Neighborhood Economic Develop Corp
Nonprofit profile at a glance
- EIN
- 930739188
- IRS 990 coverage
- 2015–2019
- Forms available
- Form 990 2019
- Location
- Springfield, OR, USA
- Phone
- 5413457106
- Rating confidence
- Limited
- Sector
- Community, Neighborhood Development
Reported finances
- Revenue
- $0
- Expenses
- $0
- Assets
- $0
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2019. Amounts in USD.
Leadership & pay
13 people listed
People named in this filing
- VINCENT MARTORELLO (CHAIR)
- TED CORBIN (VICE CHAIR)
- AL CODDINGTON (TREASURER)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2019. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Nedco collaboratively builds human capital assets to strengthen neighborhoods and broaden participation in community ownership and governance. Nedco is committed to projects that strengthen low-income households and the neighborhoods in which they live and work. It has improved the economic well-being of individuals, families, and neighborhoods through an array of programs spanning homeownership education, home building, preservation of historic properties, and facilitating small business development. Sustaining a livable community through nurturing community ownership and governance, and employing community design processes has established nedco as a leader and innovator in community based development. The organization was first founded to serve the eugene-springfield area of lane county, Oregon. The organization has since expanded its service area to include all of lane county, the mid-willamette valley, and clackamas county. Nedco is Oregon's first community development corporation.
What it reported doing in 2019
Opportunityworks - this department houses nedco's personal asset building programs and its foreclosure intervention program. Nedco has operated the pre-purchase homeownership program since 1994. Nedco classes on homeownership include a one day, eight hour class that covers basic home buying topics taking the buyer from finding a home to purchase, escrow, insurance, and basic home maintenance. Also offered is a series of classes lasting eight weeks which cover topics including financial stability, budgeting and credit, savings and debt, credit insurance, and mortgages. Two other classes offered help people in financial crisis. These classes cover basic financial management, savings, debt, and credit rebuilding. For the last seven years, nedco has offered foreclosure intervention services to homeowners who were at risk of, or in the process of foreclosure. Nedco operates a state sponsored program which provides advocacy to homeowners going through foreclosure. In the opportunityworks program each year, nedco helps more than 2,500 people learn to manage their finances, purchase their first home, or navigate the foreclosure process with as much of their dignity and personal wealth intact as possible. Nedco is a hud-approved housing counseling agency and a state-designated regional housing center in lane, marion and clackamas counties. In addition, nedco provides access to a variety of financial resources, such as individual development accounts (ida's) for the purpose of purchasing a home, pursuing postsecondary education, technical assistance, or starting or growing a microenterprise (a business with five or fewer employees); and down payment assistance to clients who are low-income who are ready to purchase their first home.
Operating model
- Revenue model
- No positive adjusted resources. The filing reports no positive adjusted operating resources.
- Distribution model
- No current program activity. The filing reports no program spending for the current year.
The verdict
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 77
- Accountability: 82
- Sustainability: NotEnoughData
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 85.7%; rating input score 86; 4th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: No; rating input score 0
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 4 of 7 controls in place; rating input score 57
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: Limited
- Total-asset coverage ratio: Limited
- Liabilities to assets ratio: Limited
- Officer compensation ratio: Limited
Growth
- Program expense growth: -40.5% per year; rating input score 0; 10th percentile among comparable filings
- Revenue growth: -47.5% per year; rating input score 0; 9th percentile among comparable filings
- Asset growth: -36.2% per year; rating input score 0; 4th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 11 of 11 board members independent · 4 of 7 filing controls reported
- Programs: 3 filed program accomplishments
- Leadership: top reported pay $0 · 13 people listed
- Consistency: 7 of 9 current checks pass · 2 findings to review
- Schedules: 4 filed schedules
- Filing history: 4 filing years from 2015 to 2019
- Contacts: How to reach this organization
- Money network: Resolved incoming and outgoing counterparties from filed money flows.
- Related organizations: 1 filed related-organization link
- 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.
- High — Transparency & Controls: Related-party transparency scored 0/100.
- Moderate — Transparency & Controls: Series filing activity did not reconcile in the filed values.
- Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
- Review — Accountability: Governance controls: 2 of 6 not reported.
- High — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- High — Growth: Asset growth scored 0/100.
- High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.