New Covenant Community Development
- Assets
- $4.9m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 5
- Location
- Chicago, IL
- Founding
- 07/2014
- Data as of
- 12/2022
- EIN
- 80-0797774
Organization Overview
New Covenant Community Development is located in Chicago, IL. The organization was established in 2014. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, New Covenant Community Development employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Covenant Community Development 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 12/2022, New Covenant Community Development generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 49.9% each year . All expenses for the organization totaled $792.7k during the year ending 12/2022. While expenses have increased by 26.5% per year over the past 6 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ESTABLISH COMMUNITY STABILITY THOUGH ENTREPRENEURIAL ECONOMIC DEVELOPMENT. WE ACCOMPLISH THIS THROUGH CLASSES, WORKSHOPS, AND ONE ON ONE BUSINESS COACHING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL LITERACY PROGRAM
OTHER PROGRAMS
BUSINESS COACHING AND MENTORING
WORKSHOPS FOR ENTREPRENEURIALSHIP
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rodney D Brown Executive Di | Trustee | 40 | $65,000 |
Dennis Deer Board Presid | Trustee | $0 | |
Mark Ferguson Treasurer | Trustee | $0 | |
Mike Hobbs Board Member | Trustee | $0 | |
Melvin Houston Board Member | Trustee | $0 | |
Sheila Mcnary Board Member | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,064,357 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,064,357 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $1,064,357 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $412,666 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $215,135 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $77,235 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,198 |
| Advertising and promotion | $4,872 |
| Office expenses | $3,762 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,200 |
| 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 | $0 |
| Insurance | $2,179 |
| All other expenses | $0 |
| Total functional expenses | $792,662 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,891,524 |
| Savings and temporary cash investments | $17,643 |
| 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 | $0 |
| 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 | $4,909,167 |
| Accounts payable and accrued expenses | $20,964 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,910,135 |
| Total liabilities | $2,931,099 |
| Net assets without donor restrictions | $1,978,068 |
| 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 | $4,909,167 |
Grants Awarded
Over the last fiscal year, New Covenant Community Development has awarded $412,666 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
CHICAGO BEYOND PURPOSE: BUSINESS DEVELOPMENT | $26,000 |
FORTY ACRES PURPOSE: BUSINESS DEVELOPMENT | $28,953 |
IDAS ARTISAN PURPOSE: BUSINESS DEVELOPMENT | $25,000 |
PRINCIPLE SPACE PURPOSE: BUSINESS DEVELOPMENT | $10,000 |
SEEK DESIGN PURPOSE: BUSINESS DEVELOPMENT | $13,000 |
SOULE CHICAGO PURPOSE: BUSINESS DEVELOPMENT | $114,574 |