Jersey City Economic Development Corporation
Jersey City EDC: Declining Revenue, High Administrative Costs, and Transparency Concerns
EIN: 222304615 · Jersey City, NJ · NTEE: S310 · Updated: 2026-04-04
| Metric | Value |
|---|---|
| Total Revenue | $3.8M |
| Total Expenses | $2.3M |
| Program Spending | 60% |
| CEO/Top Officer Pay | $0 |
| Net Assets | $1.9M |
| Transparency Score | 65/100 |
Is Jersey City Economic Development Corporation Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Jersey City Economic Development Corporation directs 60% of its spending to programs. This falls below the 65% benchmark. Donors may want to investigate further.
About Jersey City Economic Development Corporation
Jersey City Economic Development Corporation (EIN: 222304615) is a nonprofit organization based in Jersey City, NJ, classified under NTEE code S310. The organization reported total revenue of $3.8M and total assets of $7.5M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Jersey City Economic Development Corporation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Jersey City Economic Development Corporation is a mid-size nonprofit that has been operating for 44 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -4.1%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $1.9M |
| Total Expenses | $2.3M |
| Surplus / Deficit | $-425,891 |
| Total Assets | $2.0M |
| Total Liabilities | $157K |
| Net Assets | $1.9M |
| Operating Margin | -22.7% |
| Debt-to-Asset Ratio | 7.7% |
| Months of Reserves | 10.7 months |
Financial Health Grade: B
In 2023, Jersey City Economic Development Corporation reported a deficit of $426K with expenses exceeding revenue, holds 10.7 months of operating reserves (strong position), has a debt-to-asset ratio of 7.7% (very low leverage).
Financial Trends
Over 13 years of filings (2011–2023), Jersey City Economic Development Corporation's revenue has declined at a compound annual growth rate (CAGR) of -4.1%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -24.6% | -7.2% | -16.8% |
| 2022 | -77.0% | -79.3% | -0.2% |
| 2021 | +437.5% | +1181.3% | -29.2% |
| 2020 | +428.6% | -16.1% | +56.7% |
| 2019 | -40.6% | +20.6% | -25.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1982 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Jersey City Economic Development Corporation with a Mission Score of 65 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 30%
- programs: 60%
- fundraising: 10%
According to IRS 990 filings, Jersey City Economic Development Corporation allocates its expenses as follows: admin: 30%, programs: 60%, fundraising: 10%. Approximately 60% goes to programs, indicating moderate mission focus.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $426K, with expenses exceeding revenue.
- Debt-to-asset ratio: 7.7%.
Executive Compensation Analysis
Executive compensation is consistently reported as $0 across all available filings, which is highly unusual for an organization with significant revenue and assets and suggests a lack of transparency regarding leadership compensation.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Jersey City Economic Development Corporation's IRS 990 filings:
- Consistent reporting of 0% compensation for highest-paid employees across multiple years raises questions about the accuracy and completeness of financial disclosures.
- Significant drop in revenue from $10,799,259 in 2021 to $1,875,777 in 2023 without clear explanation in available data.
- High administrative expenses relative to program spending in some years, for example, $2,301,668 in expenses against $1,875,777 in revenue in 2023.
Strengths
The following positive indicators were identified for Jersey City Economic Development Corporation:
- Maintains substantial assets, with $2,043,984 in 2023, indicating some financial stability despite revenue fluctuations.
- Historically managed significant funds, demonstrating capacity for large-scale economic development initiatives.
Frequently Asked Questions about Jersey City Economic Development Corporation
Is Jersey City Economic Development Corporation a legitimate charity?
Jersey City Economic Development Corporation (EIN: 222304615) is a registered tax-exempt nonprofit based in New Jersey. Our AI analysis gives it a Mission Score of 65/100. It has 13 years of IRS 990 filings on record. Total revenue: $3.8M. 3 red flags identified. 2 strengths noted. Financial health grade: B.
How does Jersey City Economic Development Corporation spend its money?
Jersey City Economic Development Corporation directs 60% of its spending to programs and services. Fundraising costs 10%. This falls below the 65% benchmark.
Are donations to Jersey City Economic Development Corporation tax-deductible?
Jersey City Economic Development Corporation is registered as a tax-exempt nonprofit (EIN: 222304615). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Jersey City Economic Development Corporation CEO make?
Jersey City Economic Development Corporation's highest-compensated officer earns $0 annually. The organization reported $3.8M in total revenue. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Jersey City Economic Development Corporation's spending goes to programs?
Jersey City Economic Development Corporation directs 60% to programs, 10% to fundraising. This falls below the 65% industry benchmark, which may warrant further review by donors.
How does Jersey City Economic Development Corporation compare to similar nonprofits?
With a transparency score of 65/100 (Good), Jersey City Economic Development Corporation is above average for NTEE category S310 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Jersey City Economic Development Corporation located?
Jersey City Economic Development Corporation is headquartered in Jersey City, New Jersey and files with the IRS under EIN 222304615. It is classified under NTEE code S310.
How many years of IRS 990 filings does Jersey City Economic Development Corporation have?
Jersey City Economic Development Corporation has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $3.8M in total revenue.
What does Jersey City Economic Development Corporation do?
Jersey City Economic Development Corporation is a nonprofit organization in the Community Improvement sector, located in Jersey City, New Jersey. It is classified under NTEE code S310.
How much revenue does Jersey City Economic Development Corporation have?
Jersey City Economic Development Corporation reported total revenue of $3,794,753. Based on 13 IRS 990 filings on record.
What are Jersey City Economic Development Corporation's total assets?
Jersey City Economic Development Corporation holds total assets of $7,526,087 as reported in IRS 990 filings.
Where is Jersey City Economic Development Corporation located?
Jersey City Economic Development Corporation is based in Jersey City, New Jersey.
What is Jersey City Economic Development Corporation's EIN?
Jersey City Economic Development Corporation's Employer Identification Number (EIN) is 222304615. This is the unique tax ID assigned by the IRS for tax-exempt organizations.
What type of nonprofit is Jersey City Economic Development Corporation?
Jersey City Economic Development Corporation is classified under NTEE code S310 (Community Improvement).
Is Jersey City Economic Development Corporation a registered 501(c)(3)?
Yes, Jersey City Economic Development Corporation is recognized as a tax-exempt organization by the IRS. EIN: 222304615.
Does Jersey City Economic Development Corporation file IRS Form 990?
Yes, Jersey City Economic Development Corporation has 13 IRS Form 990 filings on record. The most recent covers tax period 202306.
What was Jersey City Economic Development Corporation's revenue in 2023?
In the 202306 filing period, Jersey City Economic Development Corporation reported total revenue of $1,875,777, total expenses of $2,301,668, and net assets of $2,043,984.
Is Jersey City Economic Development Corporation's revenue growing or declining?
Jersey City Economic Development Corporation's revenue is declining. Revenue went from $2,488,701 (202206) to $1,875,777 (202306), a -24.6% change. Based on 13 filings on record.
What is Jersey City Economic Development Corporation's most recent 990 filing?
The most recent IRS Form 990 filing for Jersey City Economic Development Corporation covers tax period 202306. It shows revenue of $1,875,777, expenses of $2,301,668, total assets of $2,043,984, and liabilities of $156,793.
How much does Jersey City Economic Development Corporation spend on programs vs administration?
Based on IRS 990 analysis, Jersey City Economic Development Corporation allocates approximately 60% of expenses to program services, 30% to administrative costs, and 10% to fundraising. Program spending is moderate relative to overhead.
Is Jersey City Economic Development Corporation a trustworthy charity?
Based on AI analysis of IRS 990 data, Jersey City Economic Development Corporation shows mixed signals. Mission Score: 65/100 (Good). 3 red flags identified. 2 strengths noted.
What are the red flags for Jersey City Economic Development Corporation?
The following concerns were identified: Consistent reporting of 0% compensation for highest-paid employees across multiple years raises questions about the accuracy and completeness of financial disclosures.. Significant drop in revenue from $10,799,259 in 2021 to $1,875,777 in 2023 without clear explanation in available data.. High administrative expenses relative to program spending in some years, for example, $2,301,668 in expenses against $1,875,777 in revenue in 2023.. These flags are based on automated analysis of IRS 990 public filings and should be verified independently.
What are Jersey City Economic Development Corporation's strengths?
Positive indicators for Jersey City Economic Development Corporation include: Maintains substantial assets, with $2,043,984 in 2023, indicating some financial stability despite revenue fluctuations.. Historically managed significant funds, demonstrating capacity for large-scale economic development initiatives.. These findings are derived from AI analysis of the organization's financial filings.
How does Jersey City Economic Development Corporation compensate executives?
Executive compensation is consistently reported as $0 across all available filings, which is highly unusual for an organization with significant revenue and assets and suggests a lack of transparency regarding leadership compensation. Executive compensation data is sourced from IRS 990 filings, which require disclosure of officer, director, and key employee pay.
Given the consistent reporting of $0 for highest-paid employee compensation, how does the organization compensate its leadership and what is the rationale for this reporting method?
The consistent $0 reporting for highest-paid employee compensation is highly unusual and suggests that compensation may be structured in a way that is not captured under this specific disclosure, or it could indicate a lack of transparency. Further inquiry into their financial practices and governance is needed to understand how leadership is compensated.
What factors contributed to the drastic revenue decline from over $10 million in 2021 to under $2 million in 2023, and how is the organization adapting its operations to this change?
The provided data does not specify the reasons for the sharp revenue decline. This significant drop, from $10,799,259 in 2021 to $1,875,777 in 2023, would typically necessitate substantial operational adjustments. Understanding the underlying causes and the organization's strategic response is crucial for assessing its future viability.
Filing History
IRS 990 filing history for Jersey City Economic Development Corporation showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Jersey City Economic Development Corporation's revenue has declined by 39.6%, moving from $3.1M to $1.9M. Total assets decreased by 83.6% over the same period, from $12.5M to $2.0M. Total functional expenses fell by 51.1%, from $4.7M to $2.3M. In its most recent filing year (2023), Jersey City Economic Development Corporation reported a deficit of $426K, with expenses exceeding revenue. The organization holds $157K in liabilities against $2.0M in assets (debt-to-asset ratio: 7.7%), resulting in net assets of $1.9M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $1.9M | $2.3M | $2.0M | $157K | — | View 990 |
| 2022 | $2.5M | $2.5M | $2.5M | $142K | — | View 990 |
| 2021 | $10.8M | $12.0M | $2.5M | $51K | — | View 990 |
| 2020 | $2.0M | $935K | $3.5M | $13K | — | View 990 |
| 2019 | $380K | $1.1M | $2.2M | $116K | — | View 990 |
| 2018 | $640K | $924K | $3.0M | $100K | — | View 990 |
| 2017 | $826K | $1.3M | $3.1M | $90K | — | View 990 |
| 2016 | $616K | $1.4M | $4.2M | $163K | — | View 990 |
| 2015 | $1.3M | $2.3M | $4.4M | $114K | — | View 990 |
| 2014 | $969K | $1.8M | $5.4M | $64K | — | View 990 |
| 2013 | $1.8M | $4.2M | $6.2M | $164K | — | View 990 |
| 2012 | $4.7M | $8.6M | $8.9M | $466K | — | View 990 |
| 2011 | $3.1M | $4.7M | $12.5M | $108K | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $1.9M, expenses of $2.3M, and assets of $2.0M (revenue -24.6% year-over-year).
- 2022: Revenue of $2.5M, expenses of $2.5M, and assets of $2.5M (revenue -77.0% year-over-year).
- 2021: Revenue of $10.8M, expenses of $12.0M, and assets of $2.5M (revenue +437.5% year-over-year).
- 2020: Revenue of $2.0M, expenses of $935K, and assets of $3.5M (revenue +428.6% year-over-year).
- 2019: Revenue of $380K, expenses of $1.1M, and assets of $2.2M (revenue -40.6% year-over-year).
- 2018: Revenue of $640K, expenses of $924K, and assets of $3.0M (revenue -22.6% year-over-year).
- 2017: Revenue of $826K, expenses of $1.3M, and assets of $3.1M (revenue +34.2% year-over-year).
- 2016: Revenue of $616K, expenses of $1.4M, and assets of $4.2M (revenue -53.1% year-over-year).
- 2015: Revenue of $1.3M, expenses of $2.3M, and assets of $4.4M (revenue +35.6% year-over-year).
- 2014: Revenue of $969K, expenses of $1.8M, and assets of $5.4M (revenue -47.2% year-over-year).
- 2013: Revenue of $1.8M, expenses of $4.2M, and assets of $6.2M (revenue -60.7% year-over-year).
- 2012: Revenue of $4.7M, expenses of $8.6M, and assets of $8.9M (revenue +50.2% year-over-year).
- 2011: Revenue of $3.1M, expenses of $4.7M, and assets of $12.5M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Jersey City Economic Development Corporation:
Data Sources and Methodology
This transparency report for Jersey City Economic Development Corporation is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.