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Special Improvement District Borough of Redbank Inc

EIN 22-3133371 · Red Bank, NJ

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthWeak49 out of 100GovernanceStrong100 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

RiverCenter's mission is to cultivate and promote a thriving economic environment in downtown Red Bank. RiverCenter employs programs in business recruitment, marketing and promotions, design, development management and capital improvement.

Income
$883,294
Spending
$963,643
Spent on programs
72%
Reserves
4.1 months of spending
Largest source of income
fees for its services, 74%
Employees
7
Highest pay
$100,000, executive director

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Weak: 49 out of 100. Higher than 18% of charities in its peer group (community improvement, $250k to $1m).

  • Reserves

    20 of 35

    Spendable reserves would cover 4.1 months of spending.

  • Debt

    5 of 20

    It owes 64% of what it owns.

  • Living within its means

    4 of 15

    Spending exceeded income by 9% of income.

  • Income trend

    5 of 15

    Income fell 16% on the year before.

  • Spending floor

    15 of 15

    72% of spending went to programs and raising each dollar of donations cost 0 cents.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Strong: 100 out of 100. Higher than 92% of charities in its peer group (community improvement, $250k to $1m).

  • Independent board

    25 of 25

    21 of 21 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (5)
  1. $693,256 spent. Business Recruitment and Retention:RiverCenter focused our business recruitment and retention efforts on programs that kept our business district competitive with other nearby shopping centers, strip malls, and downtowns. We met with several prospective new business owners and introduced them to landlords and brokers who showed them potential spaces where they could site their businesses. We attended Planning and Zoning Board hearings to support applications for new businesses and mixed-use properties that would bring in more foot traffic for our current businesses. We also spotlighted new businesses by promoting them through our social media and our digital communications channels and by helping them mount successful ribbon-cutting ceremonies.
  2. Marketing & Promotions: We continued to market the downtown Red Bank business district to our own residents, neighboring communities and counties, and statewide.RiverCenter accomplished the following in 2024: - Grew the audience for our weekly digital newsletter, the Red Bank Beat,featuring new and existing businesses and special events taking place downtown, and continued our expansion of social media on Facebook and Instagram.
  3. Marketing & Promotions, continued, - Promotional events included our Annual Sidewalk Sale, Streetlife live music and arts program, Halloween events,and a full complement of holiday events including our Holiday Express Concert, town and tree lighting and weekly entertainment by carolers and musicians. - Expanded our programming on the Broadwalk, including more children's events and live music. Broadwalk is an open-air pedestrian plaza on a large block of Broad Street that was born out of the pandemic in 2020 but has proven so popular that we have brought it back each summer season since. - Brought back the Red Bank Classic 5K and Kids Fun Run which attracts thousands of runners and onlookers in downtown Red Bank and is a great community-oriented event.
  4. Design & Infrastructure: In 2024 the RiverCenter - Kept downtown sidewalks and curbsides litter free through the efforts of our part-time sidewalk ambassador. - Beautified our streetscapes with seasonal blooms from April to November through our Horticulture Program, a partnership between RiverCenter, the Borough of Red Bank, and volunteers from the Navesink Garden Club. - Brightened our street with lights and holiday decorations to enhance sales and good holiday cheer. - Designed and completed a parklet in downtown Red Bank.
  5. RiverCenter 2024 Activities and AccomplishmentsIn 2024 Red Bank RiverCenter (the organization that manages the Special Improvement District for the borough of Red Bank) continued to advance its mission to cultivate and promote a thriving economic environment in downtown Red Bank, and centered on business recruitment and retention, marketing and promotions, design and infrastructure, and engaging the community.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2024.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since February 1993.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.