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Passaic Enterprise Zone Development Corporation

Not tax-deductible

Passaic, NJ501(c)(4)EIN 22-3382424Revenue $674K in FY2024

On file with the IRS330 Passaic Ave Room 203, 07055-0000 · Passaic, NJTax-exempt since Jan 1996

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To administer the states urban Enterprise Zone in the city of Passaic

91¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average deficit $243K a year · 59% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
8 mo
of spending, in cash
Looks good: 7.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$169K
11% of total assets
Looks good: liabilities are 11% of assets; 50% or less.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$674K
+37% vs prior year
Spent
$516K
To programs
91%
Net assets
$1.3M
By yearFY2020–FY2024
Revenue
$674K
FY2024▲ +37%
Tap a bar for its year
Revenue by fiscal year
FY2020$37K
FY2021$795K
FY2022$50K
FY2023$492K
FY2024$674K
Expenses
$516K
FY2024▲ +41%
Tap a bar for its year
Expenses by fiscal year
FY2020$494K
FY2021$1.3M
FY2022$593K
FY2023$366K
FY2024$516K
Net assets
$1.3M
FY2024▲ +14%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.1M
FY2021$1.6M
FY2022$1.0M
FY2023$1.1M
FY2024$1.3M

From the FY2024 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 1996.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $467K Management & general 9% · $49K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

12 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
Ms Madona
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Omar Garcia
Treasurer
$0Pt VII · Sec A
See Passaic Enterprise Zone Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Manages the city's urban enterprise zone to foster economic development.

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Provided by the organization

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3 programs · $467K · in their own filed words · FY2024
01

Promoting and implementing various projects and activities for the citizens of Passaic.

$215Kprogram expense
02

Various programs and projects intended to improve the quality of life for the citizens of Passaic.

$132Kprogram expense
03

NNP Program that provides support through advertising, signage and events sponsoring of the citys business district

$120Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 3 grants · $1.3M · 2021–2022
Downtown Merchants CorporationNJ · FY2022$300,226
Individual RecipientFY2021$742,323
Downtown Merchants CorporationNJ · FY2021$255,070

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$674K
Ln 12
Gifts and grantsLn 1h$381K
Other incomeLn 4–11$259K
Fees for servicesLn 2g$25K
Money outPt IX
$516K
Ln 25
Programscol B$467K
Managementcol C$49K
Owns and owesPt X
$1.3M
net assets · Ln 32
Cash and savingsLn 1–2$321K
Total assetsLn 16$1.5M
LiabilitiesLn 26$169K
PeoplePt VI, VII
12
listed · VII A
PaidVII A0
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$381K
Government grantsLn 1e$381K
Fees for servicesLn 2g$25K
Investment incomeLn 3$9K
Other incomeLn 4–11$259K
Total revenueLn 12$674K
Assets in detailPt X, end of year
CashLn 1$321K
Cash and savings togetherLn 1–2$321K
Land, buildings, equipmentLn 10c$101K
Other assetsLn 15$134K
Total assetsLn 16$1.5M
LiabilitiesLn 26$169K
Net assetsLn 32$1.3M
OperationsPt I, VI
EmployeesI 51
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$244K$321K
Land, buildings, equipmentLn 10c$101K
Total assetsLn 16$1.3M$1.5M
LiabilitiesLn 26$115K$169K
Net assetsLn 32$1.1M$1.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$53K$27K$27K
Other salaries and wagesLn 7$119K$119K
Payroll taxesLn 10$3K$3K
Accounting feesLn 11c$17K$17K
Other fees for servicesLn 11g$158K$158K
Office expensesLn 13$13K$13K
Other expenses (24a–d)Ln 24$153K$148K$5K
Total functional expensesLn 25$516K$467K$49K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $674K$516K$158K$1.3M 990 PDF
FY2023 $492K$366K$126K$1.1M 990 PDF
FY2022 $50K$593K−$544K$1.0M 990 PDF
FY2021 $795K$1.3M−$496K$1.6M 990 PDF
FY2020 $37K$494K−$458K$2.1M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $674,160 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $459,801$381,415
I-9 Program service revenuePrior year $25,844$24,900
I-10 Investment incomePrior year $6,427$9,148
I-11 Other revenue$258,697
I-12 Total revenuePrior year $492,072$674,160
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $246,730$174,645
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $119,206$341,628
I-18 Total expensesPrior year $365,936$516,273
I-19 Revenue less expensesPrior year $126,136$157,887
Part VI · Governance 12 of 12 board members independent, 4 to look at
VI-1a Voting members of the governing body12
VI-1b Independent voting members12
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $674,160 across 7 lines filed
VIII-1e Government grants$381,415
VIII-1h Total contributions, gifts and grants$381,415
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $24,900$24,900
VIII-3 Investment incomeRelated to mission $9,148$9,148
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $258,697$258,697
VIII-12 Total revenueRelated to mission $292,745 · Unrelated business $0 · Excluded from tax $0$674,160
Part IX · Statement of functional expenses $516,273 across 7 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $26,616 · Management $26,616$53,232
IX-7 Other salaries and wagesPrograms $118,717$118,717
IX-10 Payroll taxesPrograms $2,696$2,696
IX-11c Accounting feesManagement $17,024$17,024
IX-11g Other fees for servicesPrograms $158,441$158,441
IX-13 Office expensesPrograms $12,816$12,816
IX-24 Other expenses (24a–d)Programs $148,189 · Management $5,158$153,347
IX-25 Total functional expensesPrograms $467,475 · Management $48,798 · Fundraising $0$516,273
Part X · Balance sheet $1,476,502 assets, 12 lines filed
Asset lines not itemized here account for $812,568; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $244,284$321,002
X-4 Accounts receivableStart of year $204,531$107,771
X-10c Land, buildings and equipment, net$100,917
X-15 Other assets$134,244
X-16 Total assetsStart of year $1,264,087$1,476,502
X-17 Accounts payable and accrued expensesStart of year $40,945$58,833
X-19 Deferred revenueStart of year $39,104$39,104
X-25 Other liabilitiesStart of year $34,562$71,198
X-26 Total liabilitiesStart of year $114,611$169,135
X-27 Net assets without donor restrictionsStart of year $1,149,476$1,307,367
X-32 Total net assets or fund balancesStart of year $1,149,476$1,307,367
X-33 Total liabilities and net assetsStart of year $1,264,087$1,476,502
Part XI · Reconciliation of net assets $1,307,367 net assets at year end
XI-1 Total revenue$674,160
XI-2 Total expenses$516,273
XI-3 Revenue less expenses$157,887
XI-4 Net assets at start of year$1,149,476
XI-8 Prior period adjustments$4
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,307,367

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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