New Neighborhoods Inc
- Assets
- $33.8m
- Revenue
- $5.4m
- Investments
- $0.0
- Employees
- 64
- Location
- Stamford, CT
- Founding
- 03/1970
- Data as of
- 12/2022
- EIN
- 06-0864050
Organization Overview
New Neighborhoods Inc is located in Stamford, CT. The organization was established in 1970. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, New Neighborhoods Inc employed 64 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Neighborhoods 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 12/2022, New Neighborhoods Inc generated $5.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $7.0m during the year ending 12/2022. While expenses have increased by 5.5% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
NEW NEIGHBORHOODS, INC.'S PURPOSE IS TO DEVELOP, REDEVELOP, OWN AND MANAGE QUALITY HOUSING FOR LOW AND MODERATE INCOME PERSONS AND FAMILIES AND TO WORK TO ASSIST IN THE PLANNING, RE-PLANNING, DEVELOPMENT AND IMPROVEMENT OF LOW AND MODERATE INCOME COMMUNITIES IN CONNECTICUT, WITH A FOCUS ON LOWER FAIRFIELD COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEW NEIGHBORHOODS IS AN OWNER OF SEVERAL REAL ESTATE COMPANIES AND PARTNERSHIPS WHICH OWN OVER 440 UNITS WHICH ARE RENTED TO LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES, WHICH INCLUDE SUPPORTIVE, VETERAN AND SENIOR UNITS IN STAMFORD, NORWALK AND DANBURY, CT.
NEW NEIGHBORHOODS, INC. PROVIDES SERVICES THAT FOCUSES ON MAXIMIZING RETURN AND PROPERTY VALUE AND THE DAY TO DAY MANAGEMENT ACTIVITIES OF THE DIFFERENT PROJECTS UNDER THEIR CONTROL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert O'brien Past Chairman | OfficerTrustee | 2 | $0 |
Philip Swan Treasurer | OfficerTrustee | 2 | $0 |
Ellen P Tower Secretary | OfficerTrustee | 1 | $0 |
Kevin George Chairman | Trustee | 1 | $0 |
Ronald Corwin Governance Committee Chair | Trustee | 1 | $0 |
Peter Helmes Chair Of Project Developme | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $296,332 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $114,202 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $410,534 |
| Total Program Service Revenue | $5,028,671 |
| Investment income | $0 |
| 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 | $5,439,205 |
| 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 | $2,616,683 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $131,169 |
| Other employee benefits | $443,456 |
| Payroll taxes | $53,758 |
| Fees for services: Management | $71,078 |
| Fees for services: Legal | $73,423 |
| Fees for services: Accounting | $33,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,800 |
| Office expenses | $75,183 |
| Information technology | $141,636 |
| Royalties | $0 |
| Occupancy | $134,620 |
| 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 | $5,194 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $7,023,954 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,327,600 |
| Savings and temporary cash investments | $10,900,133 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $95,262 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $341,021 |
| Net Land, buildings, and equipment | $12,063,256 |
| Investments—publicly traded securities | $2,995,440 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $500,000 |
| Other assets | $2,533,207 |
| Total assets | $33,755,919 |
| Accounts payable and accrued expenses | $706,627 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $30,905,979 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $154,342 |
| Total liabilities | $31,766,948 |
| Net assets without donor restrictions | $1,983,971 |
| Net assets with donor restrictions | $5,000 |
| 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 | $33,755,919 |