Near North Development Corporation

Nonprofit profile at a glance

EIN
362655083
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
3128827334
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$540,247
Expenses
$468,684
Assets
$1,957,340
Liabilities
$349,364

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • Makeda London (President)
  • Kelvin M Strong (Executive Director)

Highest reported compensation

  • Kelvin M Strong (Executive Director): $66,492 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To invest in people and property through the development, maintenance, and improvement of quality mixed-income housing and related supportive services for persons of very low and moderate income in the North Town area.

What it reported doing in 2024

Talent Search is one of three federally funded TRIO programs sponsored by the U.S. Department of Education. This program helps prepare and encourage middle and high school students to pursue a post secondary education. Students are taught study strategies, time management, and organization skills. They receive individual assistance with college selection, completing admission applications, as well as financial aid and scholarship opportunities. Students are exposed to various universities across the United States via campus tours and cultural events around the City of Chicago.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 49
  • Transparency & Controls: 92
  • Accountability: 90
  • Sustainability: 62
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 54.3%; rating input score 54
  • Program expense ratio: 57.3%; rating input score 57
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 13.2%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 4.18; rating input score 82; 82nd percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 33; 33rd percentile among comparable filings
  • Officer compensation ratio: 14.2%; rating input score 25; 25th percentile among comparable filings

Growth

  • Program expense growth: -1.3% per year; rating input score 0; 14th percentile among comparable filings
  • Revenue growth: 0.1% per year; rating input score 100; 15th percentile among comparable filings
  • Asset growth: 10.4% per year; rating input score 100; 60th percentile among comparable filings

Details

  • Where the money goes: 54.3% of revenue deployed · 57.3% of spending went to programs
  • Governance: 5 of 5 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $269K in reported program spending
  • Leadership: top reported pay $66K · 7 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 6 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Financial Efficiency: Mission deployment rate scored 54/100.
  • Review — Financial Efficiency: Program expense ratio scored 57/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 25/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 33/100.