Great Falls Economic Development Corporation

Nonprofit profile at a glance

EIN
813606443
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-N 2022
Location
Paterson, NJ, USA
Phone
9734131600
Rating
30
Verdict
REVIEW
Rating confidence
Moderate
Sector
Public, Societal Benefit

Reported finances

Revenue
$438,635
Expenses
$0
Assets
$5,503,339
Liabilities
$5,053,772

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

Leadership & pay

3 people listed

Executive titles in this filing

  • ROBERT GUARASCI (PRESIDENT)
  • MICHAEL DEBLASIO (VICE PRESIDENT)

Highest reported compensation

  • ROBERT GUARASCI (PRESIDENT): $287,121 total reported compensation
  • KATHIE MENDEZ (SECRETARY/TREASURER): $200,875 total reported compensation
  • MICHAEL DEBLASIO (VICE PRESIDENT): $148,710 total reported compensation

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

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.

Operating model

Revenue model
Grant-funded. 100% of the money available for current operations came from government grants.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - The filed numbers largely add up and revenue has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 69
  • Accountability: 32
  • Sustainability: 1
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: Limited
  • Liabilities to assets ratio: 0.92; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -200% per year; rating input score 0; 0th percentile among comparable filings
  • Revenue growth: 189.9% per year; rating input score 100; 100th percentile among comparable filings
  • Asset growth: 0% per year; rating input score 100; 25th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed
  • Governance: 0 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $287K · 3 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 15 of 15 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 5 filed related-organization links
  • 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.

Key Signals

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

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.