Carteret Business Partnership Llc

Nonprofit profile at a glance

EIN
320145183
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Carteret, NJ, USA
Phone
7325413835
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$8,759,525
Expenses
$8,203,422
Assets
$17,448,151
Liabilities
$607,834

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • MARK HRUSKA (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MARK HRUSKA (EXECUTIVE DIRECTOR): $50,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Assist the borough of carteret, county of middlesex, nj in economic development, promoting business growth & development and foster goodwill between the business community and the general public.

What it reported doing in 2024

Assist in economic development, infrastructure & capital improvements, business growth & development, community support and service.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 96% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 90
  • Accountability: 79
  • Sustainability: 63
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.7%; rating input score 76
  • Program expense ratio: 80.1%; rating input score 80
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 13th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 6.3%; rating input score 54; 54th percentile among comparable filings
  • Total-asset coverage ratio: 2.13; rating input score 64; 64th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 75; 75th percentile among comparable filings
  • Officer compensation ratio: 0.6%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 24.4% per year; rating input score 100; 89th percentile among comparable filings
  • Revenue growth: -2.1% per year; rating input score 0; 6th percentile among comparable filings
  • Asset growth: -4.2% per year; rating input score 0; 4th percentile among comparable filings

Details

  • Where the money goes: 75.7% of revenue deployed · 80.1% of spending went to programs
  • Governance: 7 of 7 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $6.6M in reported program spending
  • Leadership: top reported pay $50K · 7 people listed
  • Consistency: 23 of 24 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 7 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 54/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.