2024-05-06T08:52:13-07:00 2023-06-30 760717994 Kimerling & Wisdom LLC 150 Broadway Suite 1105 New York NY 10038 990 2022-07-01 133842270 NEW ECONOMY PROJECT INC NEWE 2126805100 121 WEST 27TH STREET 804 NEW YORK NY 10001 DEYANIRA DEL RIO Executive Director 2024-05-06 true DEYANIRA DEL RIO 999009999 true Ross Wisdom CPA P00163343 2129860892 2 AAL1 IAL1 FAL1 2022 2023-04-26 12:10:37Z DEYANIRA DEL RIO 121 WEST 27TH STREET 804 NEW YORK NY 10001 2004097 false X WWW.NEWECONOMYNYC.ORG X 1995 NY NEW ECONOMY PROJECT'S MISSION IS TO BUILD AN ECONOMY THAT WORKS FOR ALL NEW YORKERS, ROOTED IN RACIAL AND SOCIAL JUSTICE, COOPERATION, NEIGHBORHOOD EQUITY AND ECOLOGICAL SUSTAINABILTY. 7 7 15 12 0 2216695 1714422 66450 198300 24015 91375 232683 0 2539843 2004097 33567 67250 0 1385255 1689837 0 213293 373109 399730 1791931 2156817 747912 -152720 7483588 7327942 77930 75004 7405658 7252938 NEW ECONOMY PROJECT'S MISSION IS TO BUILD AN ECONOMY THAT WORKS FOR ALL NEW YORKERS, ROOTED IN RACIAL AND SOCIAL JUSTICE, COOPERATION, NEIGHBORHOOD EQUITY AND ECOLOGICAL SUSTAINABILTY. THE ORGANIZATION WORKS WITH COMMUNITY GROUPS TO FIGHT SYSTEMIC DISCRIMINATION AND TO BUILD INSTITUTIONS, POLICIES, AND PUBLIC SUPPORT NEEDED FOR A JUST ECONOMY. NEW ECONOMY PROJECT BELIEVES THIS DUAL STRATEGY IS NECESSARY TO ACHIEVE LASTING TRANSFORMATIONAL CHANGE. false false 1680159 67250 198300 TO PROVIDE ORGANIZING, STRATEGIC AND LEGAL SUPPORT ON A BROAD RANGE OF ECONOMIC JUSTICE AND COMMUNITY-BASED ECONOMIC DEVELOPMENT MATTERS. 1680159 true true false true false false false false false false true false true false false true true true false false false false false false false false false false false true false false false false false true false false true false false false true false false false false true 2 0 false 15 true false false false false false false false 0 false false false false false false false X 7 7 false false false false false false false true true false false true true true true true true true true false NY X X SAME 2126805100 121 WEST 27TH STREET NEW YORK NY 10001 SARAH I LUDWIG FOUNDER/CO-DIR. 40.00 0.00 X 162229 0 17777 SUSAN SHIN LEGAL DIRECTOR 40.00 0.00 126875 0 30232 DEYANIRA DEL RIO Executive Dir. 40.00 0.00 X 147543 0 5663 GRACE CHUNG DEVELOPMENT DIR. 40.00 0.00 125750 0 12112 ANDY MORRISON ASSOCIATE DIR. 40.00 0.00 116725 0 10895 AKILAH BROWNE Treasurer 1.00 0.00 X X 0 0 0 CATHERINE BARNETT BD. MEM-12/2022 0.50 0.00 X 0 0 0 BRENDAN MARTIN Secretary 1.00 0.00 X X 0 0 0 LINDA LEVY BOARD MEMBER 0.50 0.00 X 0 0 0 AZADEH KHALILI President 2.00 0.00 X X 0 0 0 SHABNAM FARUKI BOARD MEMBER 0.50 0.00 X 0 0 0 JENNIFER CHING Vice President 1.00 0.00 X X 0 0 0 MICHAEL PARTIS BOARD MEMBER 0.50 0.00 X 0 0 0 JONATHAN SPRINGER BD. MEM-12/2022 0.50 0.00 X 0 0 0 MICHELLE ARONOWITZ BD. MEM-8/2022 0.50 0.00 X 0 0 0 679122 76679 5 false true false 0 855750 858672 30051 1714422 PROGRAM FEE REVENUE 812900 198300 198300 198300 91375 91375 0 0 0 0 0 0 0 0 2004097 198300 91375 67250 67250 0 0 0 436647 316170 67066 53411 0 950042 765447 71603 112992 31768 23826 4448 3494 158796 128624 15880 14292 112584 87815 11257 13512 0 0 21100 21100 0 0 0 0 0 5744 4882 574 288 10523 9471 526 526 0 161255 129004 24188 8063 0 0 0 1064 1064 0 992 992 8433 5903 2530 CONSULTANT SERVICES 106177 84942 15927 5308 IN-KIND-LEGAL SERVICES 30051 30051 LOAN LOSS RESERVES 22728 22728 LICENSES AND FEES 7938 5557 2381 23725 21217 1101 1407 2156817 1680159 263365 213293 2249471 1319100 2685701 3001199 1171262 1478122 200 159000 0 0 130039 139485 0 23700 120901 110853 1577 10048 42841 47965 0 1175090 1121284 0 27407 28039 7483588 7327942 23089 21539 12000 5500 42841 47965 77930 75004 X 3749019 3441950 3656639 3810988 7405658 7252938 7483588 7327942 -152720 X false true X true false X 1393388 1331103 1433167 2216695 1714422 8088775 155199 158250 37219 66450 198300 615418 0 0 0 1548587 1489353 1470386 2283145 1912722 8704193 0 0 8704193 97523 68307 53318 24015 91375 334538 0 97523 68307 53318 24015 91375 334538 0 5626 13762 243554 232683 495625 1651736 1571422 1767258 2539843 2004097 9534356 0.91290 0.90880 0.03510 0.03500 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false 4868 60192 65060 2091757 2156817 257841 64460 false 242497 225717 239597 257841 965652 1448478 47928 39549 21468 65060 174005 60624 56429 59899 64460 241412 362118 13753 9258 3352 4868 31231 107323 107323 13578 3530 10048 10048 1121284 X 2004097 2004097 2004097 2156817 2156817 2156817 Part X : FIN48 Footnote NEW ECONOMY PROJECT, INC. IS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME UNDER SECTION 501(C)(3)OF THE INTERNAL REVENUE CODE.U.S. GAAP REQUIRE EVALUATION OF THE TAX POSITIONS, TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE ORGANIZATION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE MORE LIKELY THAN NOT SUSTAINABLE UPON EXAMINATION BY THE APPLICABLE TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE TAX POSITIONS. AND THEN RECOGNIZING THE TAX BENEFIT THAT IS MORE LIKELY THAN NOT TO BE REALIZABLE. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE IN THE CURRENT REPORTING PERIOD. MANAGEMENT BELIEVES THE EFFECTS OF SUCH POSITIONS WOULD BE IMMATERIAL TO THE OVERALL CONSOLIDATED FINANCIAL STATEMENTS.THE ORGANIZATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATION BY FEDERAL, STATE, OR LOCAL AUTHORITIES IN THE UNITED STATES FOR YEARS BEFORE JUNE 30, 2020.NEW ECONOMY LOAN FUND LLC IS A SINGLE-MEMBER LIMITED LIABILITY COMPANY OWNED BY NEW ECONOMY PROJECT, INC. THEREFORE, ALL THE ACTIVITIES OF THE COMPANY ARE REPORTED IN NEW ECONOMY, INC.'S INFORMATION RETURNS. false false false false false false false false false DEYANIRA DEL RIO Executive Dir. 146218 1325 5663 153206 SARAH I LUDWIG FOUNDER/CO-DIR. 162229 6272 11505 180006 SUSAN SHIN LEGAL DIRECTOR 126875 5085 25147 157107 SHABNAM FARUKI BOARD MEMBER SEE PART V - BELOW false DEYANIRA DEL RIO EXEC. DIRECTOR SEE PART V - BELOW false AKILAH BROWNE TREASURER SEE PART V - BELOW false Schedule L, Part V Supplemental Information LINE 1 - During the fiscal year ended June 30, 2023, the Organization received fees for services revenue from a legal services organization whose project director serves on the Organizations board. LINE 2 - Throughout FY23, a executive director of the Organization served on the board of Lower East Side Peoples Federal Credit Union (LESPFCU), where the Organization holds several accounts, including an account holding security funds for the foreclosure prevention loans outstanding that the credit union made in conjunction with the Organizations NYS Foreclosure Prevention Gap Loan Fund. In addition, a member of New Economy Project's board of directors is the former CEO of, and continues to serve as a consultant to, LESPFCU.LINE 3 - The Organization received a small grant from FurtherJustice, a foundation that supports civil legal services. A member of the Organizations board is a co-founder of FurtherJustice. X LEGAL SERVICES 1 30051 FMV false false false Form 990, Part VI, Section B, Line 11b THE NEW ECONOMY PROJECT INC. BOARD OF DIRECTORS REVIEWS AND APPROVES THE FED FORM 990 PRIOR TO ITS SUBMISSION FOR FILING TOGETHER WITH ITS AUDITED FINANCIAL STATEMENTS AND ITS NYSOAG CHARITIES BUREAU CHAR 500 ANNUAL REPORT. Form 990, Part VI, Section B, Line 12c ALL NEW BOARD MEMBERS AND EMPLOYEES RECEIVE A COPY OF THE ORGANIZATION'S WRITTEN CONFLICT OF INTEREST POLICY, WHEREUPON THEY SIGN A STATEMENT THAT THEY HAVE RECEIVED AND UNDERSTOOD THE POLICY. OFFICERS, DIRECTORS, AND KEY EMPLOYEES OF THE ORGANIZATION ARE REQUIRED TO DESCRIBE ON AN ANNUAL BASIS, OR AS THEY ARISE, ANY POTENTIAL AND ACTUAL CONFLICTS OF INTEREST. Form 990, Part VI, Section B, Line 15a AFTER THE FISCAL YEAR END, THE BOARD OF DIRECTORS CONDUCTS AN INDEPENDENT REVIEW OF THE ORGANIZATION'S CO-DIRECTORS' COMPENSATION, ON AN ANNUAL BASIS. THE BOARD APPROVES EXECUTIVE COMPENSATION AT THE ORGANIZATION IF IT FINDS THE COMPENSATION IS REASONABLE. TO DETERMINE THE REASONABLENESS, THE BOARD CONSIDERS SUCH FACTORS AS COMPENSATION OF EXECUTIVES WITH COMPARABLE QUALIFICATIONS AT NO FEWER THAN THREE OTHER ORGANIZATIONS OF COMPARABLE SIZE, MISSION, AND SCOPE. Form 990, Part VI, Section C, Line 19 NEW ECONOMY PROJECT INC. MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. ALSO, NEW ECONOMY PROJECT INC. TIMELY FILES ITS NYS CHAR 500 ANNUAL REPORT WITH THE NEW YORK STATE OFFICE OF ATTORNEY GENERAL. THE NYSOAG POSTS THE CHAR 500 TOGETHER WITH THE FEDERAL TAX FORM 990 AND THE AUDITED FINANCIAL STATEMENTS ON ITS CHARITIES BUREAU WEBSITE. NEW ECONOMY LOAN FUND LLC 121 WEST 27TH STREET NEW YORK NY 10001 874370878 COMMUNITY DEVELOPMENT LOAN FUND NY 127516 724864 NEW ECONOMY PROJECT false false false false false false false false false false false false false false false false false false false