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

1967

Legal Domicile

Principal Officer

Kelvin M Strong

Phone

3128827334

Tax Period

2024-01-01 to 2024-12-31

Near North Development Corporation, founded in 1967, is a small nonprofit in the Housing & Shelter sector that reported $540K in total revenue in fiscal year 2024. Revenue decreased 9% compared to the prior year. Expenses of $469K left a modest 13% surplus.

Mission

To invest in people and property through the development, maintenance, and improvement of quality mixed-income housing and related supportive services for persons of very low and moderate income in the North Town area.

Program Service Accomplishments

Program 1

Expenses: $268,572 Revenue: $189,783

Talent Search is one of three federally funded TRIO programs sponsored by the U.S. Department of Education. This program helps prepare and encourage middle and high school students to pursue a post secondary education. Students are taught study strategies, time management, and organization skills. They receive individual assistance with college selection, completing admission applications, as well as financial aid and scholarship opportunities. Students are exposed to various universities across the United States via campus tours and cultural events around the City of Chicago.

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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 $236,175

Program Service Revenue $186,833

Investment Income $114,289

Other Revenue $2,950

TOTAL REVENUE $540,247

Expense Breakdown

Grants Paid $0

Salaries & Benefits $322,665

Fundraising Expenses $0

Program Expenses $268,572

Other Expenses $146,019

TOTAL EXPENSES $468,684

Year-over-Year Comparison

	2024	2023	Change
Revenue	$540,247	$592,580	-0.1%
Expenses	$468,684	$506,476	-0.1%
Net Income	$71,563	$86,104	-0.2%

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

$66,492

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Makeda London	President	0.25	Officer Director	$0	$0	$0
Kandyce McCoy Cunningham	Treasurer	1.25	Officer Director	$0	$0	$0
Ivy Ellis	Secretary	0.25	Officer Director	$0	$0	$0
Bernard McCune	Director	0.25	Director	$0	$0	$0
Denice Williams	Director	0.25	Director	$0	$0	$0
Eva L Garrett	Director	0.25	Director	$0	$0	$0
Kelvin M Strong	Executive Director	50.00	Officer	$66,492	$0	$66,492

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	$540,247	$468,684	$1,957,340	$71,563
2023	$592,580	$506,476	$1,808,821	$86,104
2022	$918,712	$906,627	$1,594,362	$12,085
2021	$998,063	$964,376	$1,816,677	$33,687
2020	$747,159	$784,816	$1,737,882	$-37,657
2019	$977,909	$1,159,869	$1,684,122	$-181,960
2018	$795,656	$855,694	$1,676,623	$-60,038