New Hill Development Corporation
- Assets
- $87.3k
- Revenue
- $455.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Charlottesville, VA
- Founding
- 12/2018
- Data as of
- 12/2022
- EIN
- 83-1107639
Organization Overview
New Hill Development Corporation is located in Charlottesville, VA. The organization was established in 2018. According to its NTEE Classification (P80) the organization is classified as: Centers to Support the Independence of Specific Populations, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Hill 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 12/2022, New Hill Development Corporation generated $455.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (6.4%) each year. All expenses for the organization totaled $457.1k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (2.7%) per year over the past 4 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO EXPAND ECONOMIC OPPORTUNITIES TO GROW WEALTH AND HOME OWNERSHIP IN THE CHARLOTTESVILLE BLACK COMMUNITY THROUGH FINANCIAL COACHING, ENTREPRENEURIAL SUPPORT, ECONOMIC DEVELOPMENT AND ASSET BUILDING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AWARDED A $150,000 GRANT FROM THE GOVERNOR'S OFFICE THROUGH THE BUSINESS RESURGENCE INITIATIVE AIMED AT REVITALIZING BUSINESS DISTRICTS IN RESPONSE TO THE EFFECTS OF THE PANDEMIC.LAUNCHED FIRST PHASE OF THE BLACK ENTREPRENEURIAL ADVANCEMENT AND COMMUNITY OPPORTUNITY NETWORK (BEACON) PROGRAM, A BUSINESS INCUBATOR THAT STRIVES TO ADVANCE OPPORTUNITIES AND PROVIDE RESOURCES FOR BLACK ENTREPRENEURS IN CHARLOTTESVILLE SEEKING TO LAUNCH OR SCALE THEIR BUSINESSES. BEGAN WORK ON CREATING THE CURRICULUM FOR THE FOOD BUSINESS BOOTCAMP TO INCLUDE AN ONLINE LEARNING PLATFORM ON THINKIFIC. BOOTCAMPS WILL BEGIN NEXT YEAR.
IN 2022 THE FINANCIAL CAPABILITY PROGRAM SERVED 360 CLIENTS WITH 1,832 FINANCIAL EMPOWERMENT SERVICES, TO INCLUDE CREDIT MONEY MANAGEMENT AND FIRST TIME HOMEBUYER WORKSHOPS. MAINTAINED 49 CLIENTS IN ACTIVE FINANCIAL COACHING THROUGHOUT THE YEAR. OF THE 94 CLIENTS THAT HAD BOTH AN AT-ENTRY AND A SECONDARY FINANCIAL SNAPSHOT, 74% IMPROVED THEIR CREDIT SCORE. THE AVERAGE FICO SCORE INCREASE WAS 15 POINTS FOR PARTICIPANTS; 34% ACHIEVED A CREDIT SCORE ABOVE PRIME (FICO SCORE OF 660 OR ABOVE). THE PROGRAM HAS RESULTED IN ALMOST $3 MILLION IN TOTAL MORTGAGES SOUGHT FOR HOMES IN THE CHARLOTTESVILLE AREA.
EARLY IN 2021 ASSUMED MANAGEMENT AND OVERSIGHT OF THE COMMUNITY KITCHEN PROGRAM, FORMERLY FRONTLINE FOODS. THE PROGRAM PROVIDES FOOD ASSISTANCE FOR THE COMMUNITY WHILST SIMULTANEOUSLY OFFERING FINANCIAL SUPPORT TO RESTAURANTS OWNED BY PEOPLE OF COLOR. RECEIVED UNANIMOUS APPROVAL FROM CHARLOTTESVILLE CITY PLANNERS AND CITY COUNCIL TO APPEND TO THE CITY'S COMPREHENSIVE PLAN, THE ORGANIZATION'S STARR HILL VISION PLAN, A ROADMAP FOR ADVANCING ECONOMIC JUSTICE IN CHARLOTTESVILLE, DEVELOPED WITH THE ENGAGEMENT OF MORE THAN 200 AREA RESIDENTS AND MERCHANTS OF THE BLACK COMMUNITY. ESTABLISHED RESTAURANT REVITALIZATION FUND IN PARTNERSHIP WITH SMALL BUSINESS ADMINISTRATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Yolunda Harrell President & CEO | OfficerTrustee | 50 | $30,875 |
Caruso Brown Interim Chair | OfficerTrustee | 1 | $0 |
Karen Klick Vice Chair | OfficerTrustee | 1 | $0 |
Shawn Mcgowen Treasurer | OfficerTrustee | 1 | $0 |
Ramona Chapman Secretary | OfficerTrustee | 1 | $0 |
Anne Brown Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $152,966 |
| All other contributions, gifts, grants, and similar amounts not included above | $163,593 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $316,559 |
| Total Program Service Revenue | $47,988 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $21,605 |
| 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 | $455,152 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $26,000 |
| 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. | $30,875 |
| Compensation of current officers, directors, key employees. | $4,631 |
| 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 | $0 |
| Fees for services: Legal | $450 |
| Fees for services: Accounting | $3,150 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $268,143 |
| Advertising and promotion | $2,024 |
| Office expenses | $3,902 |
| Information technology | $3,708 |
| Royalties | $0 |
| Occupancy | $87,152 |
| Travel | $1,385 |
| 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 | $3,558 |
| All other expenses | $0 |
| Total functional expenses | $457,052 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $87,250 |
| Savings and temporary cash investments | $0 |
| 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 | $87,250 |
| Accounts payable and accrued expenses | $45,625 |
| 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 | $0 |
| Total liabilities | $45,625 |
| Net assets without donor restrictions | $11,625 |
| Net assets with donor restrictions | $30,000 |
| 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 | $87,250 |
Grants Awarded
Over the last fiscal year, New Hill Development Corporation has awarded $21,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
A SEAT AT THE TABLE EVENTS PURPOSE: Business start-up assistance | $5,250 |
STELLAS CUISINE PURPOSE: Business start-up assistance | $5,250 |
ORDER UP MOBILE FOOD & CATER PURPOSE: Business start-up assistance | $5,250 |
VEGAN COMFORT SOUL FOOD PURPOSE: Business start-up assistance | $5,250 |