Greater Newark Enterprises Corp

Nonprofit profile at a glance

EIN
202247312
IRS 990 coverage
2011–2025
Forms available
Form 990 2025
Location
Newark, NJ, USA
Phone
9732425563
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Small Business Development

Official website

Reported finances

Revenue
$2,311,849
Expenses
$1,993,336
Assets
$7,645,215
Liabilities
$1,798,838

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • VICTOR SALAMA (EXECUTIVE DIRECTOR)

Highest reported compensation

  • VICTOR SALAMA (EXECUTIVE DIRECTOR): $241,667 total reported compensation
  • DESIREE SEALEY (Director): $116,458 total reported compensation
  • KHADY COPELAND (Director): $109,573 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

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.

What it reported doing in 2025

The greater newark enterprises corporation (gnec) provided financial and technical assistance to numerous clients which include small businesses owned by women, low income individuals and minorities to encourage entrepreneurship.

Operating model

Revenue model
Donor-supported. 87% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% 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. Fundraising costs are high for each dollar raised and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 70
  • Accountability: 100
  • Sustainability: 57
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.9%; rating input score 73
  • Program expense ratio: 83.8%; rating input score 84
  • Fundraising efficiency: $19.7 raised per $1 spent on fundraising; rating input score 58; 58th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • 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: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 13.8%; rating input score 63; 63rd percentile among comparable filings
  • Total-asset coverage ratio: 3.84; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 32; 32nd percentile among comparable filings
  • Officer compensation ratio: 28.6%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: 13.9% per year; rating input score 100; 72nd percentile among comparable filings
  • Revenue growth: 13.6% per year; rating input score 100; 76th percentile among comparable filings
  • Asset growth: 17.8% per year; rating input score 100; 80th percentile among comparable filings

Details

  • Where the money goes: 72.9% of revenue deployed · 83.8% of spending went to programs
  • Governance: 18 of 18 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.7M in reported program spending
  • Leadership: top reported pay $242K · 22 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $192K reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2011 to 2025
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • 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.

  • Review — Financial Efficiency: Fundraising efficiency scored 58/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 32/100.