Great Falls Preservation & Development Corp
- Assets
- $117.9k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 2
- Location
- Paterson, NJ
- Founding
- 04/1973
- Data as of
- 12/2022
- EIN
- 22-1949620
Organization Overview
Great Falls Preservation & Development Corp, operating under the name Great Falls Preservation, is located in Paterson, NJ. The organization was established in 1973. According to its NTEE Classification (A82) the organization is classified as: Historical Societies & Historic Preservation, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Great Falls Preservation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Great Falls Preservation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Great Falls Preservation generated $169.3k in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $167.0k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (8.0%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ENCOURAGE AND ADVOCATE FOR THE DEVELOPMENT OF THE GREAT FALLS HISTORIC DISTRICT THROUGH THE HISTORIC PRESERVATION REVITALIZATION RECONSTRUCTION AND ADAPTIVE REUSE OF HISTORIC BUILDINGS AND NATURAL LANDMARKS; TO PROMOTE AMONG THE CITIZENS OF THE CITY OF PATERSON NJ AN INTEREST IN HISTORIC PRESERVATION AND THE HISTORY OF INDUSTRIAL PATERSON; ALSO TO WORK WITH THE CITY OF PATERSON OF PATERSON IN THE ROUTINE ORDINARY MAINTENANCE OF THE HISTORIC THOMAS ROGERS BUILDING PURSUANT TO A DEED AND LEASE BETWEEN THE CITY AND GREAT FALLS PRESERVATION.
Describe the Organization's Program Activity:
Part 3
ALL REVENUE AND ALL EXPENSES WENT TO THE OPERATION AND ROUTINE MAINTENANCE OF THE HISTORIC THOMAS ROGERS BUILDING IN PATERSON NEW JERSEY.
A PORTION OF THE EXPENSES IN 2020 USED IN THE OPERATION AND MAINTENANCE OF THE HISTORIC THOMAS ROGERS BUILDING 17,112 ASSISTED THE PATERSON MUSEUM WHICH IS LOCATED ON THE FIRST FLOOR OF THE THOMAS ROGERS BUILDING.
A PORTION OF THE EXPENSES IN 2020 WENT TOWARD LITIGATION IN THE MATTER OF CITY OF PATERSON V. GREAT FALLS PRESERVATION AND DEVELOPMENT CORPORATION. THIS LITIGATION WAS NECESSARY TO ENFORCE A DEED AND LEASE BETWEEN THE CITY AND GFP. JUDGMENT IN FAVOR OF GREAT FALLS PRESERVATION AND AGAINST THE CITY OF PATERSON WAS ENTERED ON NOVEMBER 8 2018 COMPELLING THE CITY TO SEE TO THE CAPITAL NEEDS OF THE HISTORIC THOMAS ROGERS BUILDING AND TO REIMBURSE GREAT FALLS PRESERVATION FOR EXPENSES CAUSED BY THE CITY'S FAILURE TO ACT. THE DAMAGE AWARD IN THIS MATTER WAS $109,648.02. THE CITY HAS NOT YET PAID THIS AWARD. THE EXPENSES LISTED HERE ARE FOR COURT FEES AND OTHER EXPENSES INCIDENTAL TO THE LITIGATION. ATTORNEY'S FEES HAVE ALSO BEEN INCURRED BUT HAVE NOT YET BEEN BILLED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peggy L Robertson Executive Director | 45 | $31,350 | |
Kenneth Jones Security | 35 | $30,257 | |
Stanley Lacz Now Deceased President | 4 | $0 | |
Jeff Pines Vice President | 4 | $0 | |
Douglas Weite Trustee | 4 | $0 | |
Jay R Schwartz Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $169,080 |
| Membership dues | $204 |
| Investment income | $0 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $169,284 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $70,145 |
| Professional fees and other payments to independent contractors | $6,699 |
| Occupancy, rent, utilities, and maintenance | $51,221 |
| Printing, publications, postage, and shipping | $137 |
| Other expenses | $38,780 |
| Total expenses | $166,982 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $8,278 |
| Other assets | $0 |
| Total assets | $117,926 |
| Total liabilities | $0 |
| Net assets or fund balances | $117,926 |