Special Improvement District Borough of Red Bank Inc Red Bank RiverCenter

Nonprofit profile at a glance

EIN
223133371
IRS 990 coverage
2016–2025
Forms available
Form 990 2025
Location
Red Bank, NJ, USA
Phone
7328424244
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$663,678
Expenses
$789,728
Assets
$698,130
Liabilities
$490,687

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

Leadership & pay

31 people listed

Executive titles in this filing

  • Mairin Bellack (Executive Director)

Highest reported compensation

  • Mairin Bellack (Executive Director): $115,000 total reported compensation

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

Overview

Mission

RiverCenter's mission is to cultivate and promote a thriving economic environment in downtown Red Bank. RiverCenter employs programs in business recruitment, marketing and promotions, design, development management and capital improvement.

What it reported doing in 2025

Business Recruitment and Retention: RiverCenter focused their efforts for business recruitment and retention on programs that kept our business district competitive with other nearby shopping centers, strip malls, and downtowns. We met with several new prospective new business owners and introduced them to landlords and brokers who show them potential spaces where they could site their businesses. We attended Planning and Zoning Board hearings to support applications for new mixed-use properties with retail space on the first floor. We also spotlighted new businesses by promoting them on our social media channels and congratulating them in our e-newsletter that gets distributed on a weekly basis to over 7,000 recipients. In 2025 we welcomed over 55 new businesses.

Operating model

Revenue model
Earned-program. 95% 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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 85
  • Accountability: 100
  • Sustainability: 19
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 84.5%; rating input score 85
  • Program expense ratio: 73.8%; rating input score 74
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 25th 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; 64th 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: -19%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 0.88; rating input score 39; 39th percentile among comparable filings
  • Liabilities to assets ratio: 0.7; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 14.6%; rating input score 26; 26th percentile among comparable filings

Growth

  • Program expense growth: -3.3% per year; rating input score 0; 9th percentile among comparable filings
  • Revenue growth: 0.7% per year; rating input score 100; 14th percentile among comparable filings
  • Asset growth: 3.3% per year; rating input score 100; 28th percentile among comparable filings

Details

  • Where the money goes: 84.5% of revenue deployed · 73.8% of spending went to programs
  • Governance: 21 of 21 board members independent · 8 of 8 filing controls reported
  • Programs: 5 filed program accomplishments · $583K in reported program spending
  • Leadership: top reported pay $115K · 31 people listed
  • Consistency: 28 of 29 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules
  • Filing history: 9 filing years from 2016 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Sustainability: Operating margin scored 7/100.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Total-asset coverage ratio scored 39/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • High — Sustainability: Officer compensation ratio scored 26/100.