GREATER NEWARK ENTERPRISES CORP Charity Report

Public IRS 990 nonprofit record

GREATER NEWARK ENTERPRISES CORP

EIN 20-2247312 · Small Business Development (S43)

What they do

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.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $83.80 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2025The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders22 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

72.30%of revenue went to mission work83.8% of expenses · Program services

4.39%of revenue went to fundraising5.1% of expenses

$86.22spent for every $100 of revenueRevenue covered expenses this year.

9.54%of revenue went to management and office costs11.1% of expenses

$3.84in assets for every $1 spent this yearSome assets cannot be spent right away.

86.5%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Pay context: The highest compensation shown in this filing is $241,667 for VICTOR SALAMA (EXECUTIVE DIRECTOR). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2025

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$2,311,849

Mission workProgram services$1,671,35772.30% of revenue83.8% of expenses

ManagementOffice and general costs$220,4599.54% of revenue11.1% of expenses

FundraisingAsking for donations$101,5204.39% of revenue5.1% of expenses

Revenue left after expensesReported annual surplus$318,51313.78% of revenueShown in gray on the chart

Total expenses$1,993,33686.22% of revenue

Gray means reported revenue left after expenses for this filing year. It does not necessarily mean cash sitting in a bank account.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2025CurrentExpense mix: 83.8% mission · 11.1% management · 5.1% fundraisingTotal expenses: 86.22% of revenue

2024Expense mix: 81.6% mission · 12.4% management · 6.0% fundraisingTotal expenses: 55.97% of revenue

2023Expense mix: 83.9% mission · 10.7% management · 5.4% fundraisingTotal expenses: 109.64% of revenue

2022Expense mix: 81.7% mission · 11.4% management · 6.9% fundraisingTotal expenses: 61.44% of revenue

2021Expense mix: 74.5% mission · 15.8% management · 9.8% fundraisingTotal expenses: 29.99% of revenue

2020Expense mix: 75.1% mission · 15.1% management · 9.7% fundraisingTotal expenses: 40.62% of revenue

2019Expense mix: 75.4% mission · 14.7% management · 10.0% fundraisingTotal expenses: 134.05% of revenue

2018Expense mix: 82.6% mission · 8.6% management · 8.8% fundraisingTotal expenses: 75.09% of revenue

Money in and money out

Revenue$2,311,849

Expenses$1,993,336

Annual surplus $318,513 Revenue was higher than expenses for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$1,671,357 · 83.8% of expenses

Management and office costs$220,459 · 11.1% of expenses

Fundraising$101,520 · 5.1% of expenses

See all reported dollar amounts

Revenue$2,311,849

Expenses$1,993,336

Assets$7,645,215

Income$2,936,594

Contributions$2,000,170

Mission work (program services)$1,671,357

Fundraising$101,520

Management and general$220,459

Executive compensation (total)$81,779

Accounting fees$51,600

People

Leadership and board

Tax year 2025

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

VICTOR SALAMAEXECUTIVE DIRECTOR · 40 hrs/week $241,667

DESIREE SEALEYDIRECTOR · 40 hrs/week $116,458

KHADY COPELANDDIRECTOR · 40 hrs/week $109,573

ONEL VILARESDIRECTOR · 40 hrs/week $102,750

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (22)

VICTOR SALAMAEXECUTIVE DIRECTOR

DESIREE SEALEYDIRECTOR

KHADY COPELANDDIRECTOR

ONEL VILARESDIRECTOR

JUDITH SHEFTTRUSTEE

YANE ARIASTRUSTEE

THERONE HOPKINSTRUSTEE

TAMARA MANGUMTRUSTEE

SIBUSISIWE MALABATRUSTEE

KEN BLANDTRUSTEE

KATERINA ZACHARIATRUSTEE

JULIAN IBANEZTRUSTEE

AMIT AIRENTRUSTEE

JOHN SUWATSONSECRETARY

GUSTAVO ABREUTRUSTEE

GLENN CARROLLTRUSTEE

FERLANDA FOX NIXONTRUSTEE

DOMINICK BELFORECHAIRMAN

DERICK MUNDYTRUSTEE

CHRIS MURPHYTRUSTEE

CARLTON WESTTRUSTEE

AVI TELYASTREASURER

About this charity

Recognized since: January 2007
Location: 211 WARREN STREET 423, NEWARK, NJ 07103
County: Essex
In care of: JOHN SUWATSON
Primary officer: JOHN SUWATSON, Secretary

How to reach them

WebsiteVisit the charity’s website Emailinfo@gnec.org Phone(973) 242-5563

Filing and classification

Latest tax year: 2025
Tax period began: January 1, 2025
Return type: 990
Tax preparer: SAMUEL KLEIN AND COMPANY
NTEE classification: Small Business Development (S43)
IRS tax category: Small Business Development