Near North Development Corporation

Analysis

Near North Development Corporation is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in December 1970, 56 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) 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 $593k and spending of $506k, spending 85% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $978k to $593k (-39%), an average of -12% a year. The sharpest change came in the year to December 2023, when income dropped by 35%. Over the whole period it spent 102% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Near North Development Corporation sits at the 62nd percentile: it is larger than about 62% of them. Against every charity in United States with reported income it ranks in the 73rd percentile, and in the 72nd percentile within IL. Charities of a similar size with the same main cause include Hope & Door ($592k), Franciscan Ministries Inc ($593k) and Casitas de Villa Corona Inc ($592k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 47% and program service revenue 31% of the total. Compensation of current officers, directors and key employees was $67k (13% of expenses). Other salaries and wages came to $192k. At year end it held assets of $1.8m against liabilities of $292k, net assets of $1.5m. It reported 10 employees.