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Nonprofiteer
← NEW VILLAGE CORPORATION

Form 990 for tax year 2022

Filed by NEW VILLAGE CORPORATION.

Totals

Total revenue
$7,203,569
Total expenses
$2,761,252
Contributions and grants received
$4,824,280
Grants paid
$0
Program service revenue
$405,642
Investment income
$6,843
Other revenue
$1,966,804
Total assets, end of year
$21,685,616
Total liabilities, end of year
$10,908,630
Net assets or fund balances, end of year
$10,776,986
Program services expenses (Part IX)
$2,521,892
Management and general expenses
$239,360
Fundraising expenses
$0
Program service expenses (Part III)
$2,521,892

Program services were 91.3% 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.

  • 1f · All other contributions, gifts and grants

    $4,824,280

  • 2a · Program service revenue: PROGRAM SERVICE REVENUE

    total $400,238 · related or exempt $400,238

  • 2b · Program service revenue: MANAGEMENT FEES

    total $5,404 · related or exempt $5,404

  • 3 · Investment income

    total $6,843 · excluded $6,843

  • 6a · Gross rents

    real property $1,966,804

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $1,966,804

  • 6d · Net rental income or loss

    total $1,966,804 · related or exempt $1,966,804

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $140,899 · program services $128,685 · management and general $12,214

  • 8 · Pension plan contributions

    total $2,818 · program services $2,574 · management and general $244

  • 9 · Other employee benefits

    total $19,003 · program services $17,356 · management and general $1,647

  • 10 · Payroll taxes

    total $10,980 · program services $10,028 · management and general $952

  • 11b · Fees: legal

    total $167,961 · program services $153,401 · management and general $14,560

  • 11c · Fees: accounting

    total $29,100 · program services $26,577 · management and general $2,523

  • 11g · Fees: other

    total $466,342 · program services $425,917 · management and general $40,425

  • 12 · Advertising and promotion

    total $76,172 · program services $69,569 · management and general $6,603

  • 13 · Office expenses

    total $29,031 · program services $26,514 · management and general $2,517

  • 16 · Occupancy

    total $899,725 · program services $821,732 · management and general $77,993

  • 20 · Interest

    total $466,104 · program services $425,700 · management and general $40,404

  • 22 · Depreciation, depletion and amortization

    total $48,655 · program services $44,437 · management and general $4,218

  • 23 · Insurance

    total $90,838 · program services $82,964 · management and general $7,874

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $313,624 · program services $286,438 · management and general $27,186

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $760,549 · end of year $3,493,935

  • 2 · Savings and temporary cash investments

    beginning of year $480,727 · end of year $122,171

  • 4 · Accounts receivable

    beginning of year $221,541 · end of year $396,207

  • 7 · Other notes and loans receivable

    beginning of year $321,897

  • 9 · Prepaid expenses and deferred charges

    beginning of year $17,282 · end of year $6,708

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

    $14,148,749

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

    $317,947

  • 10c · Land, buildings and equipment, net

    beginning of year $1,558,065 · end of year $13,830,802

  • 13 · Investments: program-related

    beginning of year $2,275,211 · end of year $3,580,961

  • 15 · Other assets

    beginning of year $1,804,728 · end of year $254,832

  • 17 · Accounts payable and accrued expenses

    beginning of year $123,323 · end of year $475,351

  • 19 · Deferred revenue

    beginning of year $125,796 · end of year $3,200

  • 23 · Secured mortgages and notes payable

    beginning of year $300,000 · end of year $10,162,639

  • 25 · Other liabilities

    beginning of year $223,844 · end of year $267,440

  • 27 · Net assets without donor restrictions

    beginning of year $5,893,229 · end of year $6,373,921

  • 28 · Net assets with donor restrictions

    beginning of year $773,808 · end of year $4,403,065

Mission and programs · 2022

Mission

AS A WHOLLY-OWNED SUBSIDIARY OF NEIGHBORHOOD PROGRESS, INC. (NPI), NEW VILLAGE CORPORATION (NVC) DEVELOPS CATALYTIC REAL ESTATE PROJECTS IN JOINT VENTURES WITH COMMUNITY BASED 501(C)(3) DEVELOPMENT CORPORATIONS AND PRIVATE INVESTORS. NEW VILLAGE CORPORATION SUPPORTS PROJECTS THAT ARE EITHER TOO LARGE FOR A NON-PROFIT 501(C)(3) COMMUNITY DEVELOPMENT CORPORATION ("CDC") TO TAKE ON OR TOO RISKY FOR A PRIVATE DEVELOPER. NVC WORKS DIRECTLY WITH 501(C)(3) CDCS AND PRIVATE DEVELOPERS TO HELP SECURE RESOURCES THAT ASSIST IN HANDLING COMPLEX REAL ESTATE DEVELOPMENT PROJECTS. NVC PROVIDES TECHNICAL ASSISTANCE, INCLUDING ARRANGING PROJECT FINANCING. PROJECTS UNDERTAKEN FURTHER THE ORGANIZATION'S CHARITABLE PURPOSES BY COMBATING COMMUNITY DETERIORATION IN DISTRESSED COMMUNITIES.

Activities or mission (Part I)

NON-PROFIT DEVELOPER SPECIALIZING IN CHALLENGING PROJECTS IN URBAN ENVIRONMENTS WHICH SPURS ADDITIONAL PRIVATE INVESTMENTS.

  • NEW VILLAGE CORPORATION ("NVC") FOCUSES ITS REAL ESTATE DEVELOPMENT IN PLACES WHERE ITS ACTIVITY WILL RELIEVE BLIGHT, ECONOMIC DISTRESS, AND COMMUNITY DETERIORATION IN THE SERVICE OF UNDERSERVED COMMUNITIES IN THE CITY OF CLEVELAND. NVC IS CURRENTLY INVOLVED IN AN ACQUISITION, REHABILITATION, AND FOR-SALE SINGLE-FAMILY HOUSING PROGRAM WITH SLAVIC VILLAGE DEVELOPMENT, A 501(C)(3) ORGANIZATION. IT IS CURRENTLY WORKING ON A STRATEGY TO REVIVE THE FAILED NEW CONSTRUCTION MARKET IN THE BUCKEYE NEIGHBORHOOD OF CLEVELAND, WHERE THE COMPANY OWNS ENOUGH LAND TO FACILITATE THE CONSTRUCTION OF AROUND 40 NEW UNITS. ESTABLISHED IN 1990, NVC IS A WHOLLY-OWNED REAL ESTATE DEVELOPMENT SUBSIDIARY OF NEIGHBORHOOD PROGRESS, INC., A NON-PROFIT ORGANIZATION FORMED TO FOSTER COMMUNITIES OF CHOICE AND OPPORTUNITY THROUGHOUT CLEVELAND. SINCE 1990, NVC HAS DEVELOPED OVER 800 UNITS OF NEW OR REHABBED HOUSING AND 1.28 MILLION SQUARE FEET OF NEW OR REHABBED COMMERCIAL SPACE WORTH OVER $213 MILLION. AMONG ITS COMPLETED PROJECTS ARE: THE AWARD-WINNING SAINT LUKE'S MANOR PHASE I AND BICENTENNIAL VILLAGE DEVELOPMENT NORTH PARK PLACE DAVE'S SUPERMARKET IN OHIO CITY AND SLAVIC VILLAGE CENTRAL COMMONS LEE-HARVARD SHOPPING CENTER ORCHARD PARK FRIES & SCHUELE APARTMENTS CARROLL AVENUE CONDOMINIUMS ARBOR PARK PLACE SHOPPING CENTER. IN AUGUST 2022, NVC ACQUIRED SHAKER SQUARE IN PARTNERSHIP WITH BURTEN BELL CARR DEVELOPMENT, MADE POSSIBLE BY THE CITY OF CLEVELAND PROVIDING $12 MILLION IN LOW-INTEREST LOANS TO ACQUIRE AND SUPPORT THE PROJECT.

    Expenses $2,521,892 · Revenue $2,372,446

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

Listed in Part VII

  • Tania Menesse

    VICE CHAIRPERSON

    Total calculated
    $230,452
    From this org
    $0
    From related orgs
    $218,718
    Other
    $11,734
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $218,502 related
    Bonus
    $0
    Other
    $0 + $216 related
    Deferred
    $0 + $4,400 related
    Nontaxable benefits
    $0 + $7,334 related
    Filer's total
    $0 + $230,452 related

  • Isabel Deroberts

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • August Fluker

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Dorivette Nolan

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jason Russell

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Sean McDermott

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Lisa McGovern

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Jason Phillips

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Melodie Sanders

    SR. VP OF FINANCE / CFO

    Total calculated
    $7,280
    From this org
    $0
    From related orgs
    $7,215
    Other
    $65
    Hours/week
    9 + 31 related

  • Briana Perry

    PRESIDENT

    Total calculated
    $61,913
    From this org
    $0
    From related orgs
    $55,633
    Other
    $6,280
    Hours/week
    9 + 31 related

  • Linda Warren Thru Oct 2022

    PRESIDENT

    Total calculated
    $132,276
    From this org
    $0
    From related orgs
    $127,825
    Other
    $4,451
    Hours/week
    9 + 31 related

    Schedule J breakdown matched by us

    Base
    $0 + $127,645 related
    Bonus
    $0
    Other
    $0 + $180 related
    Deferred
    $0 + $1,834 related
    Nontaxable benefits
    $0 + $2,617 related
    Filer's total
    $0 + $132,276 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
COMPENSATION IS DETERMINED BY A RELATED ORGANIZATION. THE FOLLOWING METHODS WERE USED: COMPENSATION COMMITTEE: APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • SAINT LUKE'S INVESTMENT FUND LLC

    INVESTMENT FUND · DE

    Directly controlled by NEW VILLAGE CORPORATION

  • STL-NVC RESIDENTIAL LLC

    REAL ESTATE DEVELOPMENT TO COMBAT BLIGHT · OH · assets -$127,743

    Directly controlled by NEW VILLAGE CORPORATION

  • LAND ASSEMBLY FOR NEIGH DEV LTD

    REAL ESTATE DEVELOPMENT TO COMBAT BLIGHT · OH · assets $795,985

    Directly controlled by NEW VILLAGE CORPORATION

  • HCLT HOLDINGS LLC

    LAND TRUST HOLDING PROPERTY FOR DEVELOPMENT · OH · income $25,712 · assets $708,717

    Directly controlled by NEW VILLAGE CORPORATION

  • NEW VILLAGE RP-LP LLC

    EQUITY INTEREST MANAGEMENT · OH · assets $220,000

    Directly controlled by NEW VILLAGE CORPORATION

  • SAINT LUKE'S PHASE III LLC

    RESIDENTIAL REAL ESTATE TO COMBAT BLIGHT · OH · income $128,792 · assets $1,862,870

    Directly controlled by NEW VILLAGE CORPORATION

  • STL DEVELOPMENT LLC

    RESIDENTIAL REAL ESTATE TO COMBAT BLIGHT · OH · assets $4,031,846

    Directly controlled by NEW VILLAGE CORPORATION

Related partnerships

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

  • SLAVIC VILLAGE RECOVERY LLC

    EXCLUDED · RETAIL REAL ESTATE TO COMBAT BLIGHT · OH · 51% owned

  • STL HOUSING LLC

    EXCLUDED · DEVELOPING QUALITY AFFORDABLE HOUSING · OH · 50% owned

  • SH SQ LLC

    EXCLUDED · PROPERTY MANAGEMENT SERVICE · OH · 90% owned

    Directly controlled by NEW VILLAGE CORPORATION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ST LUKE'S POINTE HOMEOWNERS ASSOC

    C · HOMEOWNERS' ASSOCIATAION · OH · 69.88% owned

    Directly controlled by STL HOUSING LLC

  • STL GP-1 CORP

    C · DEVELOPING QUALITY AFFORDABLE HOUSING · OH · 100% owned

    Directly controlled by STL DEVELOPMENT LLC

  • STL GP-2 CORP

    C · DEVELOPING QUALITY AFFORDABLE HOUSING · OH · 100% owned

    Directly controlled by STL DEVELOPMENT LLC

  • STL GP-3 CORP

    C · DEVELOPING QUALITY AFFORDABLE HOUSING · OH · 100% owned

    Directly controlled by STL DEVELOPMENT LLC

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202411369349312416

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