Near North Development Corporation

Analysis

Near North Development Corporation is a registered charity in United States, based in Indianapolis, IN. It received its IRS tax-exemption ruling in November 1978, 48 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Near North Development Corporation reported income of $1.2m and spending of $1.3m, spending 114% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $329k to $1.2m (+259%), an average of +38% a year. The sharpest change came in the year to December 2023, when income rose by 415%. Over the whole period it spent 92% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Near North Development Corporation sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 82nd percentile within IN. Charities of a similar size with the same main cause include Maine Association for New Americans ($1.2m), Mid-Kansas Cap Inc ($1.2m) and Florida House Washington D C Inc ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 96% and program service revenue 0.5% of the total. Compensation of current officers, directors and key employees was $94k (7.0% of expenses). Other salaries and wages came to $109k. At year end it held assets of $4.8m against liabilities of $2.7m, net assets of $2.2m. It reported 3 employees.