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Nonprofiteer
← GREATER NEW ORLEANS DEVELOPMENT FOUNDATION

Form 990 for tax year 2024

Filed by GREATER NEW ORLEANS DEVELOPMENT FOUNDATION.

Totals

Total revenue
$7,212,232
Total expenses
$6,487,890
Contributions and grants received
$6,831,690
Grants paid
$2,802,617
Program service revenue
$325,659
Investment income
$54,883
Other revenue
$0
Total assets, end of year
$3,970,691
Total liabilities, end of year
$1,025,200
Net assets or fund balances, end of year
$2,945,491
Program services expenses (Part IX)
$6,032,661
Management and general expenses
$455,229
Fundraising expenses
$0
Program service expenses (Part III)
$6,032,661

Program services were 93.0% 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.

  • 1e · Government grants (contributions)

    $4,334,989

  • 1f · All other contributions, gifts and grants

    $2,496,701

  • 2a · Program service revenue: SPONSORSHIP

    total $205,967 · related or exempt $205,967

  • 2b · Program service revenue: MANAGEMENT FEES

    total $111,023 · related or exempt $111,023

  • 2c · Program service revenue: WORKFORCE SUMMIT

    total $8,669 · related or exempt $8,669

  • 3 · Investment income

    total $54,883 · excluded $54,883

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,802,617 · program services $2,802,617

  • 7 · Other salaries and wages

    total $1,001,330 · management and general $1,001,330

  • 8 · Pension plan contributions

    total $29,450 · management and general $29,450

  • 9 · Other employee benefits

    total $68,900 · management and general $68,900

  • 10 · Payroll taxes

    total $69,780 · management and general $69,780

  • 11a · Fees: management

    total $1,293,829 · program services $977,326 · management and general $316,503

  • 11c · Fees: accounting

    total $3,250 · management and general $3,250

  • 11g · Fees: other

    total $624,409 · program services $615,674 · management and general $8,735

  • 12 · Advertising and promotion

    total $1,449 · program services $1,449

  • 13 · Office expenses

    total $18,224 · program services $12,981 · management and general $5,243

  • 14 · Information technology

    total $27,103 · program services $27,103

  • 17 · Travel

    total $138,985 · program services $125,195 · management and general $13,790

  • 19 · Conferences, conventions and meetings

    total $188,609 · program services $185,124 · management and general $3,485

  • 24a · Other expenses: DEVELOPMENT

    total $145,197 · program services $145,197

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $47,500 · management and general $47,500

  • 24c · Other expenses: PARKING

    total $19,660 · management and general $19,660

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $3,928 · program services $3,920 · management and general $8

  • 24e · All other expenses

    total $3,670 · program services $1,136,075 · management and general -$1,132,405

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $42,585 · end of year $2,539

  • 2 · Savings and temporary cash investments

    beginning of year $1,000,965 · end of year $1,335,976

  • 4 · Accounts receivable

    beginning of year $1,511,655 · end of year $1,490,748

  • 11 · Investments: publicly traded securities

    beginning of year $1,016,114 · end of year $1,127,428

  • 15 · Other assets

    beginning of year $0 · end of year $14,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,171,732 · end of year $999,374

  • 19 · Deferred revenue

    beginning of year $259,797 · end of year $25,826

  • 27 · Net assets without donor restrictions

    beginning of year $1,502,907 · end of year $1,803,094

  • 28 · Net assets with donor restrictions

    beginning of year $636,883 · end of year $1,142,397

Mission and programs · 2024

Mission

TO FOSTER REGIONAL ECONOMIC DEVELOPMENT AND CREATE QUALITY JOBS WITHIN THE METROPOLITAN NEW ORLEANS AREA.

  • THE FOUNDATION ACTS AS A CATALYST FOR ECONOMIC GROWTH AND THE ENHANCEMENT OF QUALITY OF LIFE IN THE TEN PARISHES OF SOUTHEAST LOUISIANA. THE FOUNDATION HAS COLLABORATED WITH ITS DEVELOPMENT ALLIES THROUGHOUT THE REGION TO HELP PROVIDE AN ADEQUATE BASE OF NEW EMPLOYMENT THROUGH JOB INITIATIVES, TO IMPROVE THE QUALITY AND QUANTITY OF EMPLOYMENT THROUGH WORKFORCE DEVELOPMENT AND TO FOSTER ECONOMIC PLANNING AND DEVELOPMENT THROUGH PUBLIC AWARENESS AND COMMUNICATIONS.

    Expenses $6,032,661 · Grants $2,802,617 · Revenue $325,659

As filed on the 2024 return.

Listed in Part VII

  • Richard F Cortizas

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Julie Stokes

    SECRETARY & TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Dale Benoit

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Wayne Conner

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Tara Carter Hernandez

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Marina Manzanares

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Guy Williams

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Michael Hecht

    PRESIDENT & CEO

    Total calculated
    $896,797
    From this org
    $0
    From related orgs
    $851,213
    Other
    $45,584
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $587,396 related
    Bonus
    $0 + $250,000 related
    Other
    $0 + $13,817 related
    Deferred
    $0 + $10,350 related
    Nontaxable benefits
    $0 + $35,234 related
    Filer's total
    $0 + $896,797 related

  • Joshua Tatum

    VICE PRESIDENT OF BUSINESS

    Total calculated
    $152,067
    From this org
    $137,617
    From related orgs
    $0
    Other
    $14,450
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,521
    Bonus
    $0
    Other
    $96
    Deferred
    $4,275
    Nontaxable benefits
    $10,175
    Filer's total
    $152,067

  • Lacy McManus

    EXECUTIVE DIRECTOR OF FUTU

    Total calculated
    $143,001
    From this org
    $123,686
    From related orgs
    $0
    Other
    $19,315
    Hours/week
    40

  • Brandon Williams

    DIRECTOR OF FINANCE AND AD

    Total calculated
    $116,457
    From this org
    $105,079
    From related orgs
    $0
    Other
    $11,378
    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. 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

  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 8 · Paid under the initial-contract exception
  • 9 · Followed the rebuttable-presumption procedure

Answered no

  • 4a · Severance or change-of-control payment
  • 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

The filer's explanations (Part III)

PART I, LINE 8
THE CEO AND PRESIDENT OF THE ORGANIZATION, MICHAEL HECHT, HAS AN EMPLOYMENT CONTRACT WITH THE RELATED ORGANIZATION, GREATER NEW ORLEANS, INC. HIS BASE SALARY WAS APPROVED IN ADVANCE BY THE ORGANIZATION'S GOVERNING BODY THAT IS COMPOSED OF PERSONS WHO DO NOT HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE ARRANGEMENT. THE GOVERNING BODY RELIED ON APPROPRIATE COMPARABLE DATA WHEN APPROVING THE COMPENSATION AND THE GOVERNING BODY ADEQUATELY DOCUMENTED ITS ACTIONS AT THE TIME. IN ADDITION, THE CONTRACT PROVIDES THAT HE HAS THE OPPORTUNITY FOR A BONUS AT THE DISCRETION OF THE BOARD OF DIRECTORS. WHEN DETERMINING THE AMOUNT OF THE BONUS, THE BOARD OF DIRECTORS TAKES INTO ACCOUNT HIS ACCOMPLISHMENTS THROUGHOUT THE YEAR AND RELIES ON APPROPRIATE COMPARABLE DATA. THE BOARD OF DIRECTORS IS COMPOSED OF PERSONS WHO DO NOT HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE ARRANGEMENT AND THEY ADEQUATELY DOCUMENT THEIR ACTIONS AT THE TIME.

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

  • OPPORTUNITY HUB

    $771,257

    EDA BBB PHASE 2 GRANT SUBAWARD TO DEVELOP/CONTRIBUTE TO EDAH2THEFUTURE SOUTH LOUISIANA COALITION NEXUS PROGRAM- DELIVERY OF H2NEXUS INCLUSIVE ENTREPRENEURSHIP PROGRAM

  • BATON ROUGE AREA CHAMBER

    $400,877

    EDA BBB PHASE 2 GRANT SUBAWARD FOR BUSINESS RECRUITMENT AND BRE SERVICES IN BATON ROUGE REGION; PARTICIPATION IN THE NEXUS INDUSTRY COUNCIL, AND SUPPORT ACCROSS THE H2THEFUTURE PROJECTS

  • UNIVERSITY OF LOUISIANA AT LAFAYETTE

    $209,388

    EDA BBB PHASE 2 GRANT SUBAWARDULL GH2CENTER R&D, STUDENT INSTRUCTION, CORPORATE ENGAGEMENT, AND COMMUNITY ENGAGEMENT; PARTICIPATION IN THE NEXUS UNIVERSITY COUNCIL

  • GREEN LIGHT NEW ORLEANS

    $185,138

    EDA BBB PHASE 2 GRANT SUBAWARD TO DEVELOP/SUBMIT EDAEXECUTION OF ENERGY EFFICIENT CENTER PROGRAM FOR RESIDENTIAL AND SMALL COMMERCIAL EFFICIENCY

  • UNIVERSITY OF NEW ORLEANS

    $184,054

    EDA BBB PHASE 2 GRANT SUBAWARD TO DEVELOP/SUBMITUNO MARITIME CENTER R&D, STUDENT INSTRUCTION, CORPORATE ENGAGEMENT, AND COMMUNITY ENGAGEMENT; PARTICIPATION IN THE NEXUS UNIVERSITY COUNCIL

  • ONE ACADIANA INC

    $183,188

    EDA BBB PHASE 2 GRANT SUBAWARD TO DEVELOP/SUBMIT EDABUSINESS RECRUITMENT AND BRE SERVICES IN ACADIANA/LAFAYETTE REGION. PARTICIPATION IN THE NEXUS INDUSTRY COUNCIL

  • LOUISIANA CHAMBER OF COMMERCE FOUNDATION INC

    $172,380

    EDA BBB PHASE 1 GRANT SUBAWARD TODEVELOP/CONTRIBUTE TO EDA H2THEFUTURE PHASE 2 APPLICATION COMPONENTS

  • NICHOLLS STATE UNIVERSITY

    $133,724

    EDA BBB PHASE 2 GRANT SUBAWARDNSU ENGINERRING TECHNOLOGY R&D, STUDENT INSTRUCTION, CORPORATE ENGAGEMENT, AND COMMUNITY ENGAGEMENT; PARTICIPATION IN THE NEXUS UNIVERSITY COUNCIL

  • SOUTHERN UNIVERSITY AND A&M COLLEGE

    $129,814

    EDA BBB PHASE 2 GRANT SUBAWARDDESIGN AND EXECUTION OF HBCU NEW ENERGY SPECIALIZATION PROGRAM; PARTICIPATION IN NEXUS TALENT COUNCIL

  • SOUTH LOUISIANA ECONOMIC COUNCIL INC

    $111,695

    EDA BBB PHASE 2 GRANT SUBAWARD TO DEVELOP/SUBMIT EDABUSINESS RECRUITMENT AND BRE SERVICES IN THE BAYOU/HOUMA/TERREBONNE/LAFOURCHE REGION. PARTICIPATION IN THE NEXUS INDUSTRY COUNCIL

The 10 largest by cash amount. The API serves every itemized grant.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.2
Source object
202543219349304274

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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