New Village Corporation
- Assets
- $7.4m
- Revenue
- $529.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Cleveland, OH
- Founding
- 10/1990
- Data as of
- 06/2022
- EIN
- 34-1653986
Organization Overview
New Village Corporation is located in Cleveland, OH. The organization was established in 1990. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Village Corporation 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 06/2022, New Village Corporation generated $529.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (9.1%) each year. All expenses for the organization totaled $564.9k during the year ending 06/2022. 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
NON-PROFIT DEVELOPER SPECIALIZING IN CHALLENGING PROJECTS IN URBAN ENVIRONMENTS WHICH SPURS ADDITIONAL PRIVATE INVESTMENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEW VILLAGE CORPORATION ("NVC") FOCUSES ITS REAL ESTATE DEVELOPMENT IN PLACES WHERE ITS ACTIVITY WILL RELIEVE BLIGHT, ECONOMIC DISTRESS, AND COMMUNITY DETERIORATION IN THE SERVICE OF UNDERSERVED COMMUNITIES IN THE CITY OF CLEVELAND. NVC IS CURRENTLY INVOLVED IN AN ACQUISITION, REHABILITATION, AND FOR-SALE SINGLE-FAMILY HOUSING PROGRAM WITH SLAVIC VILLAGE DEVELOPMENT, A 501(C)(3) ORGANIZATION. IT IS CURRENTLY WORKING ON A STRATEGY TO REVIVE THE FAILED NEW CONSTRUCTION MARKET IN THE BUCKEYE NEIGHBORHOOD OF CLEVELAND, WHERE THE COMPANY OWNS ENOUGH LAND TO FACILITATE THE CONSTRUCTION OF AROUND 40 NEW UNITS.ESTABLISHED IN 1990, NVC IS A WHOLLY-OWNED REAL ESTATE DEVELOPMENT SUBSIDIARY OF NEIGHBORHOOD PROGRESS, INC., A NONPROFIT ORGANIZATION FORMED TO FOSTER COMMUNITIES OF CHOICE AND OPPORTUNITY THROUGHOUT CLEVELAND. SINCE 1990, NVC HAS DEVELOPED OVER 800 UNITS OF NEW OR REHABBED HOUSING AND 1.28 MILLION SQUARE FEET OF NEW OR REHABBED COMMERCIAL SPACE WORTH OVER $213 MILLION. AMONG ITS COMPLETED PROJECTS ARE: THE AWARD-WINNING SAINT LUKE'S MANOR PHASE I AND BICENTENNIAL VILLAGE DEVELOPMENT; NORTH PARK PLACE; DAVE'S SUPERMARKET IN OHIO CITY AND SLAVIC VILLAGE; CENTRAL COMMONS; LEE-HARVARD SHOPPING CENTER; ORCHARD PARK; FRIES & SCHUELE APARTMENTS; CARROLL AVENUE CONDOMINIUMS; ARBOR PARK PLACE SHOPPING CENTER.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sean Mcdermott Chairperson | OfficerTrustee | 1 | $0 |
Tania Menesse Vice Chairperson | OfficerTrustee | 1 | $0 |
Monique Winston Secretary | OfficerTrustee | 1 | $0 |
Isabel Deroberts Trustee | Trustee | 1 | $0 |
August Fluker Trustee | Trustee | 1 | $0 |
Terri Hamilton Brown Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $17,450 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,450 |
| Total Program Service Revenue | $297,984 |
| Investment income | $5,442 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $163,921 |
| 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 | $529,797 |
| 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 | $205,749 |
| Pension plan accruals and contributions | $3,889 |
| Other employee benefits | $10,805 |
| Payroll taxes | $15,452 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,658 |
| Fees for services: Accounting | $56,557 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $182,492 |
| Advertising and promotion | $1,750 |
| Office expenses | $15,720 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $6,670 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,500 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $48,656 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $564,898 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $760,549 |
| Savings and temporary cash investments | $480,727 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $221,541 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $321,897 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $17,282 |
| Net Land, buildings, and equipment | $1,558,065 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,275,211 |
| Intangible assets | $0 |
| Other assets | $1,804,728 |
| Total assets | $7,440,000 |
| Accounts payable and accrued expenses | $123,323 |
| Grants payable | $0 |
| Deferred revenue | $125,796 |
| 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 | $300,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $223,844 |
| Total liabilities | $772,963 |
| Net assets without donor restrictions | $5,893,229 |
| Net assets with donor restrictions | $773,808 |
| 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 | $7,440,000 |
Grants Awarded
Over the last fiscal year, New Village Corporation has awarded $115,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
LAND STUDIO INC PURPOSE: Operational Support | $85,500 |
LASALLE AMC TCE LLC PURPOSE: Operational Support | $30,000 |