Civic Intelligence

Jersey City Economic Development Corp

EIN 22-2304615 • 501(c)3 • Jersey City, NJ

View Organization Page

Profile

To promote, encourage and assist in the industrial, commercial and economic development of the city of jersey city, thereby increasing the commercial/trade of the city creating greater employment opportunities and broadening the tax base.

342 Martin Luther King Jr DriveJersey City, NJ 07305

www.jcedc.org

Siviq Scores

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

Liabilities / Assets

52nd percentile

0.08x

Higher debt load relative to assets than 52% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

51st percentile

0.08x

Higher debt load relative to revenue than 51% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

13th percentile

-23%

Higher net margin than 13% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

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

Asset Growth

10th percentile

-17%

Faster asset growth than 10% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

12th percentile

-25%

Faster revenue growth than 12% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Up

$7,526,087

Up $5,482,103 (+268%) from 2023

Liabilities

Up

$5,922,098

Up $5,765,305 (+3677%) from 2023

Net Assets

Down

$1,603,989

Down $283,202 (-15%) from 2023

Operations
Liabilities / Revenue51st percentileNet Margin13th percentile

Revenue

Up

$3,794,753

Up $1,918,976 (+102%) from 2023

Expenses

Up

$4,088,672

Up $1,787,004 (+78%) from 2023

Net Income

Up

-$293,919

Up $131,972 (+31%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth10th percentile

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

$15M$10M$5.0M$0Assets 2011: $12,465,077Liabilities 2011: $107,543Net Assets 2011: $12,357,5342011Assets 2012: $8,888,435Liabilities 2012: $466,442Net Assets 2012: $8,421,9932012Assets 2013: $6,197,426Liabilities 2013: $163,710Net Assets 2013: $6,033,7162013Assets 2014: $5,378,027Liabilities 2014: $64,224Net Assets 2014: $5,313,8032014Assets 2015: $4,417,064Liabilities 2015: $113,604Net Assets 2015: $4,303,4602015Assets 2016: $4,175,541Liabilities 2016: $162,956Net Assets 2016: $4,012,5852016Assets 2017: $3,146,460Liabilities 2017: $90,171Net Assets 2017: $3,056,2892017Assets 2018: $2,966,598Liabilities 2018: $100,095Net Assets 2018: $2,866,5032018Assets 2019: $2,475,700Liabilities 2019: $11,221Net Assets 2019: $2,464,4792019Assets 2020: $3,477,498Liabilities 2020: $13,149Net Assets 2020: $3,464,3492020Assets 2021: $2,463,752Liabilities 2021: $50,500Net Assets 2021: $2,413,2522021Assets 2022: $2,457,867Liabilities 2022: $142,057Net Assets 2022: $2,315,8102022Assets 2023: $2,043,984Liabilities 2023: $156,793Net Assets 2023: $1,887,1912023Assets 2024: $7,526,087Liabilities 2024: $5,922,098Net Assets 2024: $1,603,9892024

Highlighted filing

2024

Assets$7,526,087
Liabilities$5,922,098
Net Assets$1,603,989
Open 2024 Filing

Operations Trend

Revenue Growth12th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2011: $3,107,978Expenses 2011: $4,706,303Net Income 2011: -$1,598,3252011Expenses 2012: $8,618,5792012Revenue 2013: $1,834,818Expenses 2013: $4,241,454Net Income 2013: -$2,406,6362013Revenue 2014: $969,367Expenses 2014: $1,772,194Net Income 2014: -$802,8272014Revenue 2015: $1,313,990Expenses 2015: $2,250,734Net Income 2015: -$936,7442015Revenue 2016: $615,844Expenses 2016: $1,388,745Net Income 2016: -$772,9012016Revenue 2017: $826,398Expenses 2017: $1,342,035Net Income 2017: -$515,6372017Revenue 2018: $639,657Expenses 2018: $924,051Net Income 2018: -$284,3942018Revenue 2019: $934,062Expenses 2019: $1,195,156Net Income 2019: -$261,0942019Revenue 2020: $2,009,014Expenses 2020: $934,881Net Income 2020: $1,074,1332020Revenue 2021: $10,799,259Expenses 2021: $11,978,433Net Income 2021: -$1,179,1742021Revenue 2022: $2,488,701Expenses 2022: $2,480,555Net Income 2022: $8,1462022Revenue 2023: $1,875,777Expenses 2023: $2,301,668Net Income 2023: -$425,8912023Revenue 2024: $3,794,753Expenses 2024: $4,088,672Net Income 2024: -$293,9192024

Highlighted filing

2024

Revenue$3,794,753
Expenses$4,088,672
Net Income-$293,919
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$7,526,087
Liabilities
$5,922,098
Net assets
$1,603,989
Revenue
$3,794,753
Expenses
$4,088,672
Net income
-$293,919
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.53$5.92$1.60$3.79$4.09$0.29
2023Detailed filing. Detailed filing data is available for this year.$2.04$0.16$1.89$1.88$2.30$0.43
2022Detailed filing. Detailed filing data is available for this year.$2.46$0.14$2.32$2.49$2.48$0.01
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.46$0.05$2.41$10.8$12.0$1.18
2020Detailed filing. Detailed filing data is available for this year.$3.48$0.01$3.46$2.01$0.93$1.07
2019Detailed filing. Detailed filing data is available for this year.$2.48$0.01$2.46$0.93$1.20$0.26
2018Detailed filing. Detailed filing data is available for this year.$2.97$0.10$2.87$0.64$0.92$0.28
2017Detailed filing. Detailed filing data is available for this year.$3.15$0.09$3.06$0.83$1.34$0.52
2016Detailed filing. Detailed filing data is available for this year.$4.18$0.16$4.01$0.62$1.39$0.77
2015Summary only. Only limited summary data is available for this year.$4.42$0.11$4.30$1.31$2.25$0.94
2014Detailed filing. Detailed filing data is available for this year.$5.38$0.06$5.31$0.97$1.77$0.80
2013Summary only. Only limited summary data is available for this year.$6.20$0.16$6.03$1.83$4.24$2.41
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.89$0.47$8.42$8.62
2011Summary only. Only limited summary data is available for this year.$12.5$0.11$12.4$3.11$4.71$1.60
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Apr 17, 2025
Return Version
2023v6.0
Gross Receipts
$3,794,753
Mission and Program Overview

Mission

To promote, encourage and assist in the industrial, commercial and economic development of the city of jersey city, thereby increasing the commercial/trade of the city creating greater employment opportunities and broadening the tax base.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$974,562$6,417,726▲ $5,443,164
Other Notes and Loans Receivable, Net$504,603$487,864▼ $16,739
Investments in Publicly Traded Securities$436,667$420,392▼ $16,275
Pledges and Grants Receivable$114,000$171,000▲ $57,000
Savings and Temporary Cash Investments$13,201$27,740▲ $14,539
Prepaid Expenses and Deferred Charges$951$1,365▲ $414
Accounts Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$2,043,984$7,526,087▲ $5,482,103
Other Assets Total-$0-
Liabilities
Deferred Revenue-$4,339,970-
Accounts Payable and Accrued Expenses$156,793$1,582,128▲ $1,425,335
Total Liabilities$156,793$5,922,098▲ $5,765,305
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,408,066$1,336,410▼ $71,656
Net Assets With Donor Restrictions$479,125$267,579▼ $211,546
Total Net Assets Fund Balance$1,887,191$1,603,989▼ $283,202
Total Liabilities and Net Assets / Fund Balance$2,043,984$7,526,087▲ $5,482,103
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Florence BaronDevelopment DirectorFT$99,225$99,225
Jennifer Moore WatermanDir.of BusinessFT$99,225$99,225
Shannon MitchellSenior Assoc.FT$77,175$77,175
Miriam TineoFinancial AdminFT$60,637$60,637

Board Members and Trustees

NameTitle
Rosemary McfaddenChairwoman
Brendan SomervilleVice-Chair.
Jeff Justice WilliamsTrustee
Mayor Steven FulopTrustee
Osman GaniTrustee
Philip McgovernTrustee
Richard Campisano EsqTrustee/Counsel
Kia DeadwylerAsst.Secretary
Nicholas CavaluzziSecretary
Suraj KaufmanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,711,992
Program Service Revenue
$1,765
Investment Income
$79,932
Other Revenue
$1,064
All Other Contributions
$60,826
Change in Net Assets
$-293,919

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,794,753
Revenue Not Reported on Form 990
$10,717
Total Revenue per Audited Statements
$3,805,470
Total Revenue per Form 990
$3,794,753
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,593,372
Salaries, Compensation, and Employee Benefits$495,300
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising$1,173,051--$1,173,051
Current Officers, Directors, Trustees, and Key Employees$252,196$84,066-$336,262
Office Expenses-$198,366-$198,366
Other Expenses$190,000--$190,000
Other Employee Benefits$91,603$30,534-$122,137
Occupancy-$86,275-$86,275
Fees for Services Other$66,030--$66,030
Payroll Taxes$27,676$9,225-$36,901
Fees for Services Accounting-$30,000-$30,000
Fees for Services Legal-$16,500-$16,500
Insurance-$10,145-$10,145
Information Technology-$9,471-$9,471
All Other Expenses$4,944$4,488-$9,432
Conferences and Meetings-$8,488-$8,488
Travel-$429-$429
Total Functional Expenses$3,600,685$487,987$0$4,088,672

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,088,672
Total Expenses per Audited Statements$4,088,672
Total Expenses per Form 990$4,088,672
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-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
No
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

“Management and governing body members review the form 990 in draft form for filing.”

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

“All individuals, including management and trustee members, are provided with forms for completion indicating any conflicts of interest.”

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

“The development director compensation is reviewed by the board and is determined by analysis of the responsibilities and duties performed.”

Form 990, Part VI, Section C, Line 18

“Documents are available upon written request to the organization.”

Form 990, Part VI, Section C, Line 19

“Documents are available to the public upon written request to the organization.”

Filing and Contact Details

Filer

Filer Name
Jersey City Economic Development Corp
EIN
22-2304615
Phone
2013337797
Address
342 MARTIN LUTHER KING JR DRIVE, JERSEY CITY, NJ 07305

Signing Officer

Name
Florence Baron
Title
Development Director
Signed
2025-04-17
Discuss with paid preparer
Yes

Organization Details

Formed
1980
Legal Domicile
Nj
Voting Board Members
10
Independent Board Members
10
Employees
4

Preparer

Firm
Donohue Gironda & Doria
Address
310 Broadway, Bayonne, NJ 07002
Preparer
Jason Gironda CPA
Phone
2014379000
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The organization's selection process of an independent auditor and oversight of the independent audited financial statements was subject to approval by the newly appointed board of trustees.”

Financial Statement Notes

Part X : FIN48 Footnote

“THE JCEDC IS ORGANIZED AS A NONPROFIT CORPORATION AND HAS BEEN RECOGNIZED BY THE IRS AS EXEMPT FROM FEDERAL INCOME TAXES UNDER IRC SECTION 501(C)(3). THUS IT QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER IRC SECTION 170(b)(1)(A)(vi). THE JCEDC IS ANNUALLY REQUIRED TO FILE A RETURN OF JCEDC EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, ENTITIES ARE SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSES. MANAGEMENT HAS DETERMINED THAT THE JCEDC IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND HAS NOT FILED AN EXEMPT JCEDC BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS.”

Raw XML AppendixShowing 400 of 525 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/Form990PartVIISectionAGrp/PersonNm13RICHARD CAMPISANO ESQ
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Development Dir
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIR.OF BUSINESS
IRS990/Form990PartVIISectionAGrp/TitleTxt2SENIOR ASSOC.
IRS990/Form990PartVIISectionAGrp/TitleTxt3FINANCIAL ADMIN
IRS990/Form990PartVIISectionAGrp/TitleTxt4Chairwoman
IRS990/Form990PartVIISectionAGrp/TitleTxt5Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt6Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Vice-Chair.
IRS990/Form990PartVIISectionAGrp/TitleTxt9Asst.Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee/Counsel
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IRS990/FSAuditedInd0false
IRS990/FundraisingActivitiesInd0false
IRS990/GamingActivitiesInd0false
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IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO PROMOTE, ENCOURAGE AND ASSIST IN THE INDUSTRIAL, COMMERCIAL AND ECONOMIC DEVELOPMENT OF THE CITY OF JERSEY CITY, THEREBY INCREASING THE COMMERCIAL/TRADE OF THE CITY CREATING GREATER EMPLOYMENT OPPORTUNITIES AND BROADENING THE TAX BASE.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetAssetsOrFundBalancesEOYAmt01603989
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IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt0444
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IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt01336410
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/ManagementAndGeneralAmt086275
IRS990/OccupancyGrp/TotalAmt086275
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0198366
IRS990/OfficeExpensesGrp/TotalAmt0198366
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt0122137
IRS990/OtherExpensesGrp/Desc0OFF DUTY POLICE
IRS990/OtherExpensesGrp/Desc1SID SUPPORT
IRS990/OtherExpensesGrp/Desc2PROGRAM RELATED COSTS
IRS990/OtherExpensesGrp/Desc3SPONSORSHIPS
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IRS990/OtherExpensesGrp/ProgramServicesAmt1745709
IRS990/OtherExpensesGrp/ProgramServicesAmt2284179
IRS990/OtherExpensesGrp/ProgramServicesAmt3190000
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IRS990/OtherExpensesGrp/TotalAmt3190000
IRS990/OtherInd0X
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IRS990/OtherRevenueMiscGrp/Desc0OTHER INCOME
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IRS990/OtherRevenueTotalAmt0620
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0487864
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt09225
IRS990/PayrollTaxesGrp/ProgramServicesAmt027676
IRS990/PayrollTaxesGrp/TotalAmt036901
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0114000
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IRS990/PoliticalCampaignActyInd0false
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IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM RELATED INTERES
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IRS990/ProhibitedTaxShelterTransInd0false
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt010749668
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt01950547
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IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
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IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt020695202
IRS990ScheduleA/TotalSupportAmt020906969
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
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IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/ExpensesSubtotalAmt04088672
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/NetUnrealizedGainsInvstAmt010717
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE JCEDC IS ORGANIZED AS A NONPROFIT CORPORATION AND HAS BEEN RECOGNIZED BY THE IRS AS EXEMPT FROM FEDERAL INCOME TAXES UNDER IRC SECTION 501(C)(3). THUS IT QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER IRC SECTION 170(b)(1)(A)(vi). THE JCEDC IS ANNUALLY REQUIRED TO FILE A RETURN OF JCEDC EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, ENTITIES ARE SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSES. MANAGEMENT HAS DETERMINED THAT THE JCEDC IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND HAS NOT FILED AN EXEMPT JCEDC BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS.

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