Polish American Enterprise Fund in Jersey City, New Jersey (NJ)

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Polish American Enterprise Fund
Employer Identification Number (EIN)133564025
Name of OrganizationPolish American Enterprise Fund
In Care of NameTadeusz Galkowski
Address2500 Plaza 5 Harborside Financial, Jersey City, NJ 07311
ActivitiesDomestic organization with activities outside U.S., Described in section 170(b)1)(a)(vi) of the Code
SubsectionCharitable Organization
Ruling Date05/1991
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2011
Assets$0
Income$1 to $9,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$33,738,548
Amount of Income$540
Form 990 Revenue Amount$540
National Taxonomy of Exempt Entities (NTEE)International, Foreign Affairs and National Security: International Economic Development


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Amount of income in 2011: $540
This organization: 

 $540
Other organizations performing similar types of work: 

 $503,831

Assets in 2011: $33,738,548
Polish American Enterprise Fund: 

 $33,738,548
Other organizations performing similar types of work: 

 $337,871

Expenses in 2011: $4,933,023
Polish American Enterprise Fund: 

 $4,933,023
Other organizations performing similar types of work: 

 $473,857

Income to expenses ratio in 2011: 0.0
This organization: 

 0.0
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2006: 60.7%
This organization: 

 60.7%
Other organizations performing similar types of work: 

 79.4%

Grants share in income in 2011: 0.0%
Polish American Enterprise Fund: 

 0.0%
Other organizations performing similar types of work: 

 64.2%

Financial snapshot ($)

Revenue for 2011

Functional expenses for 2011

Support schedule

Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$1,053,927
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$1,047,830
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$6,097
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2011)
Total functional expenses$4,933,023
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$154,241
Payroll taxes$0
Professional fundraising services$0
Other$4,778,782
Balance Sheet (for 2011)
Total assets$333,100
Total liabilities$0
Total net assets or fund balances$333,100
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Support Schedule for Organizations Described in Section 509(a)(2) (for 2011)
2007 - 2011 Total
Total support$17,785,505
Gifts, grants, contributions, and membership fees received$0
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$14,793,741
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources and Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$2,838,948
Other$152,816
Revenue, Expenses, and Changes in Net Assets or Fund Balances
200020012002200420052006
Total revenue$16,630,940$-349,662$44,460,151$267,887$6,626,505$8,783,362
Contributions, gifts, grants, and similar amounts received$0$0$0$0$0$0
Contributions to donor advised funds$0
Direct public support$0$0$0$0$0$0
Indirect public support$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0
Program service revenue including government fees and contracts$0$0$0$197,960$6,058,009$6,843,245
Membership dues and assessments$0$0$0$0$0$0
Interest on savings and temporary cash investments$3,875,167$516,257$90,338$9,214$141,776$114,831
Dividends and interest from securities$647,691$533,445$28,422$0$0$0
Net rental income or (loss)$0$0$0$0$0$0
Gross rents$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0
Other investment income$0$0$0$-35,819$321,447$1,757,682
Gain or (loss) from sales of assets other than inventory$12,108,082$-1,399,364$44,341,391$0$0$0
Gross amount from sales of assets other than inventory$12,108,082$6,256,434$61,413,463$0$0$0
Less: cost or other basis and sales expenses$0$7,655,798$17,072,072$0$0$0
Net income or (loss) from special events and activities$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0
Other revenue$0$0$0$96,532$105,273$67,604
Total expenses$81,022,695$708,525$29,733,919$3,461,587$9,523,209$7,259,176
Program services$80,800,000$600,000$29,500,000$3,188,774$7,509,326$4,404,090
Management and general$222,695$108,525$233,919$272,813$2,013,883$2,855,086
Fundraising$0$0$0$0$0$0
Payments to affiliates$0$0$0$0$0$0
Net assets or fund balances at end of year$73,628,976$77,689,005$87,851,820$28,791,353$27,926,175$33,738,548
Excess or (deficit) for the year$-64,391,755$-1,058,187$14,726,232$-3,193,700$-2,896,704$1,524,186
Net assets or fund balances at beginning of year$134,793,106$73,628,977$77,689,005$26,905,628$28,791,353$27,926,175
Other changes in net assets or fund balances$3,227,625$5,118,215$-4,563,417$5,079,425$2,031,526$4,288,187
Statement of Functional Expenses (for 2006)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$7,259,176$4,404,090$2,855,086$0
Grants paid from donor advised funds$0
Other grants and allocations$1,000,000
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$721,517$60,000$661,517$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$1,930,765$1,266,194$664,571$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$0$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$109,316$0$109,316$0
Legal fees$76,072$0$76,072$0
Supplies$132,594$76,857$55,737$0
Telephone$152,049$132,809$19,240$0
Postage and shipping$54,177$27,382$26,795$0
Occupancy$533,749$430,602$103,147$0
Equipment rental and maintenance$295,508$85,579$209,929$0
Printing and publications$133,175$44,805$88,370$0
Travel$287,931$181,124$106,807$0
Conferences, conventions, and meetings$0$0$0$0
Interest$356,673$356,673$0$0
Depreciation, depletion, etc.$219,342$148,854$70,488$0
Other expenses not covered above$1,256,308$593,211$663,097$0
Balance Sheets
200020012002200420052006
Total assets$73,800,685$77,731,245$88,183,381$29,195,840$30,263,520$41,077,120
Cash - non-interest-bearing$37,413$68,276$0$375,326$2,279$8,290
Savings and temporary cash investments$12,922,923$19,512,074$52,355,319$7,320,792$3,464,784$5,388,172
Accounts receivable less allowance for doubtful accounts$0$0$0$0$0$0
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$16,945,650$23,835,516$31,343,396
Inventories for sale or use$0$0$0$0$0$0
Prepaid expenses and deferred charges$25,875$31,551$31,892$199,294$255,822$781,781
Investments - publicly-traded securities$0
Investments - other securities$0$0$0$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0
Investments - other$0$57,329,044$35,790,155$3,549,485$235,693$1,811,000
Land, buildings, and equipment less accumulated depreciation$0$0$0$314,269$435,581$690,023
Other assets, including program-related investments$60,814,474$790,300$6,015$491,024$2,033,845$1,054,458
Total liabilities$171,708$42,240$331,561$404,487$2,337,345$7,338,572
Accounts payable and accrued expenses$171,708$42,240$293,907$404,487$746,255$863,710
Grants payable$0$0$0$0$0$0
Deferred revenue$0$0$0$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0
Mortgages and other notes payable$0$0$0$0$1,591,090$6,474,862
Other liabilities$0$0$37,654$0$0$0
Total liabilities and net assets/fund balances$73,800,685$77,731,245$88,183,381$29,195,840$30,263,520$41,077,120
Total net assets or fund balances$73,628,977$77,689,005$87,851,820$28,791,353$27,926,175$33,738,548
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
200020012002200420052006
Total revenue$16,630,940$-349,662$44,460,151$0$6,626,505$8,783,362
Total revenue, gains, and other support per audited financial statements$19,858,565$4,768,553$44,460,151$0$8,225,119$10,529,972
Other expenses$3,227,625$5,118,215$0$0$1,598,614$1,746,610
Net unrealized gains on investments$3,227,625$5,118,215$0$0$1,598,614$1,746,610
Donated services and use of facilities$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0
Other$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0
Other$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
200020012002200420052006
Total expenses$81,022,695$708,525$29,733,919$0$9,523,209$7,259,176
Total expenses and losses per audited financial statements$81,022,695$708,525$34,297,336$0$9,523,209$7,259,176
Other revenue$0$0$4,563,417$0$0$0
Donated services and use of facilities$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0
Losses$0$0$4,563,417$0$0$0
Other$0$0$0$0$0$0
Other expenses$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0
Other$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings4
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?Yes
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?Yes
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 2006155
Analysis of Income-Producing Activities (for 2006)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$182,435$8,600,927
Program service revenue
Program service revenue 1000000$000$0$6,719,343
Program service revenue 2000000$000$0$123,902
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$114,831$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$1,757,682
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$67,604$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2006)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
99999999961%$1,894,577$6,038,110
13394706650%$1,784$5,666
133808670100%$8,612,362$38,204,804
13369511650%$126$360,102
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2006)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2006)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that normally receives: less than 1/3 of its support from gross investment income and unrelated taxable business income and more than 1/3 of its support from contribution, membership fees
Support Schedule
199920002001200320042005
Total$7,716,551$0$0$-2,494,386$267,887$6,626,505
Gifts, grants, and contributions received$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$-2,718,157$258,405$6,058,009
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$7,716,551$0$0$217,460$9,214$463,223
Net income from unrelated business activities not included above$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0
Other income$0$0$0$6,311$268$105,273
Lobbying Expenditures by Electing Public Charities (for 2006)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Polish American Enterprise Fund2500 Plaza 5 Harborside Financial, Jersey City, NJ 07311NJ1991-05$540
2Technoserve Inc1 Mechanic St, Norwalk, CT 06850-3431CT1969-04$84,219,376
3C I S Development Foundation Inc77 Milltown Rd Ste C8, E Brunswick, NJ 08816-2302NJ1995-02$43,810,215
4Serrv International IncPO BOX 365, New Windsor, MD 21776-0365MD1998-11$11,075,355
5Cerge-Ei Foundation715 Queen Anne Rd, Teaneck, NJ 07666-3318NJ1995-01$3,374,497
6Junior Achievement Of New Jersey4365 Rt 1 2nd Floor, Princeton, NJ 08540-5748NJ1994-05$3,034,059
7Village Enterprise Fund Inc751 Laurel St 222, San Carlos, CA 94070-3113CA1988-02$1,641,355
8Shared Interest Inc121 W 27th St Ste 805, New York, NY 10001-6262NY1995-09$1,462,990
9Women Thrive Worldwide, Womens Edge1726 M St Nw Ste 1075, Washington, DC 20036-4527DC1999-02$982,923
10Ten Thousand Village National Capital Area Inc915 King Street, Alexandria, VA 22314-3089VA1995-05$766,091
11All Seasons Community Services530-2 St, Kenyon, MN 55946MN1988-09$721,211
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13World Treasures Inc13625c Pennsylvania Ave, Hagerstown, MD 21742-2338MD1996-04$591,573
14Self Help Crafts Of The World West701 Gettysburg Pike, Mechanicsburg, PA 17055-5723PA1993-03$509,707
15Seed Capital Development Fund Ltd1280 5th Ave Apt 8a, New York, NY 10029-7806NY1992-12$507,649
16Ue Research And Education FundOne Gateway Center Ste 1400, Pittsburgh, PA 15222PA1995-06$483,792
17The American-Haitian Foundation3602 Anderson Pike, Signal Mtn, TN 37377-1229TN1999-09$320,963
18Indo-American Institute For Rural Empowerment Inc208 W State St, Trenton, NJ 08608-1007NJ2000-09$46,426
19Foundation For East & West Trade Development152 Skyline Dr, Oakland, NJ 07436-1514NJ1985-08$0
20International Association For Support Of Privatization9 Bramble Dr, Brigantine, NJ 08203-1410NJ1995-04$0
Number of organizations performing similar types of work
Alaska1
Alabama4
Arkansas2
Arizona3
California13
Colorado7
Connecticut4
District of Columbia16
Delaware1
Florida14
Georgia3
Hawaii2
Iowa2
Idaho1
Illinois13
Indiana8
Kansas2
Kentucky5
Louisiana3
Massachusetts6
Maryland9
Maine2
Michigan9
Minnesota4
Missouri2
Mississippi2
North Carolina7
Nebraska1
New Jersey7
New Mexico1
Nevada1
New York25
Ohio13
Oklahoma2
Oregon4
Pennsylvania13
Rhode Island1
South Carolina4
South Dakota2
Tennessee8
Texas11
Utah3
Virginia7
Washington2
Wisconsin1
West Virginia1
International5
Total257

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