Newtown Macon Inc

What it reported doing in 2024

Community development financial institution (cdfi): newtown macon, through its subsidiary newtown loans, llc, has been designated by the u.s. Department of the treasury as a cdfi. The cdfi facilitates the larger strategy of increasing downtown residents by funding loft development through the real estate loan fund and growing jobs by providing capital and mentoring to entrepreneurs. The real estate loan fund was established in partnership with the macon- bibb urban development authority and macon-bibb county. The bond funds are used in viable residential projects to close the gap between sources of funds (including owner equity, traditional financing and historic tax credits) and the actual cost to rehabilitate or build real estate developments downtown. At the end of the fiscal year, the cdfi had 14.1 million of loans in service on projects. In total, the cdfl's real estate loans produced projects with market values of 212.2 million, that are expected to produce 298 residential lofts and rehabilitate 44,309 square feet of underutilized buildings and create over 200,000 square feet of new construction. We offer a variety of support services for entrepreneurs and developers including shepherding applicants through the permit process, one-on-one mentorship counseling, and access to capital through loans, equity investments and joint ventures. Our staff served over 600 individual entrepreneurs during the year through a comprehensive set of individual and group training programs. In total by the end of the fiscal year, the cdfi had closed 8 business loans, for a total of approximately 153,000. These services attract businesses to downtown, verified by a total of 20 net new businesses opening in downtown macon during the fiscal year.

Financial Efficiency

• Mission deployment rate: 82.4%; rating input score 82
• Program expense ratio: 83.7%; rating input score 84
• Fundraising efficiency: $12.6 raised per $1 spent on fundraising; rating input score 45; 45th percentile among comparable filings

Transparency & Controls

• Consistency checks: 94.4%; rating input score 94; 24th percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 74.7%; rating input score 75; 20th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 70.4%; rating input score 70; 11th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 23.5%; rating input score 80; 80th percentile among comparable filings
• Total-asset coverage ratio: 11.58; rating input score 92; 92nd percentile among comparable filings
• Liabilities to assets ratio: 0.51; rating input score 20; 20th percentile among comparable filings
• Officer compensation ratio: 19.3%; rating input score 13; 13th percentile among comparable filings

Growth

• Program expense growth: 4.2% per year; rating input score 100; 35th percentile among comparable filings
• Revenue growth: 1.5% per year; rating input score 100; 18th percentile among comparable filings
• Asset growth: 13.9% per year; rating input score 100; 71st percentile among comparable filings