2022-03-21T15:12:50-07:00 2021-06-30 760717994 Kimerling & Wisdom LLC 150 Broadway Suite 1105 New York NY 10038 990 2020-07-01 133842270 NEW ECONOMY PROJECT INC NEWE 2126805100 121 WEST 27TH STREET 804 NEW YORK NY 10001 SARAH I LUDWIG FOUNDER/CO-DIRECTOR 2022-03-21 true SARAH I LUDWIG 999009999 Ross Wisdom CPA P00163343 2129860892 2 AAL1 IAL1 FAL1 2020 2022-09-23 18:48:47Z SARAH I LUDWIG 121 WEST 27TH STREET 804 NEW YORK NY 10001 1767258 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, ECONOMIC, AND SOCIAL JUSTICE, COOPERATION, AND ECOLOGICAL SUSTAINABILTY. 8 8 15 9 0 1331103 1433167 158250 37219 68307 53318 13762 243554 1571422 1767258 58000 20000 0 1316268 1144873 0 96328 475673 349465 1849941 1514338 -278519 252920 6674948 6956184 281883 298438 6393065 6657746 NEW ECONOMY PROJECT'S MISSION IS TO BUILD AN ECONOMY THAT WORKS FOR ALL NEW YORKERS, ROOTED IN RACIAL, ECONOMIC, AND SOCIAL JUSTICE, COOPERATION, 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 1249285 20000 37219 TO PROVIDE ORGANIZING, STRATEGIC AND LEGAL SUPPORT ON A BROAD RANGE OF ECONOMIC JUSTICE AND COMMUNITY-BASED ECONOMIC DEVELOPMENT MATTERS. 1249285 true true true true false false false false false false true false true false true true true true false false false false false false false false false true false true false false false false false true false false true false false false true false false false false true 4 0 true 15 true false false false false false false false 0 false false false false false false false X 8 8 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 X 135663 0 14606 DEYANIRA DEL RIO CO-DIRECTOR 40.00 0.00 X X 123987 0 5702 GREGORY JOST President 2.00 0.00 X X 0 0 0 CATHERINE BARNETT Vice President 1.00 0.00 X X 0 0 0 JONATHAN SPRINGER Treasurer 1.00 0.00 X X 0 0 0 RAUN J RASMUSSEN Secretary 1.00 0.00 X X 0 0 0 BRENDAN MARTIN BOARD MEMBER 0.50 0.00 X 0 0 0 AZADEH KHALILI BOARD MEMBER 0.50 0.00 X 0 0 0 MICHELLE ARONOWITZ BOARD MEMBER 0.50 0.00 X 0 0 0 JENNIFER CHING BOARD MEMBER 0.50 0.00 X 0 0 0 259650 20308 2 false true false 0 371250 1061917 118345 1433167 PROGRAM FEE REVENUE 812900 37219 37219 37219 53318 53318 0 0 0 0 0 0 0 LOAN LOSS RECOVERY 2924 2924 PPP LOAN FORGIVENESS 228455 228455 REIMBURSED EXP.-BENEFITS 12175 12175 243554 1767258 280773 53318 20000 20000 0 0 0 269845 160390 53969 55486 0 671657 602227 49596 19834 25966 23369 1558 1039 108427 97584 6505 4338 68978 55872 7588 5518 0 0 14500 14500 0 0 0 0 0 4138 3518 413 207 8756 7005 438 1313 0 156310 132864 15631 7815 0 0 0 1588 1588 0 526 421 79 26 6003 3902 2101 IN-KIND-LEGAL SERVICES 118345 106511 11834 CONSULTANT SERVICES 18375 15619 2756 STAFF TRAINING & DEVELOPMENT 5375 5375 TELEPHONE 4341 3690 434 217 11208 9350 1323 535 1514338 1249285 168725 96328 2424872 2207463 2159547 2632687 723093 678430 5000 10000 0 0 52409 122721 0 0 111438 109217 1569 2221 35491 57118 0 1244458 1218137 0 28509 27407 6674948 6956184 17937 11271 35491 57118 228455 230049 281883 298438 X 4204877 4147447 2188188 2510299 6393065 6657746 6674948 6956184 X 252920 11761 X false true X true false X 1329427 994171 1348121 1086039 1543277 6301035 240696 253118 200466 403317 155564 1253161 0 0 0 1570123 1247289 1548587 1489356 1698841 7554196 0 671696 815415 164850 576857 497557 2726375 671696 815415 164850 576857 497557 2726375 4827821 45448 66415 97734 68307 37179 315083 0 45448 66415 97734 68307 37179 315083 0 22859 1755 5626 13762 15099 59101 1638430 1315459 1651947 1571425 1751119 7928380 0.60890 0.55450 0.03970 0.03260 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false 9258 30291 39549 1474790 1514339 225717 56429 false 235005 241281 242497 225717 944500 1416750 9100 36264 47928 39549 132841 58751 60320 60624 56429 236124 354186 3384 13753 9258 26395 107323 107323 4115 1894 2221 2221 1218137 LOAN PAYABLE - PPP 230049 230049 X 1767258 1767258 1767258 1514338 1514338 1514338 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, 2017.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. true CHHAYA COMM DEVELOP CORP 37-43 77TH ST 2ND FLOOR JACKSON HEIGHTS NY 11372 113580935 20000 0 SEE PART IV 1 0 Grantmaker's Description of How Grants are Used THE SUBGRANTEE LISTED IN SCHEDULE I, PART 2, REPORTED TO NEW ECONOMY PROJECT HOW IT USED THE SUBGRANT TO ADVANCE THE MISSION-ALIGNED INITIATIVE FOR WHICH THE SUBGRANT WAS PROVIDED. false false false false false false false false false SARAH I LUDWIG FOUNDER/CO-DIR. 135663 14606 150269 RAUN J RASMUSSEN BOARD MEMBER 10000 SEE PART V false SARAH LUDWIG CO-DIRECTOR 9500 SEE PART V false DEYANIRA DEL RIO CO-DIRECTOR SEE PART V false Schedule L, Part V Supplemental Information LINE 1 DURING THE FISCAL YEAR ENDED JUNE 30, 2021, THE ORGANIZATION RECEIVED FEES FOR SERVICES REVENUE FROM LEGAL SERVICES NYC WHOSE EXECUTIVE DIRECTOR SERVES ON THE ORGANIZATIONS BOARD.LINE 2 - DURING THE FISCAL YEAR, THE ORGANIZATION RECEIVED A SUBGRANT FROM CENTER FOR RESPONSIBLE LENDING (CRL). ONE OF THE ORGANIZATION'S CO-DIRECTORS SERVES ON CRL'S BOARD OF DIRECTORS.LINE 3 - A CO-DIRECTOR OF THE ORGANIZATION SERVES 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 (FP) LOANS OUTSTANDING THAT THE CREDIT UNION MADE IN CONJUNCTION WITH THE ORGANIZATION'S FP GAP LOAN FUND. X LEGAL SERVICES 1 12100 FMV X LEGAL SERVICES 1 48438 FMV X LEGAL SERVICES 1 9000 FMV X LEGAL SERVICES 1 48807 FMV false false false Form 990, Part VI, Line 11b: Form 990 Review Process 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, Line 12c: Explanation of Monitoring and Enforcement of Conflicts 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, Line 15a: Compensation Review & Approval Process - CEO, Top Management 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 TWO OTHER ORGANIZATIONS OF COMPARABLE SIZE, MISSION, AND SCOPE. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available 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. Other Changes In Net Assets Or Fund Balances - Other Increases net increase to net assets and interest receivable (FJC) = $11761 NEW ECONOMY LOAN FUND LLC 121 WEST 27TH STREET NEW YORK NY 10001 874370878 COMMUNITY DEVELOPMENT LOAN FUND NY 621984 NEW ECONOMY PROJECT false false false false false false false false false false false false false false false false false false false