Overview
What is New Life Economic Development Inc?
New Life Economic Development Inc, located in Los Angeles, California, is a dedicated nonprofit organization. Their primary mission is to provide affordable housing to low and moderate-income communities. Beyond housing, they offer a range of valuable services. These include health and wellness seminars, financial literacy training, assistance in dealing with depression and mental illness, and preventive measures against issues like bullying and elder abuse. Furthermore, they help residents apply for housing, transportation, and utility assistance, and offer opportunities for community engagement through events and educational field trips. Their commitment extends to serving an underserved population of several hundred low and moderate-income seniors and families, effectively contributing to the local community.
Official website here: www.newlifeedc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
New Life Economic Development Inc has received an 81% score from Charity Navigator, reflecting solid performance in accountability and finance. The organization boasts a perfect score in this area, indicating transparency and responsible management of its financial resources. The board is largely independent, with 80% of its members being independent, which is a positive metric for governance.
The nonprofit has demonstrated effective oversight with no material diversion of assets, and it has policies in place for conflict of interest, whistleblowing, and document retention. Additionally, the organization maintains a healthy liabilities to assets ratio of 44.50%, indicating sound financial health and sustainability.
With a program expense ratio of 89.97%, New Life Economic Development Inc allocates the majority of its resources directly to its programs, ensuring that most of the funds raised go towards its mission. However, the overall rating suggests there may be room for improvement in various operational areas to enhance its impact and effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is New Life Economic Development Inc legitimate?
New Life Economic Development Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Life Economic Development Inc 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: $148,500
Professional Fundraising Fees: $0
Other Salaries and Wages: $197,611
For more financial information, click here
Official website here: www.newlifeedc.org
What is the mission statement of New Life Economic Development Inc?
New Life Economic Development Inc is committed to providing affordable housing, economic development, and related services to low and moderate income communities. They manage multifamily housing properties in specific areas, enabling them to offer various critical social services. These services include seminars on health and wellness, financial literacy training, coping mechanisms for depression and mental illness, bullying, elder abuse, and numerous other community services. They also assist vulnerable residents by helping them apply for housing, low-income transportation options, and utility rate assistance. Residents also have opportunities to attend community luncheons, educational field trips, and reside in high-quality, affordable housing.
Official website here: www.newlifeedc.org
Who is the CEO of New Life Economic Development Inc?
John W Heath is the Ceo of New Life Economic Development Inc. The CEO's salary of New Life Economic Development Inc is $148,500 and their total compensation is $148,500.
Official website here: www.newlifeedc.org
What is the revenue of New Life Economic Development Inc?
New Life Economic Development Inc's revenue in 2022 was $533,243.
Official website here: www.newlifeedc.org
Who are the executives of New Life Economic Development Inc and what are their salaries?
The average compensation at New Life Economic Development Inc during 2022 was $49,444. There are 7 employees and 4 volunteers at New Life Economic Development Inc.
Here are 5 key members and their salaries (New Life Economic Development Inc's CEO's salary is $148,500 and their total compensation is $148,500):
- Compensation: $148,500
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.newlifeedc.org
Where can I find the form 990 for New Life Economic Development Inc?
New Life Economic Development Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.newlifeedc.org
Learn more at the official website: www.newlifeedc.org
Mission Statement of New Life Economic Development Inc
New Life Economic Development Inc is dedicated to providing affordable housing, economic development, and related services to low and moderate income communities. Their mission is to make a tangible impact in these communities by managing multifamily housing properties in South Los Angeles. Through this work, they offer a range of critical social services to their residents. These services extend beyond just housing, encompassing seminars on health and wellness, financial literacy training, assistance with mental health issues, bullying, elder abuse, and various other community services.
In addition to these services, New Life Economic Development Inc also plays a significant role in supporting their vulnerable residents. They help residents apply for housing, secure low income transportation options, and access utility rate assistance. The organization also encourages community engagement by organizing luncheons and educational field trips. Their ultimate goal is to provide high-quality, affordable housing to an underserved population of several hundred low and moderate income seniors and families. By offering these comprehensive services, New Life Economic Development Inc is committed to improving the lives of those in need and fostering stronger, more resilient communities.
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Impact
July, 2024
New Life Economic Development Inc plays a crucial role in providing affordable housing and economic development services to low and moderate-income communities in South Los Angeles. Through managing multifamily housing properties, they offer essential social services such as health and wellness seminars, financial literacy training, support for mental health issues like depression, bullying prevention, elder abuse awareness, and various other community services. This organization helps vulnerable residents access housing, affordable transportation options, utility rate assistance, community gatherings, educational field trips, and high-quality affordable housing options. Their impact is significant as they serve several hundred low and moderate-income seniors and families who might otherwise struggle to find suitable housing and support services.
This information is meant to be a general summary of New Life Economic Development Inc. 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.
- Program Service Revenue: $533,243
- Gross Receipts: $533,243
Assets and Liabilities:
- Total Assets: $1,161,821
- Total Liabilities: $517,046
- Net Assets: $644,775
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ADMIN OPERATIONS
Revenue
$337,534
MANAGEMENT FEES
Revenue
$195,709
Organization Details
Founding Year
1993
Phone
(323) 778-5433Principal Officer
John W Heath
Main Address
4859 WEST SLAUSON AVENUE 384, LOS ANGELES, CA, 90056
Website
www.newlifeedc.orgNTEE Category
Code: L21 - Housing
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