Near North Development Corporation
- Assets
- $4.0m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 6
- Location
- Indianapolis, IN
- Founding
- 11/1978
- Data as of
- 12/2021
- EIN
- 35-1427889
Organization Overview
Near North Development Corporation is located in Indianapolis, IN. The organization was established in 1978. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Near North Development Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Near North Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Near North Development Corporation generated $1.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $573.2k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
INNER-CITY HOUSING AND ECONOMIC DEVELOPMENT FOCUSING ON LOW-INCOME INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING DEVELOPMENT AND ECONOMIC REVITALIZATION OF SPECIFIED AREAS OF INDIANAPOLIS.
PROVIDING RENTAL HOUSING FOR LOW-INCOME INDIVIDUALS.
OTHER PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Osborne President - Left 6/15/22 | Officer | 40 | $97,040 |
Julia Saltsgaver Chairman | OfficerTrustee | 3 | $0 |
Sharnell Johnson Treasurer | OfficerTrustee | 2 | $0 |
Ronda Weybright Secretary | OfficerTrustee | 2 | $0 |
Maria Langston Vice Chair | OfficerTrustee | 3 | $0 |
Yvonne Harrington Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $6,545 |
| Related organizations | $0 |
| Government grants | $97,817 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,512,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,616,862 |
| Total Program Service Revenue | $32,271 |
| Investment income | $5,991 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$7,885 |
| Net Income from Fundraising Events | -$431 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,646,808 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $105,771 |
| Compensation of current officers, directors, key employees. | $53,628 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $216,434 |
| Pension plan accruals and contributions | $6,877 |
| Other employee benefits | $14,165 |
| Payroll taxes | $21,711 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,000 |
| Fees for services: Accounting | $12,858 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,323 |
| Advertising and promotion | $0 |
| Office expenses | $24,466 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $13,918 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,053 |
| Insurance | $8,937 |
| All other expenses | $0 |
| Total functional expenses | $573,192 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,224,185 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $402 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $599,998 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $7,414 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,182,158 |
| Total assets | $4,014,157 |
| Accounts payable and accrued expenses | $57,291 |
| Grants payable | $0 |
| Deferred revenue | $1,552,500 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $24,050 |
| Total liabilities | $1,633,841 |
| Net assets without donor restrictions | $2,380,316 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,014,157 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Near North Development Corporation has recieved totaling $205,000.
| Awarding Organization | Amount |
|---|---|
Indianapolis Neighborhood Housing Partnership Inc Indianapolis, IN PURPOSE: CORE OPERATING SUPPORT | $205,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Indianapolis Foundation Inc Indianapolis, IN | $352,748,809 | $43,731,535 |
Delta Area Economic Opportunity Corporation Portageville, MO | $22,832,856 | $23,706,654 |
Pennyrile Allied Community Services Inc Hopkinsville, KY | $9,618,726 | $22,758,893 |
Lexington Center Corporation Lexington, KY | $378,439,328 | $16,156,810 |
Kentucky River Foothills Development Council Inc Richmond, KY | $12,381,295 | $19,871,173 |
Community Action Of Southern Kentucky Incorporated Bowling Green, KY | $10,381,389 | $18,999,181 |
Northern Kentucky Community Action Commisson Inc Covington, KY | $8,823,439 | $18,121,235 |
Embarras River Basin Agency Inc Greenup, IL | $2,961,671 | $18,793,359 |
Jefferson Franklin Community Action Corporation Hillsboro, MO | $6,544,452 | $18,340,130 |
Tri-County Opportunities Council Rock Falls, IL | $4,101,390 | $18,238,868 |
Inner-City Muslim Action Network Chicago, IL | $22,441,569 | $25,574,850 |
Will County Center For Community Concerns Inc Joliet, IL | $2,259,108 | $13,384,526 |