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← NEWSED COMMUNITY DEVELOPMENT CORPORATION INC

Form 990 for tax year 2023

Filed by NEWSED COMMUNITY DEVELOPMENT CORPORATION INC.

Totals

Total revenue
$1,523,474
Total expenses
$1,529,407
Contributions and grants received
$1,275,194
Grants paid
$0
Program service revenue
$294,835
Investment income
$10,255
Other revenue
-$56,810
Total assets, end of year
$7,209,233
Total liabilities, end of year
$2,825,038
Net assets or fund balances, end of year
$4,384,195
Program services expenses (Part IX)
$1,148,186
Management and general expenses
$322,810
Fundraising expenses
$58,411
Program service expenses (Part III)
$1,148,186

Program services were 75.1% 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

    $481,641

  • 1e · Government grants (contributions)

    $549,697

  • 1f · All other contributions, gifts and grants

    $243,856

  • 2a · Program service revenue: PROPERTY MANAGEMENT

    total $292,128 · related or exempt $292,128

  • 2b · Program service revenue: MANAGEMENT FEES

    total $2,707 · related or exempt $2,707

  • 3 · Investment income

    total $10,255 · excluded $10,255

  • 8a · Fundraising events: gross income

    $242,337

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

    $481,641

  • 8b · Fundraising events: direct expenses

    $481,298

  • 8c · Net income from fundraising events

    total -$238,961 · excluded -$238,961

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $182,151 · related or exempt $182,151

  • 11e · Other revenue, total

    $182,151

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $122,112 · program services $96,507 · management and general $18,622 · fundraising $6,983

  • 7 · Other salaries and wages

    total $580,617 · program services $458,642 · management and general $88,709 · fundraising $33,266

  • 9 · Other employee benefits

    total $50,755 · program services $40,433 · management and general $7,507 · fundraising $2,815

  • 10 · Payroll taxes

    total $61,436 · program services $47,920 · management and general $9,830 · fundraising $3,686

  • 11g · Fees: other

    total $178,504 · program services $10,119 · management and general $168,239 · fundraising $146

  • 12 · Advertising and promotion

    total $15,674 · program services $12,226 · management and general $2,508 · fundraising $940

  • 13 · Office expenses

    total $17,007 · program services $13,755 · management and general $2,365 · fundraising $887

  • 16 · Occupancy

    total $97,710 · program services $87,810 · management and general $7,200 · fundraising $2,700

  • 19 · Conferences, conventions and meetings

    total $5,445 · program services $4,247 · management and general $871 · fundraising $327

  • 20 · Interest

    total $44,521 · program services $44,124 · management and general $397

  • 22 · Depreciation, depletion and amortization

    total $89,542 · program services $89,542

  • 23 · Insurance

    total $16,859 · program services $13,150 · management and general $2,697 · fundraising $1,012

  • 24a · Other expenses: PROPERTY TAXES

    total $148,662 · program services $148,662

  • 24b · Other expenses: MISCELLANEOUS

    total $48,773 · program services $36,410 · management and general $7,493 · fundraising $4,870

  • 24c · Other expenses: BUILDING MAINT AND REPAIR

    total $25,129 · program services $25,077 · management and general $38 · fundraising $14

  • 24d · Other expenses: DUES AND SUBSCRIPTIONS

    total $15,254 · program services $12,448 · management and general $2,041 · fundraising $765

  • 24e · All other expenses

    total $11,407 · program services $7,114 · management and general $4,293

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $711,164 · end of year $1,127,298

  • 3 · Pledges and grants receivable

    end of year $114,493

  • 4 · Accounts receivable

    beginning of year $80,895 · end of year $44,711

  • 7 · Other notes and loans receivable

    beginning of year $3,558,530 · end of year $3,679,867

  • 9 · Prepaid expenses and deferred charges

    beginning of year $96,625 · end of year $44,843

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

    $3,590,993

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

    $1,444,126

  • 10c · Land, buildings and equipment, net

    beginning of year $3,601,943 · end of year $2,146,867

  • 15 · Other assets

    beginning of year $372,089 · end of year $51,154

  • 17 · Accounts payable and accrued expenses

    beginning of year $394,557 · end of year $226,223

  • 19 · Deferred revenue

    beginning of year $3,693 · end of year $683,960

  • 23 · Secured mortgages and notes payable

    beginning of year $2,543,267 · end of year $1,699,601

  • 25 · Other liabilities

    beginning of year $237,561 · end of year $215,254

  • 27 · Net assets without donor restrictions

    beginning of year $4,159,068 · end of year $3,301,095

  • 28 · Net assets with donor restrictions

    beginning of year $1,083,100 · end of year $1,083,100

Mission and programs · 2023

Mission

NEWSED COMMUNITY DEVELOPMENT CORPORATION, INC. (NEWSED CDC) WAS CREATED TO DEVELOP LOW INCOME HOUSING OPPORTUNITES, TO IDENTIFY AND ELIMINATE DISCRIMINATION IN THE HOUSING AREA, AND TO RAISE ECONOMIC, EDUCATIONAL, CULTURAL AND SOCIAL LEVEL OF THE RESIDENTS ON THE CITY AND COUNTY OF DENVER .

  • HOMEOWNERSHIP COUNSELING: SINCE THE BEGINNING OF NEWSED CDC'S HOME BUYER COUNSELING PROGRAM OVER ONE THOUSAND CLIENTS HAVE BEEN SUCCESSFULLY TRANSITIONED INTO HOMEOWNERSHIP. FORECLOSURE COUNSELING: NEWSED CDC PROVIDES FORECLOSURE PREVENTION COUNSELING TO THOSE FACING THIS FINANCIAL CRISIS. OUR HIGHLY TRAINED AND EXPERIENCED COUNSELORS HAVE WORKED WITH HUNDREDS OF CLIENTS. HOMEBUYER WORKSHOPS & ONLINE EDUCATION: NEWSED CDC'S HOMEBUYER WORKSHOPS ARE DESIGNED TO HELP NAVIGATE THE PATH TO HOMEOWNERSHIP FOR FREE. NEWSED CDC ONLINE EDUCATION COURSES WERE DEVELOPED BY A HUD CERTIFIED NONPROFIT AGENCY AND AFTER COMPLETION, THE CLIENT WILL MEET CHFA REQUIREMENTS. NEWSED CDC WORKS IN COLLABORATION WITH COMMUNITY FINANCIAL PARTNERS TO OFFER A SERIES OF FINANCIAL CLASSES. THE CLASSES ARE DESIGNED TO HELP PARTICIPANTS IMPROVE THEIR OVERALL AND LONG-TERM FINANCIAL SITUATION. PARTICIPANTS ARE PROVIDED WITH THE BASICS OF MONEY MANAGEMENT TO BE ABLE TO INCREASE THEIR SAVINGS AND ACCOMPLISH THEIR FINANCIAL GOALS.

    Expenses $506,279

  • PROPERTY MANAGEMENT: MAINTAIN HOUSING PROJECTS IN THE DENVER AREA SPECIFICALLY DESIGNED TO SUPPORT LOW-INCOME HOUSEHOLDS.

    Expenses $431,866 · Revenue $294,835

  • HOUSING DEVELOPMENT: NEWSED CDC PURCHASES, REPAIRS, AND RESELLS FORMERLY FORECLOSED HOMES FROM PRIVATE LENDERS TO INCOME ELIGIBLE HOUSEHOLDS. REAL ESTATE DEVELOPMENT: NEWSED CDC DEVELOPS COMMERCIAL, RESIDENTIAL AND MIXED USE REAL ESTATE. IN TOTAL, NEWSED CDC HAS DEVELOPED OVER 650,000 SQUARE FEET OF HOUSING AND RETAIL/COMMERCIAL REAL ESTATE OVER THE LAST THREE DECADES.

    Expenses $210,041

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

Listed in Part VII

  • Sarah Geis

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Marie Esqueda

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jennifer Brezicha

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Greg Totten

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Nicole Marquez

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jose Aragon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Larry Martinez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jon Peterson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Andrea Barela

    PRESIDENT &

    Total calculated
    $122,113
    From this org
    $115,000
    From related orgs
    $0
    Other
    $7,113
    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.

  • SHERIDAN HOMES LLC

    HOUSING · CO · income $141,822

    Directly controlled by NEWSED CDC

  • WEST 10TH AVENUE LLC

    HOUSING · CO · income -$5,446 · assets $1,866,661

    Directly controlled by NEWSED CDC

Related partnerships

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

  • WEST 10TH AVENUE

    HOUSING · CO · 0.01% owned · general or managing partner

    Directly controlled by WEST 10TH

  • CHAFFEE PARK SENIOR RESIDENCES LLLP

    HOUSING · CO · 0.01% owned · general or managing partner

    Directly controlled by BURGWYN N

  • BURGWYN NEWSED LLC

    HOUSING · CO · 15% owned

    Directly controlled by NEWSED CHA

  • SHOSHONE SENIOR RESIDENCES LLLP

    HOUSING · CO · 0.01% owned · general or managing partner

    Directly controlled by BN CHAFFEE

  • BN CHAFEE 2 LLC

    HOUSING · CO · 15% owned

    Directly controlled by NEWSED SHO

  • BURGWYN NEWSED DEVOPERS LLC

    HOUSING · CO · 15% owned

    Directly controlled by NEWSED CDC

Related corporations and trusts

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

  • NEWSED SHOSHONE LLC

    C CORP · HOUSING · CO

    Directly controlled by NEWSED CDC

  • NEWSED CHAFFEE LLC

    C CORP · HOUSING · CO

    Directly controlled by NEWSED CDC

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.0
Source object
202433209349320073

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