2025-07-09T09:58:31-07:00 2024-12-31 221481139 SAMUEL KLEIN AND COMPANY 550 BROAD ST STE 11 NEWARK NJ 07102 990 2024-01-01 202247312 GREATER NEWARK ENTERPRISES CORP GREA 9732425563 211 WARREN STREET 423 NEWARK NJ 07103 JOHN SUWATSON Secretary 2025-07-09 true true BRUCE W MICHEL P00381558 9736246100 2024 2025-03-06 01:10:19Z VICTOR SALAMA 2936594 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. 15 15 7 0 1519844 2614199 112087 300876 3530 21519 0 1635461 2936594 0 0 695013 778509 0 98442 1098161 864960 1793174 1643469 -157713 1293125 5090503 7082213 855763 1554349 4234740 5527864 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 1341864 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. 1341864 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 11 0 true 7 true false false false false false false false 0 false false false false false false false X 15 15 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 229583 0 0 YANE ARIAS Trustee 0.20 0.00 X 0 0 0 GUSTAVO ABREU Trustee 0.20 0.00 X 0 0 0 AMIT AIREN Trustee 0.20 0.00 X 0 0 0 DOMINICK BELFORE Trustee 0.20 0.00 X 0 0 0 CHRIS MURPHY Trustee 0.20 0.00 X 0 0 0 KATERINA ZACHARIA 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 KEN BLAND Trustee 0.20 0.00 X 0 0 0 TAMARA MANGUM Trustee 0.20 0.00 X 0 0 0 229583 1 false true false CAPITAL SOURCE ASSOCIATES 277 ROSS DRIVE BOONTON NJ 07005 CONSULTING 182000 1 266000 2348199 2614199 INTEREST INCOME - LOANS 900099 162779 162779 PROGRAM INCOME 541900 130811 130811 SERVICE FEES 611430 7286 7286 300876 21519 21519 0 0 0 0 0 0 0 0 2936594 322395 X 0 0 0 0 229584 57396 114792 57396 0 444929 419231 25698 0 52783 37298 10994 4491 51213 36188 10667 4358 0 5283 5283 55100 46135 7163 1802 0 0 0 278025 234127 16020 27878 44308 44308 16319 13055 2448 816 31611 31611 0 0 22418 22418 0 0 17582 17582 0 18834 15067 2825 942 8862 7090 1329 443 Loan Loss Provision and Bad De 172782 172782 PROGRAM EXPENSES 137977 137977 Rent expense 41365 31024 10341 TELECOMMUNICATION AND INTERNET 6518 6518 7976 6774 886 316 1643469 1341864 203163 98442 616710 323632 1585472 2404343 900000 23172 15150 0 0 2145647 2670028 0 33504 21728 110066 86987 31309 23079 0 0 0 0 654689 724253 5090503 7082213 102245 69569 63476 193809 650450 1265945 39592 25026 855763 1554349 X 3662905 4727656 571835 800208 4234740 5527864 5090503 7082213 X 1293125 -1 X false true X true false X 1524052 2726755 2179953 1571094 2614200 10616054 0 0 1524052 2726755 2179953 1571094 2614200 10616054 0 10616054 584 279 439 3530 21519 26351 0 0 10642405 0.99750 0.99930 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 110066 86987 23079 23079 Operating Lease right-of-use assets, net 14561 Restricted Cash 706721 SECURIY DEPOSIT 2971 724253 LEASE LIABILITY 14561 Other Liabilities 10465 25026 X 2936594 2936594 2936594 1643469 1643469 1643469 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 31,2024 AND 2023. 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 2022. X false false false false false false false false false VICTOR SALAMA EXECUTIVE DIRECTOR 229583 229583 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. Form 990, Part XI, Line 9 Rounding Difference = -$1