Near East Area Renewal Inc
- Assets
- $4.3m
- Revenue
- $439.4k
- Investments
- $0.0
- Employees
- 4
- Location
- Indianapolis, IN
- Founding
- 01/2004
- Data as of
- 06/2024
- EIN
- 20-0146547
Organization Overview
Near East Area Renewal Inc is located in Indianapolis, IN. The organization was established in 2004. According to its NTEE Classification (L81) the organization is classified as: Home Improvement & Repairs, under the broad grouping of Housing & Shelter and related organizations. As of 06/2024, Near East Area Renewal Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Near East Area Renewal 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 06/2024, Near East Area Renewal Inc generated $439.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (28.7%) each year. All expenses for the organization totaled $708.8k during the year ending 06/2024. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
NEAR EAST AREA RENEWAL ("NEAR") DEVELOPS COMMUNITY BY CREATING GREAT PLACES WITH NEIGHBORS. WE EXPRESS THIS MISSION THROUGH EQUITABLE HOUSING, NEIGHBORHOOD RENEWAL, CREATIVE PLACEMAKING, ECONOMIC DEVELOPMENT, AND ENVIRONMENTAL JUSTICE. WE WORK WITH NEIGHBORS AND BRING PEOPLE TOGETHER TO ADDRESS LOCAL QUALITY OF LIFE CHALLENGES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACQUIRE AND REHABILITATE HOMES: ASSEMBLING AND COORDINATING RESOURCES TO ACQUIRE AND REHABILITATE SINGLE FAMILY HOMES ON THE NEAR EAST SIDE OF INDIANAPOLIS, FOR THE ULTIMATE SALE TO ELIGIBLE FAMILIES.
COMMUNITY AND ECONOMIC DEVELOPMENT: NEAR FOCUSES ON ATTRACTING AND SUPPORTING BUSINESSES THAT WOULD SERVE AND EMPLOY THE COMMUNITY'S LOW-INCOME RESIDENTS AND SUPPORT LOCAL LOW-INCOME ENTREPRENEURS. TO DATE, NEAR HAS BUILT OR REDEVELOPED 122 SINGLE-FAMILY HOMES ON THE NEAR EAST SIDE OF INDIANAPOLIS. NEAR ALSO WORKS WITH OTHER ORGANIZATIONS ON DEVELOPMENT PROJECTS TO FURTHER ENHANCE THE NEAR EAST COMMUNITY. THESE EFFORTS INCLUDE LANDSCAPING AND BEAUTIFICATION OF THE PAYNE GATEWAY, COORDINATING A GREENSPACE PRESERVATION PROGRAM, DEVELOPING NEARINDYGUIDE.ORG TO PROMOTE LOCAL BUSINESSES, IMPLEMENTING ART PROJECTS DESIGNED BY NEAR EAST AREA TEAMS, PROVIDING TECHNICAL AND MARKETING RESOURCES TO LOCAL BUSINESSES. NEAR CONTINUES TO COORDINATE THE EFFORTS OF ENGAGING NEIGHBORS TO PLAN FOR THE REUSE OF A 50-ACRE BROWNFIELD IN SHERMAN PARK. NEAR ALSO OWNS THE MINNIE HARTMANN CENTER THAT OFFERS SAFE, AFFORDABLE HOUSING FOR SENIORS AND FULL-DAY CHILD DAYCARE FOR CHILDREN AGED SIX WEEKS TO FIVE YEARS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rachel Chappell Director | Trustee | 1 | $0 |
Josh Anderson Director | Trustee | 1 | $0 |
Renee Davis Director | Trustee | 1 | $0 |
Desma Belsaas Director | Trustee | 1 | $0 |
Michael Gomez Director | Trustee | 1 | $0 |
Emily Duncan Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
7-3 Development Corporation Construction | 6/29/23 | $131,370 |
Reynolds Construction Inc Construction | 6/29/23 | $149,716 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $21,987 |
| Related organizations | $0 |
| Government grants | $78,597 |
| All other contributions, gifts, grants, and similar amounts not included above | $156,553 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $257,137 |
| Total Program Service Revenue | $0 |
| Investment income | $30,528 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $41,840 |
| Net Gain/Loss on Asset Sales | $109,630 |
| Net Income from Fundraising Events | -$139 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $439,412 |
| 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. | $91,664 |
| Compensation of current officers, directors, key employees. | $18,333 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $208,529 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $64,191 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $56,340 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $57,460 |
| Advertising and promotion | $0 |
| Office expenses | $8,576 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $19,912 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,981 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $79,209 |
| Insurance | $23,443 |
| All other expenses | $0 |
| Total functional expenses | $708,762 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,249 |
| Savings and temporary cash investments | $729,742 |
| Pledges and grants receivable | $128,200 |
| Accounts receivable, net | $6,723 |
| 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 | $18,924 |
| Net Land, buildings, and equipment | $2,196,295 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,234,312 |
| Total assets | $4,315,445 |
| Accounts payable and accrued expenses | $186,795 |
| 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 | $48,627 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $421 |
| Total liabilities | $235,843 |
| Net assets without donor restrictions | $4,073,738 |
| Net assets with donor restrictions | $5,864 |
| 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 | $4,315,445 |