New Village Corporation
- Assets
- $7.4m
- Revenue
- -$14.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Cleveland, OH
- Founding
- 10/1990
- Data as of
- 06/2021
- 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joel Ratner Vice Chairperson Until 11/30/20 | OfficerTrustee | 1 | $0 |
Tania Menesse Vice Chairperson | OfficerTrustee | 1 | $0 |
Donovan Duncan Chairperson | OfficerTrustee | 1 | $0 |
Pete Snaveley Jr Treasurer | OfficerTrustee | 1 | $0 |
Monique Winston Secretary | OfficerTrustee | 1 | $0 |
Linda Warren President | Officer | 9 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $49,752 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $125,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $174,752 |
| Total Program Service Revenue | $154,754 |
| Investment income | $9,173 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $317,711 |
| Net Gain/Loss on Asset Sales | -$14,953,759 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$14,297,369 |
| 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 | $208,121 |
| Pension plan accruals and contributions | $2,021 |
| Other employee benefits | $12,883 |
| Payroll taxes | $15,833 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $89,352 |
| Fees for services: Accounting | $37,818 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $165,858 |
| Advertising and promotion | $0 |
| Office expenses | $31,635 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $51,797 |
| 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 | $478,046 |
| Insurance | $38,488 |
| All other expenses | $543,189 |
| Total functional expenses | $1,682,541 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $820,132 |
| Savings and temporary cash investments | $321,098 |
| Pledges and grants receivable | $200,000 |
| Accounts receivable, net | $400,899 |
| 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 | $14,974 |
| Net Land, buildings, and equipment | $1,548,939 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,292,244 |
| Intangible assets | $0 |
| Other assets | $1,508,380 |
| Total assets | $7,428,563 |
| Accounts payable and accrued expenses | $91,629 |
| 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 | $9,000 |
| Total liabilities | $526,425 |
| Net assets without donor restrictions | $6,075,184 |
| Net assets with donor restrictions | $826,954 |
| 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 | $7,428,563 |
Grants Awarded
Over the last fiscal year, New Village Corporation has awarded $115,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Cleveland, OH PURPOSE: Operational Support | $85,500 |
LASALLE AMC TCE LLC PURPOSE: Operational Support | $30,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that New Village Corporation has recieved totaling $174,752.
| Awarding Organization | Amount |
|---|---|
Cleveland Foundation Cleveland, OH PURPOSE: TO ACQUIRE PARCELS OF LAND IN THE WOODLAND STRATEGIC ACQUISITION AREA. DEVELOPMENT OF THE NEIGHBORHOOD IS IN GOAL #1, STRATEGY 6 OF SLF'S STRATEGIC PLAN AND THIS WOULD BETTER POSITION CMHA FOR ITS NEXT CHOICE NEIGHBORHOODS APPLICATION. | $125,000 |
Neighborhood Progress Inc Cleveland, OH PURPOSE: Pass Thru Grants & General Operating Support | $49,752 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Automation Alley Troy, MI | $10,050,141 | $14,162,417 |
Pennsylvania Compensation Rating Bureau Philadelphia, PA | $10,444,965 | $13,500,527 |
Can Do Inc Hazleton, PA | $88,120,031 | $19,938,198 |
York County Economic Alliance York, PA | $4,435,375 | $9,671,986 |
Bridgeway Capital Inc Pittsburgh, PA | $100,800,088 | $11,446,748 |
International Automotive Oversight Bureau Southfield, MI | $23,323,319 | $7,456,066 |
Altoona-Blair County Development Corporation Altoona, PA | $122,969,142 | $33,416,279 |
Greater Wilkes-Barre Industrial Fund Inc Wilkesbarre, PA | $1,685,287 | $7,409,722 |
Ohio Community Development Finance Fund Columbus, OH | $57,278,842 | $7,712,446 |
Cincinnati Better Business Bureau Inc Cincinnati, OH | $1,847,305 | $4,143,788 |
Battle Creek Unlimited Inc Battle Creek, MI | $30,442,185 | $6,639,976 |
Uptown Reinvestment Corporation Inc Flint, MI | $86,466,656 | $7,223,856 |