Invest Newark
- Assets
- $20.4m
- Revenue
- $11.8m
- Investments
- $0.0
- Employees
- 18
- Location
- Newark, NJ
- Founding
- 04/2008
- Data as of
- 12/2021
- EIN
- 26-0829057
Organization Overview
Invest Newark, operating under the name Invest Newark A New Jersey Nonprofit Corp, is located in Newark, NJ. The organization was established in 2008. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Invest Newark A New Jersey Nonprofit Corp employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Invest Newark A New Jersey Nonprofit Corp 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 12/2021, Invest Newark A New Jersey Nonprofit Corp generated $11.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.8% each year . All expenses for the organization totaled $3.6m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
INVEST NEWARK'S MISSION TO RETAIN AND GROW BUSINESSES, ENHANCE SMALL AND MINORITY CAPACITY, INITIATE AND EXECUTE ECONOMIC DEVELOPMENT ACTIVITIES, PRODUCE AND SUSTAIN ECONOMIC GROWTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SMALL MINORITY BUSINESS DEV/INVESTMENTS & LENDING: INVEST NEWARK FACILITATED SMALL BUSINESS LOANS AND EXPANDED AN INITIATIVE TO GIVE SMALL AND MINORITY BUSINESSES MORE ACCESS TO CREDIT, CONTRACTING OPPORTUNITIES AND TECHNICAL ASSISTANCE TO PROMOTE SMALL MINORITY BUSINESS DEVEOPMENT.
REAL ESTATE DEV/LAND BANK: THE AGENCY HELPED BOTH DEVELOPERS AND BUSINESSES ACCESS NEWARK'S VAST DEVELOPMENT OPPORTUNITIES BY ASSISTING WITH A WIDE RANGE OF SERVICES INCLUDING SITE SELECTION, PERMITTING, APPROVALS, AND FINANCING. ADDITIONALLY, THE AGENCY MANAGED REAL ESTATE PROJECTS ON BEHALF OF THE CITY SUCH AS THE NEWARK RIVERFRONT PARK PROJECT.IN JULY 2019, THE STATE OF NEW JERSEY PASSED AN ACT (P.L.2019, C.159 (C.40A:12A-74 ET SEQ.) KNOWN AS THE "NEW JERSEY LAND BANK LAW." IN THE MONTH OF APRIL 2020, THE CITY COUNCIL OF THE CITY OF NEWARK PASSED ORDINANCE 18:15:1 ESTABLISHMENT OF LAND BANK. AS A RESULT OF THE PASSAGE OF THESE TWO PIECES OF LEGISLATION, THE CITY OF NEWARK AND INVEST NEWARK ENTERED INTO A LAND BANK AGREEMENT, WHICH DESIGNATED INVEST NEWARK AS THE LAND BANK ENTITY. INVEST NEWARK OPERATES THE NEWARK LAND BANK THAT WILL STRATEGICALLY ACQUIRE, MAINTAIN, AND REPURPOSE VACANT, ABANDONED, AND FORECLOSED PROPERTIES, AND EFFICIENTLY RETURN THEM TO PRODUCTIVE USE IN ORDER TO BOOST HOMEOWNERSHIP; REDUCE BLIGHT; INCREASE MWBE DEVELOPER OR SUBCONTRACTOR CAPACITY; INCREASE PROPERTY VALUES AND IMPROVE THE QUALITY OF LIFE FOR NEWARK RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bernel Hall CEO | Officer | 40 | $179,431 |
Roger Soares Comptroller Sr Re Accountant | Officer | 40 | $130,000 |
Vanessa Quijano Small Business Officer | Officer | 40 | $122,400 |
Jereri Edwards Director Of Finance | Officer | 40 | $120,207 |
Roger Johnson Real Estate Officer | Officer | 40 | $117,300 |
Roy Southerland Senior Investment Officer | Officer | 40 | $115,385 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Exquisite Property Services Property Maintenance | 12/30/21 | $269,463 |
Unimak Llc 505 Clinton Ave Construction | 12/30/21 | $3,614,705 |
James Corner Field Operations Newark Riverfront Park Expansion | 12/30/21 | $269,908 |
New Hope Community Dev Corp Panasonic Grant | 12/30/21 | $400,000 |
Rmcm Construction Company Land Bank Properties Construction | 12/30/21 | $311,909 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $12,000 |
| Related organizations | $0 |
| Government grants | $8,303,200 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,300,000 |
| Noncash contributions included in lines 1a–1f | $5,303,200 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,615,200 |
| Total Program Service Revenue | $1,478,502 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$338,518 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,755,184 |
| 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. | $1,586,160 |
| Compensation of current officers, directors, key employees. | $317,232 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $29,167 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $222,222 |
| Payroll taxes | $137,914 |
| Fees for services: Management | $38,558 |
| Fees for services: Legal | $257,391 |
| Fees for services: Accounting | $61,353 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $236,645 |
| Office expenses | $130,051 |
| Information technology | $65,159 |
| Royalties | $0 |
| Occupancy | $33,846 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $41,049 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,179 |
| Insurance | $44,736 |
| All other expenses | $542,866 |
| Total functional expenses | $3,582,343 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,338,193 |
| Savings and temporary cash investments | $1,292,195 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,081,347 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $19,947 |
| Net Land, buildings, and equipment | $4,793,487 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,904,216 |
| Total assets | $20,429,385 |
| Accounts payable and accrued expenses | $130,600 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,409,395 |
| Total liabilities | $8,539,995 |
| Net assets without donor restrictions | $11,589,390 |
| Net assets with donor restrictions | $300,000 |
| 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 | $20,429,385 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Invest Newark has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Victoria Foundation Inc Newark, NJ PURPOSE: TO SUPPORT TECHNOLOGY NEEDS AND SOUTH WARD PROMISE NEIGHBORHOOD CHROMEBOOK DONATION | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |