2018-05-10T11:11:03-07:00 2017-06-30 BERDON LLP 360 MADISON AVE NEW YORK NY 10017 990 2016-07-01 133842270 NEW ECONOMY PROJECT INC NEWE 2126805100 121 West 27th St NEW YORK NY 10001 SARAH I LUDWIG Co-Director 2018-05-10 true J D GOLUB P01261900 2128320400 2016 2022-09-23 18:48:47Z SARAH I LUDWIG 530 1ST ST Brooklyn NY 11215 1638430 false false X WWW.NEweconomynyc.org X 1995 NY NEW ECONOMY PROJECT'S MISSION IS TO BUILD AN ECONOMY THAT WORKS FOR ALL, BASED ON COOPERATION, NEIGHBORHOOD EQUITY, RACIAL AND SOCIAL JUSTICE, AND ECOLOGICAL SUSTAINABILITY. 6 4 15 6 0 642651 1329427 2503091 240696 28430 45448 41852 22859 3216024 1638430 20000 20000 0 883252 1018939 0 80904 279289 353933 1182541 1392872 2033483 245558 7102308 7321392 58679 93518 7043629 7227874 X NEW ECONOMY PROJECT'S MISSION IS TO BUILD AN ECONOMY THAT WORKS FOR ALL, BASED ON COOPERATION, NEIGHBORHOOD EQUITY, RACIAL AND SOCIAL JUSTICE, AND ECOLOGICAL SUSTAINABILITY. 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 1133958 20000 240696 TO PROVIDE ORGANIZING, STRATEGIC AND LEGAL SUPPORT ON A BROAD RANGE OF ECONOMIC JUSTICE AND COMMUNITY-BASED ECONOMIC DEVELOPMENT MATTERS. 1133958 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 false false true true false false false true false false false false false true X 2 0 true 15 true false false false false false false false false 0 false false false false false false false false false false X 6 4 false false false false false false false true true false false true true true true true true true true false NY X X New Economy Project 2123377517 121 West 27th St Suite 804 ny NY 10001 X BRENDAN MARTIN BOARD MEMBER 0.50 0.00 X 0 0 0 RAUN J RASMUSSEN Secretary 1.00 0.00 X X 0 0 0 CATHERINE BARNETT Vice President 1.00 0.00 X X 0 0 0 GREGORY JOST President 2.00 0.00 X X 0 0 0 STEPHANIE LAWES BOARD MEMBER 0.50 0.00 X 0 0 0 JONATHAN SPRINGER Treasurer 1.00 0.00 X X 0 0 0 DEYANIRA DEL RIO co-director 40.00 0.00 X 113111 0 6968 SARAH I LUDWIG Co-director 40.00 0.00 X 128834 0 8804 ALEXIS IWANISZIW Deputy Director 40.00 0.00 X 92700 0 6921 334645 22693 2 false false false 0 X 372850 956577 63181 1329427 PROGRAM FEE REVENUE 812900 240696 240696 240696 45448 45448 0 0 0 0 0 0 0 2015 SPECIAL EVENT INCOME 541100 16163 16163 OTHER INCOME 900099 6696 6696 22859 1638430 263555 45448 X 20000 20000 0 0 0 357338 293754 38397 25187 0 515154 423488 55354 36312 15710 13039 1571 1100 70024 57439 7641 4944 60713 49910 6524 4279 0 0 13870 13870 8176 8176 0 0 12767 8699 4068 0 6719 5711 672 336 4945 3956 247 742 0 146058 116846 21909 7303 5935 5342 593 0 0 941 941 0 22744 22744 7735 5028 2707 IN-KIND-LEGAL SERVICES 63181 63181 attorney fees reconciliation 25088 25088 STAFF DEVELOPMENT 10983 10983 NYC DREAMER PROGRAM-DACA 10366 10366 14425 12011 1713 701 1392872 1133958 178010 80904 X 1439937 2767296 1884887 2369475 253700 754750 2434813 0 0 0 72910 0 0 178911 124093 77562 54818 40010 55686 0 945523 1205418 0 25876 41039 7102308 7321392 18669 37832 40010 55686 58679 93518 X 4800825 4728191 2242804 2499683 7043629 7227874 7102308 7321392 X 245558 15676 63181 -140170 X X false true X true false X 2556822 998257 1088080 642651 1329427 6615237 126000 209865 90824 2503091 240696 3170476 0 0 0 2682822 1208122 1178904 3145742 1570123 9785713 0 2003234 708330 839701 302040 671696 4525001 2003234 708330 839701 302040 671696 4525001 5260712 36106 45332 51768 28430 45448 207084 0 36106 45332 51768 28430 45448 207084 0 41852 22859 64711 2718928 1253454 1230672 3216024 1638430 10057508 0.52310 0.53420 0.02060 0.01870 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false 8175 8175 8175 1635 409 6540 false 2154 1665 1031 1635 6485 9728 10772 8323 5154 8175 32424 539 416 258 409 1622 2433 Part II-B, Line 1i - Other Activities Description Testifying about legislation at public hearings and filing writTEN comments on, AND educating city, state, and federal elected officials and policy-makers about, policy matters and relevant legislation. 107323 53661 53662 71588 70432 1156 54818 1205418 X 1557117 15676 63181 5214 84071 1473046 165384 165384 1638430 1347784 63181 63181 1284603 108269 108269 1392872 Part X : FIN48 Footnote NEW ECONOMY PROJECT INC. IS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE.U.S. GAAP REQUIRES 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 TAX AUTHORITIES IN THE UNITED STATES FOR YEARS BEFORE JUNE 30, 2014. 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 PROJECT, INC.'S INFORMATION RETURNS. Part XI, Line 2d: Other revenue amounts included in F/S but not included on form 990 ALLOWANCE FOR LOAN LOSS RECOVERY $5214 UNREALIZED GAINS -NOTE PAYABLE $0 Part XI, Line 4b: Other revenue amounts included on 990 but not included in F/S IN-KIND LEGAL SERVICE $63181 ACCRUED FEES-SERV.PERFORMED-MAYOR'S FUND $85000 UNREALIZED GAINS -NOTE PAYABLE $15676 NEW ECONOMY LOAN FUND - SMLLC $1527 Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S ATTORNEY FEES RECONCILIATION $25088 IN-KIND LEGAL SERVICE $63181 PASS-THROUGH SUBGRANT AS FISCAL AGENT $20000 true NYC COMMUNITY LAND INITIATIVE 121 WEST 27TH STREET 804 NEW YORK NY 10001 472770204 PENDING APPLICATION 20000 0 NYC COMMUNITY LAND TRUST INITIATIVE 1 0 Grantmaker's Description of How Grants are Used NEW ECONOMY PROJECT RECEIVED GRANTS AS FISCAL AGENT FOR NYC COMMUNITY LAND INITIATIVE (NYCCLI), AN ALLAINCE 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. Deyanira Del Rio 1 Co-director SEE PART V false SARAH I LUDWIG2 co-director 10000 SEE PART V false Raun Rasmussen3 Secretary 10000 SEE PART V false Brendan Martin4 Board member 350000 SEE PART V false Schedule L, Part V Supplemental Information (1)New Economy Project maintains several financial accounts and operates revolving loan funds in partnership with the Lower East Side People's Federal Credit Union (LESPFCU). New Economy Project has also engaged LESPFCU as a subcontractor in a program that New Economy Project is operating through a contract with the NYC Office of Financial Empowerment. New Economy Project's Co-Director Deyanira Del Rio serves on LESPFUC's board of directors.(2)Center for Responsible Lending (CRL) made 2 subgrants amounting to $34,000 to New Economy project, of which, $5,000 will be received in the next fiscal period. Of this amount, $24,000 was reported on the 2015 FEDERAL FORM 990 schedule L. New Economy project's co-director Sarah ludwig serves on CRL's Board of Directors.(3)Legal Services-NYC paid New Economy Project $10,000 for consulting services provided to South Brooklyn Legal Services. Board Secretary Raun Rasmussen is executive director of Legal Services NYC.(4)New Economy Loan Fund LLC, A SINGLE MEMBER LLC OWNED BY THE ORGANIZATION, PROVIDED funds to The Working World, which in turn provided loans TO worker cooperatives in NYC. Board Member Brendan Martin is executive director of The Working World. X LEGAL SERVICES 1 63181 FAIR MARKET VALUE 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 Decreases ACCRUED FEES-SERVICES PERFORMED- MAYOR'S FUND CONTRACT = -$85000 Other Changes In Net Assets Or Fund Balances - Other Increases ADJUSTMENT TO LOAN LOSS RECOVERY - PER BOOKS = $5214 Other Changes In Net Assets Or Fund Balances - Other Decreases DONATED LEGAL SERVICES = -$63181 Other Changes In Net Assets Or Fund Balances - Other Decreases INCOME FROM NEW ECONOMY LOAN FUND- DISREGARDED ENTITY = -$1527 Other Changes In Net Assets Or Fund Balances - Other Decreases NOTE PAYABLE- UNRECORDED UNREALIZED GAINS ON INVESTMENTS = -$15676 Other Changes In Net Assets Or Fund Balances - Other Increases PASS-THROUGH SUBGRANT AS FISCAL AGENT = $20000 NEW ECONOMY LOAN FUND LLC 121 WEST 27TH STREET NEW YORK NY 10001 Community development loan fund NY 1527 504293 NEW ECONOMY PROJECT false false false false false false false false false false false false false false false false false false false PART 1 LINE (1) THE NEW ECONOMY LOAN FUND (DISREGARDED ENITITY FOR TAX PURPOSES: A SINGLE MEMBER LIMITED LIABILITY COMPANY):FINANCIAL POSITION AT JUNE 30,2017TOTAL ASSETS $ 504,293LESS: TOTAL LIABILITIES (0) ---------TOTAL NET ASSETS 504,293TOTAL INCOME FOR THE FISCALYEAR-END JUNE 30, 2017 $ 1,527 --------- ---------