New Jersey Seeds Inc
- Assets
- $8.9m
- Revenue
- $3.9m
- Investments
- $7.1m
- Employees
- 76
- Location
- Newark, NJ
- Founding
- 11/1992
- Data as of
- 08/2022
- EIN
- 22-3181507
Organization Overview
New Jersey Seeds Inc is located in Newark, NJ. The organization was established in 1992. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 08/2022, New Jersey Seeds Inc employed 76 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Jersey Seeds Inc 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 08/2022, New Jersey Seeds Inc generated $3.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.3%) each year. All expenses for the organization totaled $4.1m during the year ending 08/2022. As we would expect to see with falling revenues, expenses have declined by (1.2%) per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
NEW JERSEY SEEDS (SCHOLARS, EDUCATORS, EXCELLENCE, DEDICATION, SUCCESS) IS A NONPROFIT ORGANIZATION THAT PREPARES MOTIVATED, HIGH-ACHIEVING, LOW-INCOME STUDENTS FOR ADMISSION TO PRIVATE SCHOOLS AND COLLEGES ACROSS THE COUNTRY. OUR PROGRAMS PROVIDES A DEMANDING COURSE OF STUDY DESIGNED TO DEVELOP THE INTELLECTUAL AND LEADERSHIP POTENTIAL OF OUR STUDENTS AND PREPARE THEM FOR LONG-TERM SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SCHOLARS PROGRAM IS OPEN TO ELIGIBLE 7TH GRADE STUDENTS WHO LIVE IN CENTRAL AND NORTHERN NEW JERSEY. STUDENTS ARE PLACED IN SELECTIVE DAY AND BOARDING SCHOOLS IN THE 9TH GRADE. THE YOUNG SCHOLARS PROGRAM IS OPEN TO ELIGIBLE 4TH AND 5TH GRADE STUDENTS WHO LIVE IN THE GREATER NEWARK AREA. STUDENTS ARE PLACED IN SELECTIVE DAY AND JUNIOR BOARDING SCHOOLS IN THE 6TH AND 7TH GRADE. SCHOLARS AND YOUNG SCHOLARS ARE BOTH 14-MONTH PROGRAMS; STUDENTS TAKE CLASSES OVER TWO SUMMERS AND ON THE SATURDAYS IN BETWEEN.
THE COLLEGE SCHOLARS PROGRAM IS A 17-MONTH IMMERSION EXPERIENCE FOR TOP-PERFORMING STUDENTS FROM PUBLIC HIGH SCHOOLS WITHIN 25 MILES OF NEWARK. STUDENTS SPEND SATURDAYS DURING THE SPRING OF THEIR JUNIOR YEAR AND ALL OF THEIR SENIOR YEAR WITH SEEDS, IN ADDITION TO A THREE-WEEK RESIDENTIAL SESSION PRIOR TO THE 12TH GRADE. STUDENTS ARE THEN PLACED IN SELECTIVE COLLEGES AND UNIVERSITIES.ALL OF SEEDS' ACADEMIC PROGRAMS ARE FREE TO ACCEPTED STUDENTS, AND TRANSPORTATION IS PROVIDED.
NJ SEEDS' GUIDANCE PROGRAM IS DESIGNED TO PROVIDE SEEDS GRADUATES WITH ACADEMIC, SOCIAL AND EMOTIONAL SUPPORT THROUGHOUT THEIR TIME IN THEIR PLACEMENT SCHOOLS. THE GUIDANCE STAFF VISITS STUDENTS ANNUALLY AND PROVIDES TAILORED PROGRAMMING FOR MIDDLE SCHOOL, HIGH SCHOOL AND COLLEGE-AGED STUDENTS. GUIDANCE ALSO PROVIDES A RANGE OF SERVICES TO MEET THE NEEDS OF SEEDS' GRADUATES, INCLUDING ORGANIZING COLLEGE TOURS, ARRANGING SUMMER INTERNSHIPS AND HOSTING EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John F Castano President And CEO | OfficerTrustee | 40 | $280,149 |
Andrew Hoge Vice President | Officer | 40 | $164,680 |
Jessica Rothbart Former COO As Of 9/30/21 | 40 | $103,331 | |
Polly Palumbo Chair | OfficerTrustee | 1 | $0 |
Andy Okun Treasurer | OfficerTrustee | 1 | $0 |
Michael Fletcher COO | Officer | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $781,468 |
| Related organizations | $0 |
| Government grants | $432,505 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,563,329 |
| Noncash contributions included in lines 1a–1f | $230,663 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,777,302 |
| Total Program Service Revenue | $0 |
| Investment income | $95,055 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $49,008 |
| Net Income from Fundraising Events | -$41,576 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,879,789 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $440,084 |
| Compensation of current officers, directors, key employees. | $133,993 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,655,771 |
| Pension plan accruals and contributions | $35,031 |
| Other employee benefits | $142,314 |
| Payroll taxes | $291,553 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $529 |
| Fees for services: Accounting | $28,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $117,601 |
| Advertising and promotion | $0 |
| Office expenses | $217,556 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $597,456 |
| Travel | $22,824 |
| 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 | $82,142 |
| Insurance | $46,156 |
| All other expenses | $35,750 |
| Total functional expenses | $4,075,496 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $328,951 |
| Savings and temporary cash investments | $525,275 |
| Pledges and grants receivable | $480,493 |
| Accounts receivable, net | $192,335 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,939 |
| Net Land, buildings, and equipment | $138,659 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $7,065,487 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $126,007 |
| Total assets | $8,876,146 |
| Accounts payable and accrued expenses | $713,820 |
| Grants payable | $0 |
| Deferred revenue | $53,757 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $767,577 |
| Net assets without donor restrictions | $4,080,201 |
| Net assets with donor restrictions | $4,028,368 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $8,876,146 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that New Jersey Seeds Inc has recieved totaling $500.
| Awarding Organization | Amount |
|---|---|
Zissu Family Foundation Short Hills, NJ PURPOSE: TO FURTHER DONEES EXEMPT PURPOSE | $500 |
Endowment Analysis
| Beg. Balance | $5,066,149 |
| Earnings | -$617,704 |
| Net Contributions | $15,000 |
| Other Expense | -$425,000 |
| Ending Balance | $4,038,445 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
John A Coleman School Yonkers, NY | $5,649,439 | $19,245,814 |
Halo Network Inc Amityville, NY | $5,984,377 | $20,823,404 |
Ascend Learning Inc Brooklyn, NY | $10,949,837 | $20,246,927 |
Lindley Academy Charter School At Birney Philadelphia, PA | $8,724,796 | $15,521,412 |
Workforce Development Corp New York, NY | $20,852,099 | $12,566,315 |
International School Of Brooklyn Brooklyn, NY | $6,521,944 | $15,095,239 |
Watershed Agricultural Council Of The New York City Watersheds Inc Walton, NY | $8,601,609 | $14,819,769 |
Purpose Foundation Island Park, NY | $1,585,866 | $11,041,724 |
Tech Impact Philadelphia, PA | $10,895,345 | $15,289,025 |
Tikva Corp West Caldwell, NJ | $10,446,184 | $12,711,125 |
Stemcivics Inc Ewing Township, NJ | $5,738,931 | $13,034,787 |
Neighbours Inc Highland Park, NJ | $4,396,049 | $11,744,083 |