2024-06-28T13:07:28-07:00 2023-12-31 221481139 SAMUEL KLEIN AND COMPANY 550 BROAD ST STE 11 NEWARK NJ 07102 990 2023-01-01 202247312 GREATER NEWARK ENTERPRISES CORP GREA 9732425563 211 WARREN STREET 423 NEWARK NJ 07103 JOHN SUWATSON Secretary 2024-06-28 true JOHN SUWATSON 999009999 true BRUCE W MICHEL P00381558 9736246100 2 AAL1 IAL1 FAL1 2023 2023-04-26 12:10:37Z VICTOR SALAMA 1635461 false X www.gnecorp.org X 2005 NJ THE GREATER NEWARK ENTERPRISES CORPORATION (GNEC) MAKES LOANS AND INVESTMENTS IN PROGRAMS IN URBAN COMMUNITIES ENGAGED IN THE FOLLOWING WEALTH-CREATION STRATEGIES: PROVIDING FINANCIAL SERVICES, LOANS AND INVESTMENTS, OFFERING TRAINING AND MENTORING, INFORMATION AND REFERRAL SUPPORT. THE GNEC SEMINARS COVERS TAXES, MARKETING AND SALES, PURCHASING AND INVENTORY. 14 14 7 0 2179953 1519844 167256 112087 439 3530 0 2347648 1635461 0 0 488901 695013 0 96844 953565 1098161 1442466 1793174 905182 -157713 5136041 5090503 743588 855763 4392453 4234740 THE GREATER NEWARK ENTERPRISES CORPORATION (GNEC) MAKES LOANS AND INVESTMENTS IN PROGRAMS IN URBAN COMMUNITIES ENGAGED IN THE FOLLOWING WEALTH-CREATION STRATEGIES: PROVIDING FINANCIAL SERVICES, LOANS AND INVESTMENTS, OFFERING TRAINING AND MENTORING, INFORMATION AND REFERRAL SUPPORT. THE GNEC SEMINARS COVERS TAXES, MARKETING AND SALES, PURCHASING AND INVENTORY. false false 1505008 THE GREATER NEWARK ENTERPRISES CORPORATION (GNEC) PROVIDED FINANCIAL AND TECHNICAL ASSISTANCE TO NUMEROUS CLIENTS WHICH INCLUDE SMALL BUSINESSES OWNED BY WOMEN, LOW INCOME INDIVIDUALS AND MINORITIES TO ENCOURAGE ENTREPRENEURSHIP. 1505008 true true false false false false false false false false true false false true true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false true 14 0 true 7 true false false false false false false false 0 false false false false false false false X 14 14 false false false false false false false true true false false true true true true true true true false false NJ X VICTOR SALAMA 9732424134 211 WARREN STREET RM 423 NEWARK NJ 07103 X VICTOR SALAMA EXECUTIVE DIRECTOR 40.00 0.00 220116 0 0 YANE ARIAS Trustee 0.20 0.00 X 0 0 0 TAMARA MANGUM-THOMAS Trustee 0.20 0.00 X 0 0 0 CHIP HALLOCK Trustee 0.20 0.00 X 0 0 0 CHRIS MURPHY Trustee 0.20 0.00 X 0 0 0 THERONE HOPKINS Trustee 0.20 0.00 X 0 0 0 CARLTON WEST Trustee 0.20 0.00 X 0 0 0 JULIAN IBANEZ Trustee 0.20 0.00 X 0 0 0 JOHN SUWATSON Secretary 0.20 0.00 X X 0 0 0 JUDITH SHEFT Chairman 1.00 0.00 X X 0 0 0 AVI TELYAS Treasurer 0.20 0.00 X X 0 0 0 GLENN CARROLL Trustee 0.20 0.00 X 0 0 0 KATERINA ZACHARIA Trustee 0.20 0.00 X 0 0 0 AZHOON F ABDULGHANI Trustee 0.20 0.00 X 0 0 0 Amit Airen Trustee 0.20 0.00 X 0 0 0 220116 2 false true false CAPITAL SOURCE ASSOCIATES 277 ROSS DRIVE BOONTON NJ 07005 CONSULTING 168000 1 1500000 19844 1519844 INTEREST INCOME - LOANS 900099 82048 82048 PROGRAM INCOME 541900 23188 23188 SERVICE FEES 611430 6851 6851 112087 3530 3530 0 0 0 0 0 0 0 0 1635461 115617 X 0 0 0 0 220116 55029 110058 55029 0 394931 370414 24517 0 35461 24529 7759 3173 44505 30785 9738 3982 0 1925 1925 13399 10719 2010 670 0 0 0 343535 289237 22226 32072 32970 32970 15686 13043 1982 661 26239 26239 0 0 11604 11604 0 0 3534 3534 0 15712 12569 2357 786 3586 2869 538 179 PROGRAM EXPENSES 435922 435922 BAD DEBT EXPENSE( RECOVERY) 143739 143739 Rent expense 37276 27957 9319 TELECOMMUNICATION 6461 6461 6573 5463 818 292 1793174 1505008 191322 96844 310508 616710 1795548 1585472 0 563125 23172 0 0 1413435 2145647 0 23581 33504 99462 68153 34648 31309 0 0 0 0 995196 654689 5136041 5090503 72152 102245 467992 63476 183829 650450 19615 39592 743588 855763 X 3209183 3662905 1183270 571835 4392453 4234740 5136041 5090503 -157713 X false true X true false X 411140 1524052 2726755 2179953 1571094 8412994 0 0 411140 1524052 2726755 2179953 1571094 8412994 0 8412994 893 584 279 439 3530 5725 0 0 8418719 0.99930 0.99960 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 99462 68153 31309 31309 Operating Lease right-of-use assets, net 20623 Restricted Cash 631095 SECURIY DEPOSIT 2971 654689 LEASE LIABILITY 20623 Other Liabilities 18968 Rounding 1 39592 X 1635461 1635461 1635461 1793174 1793174 1793174 Part X : FIN48 Footnote PART X LINE 2: THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. uNDER THAT GUIDANCE, THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE ORGANIZATION AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME (UBIT). THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED OR RECORDED AS LIABILITIES FOR THE YEARS ENDED DECEMBER 31,2023 AND 2022. THE ORGANIZATION FILES ITS FORMS 990 IN THE U.S. FEDERAL JURISDICTION AND THE OFFICE OF THE STATE'S ATTORNEY GENERAL FOR THE STATE OF NEW JERSEY. THE ORGANIZATION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2021. X false false false false false false false false false VICTOR SALAMA EXECUTIVE DIRECTOR 220116 220116 Form 990, Part VI, Section B, Line 11b A DRAFT OF THE FORM 990 IS RECEIVED FROM THE ACCOUNTING FIRM AND REVIEWED BY THE EXECUTIVE DIRECTOR AND TREASURER PRIOR TO FINALIZING. AFTER REVIEW FORM 990 IS PROVIDED TO THE ENTIRE BOARD PRIOR TO FILING. Form 990, Part VI, Section B, Line 12c ANNUALLY EACH BOARD MEMBER AND OFFICER REVIEWS THE POLICY AND DISCLOSES ANY CONFLICTS. Form 990, Part VI, Section B, Line 15a COMPENSATION IS BASED ON THE EXPERIENCE OF THE INDIVIDUAL AND IS APPROVED BY THE BOARD. Form 990, Part VI, Section B, Line 15b COMPENSATION IS BASED ON THE EXPERIENCE OF THE INDIVIDUAL AND IS APPROVED BY THE BOARD. Form 990, Part VI, Section C, Line 19 GOVERNING DOCUMENTS,CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST.