Northeast Economic Development Inc is located in Norfolk, NE. The organization was established in 2002. According to its NTEE Classification (L80) the organization is classified as: Housing Support, 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. Northeast Economic Development 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 06/2023, Northeast Economic Development Inc generated $775.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.2%) each year. All expenses for the organization totaled $351.2k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (9.3%) per year over the past 8 years. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ADDRESS COMMUNITY AND ECONOMIC DEVELOPMENT OPPORTUNITIES IN NORTHEAST NEBRASKA, AND TO SEEK FUNDS, GRANTS, CONTRIBUTIONS AND ANY OTHER TYPE OF FUNDING TO ATTAIN THESE GOALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE NO INTEREST, LOW INTEREST AND FORGIVABLE LOANS TO LOW INCOME FAMILIES AS DOWN PAYMENT MONIES FOR THE PURCHASE OF A HOME, OR FOR RESTORATION AND REHABILITATION OF THEIR HOME.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Kurt Dostal Director | Trustee | 1 | $0 |
Jerry Engdahl Vice Preside | OfficerTrustee | 1 | $0 |
Tina M Engelbart Deputy Direc | Trustee | 8 | $0 |
Sally Ganem Director | Trustee | 1 | $0 |
Rich Jablonski Director | Trustee | 1 | $0 |
Thomas Higginbotham Jr Executive Di | Trustee | 11 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $412,596 |
All other contributions, gifts, grants, and similar amounts not included above | $0 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $412,596 |
Total Program Service Revenue | $241,588 |
Investment income | $63,290 |
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 | $775,884 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $66,026 |
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 | $0 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $0 |
Fees for services: Management | $260,711 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $7,500 |
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 | $12,030 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $0 |
Insurance | $0 |
All other expenses | $0 |
Total functional expenses | $351,152 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $1,524 |
Savings and temporary cash investments | $4,746,929 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $5,479,074 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $0 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $10,227,527 |
Accounts payable and accrued expenses | $48,231 |
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 | $901,483 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $949,714 |
Net assets without donor restrictions | -$35,767 |
Net assets with donor restrictions | $9,313,580 |
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 | $10,227,527 |
Over the last fiscal year, Northeast Economic Development Inc has awarded $750,686 in support to 3 organizations.
Grant Recipient | Amount |
---|---|
VILLAGE OF THURSTON PURPOSE: CDBG | $15,600 |
CITY OF HARTINGTON PURPOSE: CDBG | $498,686 |
NORTHEAST NE ECONOMIC DEV DISTRICT PURPOSE: CDBG | $236,400 |