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← NDC HOUSING AND ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by NDC HOUSING AND ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$12,386,503
Total expenses
$11,165,097
Contributions and grants received
$200,000
Grants paid
$4,512,525
Program service revenue
$12,005,053
Investment income
$97,964
Other revenue
$83,486
Total assets, end of year
$34,085,608
Total liabilities, end of year
$16,058,027
Net assets or fund balances, end of year
$18,027,581
Program services expenses (Part IX)
$9,527,782
Management and general expenses
$1,637,315
Fundraising expenses
$0
Program service expenses (Part III)
$9,527,782

Program services were 85.3% 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.

  • 1d · Related organizations

    $200,000

  • 2a · Program service revenue: MGMT FEES ECONOMIC DEV

    total $12,005,053 · related or exempt $12,005,053

  • 3 · Investment income

    total $97,964 · excluded $97,964

  • 11a · Other revenue: BAD DEBT RECOVERY

    total $79,120 · related or exempt $79,120

  • 11b · Other revenue: LOSS ON PARTNERSHIPS

    total -$4,391 · related or exempt -$4,391

  • 11d · All other revenue

    total $8,757 · related or exempt $8,757

  • 11e · Other revenue, total

    $83,486

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,512,525 · program services $4,512,525

  • 7 · Other salaries and wages

    total $3,421,748 · program services $2,665,470 · management and general $756,278

  • 8 · Pension plan contributions

    total $223,028 · program services $166,828 · management and general $56,200

  • 9 · Other employee benefits

    total $687,943 · program services $514,589 · management and general $173,354

  • 10 · Payroll taxes

    total $219,423 · program services $168,441 · management and general $50,982

  • 11b · Fees: legal

    total $122,568 · management and general $122,568

  • 11c · Fees: accounting

    total $198,970 · management and general $198,970

  • 11g · Fees: other

    total $1,179,474 · program services $1,104,177 · management and general $75,297

  • 13 · Office expenses

    total $93,209 · program services $27,703 · management and general $65,506

  • 14 · Information technology

    total $121,154 · program services $81,141 · management and general $40,013

  • 16 · Occupancy

    total $73,112 · program services $48,966 · management and general $24,146

  • 17 · Travel

    total $237,100 · program services $188,425 · management and general $48,675

  • 24a · Other expenses: SUBSCRIPTION & MEMBERSH

    total $41,053 · program services $41,053

  • 24b · Other expenses: FEES

    total $15,884 · management and general $15,884

  • 24c · Other expenses: BAD DEBTS

    total $7,466 · program services $7,466

  • 24e · All other expenses

    total $10,440 · program services $998 · management and general $9,442

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,651,561 · end of year $8,738,758

  • 4 · Accounts receivable

    beginning of year $12,975,224 · end of year $14,899,097

  • 7 · Other notes and loans receivable

    beginning of year $8,153,640 · end of year $8,079,479

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,593 · end of year $13,040

  • 15 · Other assets

    beginning of year $1,479,817 · end of year $2,355,234

  • 17 · Accounts payable and accrued expenses

    beginning of year $448,397 · end of year $1,011,805

  • 19 · Deferred revenue

    beginning of year $232,495 · end of year $899,879

  • 23 · Secured mortgages and notes payable

    beginning of year $8,053,640 · end of year $8,079,479

  • 25 · Other liabilities

    beginning of year $4,732,228 · end of year $6,066,864

  • 27 · Net assets without donor restrictions

    beginning of year $16,806,075 · end of year $18,027,581

Mission and programs · 2023

Mission

NDC HOUSING AND ECONOMIC DEVELOPMENT CORPORATION WAS ORGANIZED FOR THE FOLLOWING CHARITABLE PURPOSES:A. TO CONSTRUCT NEW LOW INCOME HOUSING AND TO DEVELOP, MANAGE, OPERATE, PROMOTE, FUND, AND SUPPORT EXISTING LOW (CONT. ON SCHEDULE O)

Activities or mission (Part I)

NDC HOUSING AND ECONOMIC DEVELOPMENT CORPORATION WAS ORGANIZED FOR THE (CONT. ON SCHEDULE O) FOLLOWING CHARITABLE PURPOSES: TO CONSTRUCT NEW AND SUPPORT EXISTING SAFE AND ADEQUATE LOW-INCOME HOUSING FOR DISADVANTAGED PERSONS; THEREBY ASSISTING GENERALLY IN THE ALLEVIATION OF HOUSING SHORTAGES THROUGHOUT THE UNITED STATES; TO STIMULATE ECONOMIC DEVELOPMENT IN ECONOMICALLY DISTRESSED AREAS OF THE COUNTRY; AND TO ASSIST IN THE ERECTION AND MAINTENANCE OF PUBLIC BUILDINGS, MONUMENTS OR FACILITIES; TO LESSEN THE BURDENS OF GOVERNMENTS; AND TO PROMOTE SOCIAL WELFARE.

  • LOW INCOME HOUSING:HEDC IS A NATIONAL LEADER IN LOW-INCOME HOUSING THROUGH BOTH DEVELOPMENT AND INVESTMENT. WORKING IN PARTNERSHIP WITH NONPROFIT ORGANIZATIONS AND SERVICE PROVIDERS AROUND THE NATION, HEDC HAS DEVELOPED, FINANCED, OPERATED, AND/OR MANAGED MORE THAN 14,000 OF UNITS OF QUALITY, SAFE, ADEQUATE, AND AFFORDABLE LOW-INCOME HOUSING EQUATING TO BILLIONS OF DOLLARS OF INVESTMENT IN LOW-INCOME COMMUNITIES ACROSS THE COUNTRY.

    Expenses $8,244,462 · Grants $3,984,990 · Revenue $106,363,618

  • LESSENING THE BURDENS OF GOVERNMENT: HEDC ALSO PARTNERS WITH UNITS OF LOCAL GOVERNMENT TO ERECT AND MAINTAIN PUBLIC BUILDINGS, MONUMENTS, AND FACILITIES; AND TO PROMOTE SOCIAL WELFARE. THE UNDERLYING MISSION IS TO "LESSEN THE BURDEN OF GOVERNMENT". PROJECTS INCLUDE PUBLIC BUILDINGS AND CITY HALLS, EDUCATIONAL AND MEDICAL RESEARCH FACILITIES, STUDENT HOUSING, PARKING FACILITIES AND OTHER PUBLIC INFRASTRUCTURE.

    Expenses $995,373 · Grants $402,475 · Revenue $1,107,722

  • STIMULATE ECONOMIC DEVELOPMENT IN ECONOMICALLY DEPRESSED AREAS: HEDC WORKS WITH NONPROFIT ORGANIZATIONS, SERVICE PROVIDERS AND UNITS OF LOCAL GOVERNMENT TO STIMULATE ECONOMIC DEVELOPMENT IN THE ECONOMICALLY DEPRESSED NEIGHBORHOODS ACROSS THE NATION. WORKING THROUGH THE NEW MARKETS TAX CREDIT PROGRAM ALONG WITH OTHER FINANCING TOOLS FOR SMALL BUSINESSES AND NONPROFITS, HEDC CREATES EMPLOYMENT AND ENTREPRENEURIAL OPPORTUNITIES FOR DISADVANTAGED GROUPS AND INDIVIDUALS, COMBATS COMMUNITY DETERIORATION, AND ELIMINATES SLUM AND BLIGHT THROUGH NEW INVESTMENT IN LOW-INCOME COMMUNITIES TO REHABILITATE AND REVITALIZE NEIGHBORHOODS.(CONT. SEE SCHEDULE O)NDC COMMUNITY IMPACT LOAN FUND (CILF) UNGUARANTEED LENDING TO WOMEN, MINORITIES, AND INDIVIDUALS IN DISADVANTAGED COMMUNITIES. CILF, HEDC'S NATIONAL CDFI AND MEMBER OF THE FEDERAL HOME LOAN BANK OF NEW YORK, WORKS WITH PARTNER-COMMUNITIES AND INVESTORS THROUGHOUT THE UNITED STATES TO STIMULATE ECONOMIC DEVELOPMENT BY PROVIDING CAPITAL FOR TARGETED GROWTH IN ECONOMICALLY DEPRESSED AREAS. CILF ENGAGES DIRECTLY WITH SMALL BUSINESS OWNERS ACROSS THE COUNTRY BY EXTENDING LOW-COST AND FAIR FINANCING. CILF ALSO OPERATES AND PARTICIPATES IN LOAN PROGRAMS FUNDED BY BOTH PUBLIC AND PRIVATE CLIENTS, IN WHICH CILF ULTIMATELY MAKES END LOANS TO BORROWERS. CILF'S ACTIVITIES CREATE OR RETAIN JOBS, ALLOW BUSINESSES TO EXPAND, RESTRUCTURE DEBT, AND MAKE IT POSSIBLE FOR BUSINESS OWNERS TO CREATE WEALTH.

    Expenses $287,947 · Grants $125,060 · Revenue $344,199

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Adam Ennis

    BORD MEMBER/COO

    Total calculated
    $385,626
    From this org
    $0
    From related orgs
    $298,140
    Other
    $87,486
    Hours/week
    20 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $297,600 related
    Bonus
    $0
    Other
    $0 + $540 related
    Deferred
    $0 + $38,804 related
    Nontaxable benefits
    $0 + $48,682 related
    Filer's total
    $0 + $385,626 related

  • Charley Depew

    BOARD MEMBER

    Total calculated
    $313,001
    From this org
    $0
    From related orgs
    $247,953
    Other
    $65,048
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $242,208 related
    Bonus
    $0
    Other
    $0 + $5,745 related
    Deferred
    $0 + $46,896 related
    Nontaxable benefits
    $0 + $18,152 related
    Filer's total
    $0 + $313,001 related

  • Daniel Marsh III

    PRESIDENT/BD MEMBER

    Total calculated
    $682,734
    From this org
    $0
    From related orgs
    $519,444
    Other
    $163,290
    Hours/week
    2.75 + 52.25 related

    Schedule J breakdown matched by us

    Base
    $0 + $514,500 related
    Bonus
    $0
    Other
    $0 + $4,944 related
    Deferred
    $0 + $144,693 related
    Nontaxable benefits
    $0 + $18,597 related
    Filer's total
    $0 + $682,734 related

  • David J Trevisani

    BOARD MEMBERR/VP

    Total calculated
    $352,812
    From this org
    $0
    From related orgs
    $249,303
    Other
    $103,509
    Hours/week
    6 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $243,268 related
    Bonus
    $0
    Other
    $0 + $6,035 related
    Deferred
    $0 + $55,692 related
    Nontaxable benefits
    $0 + $47,817 related
    Filer's total
    $0 + $352,812 related

  • Gertrude Scriven

    BOARD MEMBER

    Total calculated
    $405,183
    From this org
    $0
    From related orgs
    $273,305
    Other
    $131,878
    Hours/week
    0.5 + 49.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $269,028 related
    Bonus
    $0
    Other
    $0 + $4,277 related
    Deferred
    $0 + $111,451 related
    Nontaxable benefits
    $0 + $20,427 related
    Filer's total
    $0 + $405,183 related

  • Kevin Gremse

    BOARD MEMBER

    Total calculated
    $373,664
    From this org
    $0
    From related orgs
    $269,640
    Other
    $104,024
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $267,318 related
    Bonus
    $0
    Other
    $0 + $2,322 related
    Deferred
    $0 + $52,616 related
    Nontaxable benefits
    $0 + $51,408 related
    Filer's total
    $0 + $373,664 related

  • Michael Griffin

    BOARD MEMBER

    Total calculated
    $443,605
    From this org
    $0
    From related orgs
    $354,428
    Other
    $89,177
    Hours/week
    45.5 + 4.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $352,106 related
    Bonus
    $0
    Other
    $0 + $2,322 related
    Deferred
    $0 + $51,834 related
    Nontaxable benefits
    $0 + $37,343 related
    Filer's total
    $0 + $443,605 related

  • Raquel Favela

    BOARD MEMBER

    Total calculated
    $325,199
    From this org
    $0
    From related orgs
    $271,994
    Other
    $53,205
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $270,868 related
    Bonus
    $0
    Other
    $0 + $1,126 related
    Deferred
    $0 + $32,983 related
    Nontaxable benefits
    $0 + $20,222 related
    Filer's total
    $0 + $325,199 related

  • Stephanie Dugan

    BOARD MEMBER

    Total calculated
    $336,653
    From this org
    $0
    From related orgs
    $247,304
    Other
    $89,349
    Hours/week
    38 + 12 related

    Schedule J breakdown matched by us

    Base
    $0 + $244,168 related
    Bonus
    $0
    Other
    $0 + $3,136 related
    Deferred
    $0 + $54,126 related
    Nontaxable benefits
    $0 + $35,223 related
    Filer's total
    $0 + $336,653 related

  • Daniel Choi

    VICE PRESIDENT

    Total calculated
    $308,511
    From this org
    $0
    From related orgs
    $225,345
    Other
    $83,166
    Hours/week
    2.5 + 47.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $224,950 related
    Bonus
    $0
    Other
    $0 + $395 related
    Deferred
    $0 + $34,222 related
    Nontaxable benefits
    $0 + $48,944 related
    Filer's total
    $0 + $308,511 related

  • Jennifer Vertrees

    SECRETARY

    Total calculated
    $195,307
    From this org
    $0
    From related orgs
    $110,863
    Other
    $84,444
    Hours/week
    25.5 + 24.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $110,032 related
    Bonus
    $0
    Other
    $0 + $831 related
    Deferred
    $0 + $39,406 related
    Nontaxable benefits
    $0 + $45,038 related
    Filer's total
    $0 + $195,307 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

  • 4b · Supplemental nonqualified retirement plan

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
THE FOLLOWING INDIVIDUALS PARTICIPATE IN A SUPPLEMENTAL 457(F) EXECUTIVE RETIREMENT PLAN, NO CONTRIBUTIONS WERE MADE DURING THE YEAR. - DANIEL MARSH III - GERTRUDE SCRIVEN

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

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.

  • NDC AFFORDABLE HOUSING LLC

    AFFORDABLE HOUSING · DE · income -$4,391 · assets $8,475,268

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORP

Related partnerships

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

  • NDC CORPORATE EQUITY FUND III

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND IV

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND V

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income $6 · share of assets $307 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND VI

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$23 · share of assets $203 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND VII

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$12 · share of assets $511 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND VIII

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of assets $124 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND IX

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$293 · share of assets $733 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND X

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$387 · share of assets $885 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XI

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$392 · share of assets $1,284 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XII

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$511 · share of assets $2,660 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XIII

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$556 · share of assets $3,115 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XIV

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$582 · share of assets $4,056 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XV

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$379 · share of assets $5,236 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XVI

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$692 · share of assets $6,760 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XVII LP

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$896 · share of assets $8,728 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XVIII

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$445 · share of assets $9,370 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XIX

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$312 · share of assets $9,999 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XX

    DEVELOPMENT · LOW INCOME HOUSING · NY · 100% owned · share of income -$127,404 · share of assets $44,751,672 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

Related corporations and trusts

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

  • NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

    C · HOUSING · NY

  • COMMUNITY DEVELOPMENT GROUP ILLINOIS INC

    C · HOUSING · NY

  • COMMUNITY DEVELOPMENT GROUP KENTUCKY INC

    C · ECONOMIC DEVELOPMENT · NY

  • COMMUNITY DEVELOPMENT GROUP RENEWABLE ENERGY

    C · ECONOMIC DEVELOPMENT · NY

  • COMMUNITY DEVELOPMENT GROUP WALLA WALLA INC

    C · ECONOMIC DEVELOPMENT · NY

  • COMMUNITY DEVELOPMENT INVESTOR BROOKLYN

    C · ECONOMIC DEVELOPMENT · NY

  • HOUSING DEVELOPMENT GROUP III INC

    C · HOUSING · NY

  • NDC GREEN RENEWABLE ENERGY ENTERPRISE NEXUS

    C · ECONOMIC DEVELOPMENT · NY

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202433209349311948

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