2020-04-30T08:00:28-07:00 2019-06-30 760717994 Kimerling & Wisdom LLC 150 Broadway Suite 1105 New York NY 10038 990 2018-07-01 133842270 NEW ECONOMY PROJECT INC NEWE 2126805100 121 WEST 27TH STREET NEW YORK NY 10001 SARAH I LUDWIG FOUNDER/CO-DIRECTOR 2020-04-30 true Ross Wisdom CPA P00163343 2129860892 2018 2020-09-22 18:59:49Z SARAH I LUDWIG 121 WEST 27TH STREET 804 NEW YORK NY 10001 1651736 false 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 GENDER JUSTICE, COOPERATION, AND ECOLOGICAL SUSTAINABILTY. 8 8 16 15 0 1054660 1393388 192629 155199 66415 97523 1775 5626 1315479 1651736 10000 12500 0 1184821 1307917 0 76522 505285 505210 1700106 1825627 -384627 -173891 6912838 6756063 67363 84479 6845475 6671584 NEW ECONOMY PROJECT'S MISSION IS TO BUILD AN ECONOMY THAT WORKS FOR ALL NEW YORKERS, ROOTED IN RACIAL, ECONOMIC, AND GENDER 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 1601469 12500 155199 TO PROVIDE ORGANIZING, STRATEGIC AND LEGAL SUPPORT ON A BROAD RANGE OF ECONOMIC JUSTICE AND COMMUNITY-BASD ECONOMIC DEVELOPMENT MATTERS. 1601469 true true true true false false false false false false true false true false false true true true false false false false false false false false false true false false false false false false false false false false true false true true false false false true false false false false true 3 0 true 16 true false false false false false false false false 0 false false false false false 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 136314 0 10253 DEYANIRA DEL RIO CO-DIRECTOR 40.00 0.00 X X 120900 0 4284 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 257214 14537 2 false false false 0 371711 1021677 45267 1393388 PROGRAM FEE REVENUE 812900 155199 155199 155199 97523 97523 0 0 0 0 0 0 0 LOAN LOSS RECOVERY 5626 5626 5626 1651736 160825 97523 12500 12500 0 0 0 257214 172463 38582 46169 0 822094 782050 32248 7796 28012 24773 1838 1401 121069 107070 7946 6053 79528 70333 5219 3976 0 0 13000 13000 0 0 0 0 0 7838 6660 785 393 11454 9163 573 1718 0 159317 135419 15933 7965 837 755 41 41 0 8955 8507 448 826 826 0 21751 21751 4011 2607 1404 NYC DREAMER PROGRAM-DACA 149900 149900 IN-KIND-LEGAL SERVICES 45267 45267 LOAN LOSS EXPENSE 30000 30000 CONSULTANT SERVICES 25088 21325 3763 26966 21851 4105 1010 1825627 1601469 147636 76522 2596230 2377861 2278510 2297058 600250 721479 53500 88962 0 0 84781 94901 0 0 109571 97524 32450 12047 39714 39700 0 1179497 1096090 0 47906 27965 6912838 6756063 27649 44779 39714 39700 67363 84479 X 4582853 4256150 2262622 2415434 6845475 6671584 6912838 6756063 -173891 X false true X true false X 1088080 642651 1329427 994171 1348121 5402450 90824 2503091 240696 253118 200466 3288195 0 0 0 1178904 3145742 1570123 1247289 1548587 8690645 0 839701 302040 671696 815415 1028966 3657818 839701 302040 671696 815415 1028966 3657818 5032827 51768 28430 45448 66415 97734 289795 0 51768 28430 45448 66415 97734 289795 0 41852 22859 1755 5626 72092 1230672 3216024 1638430 1315459 1651947 9052532 0.55600 0.57930 0.03200 0.02740 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false 3384 32880 36264 1789362 1825626 241281 60320 false 193254 214287 235005 241281 883827 1325741 5154 8175 9100 36264 58693 48313 53571 58751 60320 220955 331433 3384 3384 107323 96591 10732 2248 933 1315 12047 1096090 X 1651736 1651736 1651736 1825627 1825627 1825627 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, 2015.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 NYC COMMUNITY LAND INITIATIVE 121 WEST 27TH STREET 804 NEW YORK NY 10001 472770204 APPLICATION PENDING 12500 0 NYC COMMUNITY LAND TRUST INITIATIVE 0 1 Grantmaker's Description of How Grants are Used NEW ECONOMY PROJECT RECEIVED A GRANT AS FISCAL AGENT FOR NYC COMMUNITY LAND INITIATIVE (NYCCLI), AN ALLIANCE THAT PROMOTES COMMUNITY LAND TRUSTS AND PERMANENTLY AFFORDABLE HOUSING. THE WORK OF NYCCLI IS CONSISTENT WITH NEW ECONOMY PROJECT'S MISSION OF PROMOTING COMMUNITY ECONOMIC DEVELOPMENT IN NEW YORK CITY. RAUN J RASMUSSEN SECRETARY 10000 SEE PART V false SARAH I LUDWIG FOUNDER/CO-DIR. 30000 SEE PART V false DEYANIRA DEL RIO CO-DIRECTOR 35439 SEE PART V false DEYANIRA DEL RIO CO-DIRECTOR SEE PART V false BRENDAN MARTIN BOARD MEMBER 350000 SEE PART V false Schedule L, Part V Supplemental Information LINE 1 - During the fiscal year ended June 30, 2019, the Organization received fees for services revenue from Legal Services NYC whose executive director serves on the Organization's board.LINE 2 - During the fiscal year, the Organization received subgrant revenue of $30,000 from the Center for Responsible Lending. One of the Organization's co-directors serves on the board of the Center for Responsible Lending.LINE 3 - During the fiscal year, the Organization received fees for services revenue from the NYC Community Land Initiative (NYCCLI). One of the Organization's co-directors serves on NYCCLI's board of directors.LINE 4 - A co-director of the Organization serves on the board of Lower East Side People's 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 Organization FP Gap Loan Fund. Additionally, the Organization operates its DREAMer Loan Fund in collaboration with LESPFCU.LINE 5 - IN FEBRUARY 2017, NEW ECONOMY LOAN FUND LLC, A SINGLE MEMBER LLC OWNED BY THE ORGANIZATION, PROVIDED A THREE YEAR $350,000 LOAN TO THE WORKING WORLD, INC. WHICH IN TURN PROVIDED LOANS TO WORKER COOPERATIVES IN NYC. BOARD MEMBER BRENDAN MARTIN IS EXECUTIVE DIRECTOR OF THE WORKING WORLD, INC. X LEGAL SERVICES 1 16000 FMV X LEGAL SERVICES 1 22926 FMV X LEGAL SERVICES 1 341 FMV X LEGAL SERVICES 1 6000 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. NEW ECONOMY LOAN FUND LLC 121 WEST 27TH STREET NEW YORK NY 10001 COMMUNITY DEVELOPMENT LOAN FUND NY 8260 471978 NEW ECONOMY PROJECT false false false false false false false false false false false false false false false false false false false