Passaic Enterprise Zone Development Corporation

EIN: 223382424

Passaic, NJ

Total Revenue
$674,160
Total Expenses
$516,273
Total Assets
$1,476,502
Net Assets
$1,307,367
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1994
Legal Domicile
NJ
Principal Officer
RICARDO FERNANDEZ
Phone
9733655520
Tax Period
2024-01-01 to 2024-12-31

Passaic Enterprise Zone Development Corporation, founded in 1994, is a small nonprofit that reported $674K in total revenue in fiscal year 2024. Revenue surged 37% from the prior year, signaling strong growth momentum. The organization ran a surplus of $158K, a strong 23% operating margin.

Mission

TO ADMINISTER THE STATES URBAN ENTERPRISE ZONE IN THE CITY OF PASSAIC

Program Service Accomplishments

Program 1
Expenses: $215,458 Revenue: $258,697

Promoting and implementing various projects and activities for the citizens of Passaic.

Program 2
Expenses: $131,824 Revenue: $294,482

Various programs and projects intended to improve the quality of life for the citizens of Passaic.

Program 3
Expenses: $120,193 Revenue: $111,833

NNP Program that provides support through advertising, signage and events sponsoring of the citys business district

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $381,415
Program Service Revenue $24,900
Investment Income $9,148
Other Revenue $258,697
TOTAL REVENUE $674,160

Expense Breakdown

Grants Paid $0
Salaries & Benefits $174,645
Fundraising Expenses $0
Program Expenses $467,475
Other Expenses $341,628
TOTAL EXPENSES $516,273

Year-over-Year Comparison

2024 2023 Change
Revenue $674,160 $492,072 +0.4%
Expenses $516,273 $365,936 +0.4%
Net Income $157,887 $126,136 +0.3%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

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Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
12
Independent Members
12
Employees
1
Volunteers
N/A

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
3
$0
Total Directors
11
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
RICARDO FERNANDEZ DIRECTOR 0.50
Officer Director
$0 $0 $0
HECTOR LORA TRUSTEE 0.50
Director
$0 $0 $0
MS Madona TRUSTEE 0.50
Director
$0 $0 $0
SERVANDO FERNANDEZ JR TRUSTEE 0.50
Director
$0 $0 $0
KENNETH SIMPSON TRUSTEE 0.50
Director
$0 $0 $0
GARY SCHAER TRUSTEE 0.50
Director
$0 $0 $0
JOYCE GREGORY-HUNT TRUSTEE 0.50
Director
$0 $0 $0
OMAR GARCIA TREASURER 1.00
Officer Director
$0 $0 $0
ANGEL J CASTILLO TRUSTEE 0.50
Director
$0 $0 $0
LESLIE E ZUNIGA TRUSTEE 0.50
Director
$0 $0 $0
ABRIL BARRALES TRUSTEE 0.50
Director
$0 $0 $0
RENE RIOUX PRESIDENT 1.00
Officer
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $674,160 $516,273 $1,476,502 $157,887
2023 $492,072 $365,936 $1,264,087 $126,136
2022 $49,526 $593,333 $1,070,438 $-543,807
2021 $794,799 $1,290,784 $1,676,696 $-495,985
2020 $36,968 $494,492 $2,214,433 $-457,524
2019 $62,057 $534,791 $2,586,447 $-472,734
2018 $60,411 $525,831 $3,086,583 $-465,420
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