Near North Development Corporation

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1977

Legal Domicile

Principal Officer

Maria Langston

Phone

3179279881

Tax Period

2024-01-01 to 2024-12-31

Near North Development Corporation, founded in 1977, is a small nonprofit in the Community Improvement sector that reported $605K in total revenue in fiscal year 2024. Revenue fell 49% from the prior year — a significant decline worth monitoring. Expenses of $949K exceeded revenue, resulting in a 57% operating deficit.

Mission

Inner-city housing and economic development focusing on low-income individuals.

Program Service Accomplishments

Program 1

Expenses: $234,652

Acquiring, developing, renovating and subsequently selling properties to low-income individuals.

Program 2

Expenses: $492,179

Renting rehabiliated properties to eligible individuals. Making home repairs for eligible homeowners.

Program 3

Expenses: $9,380

Housing counseling related to foreclosure prevention services, as well as post purchase counseling.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $664,238

Program Service Revenue $0

Investment Income $-61,646

Other Revenue $2,640

TOTAL REVENUE $605,232

Expense Breakdown

Grants Paid $0

Salaries & Benefits $282,891

Fundraising Expenses $0

Program Expenses $736,211

Other Expenses $666,488

TOTAL EXPENSES $949,379

Year-over-Year Comparison

	2024	2023	Change
Revenue	$605,232	$1,182,956	-0.5%
Expenses	$949,379	$1,342,657	-0.3%
Net Income	$-344,147	$-159,701	+1.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$108,620

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Maria Langston	Chairman	3.00	Officer Director	$0	$0	$0
Mike Barth III	Vice Chair	3.00	Officer Director	$0	$0	$0
Cynthia Bay	Treasurer	2.00	Officer Director	$0	$0	$0
Greg Petrowich	Secretary	2.00	Officer Director	$0	$0	$0
Tammy Baker	Director	1.00	Director	$0	$0	$0
Nick Campbell	Director	1.00	Director	$0	$0	$0
Jeff Congdon	Director	1.00	Director	$0	$0	$0
Danita Hoskin	Director	1.00	Director	$0	$0	$0
Cordelia Lewis-Burks	Director	1.00	Director	$0	$0	$0
James Whitfield	Director	1.00	Director	$0	$0	$0
Celeste Jones	Director	1.00	Director	$0	$0	$0
Lindsey Richardt	Director	1.00	Director	$0	$0	$0
Jamal Smith	Director	1.00	Director	$0	$0	$0
Ben Spandau	Director	1.00	Director	$0	$0	$0
Barb Stahl	Director	1.00	Director	$0	$0	$0
Patty Warner	Director	1.00	Director	$0	$0	$0
Shamika Anderson	President - Start 12/16/24	0.00	Officer	$4,583	$500	$5,083
Brian Carman	President - Exit 9/27/24	40.00	Officer	$97,095	$6,442	$103,537

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$605,232	$949,379	$5,185,487	$-344,147
2023	$1,182,956	$1,342,657	$4,831,552	$-159,701
2022	$229,574	$591,788	$3,597,863	$-362,214
2021	$1,646,808	$573,192	$4,014,157	$1,073,616
2020	$770,883	$830,821	$1,741,665	$-59,938
2019	$329,413	$507,774	$1,413,953	$-178,361
2018	$1,936,866	$2,062,539	$1,624,225	$-125,673