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Nonprofiteer
← NEIGHBORHOOD DEVELOPMENT CENTER INC

Form 990 for tax year 2024

Filed by NEIGHBORHOOD DEVELOPMENT CENTER INC.

Totals

Total revenue
$14,198,019
Total expenses
$11,999,558
Contributions and grants received
$12,134,358
Grants paid
$2,892,786
Program service revenue
$1,405,818
Investment income
$436,965
Other revenue
$220,878
Total assets, end of year
$43,224,139
Total liabilities, end of year
$22,553,751
Net assets or fund balances, end of year
$20,670,388
Program services expenses (Part IX)
$10,741,668
Management and general expenses
$1,050,414
Fundraising expenses
$207,476
Program service expenses (Part III)
$10,741,668

Program services were 89.5% 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

    $11,000

  • 1e · Government grants (contributions)

    $8,443,996

  • 1f · All other contributions, gifts and grants

    $3,679,362

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $509,125 · related or exempt $509,125

  • 2b · Program service revenue: PROPERTY MGMT FEES

    total $328,651 · related or exempt $328,651

  • 2c · Program service revenue: CONTRACT INCOME

    total $246,535 · related or exempt $246,535

  • 2d · Program service revenue: OTHER INCOME

    total $96,037 · related or exempt $96,037

  • 2e · Program service revenue: FORCLOSURE RECOVERY INCOME

    total $91,498 · related or exempt $91,498

  • 2f · All other program service revenue

    total $133,972 · related or exempt $133,972

  • 3 · Investment income

    total $436,965 · excluded $436,965

  • 6a · Gross rents

    real property $477,836

  • 6b · Less rental expenses

    real property $241,801

  • 6c · Rental income or loss

    real property $236,035

  • 6d · Net rental income or loss

    total $236,035 · related or exempt $236,035

  • 8a · Fundraising events: gross income

    $0

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

    $11,000

  • 8b · Fundraising events: direct expenses

    $15,157

  • 8c · Net income from fundraising events

    total -$15,157 · excluded -$15,157

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,892,786 · program services $2,892,786

  • 5 · Compensation of officers, directors and key employees

    total $1,189,050 · program services $889,322 · management and general $247,415 · fundraising $52,313

  • 7 · Other salaries and wages

    total $3,270,964 · program services $2,949,636 · management and general $277,518 · fundraising $43,810

  • 9 · Other employee benefits

    total $347,009 · program services $336,423 · management and general $4,880 · fundraising $5,706

  • 10 · Payroll taxes

    total $279,238 · program services $235,929 · management and general $36,180 · fundraising $7,129

  • 11b · Fees: legal

    total $9,571 · management and general $9,571

  • 11c · Fees: accounting

    total $48,210 · management and general $48,210

  • 11g · Fees: other

    total $671,691 · program services $633,898 · fundraising $37,793

  • 12 · Advertising and promotion

    total $605,235 · program services $353,002 · management and general $219,256 · fundraising $32,977

  • 16 · Occupancy

    total $810,916 · program services $701,925 · management and general $95,913 · fundraising $13,078

  • 17 · Travel

    total $36,799 · program services $15,922 · management and general $18,369 · fundraising $2,508

  • 19 · Conferences, conventions and meetings

    total $79,506 · program services $25,525 · management and general $47,501 · fundraising $6,480

  • 20 · Interest

    total $129,478 · program services $129,478

  • 22 · Depreciation, depletion and amortization

    total $20,414 · program services $16,941 · management and general $3,065 · fundraising $408

  • 23 · Insurance

    total $69,292 · program services $55,266 · management and general $12,343 · fundraising $1,683

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $867,892 · program services $867,892

  • 24b · Other expenses: PROJECT EXPENSES

    total $629,963 · program services $626,102 · management and general $3,861

  • 24c · Other expenses: MISCELLANEOUS

    total $21,025 · program services $11,008 · management and general $8,815 · fundraising $1,202

  • 24d · Other expenses: EQUIPMENT MAINTENANCE

    total $20,519 · program services $613 · management and general $17,517 · fundraising $2,389

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,712,217 · end of year $2,254,870

  • 2 · Savings and temporary cash investments

    beginning of year $10,509,387 · end of year $8,937,037

  • 3 · Pledges and grants receivable

    beginning of year $765,669 · end of year $594,800

  • 4 · Accounts receivable

    beginning of year $549,422 · end of year $1,462,335

  • 5 · Loans and receivables from officers and key people

    beginning of year $227,308 · end of year $240,412

  • 7 · Other notes and loans receivable

    beginning of year $14,725,536 · end of year $15,734,596

  • 9 · Prepaid expenses and deferred charges

    beginning of year $54,195 · end of year $86,715

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

    $5,181,579

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

    $1,153,037

  • 10c · Land, buildings and equipment, net

    beginning of year $3,223,008 · end of year $4,028,542

  • 15 · Other assets

    beginning of year $9,847,677 · end of year $9,884,832

  • 17 · Accounts payable and accrued expenses

    beginning of year $365,343 · end of year $756,132

  • 19 · Deferred revenue

    beginning of year $412,458 · end of year $35,223

  • 23 · Secured mortgages and notes payable

    beginning of year $12,183,516 · end of year $10,745,671

  • 24 · Unsecured notes and loans payable

    beginning of year $293,293 · end of year $293,293

  • 25 · Other liabilities

    beginning of year $10,393,992 · end of year $10,723,432

  • 27 · Net assets without donor restrictions

    beginning of year $11,237,359 · end of year $15,147,609

  • 28 · Net assets with donor restrictions

    beginning of year $7,728,458 · end of year $5,522,779

Mission and programs · 2024

Mission

TO EMPOWER ENTREPRENEURS AND COMMUNITY PARTNERS TO TRANSFORM LOW-INCOME NEIGHBORHOOD ECONOMIES FROM WITHIN.

  • REAL ESTATE DEVELOPMENT INITIATIVE PROGRAM - ENCOURAGES NEIGHBORHOOD REVITALIZATION, PROPERTY OWNERSHIP, AND BUSINESS OWNERSHIP BY ENTREPRENEURS WITHIN SPECIFIC PRIORITY LOW-INCOME NEIGHBORHOODS. IN 2024, NDC MANAGED OVER 200,000 SQUARE FEET OF AFFORDABLE COMMERCIAL SPACE IN LOW-INCOME NEIGHBORHOODS, WHERE IT LEASED TO 65 TENANTS AND PROVIDED THEM WITH WRAP-AROUND BUSINESS SERVICES.

    Expenses $1,778,732 · Grants $392,386 · Revenue $660,723

  • LENDING AND FINANCING PROGRAMS (INCLUDING PROMISE GRANT) - PROVIDES FUNDS TO START-UP AND EXISTING BUSINESSES. IN 2024, NDC HAD A $10 MILLION DOLLAR REVOLVING LOAN FUND. LOANS WERE PROVIDED TO BUSINESSES THAT MET CERTAIN GEOGRAPHICAL AND INCOME CRITERIA. A PORTION OF AVAILABLE FUNDS ARE DEDICATED TO BE USED FOR ISLAMICALLY ACCEPTABLE FINANCING. NDC APPROVED 37 LOANS IN 2024, TOTALING $3,955,450, IN PRIORITY AND OTHER NEIGHBORHOODS, AS FOLLOWS:- 19 SMALL BUSINESS LOANS (LARGER THAN $50K)- 20 MICROLOANS ($50K OR LESS)IN ADDITION, NDC APPROVED 29 CREDIT-BUILDER LOANS IN 2024, TOTALING $8,700.ALSO, THE LENDING DEPARTMENT ADMINISTERED TWO GRANT PROGRAMS IN 2024- THE NDC EMERGENCY GRANTS PROGRAM, WHERE 8 BUSINESSES RECEIVED GRANTS TOTALING $20,000.- THE EQUITY GRANTS PROGRAM, WHERE 4 BUSINESSES RECEIVED GRANTS TOTALING $20,000.

    Expenses $5,972,170 · Grants $2,500,400 · Revenue $714,709

  • TECHNICAL ASSISTANCE PROGRAM - SUPPORTS THE GROWTH OF NEW AND EXISTING BUSINESSES IN THE COMMUNITY. IN 2024, NDC PROVIDED 3,615 HOURS OF BUSINESS SERVICES TO 695 BUSINESSES IN ITS PRIORITY AND OTHER NEIGHBORHOODS.

    Expenses $2,250,172 · Revenue $266,421

  • ENTREPRENEUR TRAINING PROGRAM - OFFERS WEEKLY SESSIONS WHICH TRAIN PARTICIPANTS TO OWN AND OPERATE THEIR OWN BUSINESSES. BY THE END OF THE TRAINING SESSION, PARTICIPANTS WILL HAVE DEVELOPED A BUSINESS PLAN AND HAVE HAD INDIVIDUAL SESSIONS WITH A PROFESSIONAL TRAINING CONSULTANT. NDC WORKS WITH NEIGHBORHOOD PARTNERS TO ENHANCE THEIR CAPACITY TO CREATE AND CONDUCT ECONOMIC DEVELOPMENT INITIATIVES WITHIN THEIR OWN COMMUNITIES. IN 2024, NDC AND ITS NEIGHBORHOOD PARTNERS OFFERED 9 ENTREPRENEUR TRAINING CLASSES TO 135 ENROLLED ASPIRING ENTREPRENEURS FROM VARIOUS ETHNIC GROUPS AND NEIGHBORHOODS. IN ADDITION, ASPIRING ENTREPRENEURS RECEIVED 374 HOURS OF ONE-ON-ONE TRAINING CONSULTATIONS. DURING THE SAME YEAR, NDC ALSO OFFERED 27 BUSINESS-RELATED WORKSHOPS TO 197 ENTREPRENEURS.

    Expenses $740,594

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jon Borden

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Lachelle Cunningham

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Mike Goze

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Andrea Mardock

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Karen Gries

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Juliet Mitchell

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William Sands

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Erik Splett

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Anthony Robinson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Gebi Tufaa

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Noya Woodrich

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jasmine Vasquez

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Renay Dossman

    PRESIDENT AND CHIEF EXECUTIVE OFFICER

    Total calculated
    $275,350
    From this org
    $237,693
    From related orgs
    $0
    Other
    $37,657
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,693
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $37,657
    Filer's total
    $275,350

  • Perla Mayo

    SENIOR DIRECTOR OF LENDING

    Total calculated
    $142,788
    From this org
    $102,857
    From related orgs
    $0
    Other
    $39,931
    Hours/week
    40

  • Tammie Nasseff

    CHIEF FINANCIAL OFFICER

    Total calculated
    $165,882
    From this org
    $143,440
    From related orgs
    $0
    Other
    $22,442
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,440
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $22,442
    Filer's total
    $165,882

  • Ben Johnson

    VICE PRESIDENT, REAL ESTATE AND DEVELOPMENT

    Total calculated
    $174,772
    From this org
    $140,169
    From related orgs
    $0
    Other
    $34,603
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,169
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,603
    Filer's total
    $174,772

  • Elisa Pluhar

    CHIEF INNOVATION AND STRATEGY OFFICER

    Total calculated
    $128,595
    From this org
    $112,736
    From related orgs
    $0
    Other
    $15,859
    Hours/week
    40

  • Shahir Admed-Riddle

    VICE PRESIDENT, BUSINESS SERVICES

    Total calculated
    $158,874
    From this org
    $125,767
    From related orgs
    $0
    Other
    $33,107
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,767
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $33,107
    Filer's total
    $158,874

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 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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

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

  • JWP AUTOMOTIVE LLC

    $50,000

    PASS-THROUGH GRANT

  • SNELLING CHIROPRACTIC

    $48,100

    PASS-THROUGH GRANT

  • MENTAL HEALTH MN

    $47,900

    PASS-THROUGH GRANT

  • B&M VITAL HOMECARE LLC

    $47,100

    PASS-THROUGH GRANT

  • FAMILY BEAUTY SUPPLY

    $46,300

    PASS-THROUGH GRANT

  • 1 MEDICAL STAFFING SOLUTIONS INC

    $44,400

    PASS-THROUGH GRANT

  • NEXT LEVEL LOGISTICS

    $44,400

    PASS-THROUGH GRANT

  • TENKA UPTOWN LLC

    $43,300

    PASS-THROUGH GRANT

  • TU DANCE

    $42,500

    PASS-THROUGH GRANT

  • LA CARRETA LLC

    $42,100

    PASS-THROUGH GRANT

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.

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.

  • FROGTOWN ENTREPRENEUR CENTER

    OPERATE COMMERCIAL RENTAL REAL ESTATE · MN · income $171,308 · assets $419,367

    Directly controlled by NEIGHBORHOOD DEVELOPMENT CENTER

  • NDC REDI II LLC

    REAL ESTATE LENDING · MN · income $0 · assets $0

    Directly controlled by NEIGHBORHOOD DEVELOPMENT CENTER

  • NCS LLC

    OPERATE COMMERCIAL RENTAL REAL ESTATE · MN · income $17,467 · assets $3,310,744

    Directly controlled by NEIGHBORHOOD DEVELOPMENT CENTER

Related partnerships

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

  • MERCADO CENTRAL

    OPERATE COMMERCIAL REAL ESTATE · MN

  • NEDU LLC

    OPERATE COMMERCIAL REAL ESTATE · MN

  • MARKET VIEW

    OPERATE COMMERCIAL REAL ESTATE · MN · general or managing partner

  • MIDTOWN GLOBAL MARKET LLC

    OPERATE COMMERCIAL REAL ESTATE · MN

Provenance

Return type
form_990
Tax year
2024
Filed
19 August 2025
IRS schema version
2024v5.2
Source object
202532339349300338

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