Civic Intelligence

Greater Newark Enterprises Corp

EIN 20-2247312 • 501(c)3 • Newark, NJ

Profile

The greater newark enterprises corporation (gnec) makes loans and investments in programs in urban communities engaged in the following wealth-creation strategies: providing financial services, loans and investments, offering training and mentoring, information and referral support. The gnec seminars covers taxes, marketing and sales, purchasing and inventory.

211 Warren Street 423Newark, NJ 07103

www.gnecorp.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

61st percentile

0.22x

Higher debt load relative to assets than 61% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

75th percentile

0.53x

Higher debt load relative to revenue than 75% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

87th percentile

44%

Higher net margin than 87% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

89th percentile

39%

Faster asset growth than 89% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

91st percentile

80%

Faster revenue growth than 91% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets61st percentile

Assets

Up

$7,082,213

Up $1,991,710 (+39%) from 2023

Liabilities

Up

$1,554,349

Up $698,586 (+82%) from 2023

Net Assets

Up

$5,527,864

Up $1,293,124 (+31%) from 2023

Operations
Liabilities / Revenue75th percentileNet Margin87th percentile

Revenue

Up

$2,936,594

Up $1,301,133 (+80%) from 2023

Expenses

Down

$1,643,469

Down $149,705 (-8.3%) from 2023

Net Income

Up

$1,293,125

Up $1,450,838 (+920%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth89th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $541,663Liabilities 2011: $342,842Net Assets 2011: $198,8212011Assets 2012: $1,079,657Liabilities 2012: $808,206Net Assets 2012: $271,4512012Assets 2013: $1,006,128Liabilities 2013: $797,330Net Assets 2013: $208,7982013Assets 2014: $1,070,045Liabilities 2014: $915,114Net Assets 2014: $154,9312014Assets 2015: $1,066,396Liabilities 2015: $873,187Net Assets 2015: $193,2092015Assets 2016: $1,018,910Liabilities 2016: $814,319Net Assets 2016: $204,5912016Assets 2017: $1,266,891Liabilities 2017: $758,162Net Assets 2017: $508,7292017Assets 2018: $1,044,798Liabilities 2018: $332,664Net Assets 2018: $712,1342018Assets 2019: $865,498Liabilities 2019: $309,807Net Assets 2019: $555,6912019Assets 2020: $1,909,952Liabilities 2020: $422,528Net Assets 2020: $1,487,4242020Assets 2021: $3,825,009Liabilities 2021: $337,738Net Assets 2021: $3,487,2712021Assets 2022: $5,136,041Liabilities 2022: $743,588Net Assets 2022: $4,392,4532022Assets 2023: $5,090,503Liabilities 2023: $855,763Net Assets 2023: $4,234,7402023Assets 2024: $7,082,213Liabilities 2024: $1,554,349Net Assets 2024: $5,527,8642024

Highlighted filing

2024

Assets$7,082,213
Liabilities$1,554,349
Net Assets$5,527,864
Open 2024 Filing

Operations Trend

Revenue Growth91st percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $479,784Expenses 2011: $406,414Net Income 2011: $73,3702011Expenses 2012: $572,6242012Revenue 2013: $499,842Expenses 2013: $562,495Net Income 2013: -$62,6532013Revenue 2014: $537,429Expenses 2014: $591,296Net Income 2014: -$53,8672014Revenue 2015: $542,062Expenses 2015: $503,784Net Income 2015: $38,2782015Revenue 2016: $560,528Expenses 2016: $549,146Net Income 2016: $11,3822016Revenue 2017: $808,615Expenses 2017: $504,477Net Income 2017: $304,1382017Revenue 2018: $816,699Expenses 2018: $613,294Net Income 2018: $203,4052018Revenue 2019: $459,547Expenses 2019: $616,036Net Income 2019: -$156,4892019Revenue 2020: $1,569,077Expenses 2020: $637,344Net Income 2020: $931,7332020Revenue 2021: $2,856,521Expenses 2021: $856,674Net Income 2021: $1,999,8472021Revenue 2022: $2,347,648Expenses 2022: $1,442,466Net Income 2022: $905,1822022Revenue 2023: $1,635,461Expenses 2023: $1,793,174Net Income 2023: -$157,7132023Revenue 2024: $2,936,594Expenses 2024: $1,643,469Net Income 2024: $1,293,1252024

Highlighted filing

2024

Revenue$2,936,594
Expenses$1,643,469
Net Income$1,293,125
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,082,213
Liabilities
$1,554,349
Net assets
$5,527,864
Revenue
$2,936,594
Expenses
$1,643,469
Net income
$1,293,125
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.08$1.55$5.53$2.94$1.64$1.29
2023Detailed filing. Detailed filing data is available for this year.$5.09$0.86$4.23$1.64$1.79$0.16
2022Detailed filing. Detailed filing data is available for this year.$5.14$0.74$4.39$2.35$1.44$0.91
2021Detailed filing. Detailed filing data is available for this year.$3.83$0.34$3.49$2.86$0.86$2.00
2020Detailed filing. Detailed filing data is available for this year.$1.91$0.42$1.49$1.57$0.64$0.93
2019Detailed filing. Detailed filing data is available for this year.$0.87$0.31$0.56$0.46$0.62$0.16
2018Detailed filing. Detailed filing data is available for this year.$1.04$0.33$0.71$0.82$0.61$0.20
2017Detailed filing. Detailed filing data is available for this year.$1.27$0.76$0.51$0.81$0.50$0.30
2016Detailed filing. Detailed filing data is available for this year.$1.02$0.81$0.20$0.56$0.55$0.01
2015Detailed filing. Detailed filing data is available for this year.$1.07$0.87$0.19$0.54$0.50$0.04
2014Detailed filing. Detailed filing data is available for this year.$1.07$0.92$0.15$0.54$0.59$0.05
2013Detailed filing. Detailed filing data is available for this year.$1.01$0.80$0.21$0.50$0.56$0.06
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.08$0.81$0.27$0.57
2011Summary only. Only limited summary data is available for this year.$0.54$0.34$0.20$0.48$0.41$0.07
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jul 9, 2025
Return Version
2024v5.2
Gross Receipts
$2,936,594
Mission and Program Overview

Mission

The greater newark enterprises corporation (gnec) makes loans and investments in programs in urban communities engaged in the following wealth-creation strategies: providing financial services, loans and investments, offering training and mentoring, information and referral support. The gnec seminars covers taxes, marketing and sales, purchasing and inventory.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$2,145,647$2,670,028▲ $524,381
Savings and Temporary Cash Investments$1,585,472$2,404,343▲ $818,871
Pledges and Grants Receivable-$900,000-
Cash and Non-Interest-Bearing Accounts$616,710$323,632▼ $293,078
Land, Buildings, and Equipment, Net$31,309$23,079▼ $8,230
Prepaid Expenses and Deferred Charges$33,504$21,728▼ $11,776
Accounts Receivable$23,172$15,150▼ $8,022
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$5,090,503$7,082,213▲ $1,991,710
Other Assets Total$654,689$724,253▲ $69,564
Liabilities
Mortgage Notes Payable Secured by Investment Property$650,450$1,265,945▲ $615,495
Deferred Revenue$63,476$193,809▲ $130,333
Accounts Payable and Accrued Expenses$102,245$69,569▼ $32,676
Other Liabilities$39,592$25,026▼ $14,566
Total Liabilities$855,763$1,554,349▲ $698,586
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,662,905$4,727,656▲ $1,064,751
Net Assets With Donor Restrictions$571,835$800,208▲ $228,373
Total Net Assets Fund Balance$4,234,740$5,527,864▲ $1,293,124
Total Liabilities and Net Assets / Fund Balance$5,090,503$7,082,213▲ $1,991,710

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$23,079$86,987$110,066
Other Assets Org$2,971--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Victor SalamaExecutive DirectorFT$229,583$229,583

Board Members and Trustees

NameTitle
Judith SheftChairman
Amit AirenTrustee
Carlton WestTrustee
Chris MurphyTrustee
Dominick BelforeTrustee
Glenn CarrollTrustee
Gustavo AbreuTrustee
Julian IbanezTrustee
Katerina ZachariaTrustee
Ken BlandTrustee
Tamara MangumTrustee
Therone HopkinsTrustee
Yane AriasTrustee
John SuwatsonSecretary
Avi TelyasTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Capital Source AssociatesConsulting277 ROSS DRIVE, Boonton, NJ 07005$182,000
Revenue and Support

Revenue Composition

Contributions and Grants
$2,614,199
Program Service Revenue
$300,876
Investment Income
$21,519
Other Revenue
$0
All Other Contributions
$2,348,199
Change in Net Assets
$1,293,125

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,936,594
Total Revenue per Audited Statements
$2,936,594
Total Revenue per Form 990
$2,936,594
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$864,960
Salaries, Compensation, and Employee Benefits$778,509
Total Fundraising Expense$98,442
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$419,231$25,698-$444,929
Fees for Services Other$234,127$16,020$27,878$278,025
Current Officers, Directors, Trustees, and Key Employees$57,396$114,792$57,396$229,584
Fees for Services Accounting$46,135$7,163$1,802$55,100
Other Employee Benefits$37,298$10,994$4,491$52,783
Payroll Taxes$36,188$10,667$4,358$51,213
Advertising$44,308--$44,308
Information Technology$31,611--$31,611
Travel$22,418--$22,418
Depreciation Depletion$15,067$2,825$942$18,834
Interest$17,582--$17,582
Office Expenses$13,055$2,448$816$16,319
Insurance$7,090$1,329$443$8,862
All Other Expenses$6,774$886$316$7,976
Other Expenses$6,518$10,341-$6,518
Fees for Services Legal$5,283--$5,283
Total Functional Expenses$1,341,864$203,163$98,442$1,643,469

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,643,469
Total Expenses per Audited Statements$1,643,469
Total Expenses per Form 990$1,643,469
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$14,561
Other Liabilities$10,465
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“A draft of the form 990 is received from the accounting firm and reviewed by the executive director and treasurer prior to finalizing. After review form 990 is provided to the entire board prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Annually each board member and officer reviews the policy and discloses any conflicts.”

Form 990, Part VI, Section B, Line 15A

“Compensation is based on the experience of the individual and is approved by the board.”

Form 990, Part VI, Section B, Line 15B

“Compensation is based on the experience of the individual and is approved by the board.”

Form 990, Part VI, Section C, Line 19

“Governing documents,conflict of interest policy and financial statements are made available to the public upon written request.”

Filing and Contact Details

Filer

Filer Name
Greater Newark Enterprises Corp
EIN
20-2247312
Phone
9732425563
Address
211 WARREN STREET 423, NEWARK, NJ 07103

Signing Officer

Name
John Suwatson
Title
Secretary
Signed
2025-07-09
Discuss with paid preparer
Yes

Organization Details

Formed
2005
Legal Domicile
Nj
Voting Board Members
15
Independent Board Members
15
Employees
7

Preparer

Firm
Samuel Klein and Company
Address
550 BROAD ST STE 11, NEWARK, NJ 07102
Preparer
Bruce W Michel
Phone
9736246100
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Rounding Difference = -$1”

Financial Statement Notes

Part X : FIN48 Footnote

“PART X LINE 2: THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. uNDER THAT GUIDANCE, THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE ORGANIZATION AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME (UBIT). THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED OR RECORDED AS LIABILITIES FOR THE YEARS ENDED DECEMBER 31,2024 AND 2023. THE ORGANIZATION FILES ITS FORMS 990 IN THE U.S. FEDERAL JURISDICTION AND THE OFFICE OF THE STATE'S ATTORNEY GENERAL FOR THE STATE OF NEW JERSEY. THE ORGANIZATION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2022.”

Raw XML AppendixShowing 400 of 568 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0THE GREATER NEWARK ENTERPRISES CORPORATION (GNEC) MAKES LOANS AND INVESTMENTS IN PROGRAMS IN URBAN COMMUNITIES ENGAGED IN THE FOLLOWING WEALTH-CREATION STRATEGIES: PROVIDING FINANCIAL SERVICES, LOANS AND INVESTMENTS, OFFERING TRAINING AND MENTORING, INFORMATION AND REFERRAL SUPPORT. THE GNEC SEMINARS COVERS TAXES, MARKETING AND SALES, PURCHASING AND INVENTORY.
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