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Nonprofiteer
← NEAR NORTH DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by NEAR NORTH DEVELOPMENT CORPORATION.

Totals

Total revenue
$229,574
Total expenses
$591,788
Contributions and grants received
$210,713
Grants paid
$0
Program service revenue
$0
Investment income
$18,672
Other revenue
$189
Total assets, end of year
$3,597,863
Total liabilities, end of year
$1,573,761
Net assets or fund balances, end of year
$2,024,102
Program services expenses (Part IX)
$255,074
Management and general expenses
$336,714
Fundraising expenses
$0
Program service expenses (Part III)
$255,074

Program services were 43.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $2,200

  • 1f · All other contributions, gifts and grants

    $208,513

  • 3 · Investment income

    total $19,902 · excluded $19,902

  • 7a · Gross sales of assets other than inventory

    other assets $9,000

  • 7b · Less cost or other basis and sales expenses

    other assets $10,230

  • 7c · Gain or loss

    other assets -$1,230

  • 7d · Net gain or loss

    total -$1,230 · related or exempt -$1,230

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $2,200

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 11a · Other revenue: Other Income

    total $189 · excluded $189

  • 11e · Other revenue, total

    $189

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $51,393 · program services $15,869 · management and general $35,524

  • 7 · Other salaries and wages

    total $182,845 · program services $56,460 · management and general $126,385

  • 8 · Pension plan contributions

    total $5,924 · program services $1,829 · management and general $4,095

  • 9 · Other employee benefits

    total $17,128 · program services $5,289 · management and general $11,839

  • 10 · Payroll taxes

    total $22,294 · program services $6,884 · management and general $15,410

  • 11c · Fees: accounting

    total $18,317 · management and general $18,317

  • 11g · Fees: other

    total $19,460 · management and general $19,460

  • 13 · Office expenses

    total $20,992 · management and general $20,992

  • 16 · Occupancy

    total $7,109 · management and general $7,109

  • 22 · Depreciation, depletion and amortization

    total $1,769 · management and general $1,769

  • 23 · Insurance

    total $9,147 · management and general $9,147

  • 24a · Other expenses: Development Expenses

    total $168,743 · program services $168,743

  • 24b · Other expenses: Loan Forgiveness

    total $66,667 · management and general $66,667

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,224,185 · end of year $1,637,325

  • 3 · Pledges and grants receivable

    beginning of year $402 · end of year $175,169

  • 7 · Other notes and loans receivable

    beginning of year $599,998 · end of year $533,331

  • 10a · Land, buildings and equipment: cost or other basis

    $130,607

  • 10b · Land, buildings and equipment: accumulated depreciation

    $124,962

  • 10c · Land, buildings and equipment, net

    beginning of year $7,414 · end of year $5,645

  • 15 · Other assets

    beginning of year $1,182,158 · end of year $1,246,393

  • 17 · Accounts payable and accrued expenses

    beginning of year $57,291 · end of year $15,179

  • 19 · Deferred revenue

    beginning of year $1,552,500 · end of year $1,552,500

  • 25 · Other liabilities

    beginning of year $24,050 · end of year $6,082

  • 27 · Net assets without donor restrictions

    beginning of year $2,380,316 · end of year $2,024,102

Mission and programs · 2022

Mission

Inner-city housing and economic development focusing on low-income individuals.

  • Housing development and economic revitalization of specified areas of Indianapolis.

    Expenses $48,221 · Revenue -$1,230

  • Providing rental housing for low-income individuals.

    Expenses $21,318

  • Providing essential repairs to low-moderate income rental tenants homes.

    Expenses $177,513

  • Other Programs.

    Expenses $8,022

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Maria Langston

    Chairman

    Total calculated
    $0
    Hours/week
    3

  • Mike Barth III

    Vice Chair

    Total calculated
    $0
    Hours/week
    3

  • Nick Campbell

    Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Greg Petrowich

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Jeff Congdon

    Director

    Total calculated
    $0
    Hours/week
    1

  • Cordelia Lewis-Burks

    Director

    Total calculated
    $0
    Hours/week
    1

  • Mike Barth III

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ila Mitchell

    Director

    Total calculated
    $0
    Hours/week
    1

  • Lindsey Richardt

    Director

    Total calculated
    $0
    Hours/week
    1

  • Jamal Smith

    Director

    Total calculated
    $0
    Hours/week
    1

  • Brian Robinson

    Director

    Total calculated
    $0
    Hours/week
    1

  • Frank Lloyd

    Director

    Total calculated
    $0
    Hours/week
    1

  • Michael Osborne

    President - Left 6/15/22

    Total calculated
    $51,393
    From this org
    $49,232
    From related orgs
    $0
    Other
    $2,161
    Hours/week
    40

  • Brian Carman

    President - Joined 3/6/2023

    Total calculated
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • 2179 LLC

    Real Estate Development · IN · income $0 · assets $447,764

    Directly controlled by Near North Development Corporation

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • Glenmoor LLC

    Related · Low Income Housing · IN · 66.66% owned · share of income $30,332 · share of assets $180,317 · general or managing partner

    Directly controlled by Near North Development Corporation

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202313189349313216

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