Overview
What is New Village Corporation?
New Village Corporation (NVC) is a nonprofit real estate development organization, established in 1990 as a subsidiary of Neighborhood Progress, Inc. Based in Cleveland, Ohio, NVC focuses on revitalizing underserved communities by tackling challenging projects in urban environments. Their activities aim to stimulate further private investments, and they collaborate with community-based 501(c)(3) organizations and private investors on projects that are either too big or risky for these entities to handle alone. Since its inception, NVC has developed over 800 housing units and 1.28 million square feet of commercial space, contributing over $213 million to the community. Notable projects include Saint Luke's Manor Phase I and Bicentennial Village Development, Dave's Supermarket, and Central Commons. Presently, NVC is involved in a single-family housing program and has a strategy to revive the Buckeye neighborhood's new construction market.
Official website here: www.clevelandnp.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 91% (Four-Star out of Four Stars)
New Village Corporation has received an impressive Four-Star rating from Charity Navigator, indicating a high level of accountability and transparency. The organization's strong score reflects its effective governance practices, with an independent board consisting entirely of independent members. The audit and oversight measures are robust, underscoring the charity’s commitment to financial integrity, as evidenced by no material diversions of assets.
In terms of financial health, New Village Corporation excels with a program expense ratio of 81.77%, signifying that a significant majority of its expenditures are directed toward its mission. The organization also boasts an excellent working capital ratio of 6.45 years, suggesting it has ample resources to sustain its operations and initiatives over the long term.
While the data does not highlight any specific limitations, the high ratings across various accountability and finance metrics suggest that New Village Corporation operates with a strong foundation. This reputation for excellence reinforces the trust from donors and supports the effectiveness of its programs.
This AI summary has been generated from information found on Charity Navigator.
Is New Village Corporation legitimate?
New Village Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Village Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $205,749
For more financial information, click here
Official website here: www.clevelandnp.org
What is the mission statement of New Village Corporation?
New Village Corporation, functioning as a subsidiary of Neighborhood Progress, Inc., focuses on developing catalytic real estate projects in urban settings. They typically collaborate with community-based non-profit organizations and private investors in joint ventures. The organization takes up projects that are too large or risky for individual non-profit development corporations or private developers. New Village Corporation's mission is to offer technical assistance, such as arranging project financing, to help manage complex real estate development projects. These projects ultimately contribute to combating community deterioration in distressed areas, aligning with the organization's charitable objectives.
Official website here: www.clevelandnp.org
Who is the CEO of New Village Corporation?
Linda Warren is the President of New Village Corporation.
Official website here: www.clevelandnp.org
What is the revenue of New Village Corporation?
New Village Corporation's revenue in 2022 was $529,797.
Official website here: www.clevelandnp.org
Who are the executives of New Village Corporation and what are their salaries?
There 10 volunteers at New Village Corporation.
Here are 11 key members and their salaries:
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $218,380
- Other: $12,070
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
- Related: $179,813
- Other: $10,498
- Compensation: $0
- Related: $116,829
- Other: $13,374
Official website here: www.clevelandnp.org
Where can I find the form 990 for New Village Corporation?
New Village Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.clevelandnp.org
Learn more at the official website: www.clevelandnp.org
Mission Statement of New Village Corporation
New Village Corporation, a subsidiary of Neighborhood Progress, Inc., is a non-profit developer with a unique mission. Operating in urban environments, New Village Corporation specializes in tackling challenging projects that spark further private investments. By partnering with community-based 501(c)(3) development corporations and private investors, the organization takes on projects that are either too large or risky for individual entities. New Village Corporation's role is to support such projects, providing the necessary technical assistance and arranging project financing to handle complex real estate developments. These endeavors align with the organization's charitable purposes, aiming to combat community deterioration in distressed communities. By working with both 501(c)(3) Community Development Corporations (CDCs) and private developers, New Village Corporation plays a crucial role in revitalizing urban areas and contributing to the betterment of distressed communities.
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Impact
July, 2024
New Village Corporation's impact can be seen in the revitalization of underserved communities in Cleveland, particularly through its focus on developing challenging projects in urban environments. By tackling blight, economic distress, and community deterioration, New Village Corporation plays a critical role in spurring additional private investments and driving positive change in the city. With a track record of developing over 800 units of new or rehabbed housing and 1.28 million square feet of commercial space, valued at over $213 million, the organization has significantly contributed to transforming neighborhoods and creating new opportunities for residents. Their work, in collaboration with community-based organizations and private investors, exemplifies a commitment to combatting community deterioration and fostering community improvement.
This information is meant to be a general summary of New Village Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $5,442
- Program Service Revenue: $297,984
- Gross Receipts: $529,797
Assets and Liabilities:
- Total Assets: $7,440,000
- Total Liabilities: $772,963
- Net Assets: $6,667,037
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Contract Revenue
Revenue
$310,024
Management Fees
Revenue
$5,000
Partnership Activities
Revenue
-$17,040
Organization Details
Founding Year
1990
Phone
(216) 830-2770Principal Officer
Linda Warren
Main Address
11327 Shaker Boulevard 500W, Cleveland, OH, 44104
Website
www.clevelandnp.orgNTEE Category
Code: S400 - Community improvement
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