Ironbound Business Improvement District Management Corporation

Nonprofit profile at a glance

EIN
223768103
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Newark, NJ, USA
Phone
9734919191
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Business and Industry

Official website

Reported finances

Revenue
$1,331,434
Expenses
$1,343,009
Assets
$388,093
Liabilities
$0

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

Leadership & pay

13 people listed

Executive titles in this filing

  • STEVEN T YGLESIAS (PRESIDENT EMERITUS)
  • JONATHAN SEABRA (1ST V PRESIDENT)
  • MANUEL LOPES (PRESIDENT)
  • HELENE VINHAS (2ND V PRESIDENT/TRUSTEE)

Highest reported compensation

  • LEYSLY V ROLDAN-CARVALHO (ADMINISTRATIVE ASSISTANT): $54,261 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 ironbound business improvement district management corp. Is organized and shall be operated exclusively for charitable and educational purposes, within the meaning of section 501(c)(3) of the internal revenue code of 1986, as amended, and the regulations thereunder as they may hereafter be amended to serve as the district management corporation for the ironbound special improvement district provision pursuant to n.j.s.a. 40:56-65 et seq.

What it reported doing in 2024

Various community services public relations & street cleaning

Operating model

Revenue model
Grant-funded. 98% of the money available for current operations came from government grants.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 92
  • Accountability: 95
  • Sustainability: 37
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 84.5%; rating input score 84
  • Program expense ratio: 83.8%; rating input score 84
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 16th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -0.9%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 0.29; rating input score 14; 14th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 4%; rating input score 55; 55th percentile among comparable filings

Growth

  • Program expense growth: 3.7% per year; rating input score 100; 35th percentile among comparable filings
  • Revenue growth: 2.7% per year; rating input score 100; 29th percentile among comparable filings
  • Asset growth: 14.4% per year; rating input score 100; 71st percentile among comparable filings

Details

  • Where the money goes: 84.5% of revenue deployed · 83.8% of spending went to programs
  • Governance: 13 of 13 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.1M in reported program spending
  • Leadership: top reported pay $54K · 13 people listed
  • Highest-paid contractors: 2 contractors listed · $753K reported
  • Consistency: 25 of 26 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules
  • Filing history: 12 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Moderate — Sustainability: Operating margin scored 33/100.
  • High — Sustainability: Total-asset coverage ratio scored 14/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Accountability: Governance controls: Whistleblower policy not reported.
  • Review — Sustainability: Officer compensation ratio scored 55/100.