New Village Corporation

Nonprofit profile at a glance

EIN
341653986
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Cleveland, OH, USA
Phone
2162388712
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Business and Industry

Official website

Reported finances

Revenue
$5,943,070
Expenses
$3,963,106
Assets
$25,136,213
Liabilities
$14,986,300

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

Leadership & pay

12 people listed

Executive titles in this filing

  • BRIANA PERRY (PRESIDENT)

Highest reported compensation

  • TANIA MENESSE (VICE CHAIRPERSON): $247,685 total reported compensation
  • JEFFREY VERESPEJ (CHIEF OPERATIONS OFFICER): $170,355 total reported compensation
  • BRIANA PERRY (PRESIDENT): $148,908 total reported compensation

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

Overview

Mission

As a wholly-owned subsidiary of neighborhood progress, inc. (npi), new village corporation (nvc) develops catalytic real estate projects in joint ventures with community based 501(c)(3) development corporations and private investors. New village corporation supports projects that are either too large for a non-profit 501(c)(3) community development corporation ("cdc") to take on or too risky for a private developer. Nvc works directly with 501(c)(3) cdcs and private developers to help secure resources that assist in handling complex real estate development projects. Nvc provides technical assistance, including arranging project financing. Projects undertaken further the organization's charitable purposes by combating community deterioration in distressed communities.

What it reported doing in 2024

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 non-profit 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. In august 2022, nvc acquired shaker square in partnership with burten bell carr development, made possible by the city of cleveland providing $12 million in low-interest loans to acquire and support the project. In june 2024 local focal llc was formed to acquire, own, manage, and ultimately sell to qualified buyers single family homes in various underserved neighborhoods throughout the city of cleveland as part of an overall middle neighborhoods initiative. Based on the city of cleveland's neighborhood typology index, local focal llc will be focusing its investments in cleveland's middle neighborhoods, including collinwood, lee-harvard, old brooklyn, and west park.

Operating model

Revenue model
Donor-supported. 62% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 99% 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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Revenue has declined or grown slowly and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 79
  • Accountability: 91
  • Sustainability: 77
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.7%; rating input score 60
  • Program expense ratio: 88.9%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 33.3%; rating input score 86; 86th percentile among comparable filings
  • Total-asset coverage ratio: 6.34; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 0.6; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 1.6%; rating input score 78; 78th percentile among comparable filings

Growth

  • Program expense growth: 3.4% per year; rating input score 100; 30th percentile among comparable filings
  • Revenue growth: -2.8% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: 8.6% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 59.7% of revenue deployed · 88.9% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $3.5M in reported program spending
  • Leadership: top reported pay $248K · 12 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 34 of 34 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 15 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.

Key Signals

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

  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.