Maxwell Place Waterfront Park Corporation Inc C/o First Service Residential

Nonprofit profile at a glance

EIN
452594112
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Hoboken, NJ, USA
Phone
2016568323
Rating
62
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Parks and Playgrounds

Reported finances

Revenue
$600,894
Expenses
$204,662
Assets
$2,664,232
Liabilities
$36,612

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

Leadership & pay

3 people listed

People named in this filing

  • CARL SULLO (TRUSTEE)
  • EMILY JABBOUR (TRUSTEE)
  • CATHLEEN WOLF (TRUSTEE)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

Maxwell place waterfront park corporation, inc. Is a public natural park located in and owned by the city of hoboken, nj that consists of 3.5 acres of waterfront land and 10 acres of water. The park is open to the public and allows for an urban community to enjoy the outdoors. The park has many resources that include a riverfront walkway, a 500 foot fishing pier, a boat launch, playing fields, two children's playgrounds and a dog run. The park also features a natural sand beach and a re-creation of the 1865 New York yacht club boathouse, the first yacht boathouse in the united states. In addition to being open to the public, the park allows for public access to the hudson river. This organization's mission is to perform all services necessary for maintenance, replacement and improvement of park facilities.

What it reported doing in 2024

Park operations-see response to part iii, question 1, on schedule o

Operating model

Revenue model
Earned-program. 84% of the money available for current operations came from fees and other program revenue.
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 - The filed numbers largely add up and program spending 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: 41
  • Transparency & Controls: 90
  • Accountability: 43
  • Sustainability: 90
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 23.8%; rating input score 24
  • Program expense ratio: 83.1%; rating input score 83
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 33.3%; rating input score 33; 10th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: 65.9%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 13.02; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 66; 66th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 5.6% per year; rating input score 100; 45th percentile among comparable filings
  • Revenue growth: 6.6% per year; rating input score 100; 52nd percentile among comparable filings
  • Asset growth: 9.8% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 23.8% of revenue deployed · 83.1% of spending went to programs
  • Governance: 1 of 3 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $170K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 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 24/100.
  • Moderate — Accountability: Independent voting board scored 33/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.