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Nonprofiteer
← GREATER NEW ORLEANS DEVELOPMENT FOUNDATION

Form 990 for tax year 2022

Filed by GREATER NEW ORLEANS DEVELOPMENT FOUNDATION.

Totals

Total revenue
$2,831,617
Total expenses
$3,117,822
Contributions and grants received
$2,807,873
Grants paid
$352,150
Program service revenue
$184,092
Investment income
-$160,348
Other revenue
$0
Total assets, end of year
$2,647,279
Total liabilities, end of year
$569,237
Net assets or fund balances, end of year
$2,078,042
Program services expenses (Part IX)
$2,584,396
Management and general expenses
$533,426
Fundraising expenses
$0
Program service expenses (Part III)
$2,584,396

Program services were 82.9% 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)

    $1,314,287

  • 1f · All other contributions, gifts and grants

    $1,493,586

  • 1g · Noncash contributions included above

    $547

  • 2a · Program service revenue: MANAGEMENT FEES

    total $117,671 · related or exempt $117,671

  • 2b · Program service revenue: SPONSORSHIP

    total $51,261 · related or exempt $51,261

  • 2c · Program service revenue: WORKFORCE SUMMIT

    total $15,160 · related or exempt $15,160

  • 3 · Investment income

    total $2,496 · excluded $2,496

  • 7b · Less cost or other basis and sales expenses

    securities $162,844

  • 7c · Gain or loss

    securities -$162,844

  • 7d · Net gain or loss

    total -$162,844 · excluded -$162,844

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $352,150 · program services $352,150

  • 7 · Other salaries and wages

    total $669,312 · management and general $669,312

  • 8 · Pension plan contributions

    total $13,799 · management and general $13,799

  • 10 · Payroll taxes

    total $48,005 · management and general $48,005

  • 11a · Fees: management

    total $1,132,334 · program services $845,332 · management and general $287,002

  • 11b · Fees: legal

    total $2,438 · program services $2,438

  • 11c · Fees: accounting

    total $2,900 · management and general $2,900

  • 11g · Fees: other

    total $528,029 · program services $294,489 · management and general $233,540

  • 12 · Advertising and promotion

    total $3,990 · program services $3,990

  • 13 · Office expenses

    total $13,793 · program services $8,187 · management and general $5,606

  • 14 · Information technology

    total $64,173 · program services $64,455 · management and general -$282

  • 16 · Occupancy

    total $9,900 · program services $9,900

  • 17 · Travel

    total $40,511 · program services $36,042 · management and general $4,469

  • 19 · Conferences, conventions and meetings

    total $64,850 · program services $63,632 · management and general $1,218

  • 23 · Insurance

    total $37,061 · management and general $37,061

  • 24a · Other expenses: DEVELOPMENT

    total $57,893 · program services $57,143 · management and general $750

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $50,483 · management and general $50,483

  • 24c · Other expenses: PARKING

    total $16,725 · management and general $16,725

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $7,705 · program services $472 · management and general $7,233

  • 24e · All other expenses

    total $1,771 · program services $846,166 · management and general -$844,395

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $600,431 · end of year $194,898

  • 2 · Savings and temporary cash investments

    beginning of year $573,418 · end of year $862,587

  • 4 · Accounts receivable

    beginning of year $656,387 · end of year $695,229

  • 11 · Investments: publicly traded securities

    beginning of year $1,057,410 · end of year $894,565

  • 17 · Accounts payable and accrued expenses

    beginning of year $513,899 · end of year $514,479

  • 19 · Deferred revenue

    beginning of year $9,500 · end of year $54,758

  • 27 · Net assets without donor restrictions

    beginning of year $1,939,765 · end of year $1,708,135

  • 28 · Net assets with donor restrictions

    beginning of year $424,482 · end of year $369,907

Listed in Part VII

  • DALE BENOIT

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • PATRICIA LEBLANC

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM HOFFMAN

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ELAINE GARVEY

    SECRETARY & TREASURER

    Total calculated
    $0
    Hours/week
    1

  • JAMES MOFFETT

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • GAY LE BRETON

    CHAIRWOMAN ELECT

    Total calculated
    $0
    Hours/week
    1

  • GUY WILLIAMS

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • PHILIP GUNN

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • TOMMY FAUCHEUX

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • BRYAN HODNETT

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • PAUL MATTHEWS

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • TARA HERNANDEZ

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MAURA DONAHUE

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL HECHT

    PRESIDENT & CEO

    Total calculated
    $768,087
    From this org
    $0
    From related orgs
    $729,118
    Other
    $38,969
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $524,428 related
    Bonus
    $0 + $195,000 related
    Other
    $0 + $9,690 related
    Deferred
    $0 + $9,150 related
    Nontaxable benefits
    $0 + $29,819 related
    Filer's total
    $0 + $768,087 related

  • JOSHUA TATUM

    DIRECTOR OF STRATEGIC INITIATIVES

    Total calculated
    $112,656
    From this org
    $0
    From related orgs
    $102,183
    Other
    $10,473
    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

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
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202323199349313597

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