Inlet Public-Private Association Inc
- Assets
- $264.4k
- Revenue
- $164.4k
- Investments
- $0.0
- Employees
- 6
- Location
- Atlantic City, NJ
- Founding
- 01/1990
- Data as of
- 12/2020
- EIN
- 22-2937095
Organization Overview
Inlet Public-Private Association Inc, operating under the name Absecon Lighthouse, is located in Atlantic City, NJ. The organization was established in 1990. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Absecon Lighthouse employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Absecon Lighthouse 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 12/2020, Absecon Lighthouse generated $164.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (4.7%) each year. All expenses for the organization totaled $210.4k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (0.8%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE DEVELOPMENT TO THE ATLANTIC CITY "INLET" AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESTORATION OF THE ABSECON LIGHTHOUSE AND INKEEPERS' HOME TO PROMOTE REDEVELOPMENT TO THE ATLANTIC CITY INLET AREA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Susan Jones Secretary | OfficerTrustee | 1 | $0 |
William Cradle Vice Chairma | OfficerTrustee | 1 | $0 |
Christopher Mcclain Chairman | OfficerTrustee | 1 | $0 |
Louis Paludi Chairman Eme | OfficerTrustee | 1 | $0 |
Rosemarie Quirk Treasurer | OfficerTrustee | 1 | $0 |
Evan Sanchez Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $88,378 |
| Investment income | $3 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,875 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $15,410 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $164,390 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $128,531 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $18,319 |
| Payroll taxes | $10,430 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,584 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,560 |
| Office expenses | $3,683 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,101 |
| Travel | $275 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,128 |
| Insurance | $6,549 |
| All other expenses | $0 |
| Total functional expenses | $210,361 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,844 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $325 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,912 |
| Prepaid expenses and deferred charges | $4,151 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $264,351 |
| Accounts payable and accrued expenses | $2,485 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $32,269 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $70 |
| Total liabilities | $34,824 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $229,527 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Inlet Public-Private Association Inc has recieved totaling $34,025.
| Awarding Organization | Amount |
|---|---|
Princeton Area Community Foundation Inc Lawrenceville, NJ PURPOSE: New Jersey Arts and Culture Recovery Fund Grant Ap | $28,125 |
Atlanticare Health System Inc Egg Harbor Township, NJ PURPOSE: PROGRAM SUPPORT | $5,900 |
Peer Organizations
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|---|---|---|
43north Bpc Inc Buffalo, NY | $13,425,800 | $3,001,464 |
Grameen America Inc Jackson Heights, NY | $237,127,552 | $50,248,348 |
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Newark Downtown District Management Corporation Newark, NJ | $7,203,712 | $5,205,083 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |
Pittsburgh Downtown Partnership Pittsburgh, PA | $5,197,454 | $6,457,703 |
Grow America Fund Inc Brooklyn, NY | $143,748,091 | $12,181,976 |
Upper Manhattan Empowerment Zone Development Corporation New York, NY | $90,632,786 | $3,433,188 |
Enterprise Center Philadelphia, PA | $14,775,584 | $14,297,548 |