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Nonprofiteer
← GREAT FALLS ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by GREAT FALLS ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$11,320
Total expenses
$388
Contributions and grants received
$11,320
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$5,502,495
Total liabilities, end of year
$5,491,563
Net assets or fund balances, end of year
$10,932
Program services expenses (Part IX)
$388
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$388

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $11,320

Functional expenses

Part IX, the statement of functional expenses.

  • 24a · Other expenses: PROGRAM EXPENSE

    total $355 · program services $355

  • 24b · Other expenses: LICENSE AND FEES

    total $33 · program services $33

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $2,983

  • 10a · Land, buildings and equipment: cost or other basis

    $11,320

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $11,320

  • 15 · Other assets

    beginning of year $0 · end of year $5,488,192

  • 19 · Deferred revenue

    end of year $5,488,680

  • 25 · Other liabilities

    beginning of year $0 · end of year $2,883

  • 27 · Net assets without donor restrictions

    end of year $10,932

Mission and programs · 2023

Mission

THE PRIMARY MISSION OF GFEDC IS TO PROMOTE ARTS AND CULTURAL ENRICHMENT FOR RESIDENTS OF PATERSON AND THE STATE OF NEW JERSEY IN THE AREA SURROUNDING PATERSON'S GREAT FALLS NATIONAL PARK THROUGH A VARIETY OF APPROACHES, INCLUDING ARTISTIC, EDUCATIONAL AND YOUTH-RELATED ACTIVITIES AND PROGRAMMING.

  • THE PRIMARY MISSION OF GFEDC IS TO PROMOTE ARTS AND CULTURAL ENRICHMENT FOR RESIDENTS OF PATERSON AND THE STATE OF NEW JERSEY IN THE AREA SURROUNDING PATERSON'S GREAT FALLS NATIONAL PARK THROUGH A VARIETY OF APPROACHES, INCLUDING ARTISTIC, EDUCATIONAL AND YOUTH-RELATED ACTIVITIES AND PROGRAMMING.

    Expenses $388

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Robert Guarasci

    CHAIR/PRESIDENT

    Total calculated
    $269,573
    From this org
    $0
    From related orgs
    $257,151
    Other
    $12,422
    Hours/week
    1 + 65 related

    Schedule J breakdown matched by us

    Base
    $0 + $217,151 related
    Bonus
    $0 + $40,000 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $12,422 related
    Filer's total
    $0 + $269,573 related

  • Kathie Mendez

    SECRETARY/TREASURER

    Total calculated
    $193,665
    From this org
    $0
    From related orgs
    $165,241
    Other
    $28,424
    Hours/week
    1 + 53 related

    Schedule J breakdown matched by us

    Base
    $0 + $140,000 related
    Bonus
    $0 + $25,241 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $28,424 related
    Filer's total
    $0 + $193,665 related

  • Michael Deblasio

    VICE PRESIDENT

    Total calculated
    $140,152
    From this org
    $0
    From related orgs
    $139,791
    Other
    $361
    Hours/week
    1 + 43 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202521359349307697

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