Invest Newark a New Jersey Nonprofit Corp
Nonprofit profile at a glance
- EIN
- 260829057
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Newark, NJ, USA
- Phone
- 9732731040
- Rating
- 75
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Economic Development
Reported finances
- Revenue
- $10,293,671
- Expenses
- $8,732,333
- Assets
- $35,240,519
- Liabilities
- $10,315,994
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
15 people listed
Executive titles in this filing
- MARCUS RANDOLPH (PRESIDENT & CEO)
Highest reported compensation
- MARCUS RANDOLPH (PRESIDENT & CEO): $242,995 total reported compensation
- KEVIN COLLINS (CFO): $233,928 total reported compensation
- AARON MEYERSON (CHIEF INNOVATIVE ECONOMY OFFICER): $212,866 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Invest newark facilitated small business loans and expanded an initiative to give small and minority businesses more access to credit, contracting opportunities and technical assistance to promote small minority business development.invest newark also is promoting home ownership through its land bank and the real estate programs.
What it reported doing in 2024
Real estate dev/land bank: the agency helped both developers and businesses access newark's vast development opportunities by assisting with a wide range of services including site selection, permitting, approvals, and financing. Additionally, the agency managed real estate projects on behalf of the city such as the newark riverfront park project.in july 2019, the state of New Jersey passed an act (p.l.2019, c.159 (c.40a:12a-74 et seq.) known as the "New Jersey land bank law." in the month of april 2020, the city council of the city of newark passed ordinance 18:15:1 establishment of land bank. As a result of the passage of these two pieces of legislation, the city of newark and invest newark entered into a land bank agreement, which designated invest newark as the land bank entity. Invest newark operates the newark land bank that will strategically acquire, maintain, and repurpose vacant, abandoned, and foreclosed properties, and efficiently return them to productive use in order to boost homeownership; reduce blight; increase mwbe developer or subcontractor capacity; increase property values and improve the quality of life for newark residents.
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 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.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 56
- Transparency & Controls: 84
- Accountability: 95
- Sustainability: 66
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 58.1%; rating input score 58
- Program expense ratio: 72.4%; rating input score 72
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- 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; 66th percentile among comparable filings
- Governance controls: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- 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: 15.2%; rating input score 76; 76th percentile among comparable filings
- Total-asset coverage ratio: 4.04; rating input score 81; 81st percentile among comparable filings
- Liabilities to assets ratio: 0.29; rating input score 47; 47th percentile among comparable filings
- Officer compensation ratio: 17%; rating input score 6; 6th percentile among comparable filings
Growth
- Program expense growth: 3.6% per year; rating input score 100; 30th percentile among comparable filings
- Revenue growth: 9.4% per year; rating input score 100; 71st percentile among comparable filings
- Asset growth: 13.3% per year; rating input score 100; 76th percentile among comparable filings
Details
- Where the money goes: 58.1% of revenue deployed · 72.4% of spending went to programs
- Governance: 7 of 7 board members independent · 8 of 9 filing controls reported
- Programs: 3 filed program accomplishments · $6.3M in reported program spending
- Leadership: top reported pay $243K · 15 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $1.9M reported
- Consistency: 29 of 29 current checks pass
- Schedules: 6 filed schedules · includes major donors and executive pay
- Filing history: 13 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 8 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.
- 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 — Financial Efficiency: Mission deployment rate scored 58/100.
- Review — Accountability: Governance controls: Other executive compensation review process not reported.
- High — Sustainability: Officer compensation ratio scored 6/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 47/100.