-based nonprofit corporation, is committed to retaining and fostering the growth of businesses in its community. Its mission extends to enhancing the capacity of small and minority businesses, executing economic development activities, and promoting sustainable economic growth. To achieve this, Invest Newark facilitates small business loans and expands initiatives to provide these businesses with more access to credit, contracting opportunities, and technical assistance. The organization also promotes homeownership through its land bank and various real estate programs.
Official website here: www.investnewark.org
Who is the CEO of Invest Newark A New Jersey Nonprofit Corp?
Kevin Collins is the Cfo of Invest Newark A New Jersey Nonprofit Corp. The CEO's salary of Invest Newark A New Jersey Nonprofit Corp is $114,231 and their total compensation is $140,167.
Official website here: www.investnewark.org
What is the revenue of Invest Newark A New Jersey Nonprofit Corp?
Invest Newark A New Jersey Nonprofit Corp's revenue in 2022 was $6,698,200.
Official website here: www.investnewark.org
Who are the executives of Invest Newark A New Jersey Nonprofit Corp and what are their salaries?
The average compensation at Invest Newark A New Jersey Nonprofit Corp during 2022 was $100,682. There are 19 employees at Invest Newark A New Jersey Nonprofit Corp.
Here are 16 key members and their salaries (Invest Newark A New Jersey Nonprofit Corp's CEO's salary is $114,231 and their total compensation is $140,167):
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- Compensation: $129,715
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- Other: $20,500
- Compensation: $149,688
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- Other: $10,392
- Compensation: $127,068
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- Other: $20,500
- Compensation: $172,800
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- Other: $27,000
- Compensation: $114,231
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- Other: $25,936
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- Other: $2,050
- Compensation: $63,935
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- Other: $6,444
Official website here: www.investnewark.org
Where can I find the form 990 for Invest Newark A New Jersey Nonprofit Corp?
Invest Newark A New Jersey Nonprofit Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.investnewark.org
Learn more at the official website: www.investnewark.org
Mission Statement of Invest Newark A New Jersey Nonprofit Corp
Invest Newark, a New Jersey-based nonprofit corporation, is committed to retaining and fostering the growth of businesses within its community. Its mission extends beyond this, as it also aims to enhance the capacity of small and minority-owned businesses, initiate and execute economic development activities, and ultimately promote sustainable economic growth.
To achieve these goals, Invest Newark has implemented various strategies. One of its key initiatives involves facilitating small business loans, thereby providing financial support to businesses that may struggle to secure funding elsewhere. Furthermore, Invest Newark has expanded upon this initiative, working towards giving small and minority businesses more access to credit, contracting opportunities, and technical assistance. This holistic approach aims to promote the development of small and minority businesses, fostering a thriving and diverse business landscape.
Additionally, Invest Newark is dedicated to promoting home ownership within the community. It accomplishes this through its Land Bank and real estate programs. The Land Bank, in particular, allows Invest Newark to acquire vacant or abandoned properties, which can then be redeveloped or sold to eligible homebuyers, thereby contributing to the revitalization of the community. In this way, Invest Newark is not only supporting the growth of businesses but also working to create stable and prosperous communities.
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Impact
October, 2024
Invest Newark has made significant strides in fostering economic growth within the community by focusing on business retention and development. The organization actively supports small and minority-owned businesses by facilitating access to small business loans, creating pathways for better credit opportunities, and enhancing contracting access. This is crucial for leveling the playing field and promoting economic inclusivity.
Moreover, by providing technical assistance, Invest Newark empowers these businesses to build capacity and sustainability, ensuring they can thrive in a competitive market. Their initiatives not only bolster small business development but also contribute positively to job creation and economic stability in the Newark area.
In addition to business support, Invest Newark is dedicated to promoting homeownership, which is essential for community growth and stability. Through its land bank and real estate programs, the organization helps make homeownership more accessible, fostering a sense of community and investment among residents.
Overall, Invest Newark plays a pivotal role in enhancing the economic landscape of Newark by driving initiatives that promote business development, support minority entrepreneurship, and encourage sustainable homeownership—thereby contributing to a stronger, more vibrant community.
This information is meant to be a general summary of Invest Newark A New Jersey Nonprofit 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: -$33,434
- Program Service Revenue: $714,867
- Gross Receipts: $7,723,799
Assets and Liabilities:
- Total Assets: $20,248,135
- Total Liabilities: $5,703,111
- Net Assets: $14,545,024
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
OTHER INCOME
Revenue
$426,860
NEWARK FIBER
Revenue
$136,645
INTEREST
Revenue
$84,150
LOAN INTEREST
Revenue
$67,212
Organization Details
Founding Year
2007
Phone
(973) 273-1040Principal Officer
Kevin Collins
Main Address
111 MULBERRY STREET LL, NEWARK, NJ, 07102
Website
www.investnewark.orgNTEE Category
Code: S30 - Community improvement
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