Civic Intelligence

Great Falls Economic Development Corporation

990 • Fiscal year 2024 • EIN 81-3606443

Jul 01, 2023 to Jun 30, 2024 • Filed on May 15, 2025

Organization ProfileN/A
PO Box 6976Paterson, NJ 07509-6976

(973) 413-1600

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

89th percentile

1.00x

Higher debt load relative to assets than 89% of similar nonprofits.

2024 filings • NTEE S • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

100th percentile

485.12x

Higher debt load relative to revenue than 100% of similar nonprofits.

2024 filings • NTEE S • $5M-$10M nonprofits • Source year 2024

Net Margin

97th percentile

97%

Higher net margin than 97% of similar nonprofits.

2024 filings • NTEE S • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

72nd percentile

$269,573

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 2381.4% of source-year revenue.

2024 filings • NTEE S • $5M-$10M nonprofits • Source year 2024

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2024

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2024

Balance Sheet
Liabilities / Assets89th percentile

Assets

$5,502,495

No earlier filing loaded for comparison.

Net Assets

$10,932

No earlier filing loaded for comparison.

Liabilities

$5,491,563

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin97th percentile

Revenue

$11,320

No earlier filing loaded for comparison.

Expenses

$388

No earlier filing loaded for comparison.

Net Income

$10,932

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$6.0M$4.0M$2.0M$0Assets 2024: $5,502,495Liabilities 2024: $5,491,563Net Assets 2024: $10,9322024

Highlighted filing

2024

Assets$5,502,495
Liabilities$5,491,563
Net Assets$10,932
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15K$10K$5.0K$0Revenue 2024: $11,320Expenses 2024: $388Net Income 2024: $10,9322024

Highlighted filing

2024

Revenue$11,320
Expenses$388
Net Income$10,932
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$11,320
Mission and Program Overview

Mission

The primary mission of gfedc is to promote arts and cultural enrichment for residents of paterson and the state of new jersey in the area surrounding paterson's great falls national park through a variety of approaches, including artistic, educational and youth-related activities and programming.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$11,320▲ $11,320
Cash and Non-Interest-Bearing Accounts-$2,983-
Total Assets$0$5,502,495▲ $5,502,495
Other Assets Total$0$5,488,192▲ $5,488,192
Liabilities
Deferred Revenue-$5,488,680-
Other Liabilities$0$2,883▲ $2,883
Total Liabilities$0$5,491,563▲ $5,491,563
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$10,932-
Total Net Assets Fund Balance$0$10,932▲ $10,932
Total Liabilities and Net Assets / Fund Balance$0$5,502,495▲ $5,502,495

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$11,320-$11,320
Other Assets Org$5,488,192--
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleOtherTotal
Michael DeblasioVice President$140,152$140,152

Board Members and Trustees

NameTitle
Robert GuarasciChair/president
Kathie MendezSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$11,320
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$10,932

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,320
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$11,320
Total Revenue per Form 990
$11,320
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$388
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$33--$33
Total Functional Expenses$388$0$0$388

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$388
Total Expenses per Audited Statements$388
Total Expenses per Form 990$388
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security$2,883
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Robert guarasci, michael deblasio and kathie mendez have a business relationship.”

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

“The 990 is presented and reviewed at the board meeting prior to filing.”

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

“The organization has a conflict of interest policy and trustees are asked to disclose conflicts at any time.”

Form 990, Part VI, Section C, Line 18

“Form 990 is available for public inspection by anyone during normal business hours upon request. It is also available for inspection on the guide star website.”

Form 990, Part VI, Section C, Line 19

“Governance documents, conflict of interest policy, and financial statements are available for viewing by the public at the administrative office upon request.”

Filing and Contact Details

Filer

Filer Name
Great Falls Economic Development
EIN
81-3606443
Phone
9734131600
Address
PO BOX 6976, PATERSON, NJ 07509-6976

Signing Officer

Name
Robert Guarasci
Title
President
Phone
9734131600
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert Guarasci
Formed
2016
Legal Domicile
Nj
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Sax Llp
Address
389 INTERPACE PARKWAY STE 3, PARSIPPANY, NJ 07054
Preparer
Marqus White
Phone
9734726250
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The organization is exempt from federal and state income taxes as an organization described under section 501(c)(3) of the u.s. Internal revenue code and has been classified as an organization that is not a private foundation under section 509(a). Management evaluated the organization's tax position in accordance for uncertainty in income taxes and concluded that the organization had taken no uncertain tax positions that require adjustments to the financial statements to comply with the provisions of this guidance. With few exceptions, the organization is no longer subject to income tax examinations by the u.s. Federal, state, or local tax authorities unless the organization was to engage in activities that would generate unrelated business income.”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ROBERT GUARASCI, MICHAEL DEBLASIO AND KATHIE MENDEZ HAVE A BUSINESS RELATIONSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 990 IS PRESENTED AND REVIEWED AT THE BOARD MEETING PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION HAS A CONFLICT OF INTEREST POLICY AND TRUSTEES ARE ASKED TO DISCLOSE CONFLICTS AT ANY TIME.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 IS AVAILABLE FOR PUBLIC INSPECTION BY ANYONE DURING NORMAL BUSINESS HOURS UPON REQUEST. IT IS ALSO AVAILABLE FOR INSPECTION ON THE GUIDE STAR WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNANCE DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE FOR VIEWING BY THE PUBLIC AT THE ADMINISTRATIVE OFFICE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd20
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd30
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NEW JERSEY COMMUNITY DEVELOPMENT CORP
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt1NEW JERSEY COMMUNITY DEVELOPMENT CORP
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt2NEW JERSEY COMMUNITY DEVELOPMENT CORP
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0NEW JERSEY COMMUNITY DEVELOPMENT CORP
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt175 SPRUCE STRRET DEVELOPMENT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2GREAT FALLS HOUSING CORP
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt3HAWTHORNE SUPPORTIVE HOUSING INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0223282526
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1261150169
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN2272230034
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN3201505451
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt2501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt3501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NJ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1NJ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd2NJ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd3NJ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0NJCDC IS A NON-PROFIT COMMUNITY DEVELOPMENT & SOCIAL SERVICE AGENCY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1RENTAL ACTIVITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2RENTAL ACTIVITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt3RENTAL ACTIVITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 7
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt1LINE 12A, I
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt2LINE 7
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt3LINE 7
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0PO BOX 6976
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt1PO BOX 6976
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt2PO BOX 6976
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt3PO BOX 6976
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0PATERSON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1PATERSON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm2PATERSON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm3PATERSON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NJ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd1NJ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd2NJ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd3NJ
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd007509
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd107509
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd207509
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd307509
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd01
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt00
IRS990/TotalAssetsEOYAmt05502495
IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt05502495
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalContributionsAmt011320
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0388
IRS990/TotalFunctionalExpensesGrp/TotalAmt0388
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt00
IRS990/TotalLiabilitiesEOYAmt05491563
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt05491563
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt010932
IRS990/TotalOtherCompensationAmt041207
IRS990/TotalProgramServiceExpensesAmt0388
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt011320
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt05502495
IRS990/TotReportableCompRltdOrgAmt0562183
IRS990/TransactionWithControlEntInd00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 6976
IRS990/USAddress/CityNm0PATERSON
IRS990/USAddress/StateAbbreviationCd0NJ
IRS990/USAddress/ZIPCd0075096976
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ROBERT GUARASCI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum09734131600
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-05-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GREAT FALLS ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$5,502,495
Liabilities
$5,491,563
Net assets
$10,932
Revenue
$11,320
Expenses
$388
Net income
$10,932
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.50$5.49$0.01$0.01$0.00$0.01