New Economy Project Inc

Nonprofit profile at a glance

EIN
133842270
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2126805100
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$5,481,399
Expenses
$2,504,775
Assets
$12,050,348
Liabilities
$269,003

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

Leadership & pay

15 people listed

Executive titles in this filing

  • AZADEH KHALILI (President)
  • JENNIFER CHING (Vice President)

Highest reported compensation

  • DEYANIRA DEL RIO (Executive Dir.): $192,198 total reported compensation
  • SUSAN SHIN (LEGAL DIRECTOR): $184,184 total reported compensation
  • ANDY MORRISON (ASSOCIATE DIR.): $147,408 total reported compensation

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

Overview

Mission

New economy project's mission is to work with community groups to build a just economy that works for all, by fostering cooperative and community-led development and challenging systems that fuel inequality and poverty.

What it reported doing in 2024

To provide organizing, strategic and legal support on a broad range of economic justice and community-based economic development matters.

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 94% 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 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: 69
  • Accountability: 95
  • Sustainability: 78
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 39.8%; rating input score 40
  • Program expense ratio: 80.9%; rating input score 81
  • Fundraising efficiency: $23.7 raised per $1 spent on fundraising; rating input score 64; 64th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 20th 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: 81.7%; rating input score 82; 22nd percentile among comparable filings
  • 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: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: 54.3%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 4.81; rating input score 83; 83rd percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 79; 79th percentile among comparable filings
  • Officer compensation ratio: 31.3%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: 5.7% per year; rating input score 100; 43rd percentile among comparable filings
  • Revenue growth: 7.3% per year; rating input score 100; 56th percentile among comparable filings
  • Asset growth: 5.7% per year; rating input score 100; 38th percentile among comparable filings

Details

  • Where the money goes: 39.8% of revenue deployed · 80.9% of spending went to programs
  • Governance: 10 of 10 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2M in reported program spending
  • Leadership: top reported pay $192K · 15 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 29 of 30 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 8 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 40/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 5/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.