New Development Corporation

Analysis

New Development Corporation is a registered charity in United States, based in Grand Rapids, MI. It received its IRS tax-exemption ruling in January 1998, 28 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 (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, New Development Corporation reported income of $334k and spending of $399k, spending 119% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $127k to $334k (+162%), an average of +27% a year. The sharpest change came in the year to December 2021, when income rose by 70%. Over the whole period it spent 103% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, New Development Corporation sits at the 48th percentile: it is larger than about 48% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 64th percentile within MI. Charities of a similar size with the same main cause include Luther Village II of Dover Inc ($334k), Springdale Housing Inc ($335k) and Larksfield Place Foundation Inc ($334k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 37% and program service revenue 63% of the total. Compensation of current officers, directors and key employees was $81k (20% of expenses). Other salaries and wages came to $53k. At year end it held assets of $83k against liabilities of $52k, net assets of $31k. It reported 6 employees.