New Orleans Redevelopment Unlimited Inc
- Assets
- $5.8m
- Revenue
- $1.4m
- Investments
- $3.1m
- Employees
- 0
- Location
- New Orleans, LA
- Founding
- 06/2005
- Data as of
- 12/2021
- EIN
- 03-0517961
Organization Overview
New Orleans Redevelopment Unlimited Inc is located in New Orleans, LA. The organization was established in 2005. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Orleans Redevelopment Unlimited Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, New Orleans Redevelopment Unlimited Inc generated $1.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $1.4m during the year ending 12/2021. While expenses have increased by 1.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
NEW ORLEANS REDEVELOPMENT UNLIMITED, INC. (NORU) WAS FOUNDED IN 2004 TO: - ELIMINATE AND PREVENT THE DEVELOPMENT OR SPREAD OF SLUMS. - PROMOTE NEIGHBORHOOD REVITALIZATION, BLIGHT REMOVAL, COMMUNITY DEVELOPMENT AND CONSTRUCTION OF AFFORDABLE HOUSING THAT IS DECENT, SAFE AND SANITARY FOR LOW AND MODERATE INCOME FAMILIES, INCLUDING SUPPORT OF EFFORTS OF ENTITIES SO ENGAGED THROUGH LOANS WITH REPAYMENTS. - ALLOW THE REHABILITATION, CLEARANCE AND REDEVELOPMENT OF SLUMS AND BLIGHTED AREAS IN THE CITY OF NEW ORLEANS TO INCLUDE BUT NOT LIMITED TO COMMUNITY IMPROVEMENT PLANS OR PROJECTS APPROVED BY THE GOVERNING BODY OF THE CITY OF NEW ORLEANS. - ACQUIRE PROPERTY BY NEGOTIATION OR GIFT. - DISPOSE OF PROPERTY BY SALE, LEASE OR GIFT. - OWN REAL ESTATE, TO BUY OR SELL, DEVELOP OR LEASE, AND GENERALLY HANDLE, MOVEABLE AND IMMOVABLE PROPERTY OF EVERY NATURE AND KIND. - DO ANY AND ALL THINGS NECESSARY WITH FULL AUTHORITY TO PERFORM ALL ACTS NECESSARY OR PROPER TO ACCOMPLISH THE PURPOSE EXPRESSED OR I
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACQUIRED THROUGH DONATIONS, THE BLIGHTED PROPERTIES ARE RESTORED TO COMMERCE THROUGH SALES OR TRANSFER TO LOW INCOME RESIDENTS. FURTHER NORU CONTINUES TO PARTICIPATE IN VARIOUS CONSTRUCTION PROJECT INVOLVING HOUSING FOR LOW INCOME RESIDENTS THROUGH A COOPERATIVE AGREEMENT WITH NORA, THROUGH FUNDING BY HUD AND THE STATE OF LOUISIANA.
SEE PURPOSE ACCOMPLISHMENT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darrick Leboeuf Secretary Tr | OfficerTrustee | $0 | |
Richard Cortizas Vice Preside | OfficerTrustee | $0 | |
Wayne Woods President | OfficerTrustee | $0 | |
Lynette Colin Member | Trustee | $0 | |
Ben Tiller Member | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,206,342 |
| All other contributions, gifts, grants, and similar amounts not included above | $145,774 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,352,116 |
| Total Program Service Revenue | $0 |
| Investment income | $9,651 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,361,992 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $158,022 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $34,378 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,357 |
| All other expenses | $128 |
| Total functional expenses | $1,368,355 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $110,487 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $884,641 |
| Accounts receivable, net | $1,212 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,647,248 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $660 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,130,407 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,774,655 |
| Accounts payable and accrued expenses | $139,063 |
| Grants payable | $0 |
| Deferred revenue | $1,067,248 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $3,742,213 |
| Other liabilities | $722,493 |
| Total liabilities | $5,671,017 |
| Net assets without donor restrictions | $103,638 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,774,655 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that New Orleans Redevelopment Unlimited Inc has recieved totaling $400,000.
| Awarding Organization | Amount |
|---|---|
Ford Foundation New York, NY PURPOSE: TO STRENGTHEN THE AFFORDABLE HOUSING PUBLIC SECTOR ECOSYSTEM IN NEW ORLEANS | $150,000 |
Ford Foundation New York, NY PURPOSE: TO STRENGTHEN THE AFFORDABLE HOUSING PUBLIC SECTOR ECOSYSTEM IN NEW ORLEANS | $150,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF NEIGHBORHOOD REVITALIZATION | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bst Senior Living West Inc San Antonio, TX | $112,083,644 | $24,466,156 |
Incarnate Word Retirement Community Inc San Antonio, TX | $10,969,268 | $19,152,851 |
Woldenberg Village Inc New Orleans, LA | $27,827,418 | $14,584,574 |
Bst Senior Living East Inc San Antonio, TX | $59,251,034 | $9,119,781 |
George Gervin Youth Center Inc San Antonio, TX | $26,261,586 | $16,043,559 |
Methodist Retirement Communities The Woodlands, TX | $24,592,359 | $13,174,524 |
Lutheran Sunset Ministries Clifton, TX | $33,524,752 | $11,876,398 |
Methodist Retirement Communities The Woodlands, TX | $7,640,835 | $12,110,100 |
Wichita Falls Retirement Foundation Wichita Falls, TX | $25,020,242 | $10,435,420 |
Clarewood House Inc Houston, TX | $39,870,048 | $13,058,539 |
Air Force Villages Inc San Antonio, TX | $80,391,494 | $13,740,671 |
Methodist Retirement Communities The Woodlands, TX | $7,196,383 | $10,481,539 |