Northeast Economic Development Inc
- Assets
- $10.2m
- Revenue
- $775.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Norfolk, NE
- Founding
- 05/2002
- Data as of
- 06/2023
- EIN
- 47-0841633
Organization Overview
Northeast Economic Development Inc is located in Norfolk, NE. The organization was established in 2002. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northeast Economic Development Inc 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 06/2023, Northeast Economic Development Inc generated $775.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.2%) each year. All expenses for the organization totaled $351.2k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (9.3%) per year over the past 8 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ADDRESS COMMUNITY AND ECONOMIC DEVELOPMENT OPPORTUNITIES IN NORTHEAST NEBRASKA, AND TO SEEK FUNDS, GRANTS, CONTRIBUTIONS AND ANY OTHER TYPE OF FUNDING TO ATTAIN THESE GOALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE NO INTEREST, LOW INTEREST AND FORGIVABLE LOANS TO LOW INCOME FAMILIES AS DOWN PAYMENT MONIES FOR THE PURCHASE OF A HOME, OR FOR RESTORATION AND REHABILITATION OF THEIR HOME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kurt Dostal Director | Trustee | 1 | $0 |
Jerry Engdahl Vice Preside | OfficerTrustee | 1 | $0 |
Tina M Engelbart Deputy Direc | Trustee | 8 | $0 |
Sally Ganem Director | Trustee | 1 | $0 |
Rich Jablonski Director | Trustee | 1 | $0 |
Thomas Higginbotham Jr Executive Di | Trustee | 11 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $412,596 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $412,596 |
| Total Program Service Revenue | $241,588 |
| Investment income | $63,290 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $775,884 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $66,026 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $260,711 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $12,030 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $351,152 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,524 |
| Savings and temporary cash investments | $4,746,929 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,479,074 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,227,527 |
| Accounts payable and accrued expenses | $48,231 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $901,483 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $949,714 |
| Net assets without donor restrictions | -$35,767 |
| Net assets with donor restrictions | $9,313,580 |
| 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 | $10,227,527 |
Grants Awarded
Over the last fiscal year, Northeast Economic Development Inc has awarded $750,686 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
VILLAGE OF THURSTON PURPOSE: CDBG | $15,600 |
CITY OF HARTINGTON PURPOSE: CDBG | $498,686 |
NORTHEAST NE ECONOMIC DEV DISTRICT PURPOSE: CDBG | $236,400 |