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Nonprofiteer
← NEIGHBORHOOD DEVELOPMENT CENTER INC

Form 990 for tax year 2023

Filed by NEIGHBORHOOD DEVELOPMENT CENTER INC.

Totals

Total revenue
$10,163,231
Total expenses
$7,569,563
Contributions and grants received
$8,691,148
Grants paid
$623,718
Program service revenue
$1,047,586
Investment income
$218,361
Other revenue
$206,136
Total assets, end of year
$42,614,419
Total liabilities, end of year
$23,648,602
Net assets or fund balances, end of year
$18,965,817
Program services expenses (Part IX)
$6,520,172
Management and general expenses
$877,583
Fundraising expenses
$171,808
Program service expenses (Part III)
$6,520,172

Program services were 86.1% 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

    $15,000

  • 1e · Government grants (contributions)

    $5,584,764

  • 1f · All other contributions, gifts and grants

    $3,091,384

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $474,891 · related or exempt $474,891

  • 2b · Program service revenue: PROPERTY MGMT FEES

    total $218,651 · related or exempt $218,651

  • 2c · Program service revenue: CONTRACT INCOME

    total $192,995 · related or exempt $192,995

  • 2d · Program service revenue: OTHER INCOME

    total $67,368 · related or exempt $67,368

  • 2e · Program service revenue: NOTE INTEREST INCOME

    total $62,121 · related or exempt $62,121

  • 2f · All other program service revenue

    total $31,560 · related or exempt $31,560

  • 3 · Investment income

    total $218,361 · excluded $218,361

  • 6a · Gross rents

    real property $480,399

  • 6b · Less rental expenses

    real property $260,308

  • 6c · Rental income or loss

    real property $220,091

  • 6d · Net rental income or loss

    total $220,091 · related or exempt $220,091

  • 8a · Fundraising events: gross income

    $0

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

    $15,000

  • 8b · Fundraising events: direct expenses

    $13,955

  • 8c · Net income from fundraising events

    total -$13,955 · excluded -$13,955

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $623,718 · program services $623,718

  • 5 · Compensation of officers, directors and key employees

    total $1,275,108 · program services $907,120 · management and general $311,293 · fundraising $56,695

  • 7 · Other salaries and wages

    total $1,721,104 · program services $1,605,327 · management and general $96,505 · fundraising $19,272

  • 9 · Other employee benefits

    total $293,399 · program services $284,035 · management and general $5,885 · fundraising $3,479

  • 10 · Payroll taxes

    total $235,986 · program services $201,382 · management and general $28,908 · fundraising $5,696

  • 11b · Fees: legal

    total $15,154 · management and general $15,154

  • 11c · Fees: accounting

    total $66,250 · management and general $66,250

  • 11g · Fees: other

    total $403,950 · program services $405,163 · management and general -$32,923 · fundraising $31,710

  • 12 · Advertising and promotion

    total $419,111 · program services $201,266 · management and general $189,298 · fundraising $28,547

  • 16 · Occupancy

    total $740,897 · program services $637,605 · management and general $90,898 · fundraising $12,394

  • 17 · Travel

    total $46,489 · program services $20,115 · management and general $23,206 · fundraising $3,168

  • 19 · Conferences, conventions and meetings

    total $76,555 · program services $21,410 · management and general $48,525 · fundraising $6,620

  • 20 · Interest

    total $140,469 · program services $140,469

  • 22 · Depreciation, depletion and amortization

    total $9,553 · program services $7,928 · management and general $1,434 · fundraising $191

  • 23 · Insurance

    total $74,557 · program services $59,465 · management and general $13,281 · fundraising $1,811

  • 24a · Other expenses: MIDTOWN GLOBAL MARKET

    total $675,833 · program services $675,833

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $434,186 · program services $434,186

  • 24c · Other expenses: PROJECT EXPENSES

    total $292,767 · program services $289,212 · management and general $3,555

  • 24d · Other expenses: EQUIPMENT MAINTENANCE

    total $13,932 · program services $416 · management and general $11,894 · fundraising $1,622

  • 24e · All other expenses

    total $10,545 · program services $5,522 · management and general $4,420 · fundraising $603

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,247,913 · end of year $2,712,217

  • 2 · Savings and temporary cash investments

    beginning of year $6,563,972 · end of year $10,509,387

  • 3 · Pledges and grants receivable

    beginning of year $1,146,636 · end of year $765,669

  • 4 · Accounts receivable

    beginning of year $1,119,787 · end of year $549,422

  • 5 · Loans and receivables from officers and key people

    end of year $227,308

  • 7 · Other notes and loans receivable

    beginning of year $13,172,762 · end of year $14,725,536

  • 9 · Prepaid expenses and deferred charges

    beginning of year $69,120 · end of year $54,195

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

    $4,309,499

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

    $1,086,491

  • 10c · Land, buildings and equipment, net

    beginning of year $2,263,527 · end of year $3,223,008

  • 15 · Other assets

    beginning of year $10,092,436 · end of year $9,847,677

  • 17 · Accounts payable and accrued expenses

    beginning of year $956,142 · end of year $365,343

  • 19 · Deferred revenue

    beginning of year $90,348 · end of year $412,458

  • 23 · Secured mortgages and notes payable

    beginning of year $11,623,528 · end of year $12,183,516

  • 24 · Unsecured notes and loans payable

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

  • 25 · Other liabilities

    beginning of year $10,298,060 · end of year $10,393,992

  • 27 · Net assets without donor restrictions

    beginning of year $10,820,507 · end of year $11,237,359

  • 28 · Net assets with donor restrictions

    beginning of year $5,594,275 · end of year $7,728,458

Mission and programs · 2023

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. FOUR OF THE LOANS FROM PROGRAM 2 WERE REAL ESTATE LOANS, TOTALING $977,000.

    Expenses $2,154,125 · Revenue $506,110

  • LENDING AND FINANCING PROGRAM - PROVIDES FUNDS TO START-UP AND EXISTING BUSINESSES. IN 2023, 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 44 LOANS IN 2023, TOTALING $3,838,858, IN PRIORITY AND OTHER NEIGHBORHOODS, AS FOLLOWS: - 19 SMALL BUSINESS LOANS (LARGER THAN $50K) - 25 MICROLOANS ($50K OR LESS)IN ADDITION, NDC APPROVED 45 CREDIT-BUILDER LOANS IN 2023, TOTALING $13,500.ALSO, THE LENDING DEPARTMENT ADMINISTERED TWO GRANT PROGRAMS IN 2023 - THE NDC EMERGENCY GRANTS PROGRAM, WHERE 26 BUSINESSES RECEIVED GRANTS TOTALING $72,000. - THE EQUITY GRANTS PROGRAM, WHERE 13 BUSINESSES RECEIVED GRANTS TOTALING $58,500.

    Expenses $1,732,397 · Grants $623,718 · Revenue $537,012

  • TECHNICAL ASSISTANCE PROGRAM - SUPPORTS THE GROWTH OF NEW AND EXISTING BUSINESSES IN THE COMMUNITY. IN 2023, NDC PROVIDED 2,918 HOURS OF BUSINESS SERVICES TO 384 BUSINESSES IN ITS PRIORITY AND OTHER NEIGHBORHOODS.

    Expenses $1,765,574 · Revenue $224,555

  • 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 2023, NDC AND ITS NEIGHBORHOOD PARTNERS OFFERED 15 ENTREPRENEUR TRAINING CLASSES TO 181 ENROLLED ASPIRING ENTREPRENEURS FROM VARIOUS ETHNIC GROUPS AND NEIGHBORHOODS. IN ADDITION, ASPIRING ENTREPRENEURS RECEIVED 364 HOURS OF ONE-ON-ONE TRAINING CONSULTATIONS. DURING THE SAME YEAR, NDC ALSO OFFERED 57 BUSINESS-RELATED WORKSHOPS TO 391 ENTREPRENEURS.

    Expenses $868,076

As filed on the 2023 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

  • Mihailo Temali

    CEO

    Total calculated
    $204,627
    From this org
    $178,241
    From related orgs
    $0
    Other
    $26,386
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,241
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $26,386
    Filer's total
    $204,627

  • Renay Dossman

    EXECUTIVE DIRECTOR

    Total calculated
    $253,873
    From this org
    $224,725
    From related orgs
    $0
    Other
    $29,148
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,725
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $29,148
    Filer's total
    $253,873

  • Kathy Moriarty

    CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $141,208
    From this org
    $122,577
    From related orgs
    $0
    Other
    $18,631
    Hours/week
    40

  • Tammie Nasseff

    CHIEF FINANCIAL OFFICER

    Total calculated
    $143,638
    From this org
    $124,960
    From related orgs
    $0
    Other
    $18,678
    Hours/week
    40

  • Ben Johnson

    SENIOR REAL ESTATE DIRECTOR

    Total calculated
    $138,518
    From this org
    $112,639
    From related orgs
    $0
    Other
    $25,879
    Hours/week
    40

  • Elisa Pluhar

    CHIEF INNOVATION AND STRATEGY OFFICER

    Total calculated
    $118,554
    From this org
    $105,096
    From related orgs
    $0
    Other
    $13,458
    Hours/week
    40

  • Shahir Admed-Riddle

    VICE PRESIDENT BUSINESS SERVICES

    Total calculated
    $133,483
    From this org
    $108,825
    From related orgs
    $0
    Other
    $24,658
    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 · 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

  • GROCERIES AND NEPALI KITCHEN INC

    $85,000

    PASS-THROUGH GRANT

  • MGM

    $75,000

    PASS-THROUGH GRANT

  • PRINT & BUY

    $54,548

    PASS-THROUGH GRANT

  • VAMO LLC

    $42,275

    PASS-THROUGH GRANT

  • 1

    $21,265

    PASS-THROUGH GRANT

  • NEIGHBORHOOD COMMERCIAL SPACES LLC

    $20,930

    PASS-THROUGH GRANT

  • NICE GUYS CORPORATION

    $12,099

    PASS-THROUGH GRANT

  • FROGTOWN ENTREPRENEUR CENTER

    $10,843

    PASS-THROUGH GRANT

  • BLACK ENTREPRENEUR STATE FAIR ORGANIZATIO

    $10,000

    PASS-THROUGH GRANT

  • RJM PRINTING INC

    $9,869

    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 $71,645 · assets $459,320

    Directly controlled by NEIGHBORHOOD DEVELOPMENT CENTER

  • NDC REDI II LLC

    REAL ESTATE LENDING · MN · income $0 · assets $2,737

    Directly controlled by NEIGHBORHOOD DEVELOPMENT CENTER

  • NDC REDI LLC

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

    Directly controlled by NEIGHBORHOOD DEVELOPMENT CENTER

  • NCS LLC

    OPERATE COMMERCIAL RENTAL REAL ESTATE · MN · income $220,290 · assets $3,048,181

    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
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202423199349316392

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